HomeMy WebLinkAboutRDA Reso 2005-1929
RESOLUTION NO. 1929
RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF CHULA VISTA AUTHORIZING THE
APPROPRIATION OF $960,260 FROM THE
BAYFRONTITOWN CENTRE I FUND TO PAY THE
RELOCATION INSTALLMENT PAYMENTS DUE
BFGOODRICH AEROSPACE AEROSTRUCTURES GROUP
FOR THE PERIOD JANUARY 15, 2000 TO JANUARY 15,
2005, AND FOR THE INSTALLMENT PAYMENT DUE ON
JANUARY 15,2006, CONSISTENT WITH THE RELOCATION
AGREEMENT ENTERED INTO WITH BFGOODRICH
AEROSPACE AEROSTRUCTURES
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 ofBFG's operations north ofH 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 the 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 that the Redevelopment Agency of the City of
Chula Vista does hereby authorize the appropriation of $960,260 from the Bayfront/Town Centre
I fund to pay the Relocation installment payments due BFGoodrich Aerospace Aerostructures
Group for the period January 15, 2000 to January 15,2005, and for the installment payment due
on January 15,2006, consistent with the Relocation Agreement entered into with BFG.
Resolution No. 1929
Page 2
Presented by
Approved as to form by
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Dana Smith
Assistant City Manager!
Community Development Director
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Ann Moore
Agency Attorney
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: Davis
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ATTEST:
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Dana Smith, Secretary
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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. 1929 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.
Ci)'AN< It(--LY
Dana Smith, Secretary
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