HomeMy WebLinkAboutRDA Reso 2003-1837
e
e
e
RDARESOLUTIONNO.2003-1837
RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF CHULA VISTA APPROPRIATING $29,356
FROM THE AVAILABLE BALANCE OF THE MERGED
PROJECT AREA FOR THE PURPOSE OF AN INCENTIVE
PAYMENT DUE TO PEOPLE'S CHEVROLET PURSUANT TO
A 1993 DISPOSITION AND DEVELOPMENT AGREEMENT
WHEREAS, in 1993, the Chula Vista Redevelopment Agency (Agency) adopted a
Disposition and Development Agreement (DDA) for the Chula Vista Auto Park Phase I,
including a provision for an "incentive payment" to auto dealers for the first six years after the
Auto Park was open for business; and
WHEREAS, the DDA requires the Agency to pay an incentive 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 50-
percent multiplied by the difference between the dealership's sales tax receipts and one quarter
(I/.) of a base sales tax figure which is specified in the DDA and adjusted upwards annually; and
WHEREAS, People's Chevrolet exceeded the sales tax receipt threshold in Fiscal Year
2002; and
NOW, THEREFORE, BE IT RESOLVED that the Redevelopment Agency of the City of
Chula Vista does hereby appropriate $29,356 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
~~~~
Ann Moore
Agency Counsel
RDA Resolution No. 2003-1837
Page 2
---.
PASSED, APPROVED, and ADOPTED by the Redevelopment Agency of the City of
Chula Vista, California, this 19th day of August 2003, by the following vote:
AYES:
Agency Members:
Davis, McCann, Rindone, and Padilla
NAYES:
Agency Members:
None
ABSENT:
Agency Members:
S"'MAuJOJiiJ-
Stephen C. Padilla, Chairman
ATTEST:
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY 9F CHULA VISTA )
I, Laurie Madigan, Secretary of the Chula Vista Redevelopment Agency, do hereby certify that
the foregoing RDA Resolution No. 2003-1837 was duly passed, approved, and adopted by the
Redevelopment Agency at a regular meeting held on the 19th day of August 2003.
-..,
Executed this 19th day of August 2003.
---