HomeMy WebLinkAboutReso 2006-050
RESOLUTION 2006-050
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA ADOPTING A REVISED CONCEPTUAL
FINANCING PLAN FOR V ARIOUS CAPITAL
IMPROVEMENT PROJECTS IN WESTERN CHULA VISTA
AND AUTHORIZING STAFF TO PREPARE AND SUBMIT AN
APPLICATION TO THE UNITED STATES DEPARTMENT OF
HOUSING AND URBAN DEVELOPMENT FOR A
COMMUNITY DEVELOPMENT BLOCK GRANT SECTION
108 LOAN TO PAY FOR A PORTION OF THESE
IMPROVEMENTS
WHEREAS, in June of 2003, the City Council adopted a conceptual financing plan
for various capital improvements in Western Chula Vista; and
WHEREAS, one significant component of this plan was the seeking and receipt of a loan
from the United States Department of Housing and Urban Development (HUD) as part of its
Community Development Block Grant (CDBG) Section 108 Loan program; and
WHEREAS, originally the City intended to seek an $11,900,000 loan rrom HUD as part
of their Section 108 Loan Program; and
WHEREAS, due to a number of issues with HUD, the City was unable to proceed with
the loan as originally anticipated; and
WHEREAS, there have been significant increases and volatility in the cost of
constructing projects as well as significant increases in interest rates since the adoption of the
financing programs which require adjustments to both the scope of the projects as well as the
amounts of borrowing; and
WHEREAS, in order to comply with the Council's stated goals of undertaking significant
street improvements in western Chula Vista, the Section 108 Loan component should be
modified to a borrowing of$9.5 million, all of which would be utilized for street improvements;
and
WHEREAS, in order to formalize the modifications to the Section 108 Loan component,
the City will need to prepare and submit a new loan application to HUD.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Chula
Vista does hereby approve the revised conceptual financing plan for various capital improvement
projects in western Chula Vista as depicted in Exhibit A and authorizes staff to prepare and
submit an application to HUD for a Section 108 loan to pay for a portion of these improvements.
Resolution No. 2006-050
Page 2
Presented by
Approved as to form by
~~\\~~
Ann Moore .
City Attorney
PASSED, APPROVED, and ADOPTED by the City Council of the City ofChula Vista,
California, this 14th day of February 2006 by the following vote:
AYES:
Councilmembers:
Castaneda, Chavez, McCann, Rindone and Padilla
NAYS:
Councilmembers:
None
ABSENT:
Councilmembers:
None
d~Lk
Stephen C. Padilla, Mayor
ATTEST:
~ ::tJ/A, '7- ./-.,~
Susan Bigelow, MMC, City Cle
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. 2006-050 was duly passed, approved, and adopted by the City Council at a
regular meeting of the Chula Vista City Council held on the 14th day of February 2006.
Executed this 14th day of February 2006.
--:- ~tL-r r;;;5:ff~
Susan Bigelow, MMC, City Cle
l
.
........
Resolution No. 2006-050
Page 3
Exhibit A
SECTION 108 LOAN FUNDS
Project Name Original Funding Proposed Funding
Eucalyptus Park Reconstruction $3,300,000 $0
Harborside Park Development $1,500,000 $0
Fire Station No.5 Replacement $2,400,000 $0
Street Improvements $4,700,000 $9,500,000
TOTAL $11,900,000 $9,500,000
Other Non-Section 108 Loan Funded Street lmvrovement Proiects
Castle Park Elementary Sidewalks
Tobias Dr. (Naples - Oxford)
Dixon Dr. (Naples - Oxford)
$ 703,470
$ 1,01l,1O0
$ 890.256
$ 2,604,826