HomeMy WebLinkAboutRDA Reso 2005-1928
RESOLUTION NO. 1928
RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF CHULA VISTA AUTHORIZING THE
APPROPRIATION OF $960,260 FROM THE AVAILABLE
BALANCE OF THE MERGED PROJECT AREA FUND AS A
LOAN REPAYMENT TO THE BA YFRONT/TOWN CENTRE I
FUND
WHEREAS, on July 13, 1999, the City of Chula Vista, the Redevelopment Agency of the
City of Chula Vista, the San Diego Unified Port District, and Rohr, Inc. operating as
BFGoodrich Aerospace Aerostructures Group (BFG) entered into a Relocation Agreement to
facilitate the relocation and consolidation of BFG's operations north of H Street in the Bayfront
Redevelopment Project Area; and
WHEREAS, the Agency agreed to provide financial assistance to BFG, based, in part, on
the property taxes paid by BFG on the facility and equipment investment they made during the
four-year relocation period (1999-2002); and
WHEREAS, the private investment eligible for use III determining the financial
assistance to be provided was capped at $55 million; and
WHEREAS, the financial assistance to be provided by the Agency to BFG is documented
in Relocation Agreement; and
WHEREAS, the relocation period has ended;
WHEREAS, the amount of financial assistance to be paid to BFG III installment
payments during the period between 2005 and 2015 is $1,708,065; and
WHEREAS, the current installment payments due total $960,260, including $775,724
due for the period January 15, 2000 to January 15, 2005, and $184,536 for the installment
payment due on January 15, 2006.
NOW, THEREFORE, BE IT RESOLVED the Redevelopment Agency of the City of
Chula Vista does hereby authorize the appropriation of $960,260 from the available balance of
the merged project area fund as a loan repayment to the Bayfront/Town Centre I fund.
Presented by
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Dana Smith
Assistant City Manager/
Director of Community Development
Approved as to form by
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Ann Moore
Agency Attorney
Resolution No. 1928
Page 2
PASSED, APPROVED, and ADOPTED by the Redevelopment Agency of the City of
Chula Vista, California, this 22nd day of November, 2005, by the following vote:
AYES:
Agency Members: Castaneda, McCann, Rindone, and Padilla
NAYS:
Agency Members: None
ABSENT:
Agency Members:
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ATTEST:
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STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Dana Smith, Secretary of the Chula Vista Redevelopment Agency, do hereby certify that the
foregoing Resolution No. 1928 was duly passed, approved, and adopted by the Redevelopment
Agency at a special meeting held on the 22nd day of November 2005.
Executed this 22nd day of November 2005.
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Dana Smith, Secretary
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