HomeMy WebLinkAboutReso 2005-385
RESOLUTION NO. 2005-385
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING THE FORM OF THE SECOND
AMENDMENT TO THE ACQUlSITION/FINANCING
AGREEMENT FOR COMMUNITY FACILITIES DISTRICT
NO. 2001-1 (SAN MIGUEL RANCH)
WHEREAS, the City Council of the City of Chula Vista pursuant to the provisions of the
Mello-Roos Community Facilities Act of 1982, has undertaken proceedings to fonn and has
fonned a community facilities district and designated two improvement areas therein for the
purpose of financing the acquisition of certain works of improvement (Improvements), together
with appurtenances, such community facilities district known and designated as Community
Facilities District No. 2001-1 (San Miguel Ranch) (Community Facilities District) and such
improvement areas designated as Improvement Area A and Improvement Area B; and
WHEREAS, the City of Chula Vista (City) and NNP- Trimark San Miguel Ranch, LLC
(Developer), entered into an Acquisition/Financing Agreement (Acquisition Agreement) to
establish the tenns and conditions upon which the Improvements would be acquired by the City;
and
WHEREAS, the City and the Developer subsequently entered into First Amendment to
Acquisition/Financing Agreement (the "First Amendment" and the Acquisition Agreement as
amended by the First Amendment, the "Amended Acquisition Agreement"); and
WHEREAS, subsequent to the fonnation of the Community Facilities District and entry
by the City and the Developer into the Amended Acquisition Agreement, the Developer
requested that the City initiate proceedings to modifY the Improvements by authorizing the
financing by the Community Facilities District of certain additional improvements for
Improvement Area B thereto; to modify the rate and method of apportionment of the special
taxes authorized to be levied within Improvement Area B and to increase the maximum bonded
indebtedness for Improvement Area B; and
WHEREAS, the City Council did undertake proceedings to consider such modifications
and the qualified electors of Improvement Area B did approve such modifications at a special
election held on February 1,2005; and
WHEREAS, the City and the Developer desire to amend the Acquisition Agreement to
incorporate the additional improvements among the Improvements authorized to be constructed
or acquired there under; and
WHEREAS, subsequent to the fonnation of the Community Facilities District and the
entry by the City and the Developer into the Amended Acquisition Agreement, Proctor Valley
became the owner of certain property within Improvement Area B (Proctor Valley Property) and
Proctor Valley will be the master developer of the Proctor Valley Property; and
Resolution No. 2005-385
Page 2
WHEREAS, Proctor Valley will be constructing certain of the Improvements as a part of
its development of the Proctor Valley Property and, consequently, the City and the Developer
desire that Proctor Valley be a party to the Amended Acquisition Agreement; and
WHEREAS, for such purposes, the City, the Developer and Proctor Valley desire to
amend the Amended Acquisition Agreement by entering into the Second Amendment to the
Acquisition/Financing Agreement, the form of which has been presented to the City Council
(Second Amendment).
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
SECTION I. The above recitals are all true and correct.
SECTION 2. The form of Second Amendment, herewith submitted, is approved substantially in
the form submitted. The Mayor is hereby authorized to execute the final form of such agreement
on behalf of the City. The City Manager, subject to the review of the City Attorney and Best Best
& Krieger LLP, as Bond Counsel, is authorized to approve changes in such agreement deemed to
be in the best interests of the City, approval of such changes to be evidenced by the execution of
such agreement.
Prepared by
Approved as to form by
~~~
......Sohaib AI-Agha
City Engineer
~~~^'~~~~
Ann Moore
City Attorney
Resolution No. 2005-385
Page 3
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 22nd day of November, 2005, by the following vote:
AYES:
Councilmembers:
Castaneda, McCann, and Padilla
NAYS:
Councilmembers:
None
ABSENT:
Councilmembers:
Davis,
done
JV~
adilla, Mayor
ATTEST:
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Susan Bigelow, MMC, City C erk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Susan Bigelow, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2005-385 was duly passed, approved, and adopted by the City Council at a
regular meeting ofthe Chula Vista City Council held on the 22nd day of November 2005.
Executed this 22nd day of Novemher 2005.
-:= 5~ lL-.- ~'~
Susan Bigelow, MMC, City Cler