HomeMy WebLinkAboutReso 1985-11951
RESOLUTION NO. 11951
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING AN AGREEMENT WITH HOME
DEPOT, INC. FOR THE PROVISION OF FUNDS TO
ASSIST IN THE RELOCATION AND UNDERGROUNDING
OF A 69KV ELECTRIC LINE, AUTHORIZING THE MAYOR
TO EXECUTE SAID AGREEMENT, AND APPROPRIATING
FUNDS THEREFOR
The City Council of the City of Chula Vista does hereby
resolve as follows:
WHEREAS, Home Depot, Inc. wishes to construct a home improvements
center in Chula Vista at the intersection of Interstate 805 and H Street; and,
WHEREAS, development costs at this site are prohibitive due to
the necessity of relocating a 69kv electric line; and,
WHEREAS, Home Depot has requested financial assistance from the
City to provide the funds to assist in the relocation of said electric line; and,
WHEREAS, Home Depot will provide new jobs and sales tax revenue
for the City.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the
City of Chula Vista hereby approves an agreement with Home Depot, Inc. for the
purpose of providing funds to assist in the relocation and undergrounding of a
69kv electric line, said agreement is incorporated herein as though fully set
forth, and the Mayor is hereby authorized to execute said agreement.
BE IT FURTHER RESOLVED that the Citv Council does hereby
appropriate $175,000 from the unappropriated balance of the General Fund to
Account #600-6000-GF29.
Approved as ~o form by
CHULA VISTA, CALIFORNIA, this
/9 85
ADOPTED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
26th day of February
.-
, by the fOllowing vote, to_it:
AYES: Councilmen
NAYES: Councilmen
ABSTAIN: CoIJ'Icilmen
ABSENT: Councilmen
Scott, Moore, Cox, McCandl iss
None
Malcolm
None
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/~" :TV"', " ,-~1)l
Mayor ~ t,d City of Chula Vista
ATTE-a~~J~,~
r City Cler
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) s s.
CITY OF CHULA VISTA )
I, JENNIE M. FULASZ, CMC, CITY CLERK of the City of Chula Vista, California,
DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 11951
,and that the same has not been amended or repealed.
DATED
(seal)
City Clerk
CC-660
AGREEMENT BETWEEN HOME DEPOT, INC. AND THE CITY OF
CHULA VISTA RELATING TO THE RELOCATION AND
UNDERGROUNDING OF ELECTRIC UTILITY LINES
THIS AGREEMENT, made and entered into this 12th day
of April, 1985, by and between THE CITY OF CHULA
VISTA, a municipal corporation, hereinafter referred to as
"Ci ty" and THE HOME DEPOT, INC., a Delaware corporation, 6300
Powers Ferry Road, N.W., Atlanta, Georgia 30339, hereinafter
referred to as "Developer";
RECITALS
WHEREAS, Developer desires to construct a home
improvement store at the intersection of I-80S and H Street, and
WHEREAS, the construction of such a store will provide
significant sales tax revenue to the City, and
WHEREAS, the operation of the store will provide a
significant number of jobs within the City, and
WHEREAS, a condition of construction for the store will
be the relocation and undergrounding of a 69kv electric line, and
WHEREAS, the City may
Development Block Grant funds to
undergrounding, and
be able to use Community
assist the Developer in said
WHEREAS, the undergrounding and relocation of the 69kv
electric line will cost approximately $230,000, and
WHEREAS, the cost of relocation and undergrounding
would prohibit Home Depot, Inc. from constructing its store.
NOW, THEREFORE, IT IS MUTUALLY AGREED by and between
the parties hereto as follows:
1. The City shall provide
assist the Developer in the
undergrounding the 69kv line.
Developer with $175,000 to
cost of relocating and
2. (a) Developer shall insure that the sales tax
revenues to the City during the first three years
of the store's operation shall exceed or be equal
to the amount of tax revenue generated by
$12,000,000 of gross sales in Year 1; $13,500,000
in Year 2 and $15,000,000 in Year 3.
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(bl If the minimum gross sales are not obtained
during any of the first three years of operation,
Developer shall make a payment to the City equal
to the sales tax which would have accrued to the
City on the difference between the gross sales
attained and the minimum gross sales figure which
have been established for that year pursuant to
subparagraph (a).
3. Home Depot shall assist the City in meeting the
reporting. requirements of Community Development Block Grant
funds currently available or which may be available during the
life of this agreement by providing the City with any and all
information relating to jobs created by the operation of the
store and Developer's employees family income.
4.
relocating
guidelines.
Developer agrees that the wages paid to the workers
the 69kv electric line will meet Federal wage
IN WITNESS WHEREOF, the parties hereto have caused this
agreement to be executed the day and year first hereinabove set
forth.
THE CITY OF CHULA VISTA
DEVELOPER: Home Depot, Inc
Mayor
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Approved as to form by
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