HomeMy WebLinkAboutRDA Reso 2004-1895
RDA RESOLUTION NO. 2004-1895
RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF CHULA VISTA APPROPRIATING $23,465
FROM THE AVAILABLE BALANCE OF THE MERGED
PROJECT AREA FOR THE PURPOSE OF A INCENTIVE
PAYMENT DUE TO PEOPLE'S CHEVROLET PURSUANT TO
A 1993 DISPOSITION AND DEVELOPMENT AGREEMENT
WHEREAS, in 1993, the City of Chula Vista Redevelopment Agency (Agency) adopted
a Disposition and Development Agreement (DDA) for the Chula Vista Auto Park Phase 1,
including a provision for an "incentive payment" to auto dealers for each of the first six years
after the Auto Park was open for business; and
WHEREAS, the DDA also provided for an annual "post-incentive payment" for the next
nine years after the first six; and
WHEREAS, it has been seven years since the Auto Park opened; and
WHEREAS, the DDA requires the Agency to pay the post-incentive payment to auto
dealers if certain sale tax receipt thresholds are exceeded; and
WHEREAS, the calculation for the incentive, recognizing that three dealerships were
operating during the period, is based on a formula found in the DDA that is roughly equal to 37.5
percent multiplied by the difference between the dealership's sales tax receipts and one-quarter
(1;4) of a base sales tax figure which is specified in the DDA and adjusted upwards annually; and
WHEREAS, although the method of calculation of the incentive and post-incentive
payments are based upon sales tax received by the City of Chula Vista (City), the method does
not constitute a commitment by the City or Agency of sales tax proceeds; and
WHEREAS, People's Chevrolet exceeded the sales tax receipt threshold in Fiscal Year
2003.
NOW, THEREFORE, BE IT RESOLVED the Redevelopment Agency of the City of
Chula Vista does hereby appropriate $23,465 from the available balance of the Merged Project
Area for the purpose of an incentive payment due to People's Chevrolet.
Presented by
Approved as to form by
. Madigan
ity Development Director
C^'- ~&(~-
Ann Moore
Agency Counsel
RDA Resolution No. 2004-1895
Page 2
PASSED, APPROVED, and ADOPTED by the Redevelopment Agency of the City of
Chula Vista, California, this 21 st day of September 2004, by the following vote:
AYES:
Agency Members: Davis, McCann, Rindone, Salas, and Padilla
NA YES:
Agency Members: None
ABSENT:
Agency Members: None
~~
Stephen C. Padilla, Chairman
ATTEST:
STATE F CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Laurie A. Madigan, Secretary of the Chula Vista Redevelopment Agency, do hereby certify
that the foregoing Redevelopment Agency Resolution No. 2004-1895 was duly passed,
approved, and adopted by the Redevelopment Agency at a regular meeting held on the 21 st day
of September 2004.
Executed this 21 st day of September 2004.