HomeMy WebLinkAboutRDA Packet 2000/01/18
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CIlY OF
TUISDAY, JANUARY 18, 2000 CHUIA VISTA COUNCIL CHAMIERS
6:00 P.M. PUBLIC SERVlCD BUILDING
(I_EDIATILY fOLLOWING TNI CITY COUNCIL MinING)
JOINT MEETING OF THE
REDEVELOPMENT AGENCY/CITY COUNCIL OF THE CITY OF CHULA VISTA
CALL TO ORDER
I. ROLL CALL Agency/Council Members Davis, Moot, Padilla, Salas, and Chair/Mayor Horton
CONSENT ITEMS
(lIem2)
(Will be voted on immediately fallowing the Council Consent Calendar during the City Council meeting)
The staff recommendations regarding the following item(s) listed under the Consent Colendar will be enacted by the Agency
by one molion without discussion unless an Agency member, a member of the public or City staff requests that the item be
pulled for discussion. If you wish to speak on one of these items, please fill out a "Request to Speak Form" available in
the lobby and submit it to the Secretary of the Redevelopment Agency or the City Clerk prior to the meeting. Items pulled
from the Consent Colendar will be discussed after Action Items. Items pulled by the public will be the first items of
business.
2. AGENCY/COUNCIL RESOLUTION APPROVING THE FIRST AMENDMENT TO THE ASSESSMENT
DISTRICT NO. 90-2 REIMBURSEMENT AGREEMENT PROVIDING FOR REPAYMENT TO THE
AGENCY OF AN OUTSTANDING $440,087 LOAN-On March 9, 1993, the City/Agency entered into an
agreement with the Darling Delaware Company that deferred payment of the assessment fees for their property
located on Otay Valley Road. The deferral was granted due to ongoing efforts to clean up the property and the
resulting limitations on developability and sale of the property. The Agency loaned to Darling Delaware the
assessment fee which was to be repaid to the Agency upon development or sale. In December 1999, Darling
Delaware sold the property to LandBank. Landbank will in turn be selling the property to the end user [Investment
Development Services (IDS)]. The property is presently in escrow with the transaction scheduled to close in March
2000. LandBank has requested a deferral of the fees until after IDS closes the property. IDS has agreed to pay the
assessment district fees after they purchase the property. [Community Development Director]
Staff Recommendation: Council/Agency adopt the resolution.
ORAL COMMUNICATIONS
This is an opportunity for the generol public to address the Redevelopment Agency on any subject matter within the
Agency's jurisdiction that is not an item on this agenda. (State law, however, generolly prohibits the Redevelopment
Agency from taking aclion on any issues not included on the posted agenda.) If you wish to address the Agency on such a
subject, please complete the "Request to Speak Under Orol Communications Form" avaüable in the lobby and submit it to
the Secretary to the Redevelopment Agency or City Clerk prior to the meeting. Those who wish to speak, please give your
name and address for record purposes and follow up aclion.
ACTION ITEMS
The items listed in this seclion of the agenda are expected to elicit substantiol discussions and deliberations by the Councü,
staff, or members of the generol public. The items wül be considered individuolly by the Council and staff
recommendations may in certain cases be presented in the oltemative. Those who wish to speak, please fill out a Request
to Speak form available in the lobby and submit it to the City Clerk prior to the meeting.
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AGENDA -2. JANUARY 18, 2000
3. AGENCY RESOLUTION CONDITIONALLY APPROVING FINANCIAL ASSISTANCE IN THE FORM OF
A RESIDUAL RECEIPT LOAN FROM THE LOW AND MODERATE INCOME HOUSING FUND IN AN
AMOUNT NOT-TO.EXCEED $1,387,152 TO CHEUEA INVESTMENT CORPORATION FOR THE
ACQUISITION AND REHABILITATION OF PEAR TREE MANOR APARTMENTS-an 12/7/99, the Council
and Housing Authority held a public hearing to consider the issuance of tax exempt obligations to finance the Chelsea
Investment Corporation (Chelsea) acquisition and rehabilitation of a 119 unit complex known as Pear Tree Manor
located at 1025 Broadway. Chelsea is in the process of preparing an application for an allocation of the 2000 state
ceiling on private activity bonds for multi-family rehabilitation projects from the California Debt Limit Allocation
Committee (CD LAC). The application process is competitive and needs to demonstrate readiness to complete the
project and strong support from the community. Staff has reviewed Chelsea's most recently submitted pro forma
which indicates an approximate financing gap of $1,387,152. Staff is recommending approval of the resoiution in
order for Chelsea to submit an application to CD LAC by the 2/15/2000 deadline. [Community Development Director]
(Continued from the meeting of January 11, 2000) 4/5THS VOTI RIQUIRID
Staff Recommendation: Agency adopt the resolution.
ITEMS PULLED FROM CONSENT CALENDER
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4. DIRECTOR'S REPORT(S)
5. CHAIR(S)
6. AGENCY MEMBER COMMENTS
"'JlI.I'I'III",I~I.
The meeting will adjourn to an adjourned Redevelopment Agency meeting on January 25, 2000 at 6:00 p.m.,
immediately following the City Council meeting, in the City Council Chambers.
CLOSED SESSION
Unless Agency Counsel, the Executive Director, or the Redevelopment Agency states otherwise at this time, the Agency will
discuss and deliberate on the following item(s) of business which are permitted by law to be the subject of a closed session
discussion, and which the Agency is advised should be discussed in closed session to best protect the interests of the City.
The Agency is required by law to rerum to open session, issue any reports of /imJl action taken in closed session, and the
votes taken. However, due to the typicol length of time taken up by closed sessions, the videotaping will be terminated at
this point in order to save costs so that the Agency's rerum from closed session, reports of /imJl aclion taken, and
adjoumment will not be videotaped. Nevertheless, the report of finol aclion taken will be recorded in the minutes which
will be avaüable in the Office of the Secretary to the Redevelopment Agency and the City Clerk's Office.
7. CONFERENCE WITH REAL PROPERTY NEGOTIATOR ..Pursuant to Government Code Section 54956.8
Property: Agency-owned parcels at the northwest corner of Third Avenue and H Street
Negotiating Parties: Redevelopment Agency (Chris Salomone) and Chrismatt Corporation, a California
Corporation, dba Pieri Company (James V. Pieri)
Under Negotiations: Price and terms for disposition/acquisition
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AGENDA -3. JANUARY 18, 2000
8. CONFERENCE WITH RIAL PROPERTY NEGOTIATOR ..Pursuant to Government Code Section 54956.8
Property: 1) 565-010-30 and 567-011-05 Midbayfront 96.57 acres
2) 567-010-28 Bayfront Park 4.94 acres
3) 567-011-01,565-010-12,565-010-15, SDG&E ROW 9.8 acres (appx)
portion of 565-01 0-18
4) 567-021-11, portion of 565-290-39 SD&AE ROW 2.3 acres (appx)
5) 565-310-09 & 565-310-25 Street Merziotis 6.35 acres
6) 567-011-04 Marina Motor Hotel 1.0 acres
7) 567-010-18 Cappos 2.01 acres
8) 567-010-19 Shangri La 2.73 acres
9) 567-021-32 Lagoon Drive Park 1.14 acres
Negotiating Parties: Redevelopment Agency/City of Chula Vista (Chris Salomone); Chula Vista Capital, B.F.
Goodrich, SDG&E, SD&AE, Tuchscher Development Enterprises, Inc.
Under Negotiations: Price and terms for disposition/acquisition
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..JOINT REDEVELOPMENT AGENCy/CITY COUNCIL
AGENDA STATEMENT
ITEM No. ~
MEETING DATE 1/18/00
ITEM TITLE: RESOLUTION APPROVING THE FIRST AMENDMENT TO THE ASSESSMENT
DISTRICT NO. 90-2 REIMBURSEMENT AGREEMENT PROVIDING FOR
REPAYMENT TO THE AGENCY OF AN OUTSTANDING $440,087 LOAN
SUBMITTED BY: COMMUNITY DEVELOPMENT DIRECTOR W-~ (S
Q
REVIEWED By: EXECUTIVE DIRECTOR (4/STH. VOTE: YES- No.....L)
On March 9, 1993, the City of Chula Vista and the Redevelopment Agency (City/Agency) entered into an Agreement
with the Darling Delaware Company that deferred payment of the Assessment Fees for their property located on
Otay Valley Road (see Attachment 1). The deferral was granted due to ongoing efforts to clean-up the property and
the resulting limitations on developability/sale of the property. The Agency paid the Assessment and "loaned" to
Darling Delaware the $440,087 Assessment fee which was to be repaid, upon development or sale, to the Agency.
The Darling Delaware Company sold the property to LandBank in December 1999. LandBank will in turn be selling
this property to the end-user. The property is presently in escrow to Investment Development Services (IDS), with the
transaction scheduled to close in March 2000. LandBank has requested a deferral of the fees until after IDS closes
the property. Staff supports the amendment (see Attachment 2) to defer the fees due to the fact that LandBank is not
an end-user and IDS has agreed to pay the Assessment District fees after they purchase the property.
It is recommended that the City Council and the Redevelopment Agency adopt the resolution amending the
Assessment District No. 90-2 Reimbursement Agreement providing for repayment to the Agency of an outstanding
$440,087 loan.
Not applicable.
BackQround
As noted above the City/Agency entered into a deferral agreement with the Darling Delaware Company on March 9,
1993. The Agency "loaned" $440,087 to the Darling Company that was to be repaid upon the completion of work
required to make the property a developable site. This required completion of hazardous materials remediation and
reguiatory agency approval thereof. The loan was to be repaid in 4 equal quarterly installments. The first payment
was to be paid gO days after the certification of the site as a developable property.
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PAGE 2, ITEM -
MEETING DATE 1/18/00
The original deferral agreement contained a number of acceleration clauses that could be triggered by Darling
Delaware's failure to reach specific property remediation milestones. If triggered, these provisions could have
required Darling Delaware to repay the loan sooner than staff is now proposing and to pay interest on the loan. Staff
believes that these provisions should not be invoked because of Darling Delaware's continuous good faith efforts to
ready the property for development in the face of regulatory delays and third party litigation. All of these issues
appear now to be resolved.
The Darling Delaware Company has sold the property to LandBank. LandBank in turn will be selling the property to
an end user that will develop the property. The property is presently in escrow to Investment Development Services,
Inc. (IDS). The escrow is pianned to close in mid-March 2000. iDS has committed to pay the Assessment District
fees in the purchase agreement with LandBank. IDS will begin payment of the Assessment District gO days after the
close of escrow with LandBank, as laid out in the deferral agreement.
In the event the sale to IDS does not occur, LandBank will have a one-year deferral period. If the property remains
unsold at the end of this year, the 151 installment will be due 90 days after year-end, with each subsequent payment
due 90 days thereafter. If LandBank, IDS or a subsequent property owner does not pay the Assessment fees, a lien
will be placed on the property.
Staff supports the amendment to the deferral agreement because it supports the redevelopment of an important
property within the Otay Valley Road Redevelopment area.
The Agency will not be collecting interest on the outstanding assessment fee, which represents approximately
$24,000 over the one year deferral period considering a 6% interest rate.
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AGENCY RESOLUTION NO.
AND
COUNCIL RESOLUTION NO.
JOINT RESOLUTION OF THE CITY COUNCIL AND THE
REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA
APPROVING THE FIRST AMENDMENT TO THE ASSESSMENT
DISTRICT NO. 90-2 REIMBURSEMENT AGREEMENT PROVIDING
FOR REPAYMENT TO THE AGENCY OF AN OUTSTANDING $440,087
LOAN
WHEREAS, the City of Chula Vista and the Redevelopment Agency (City/Agency) entered into
an Agreement with the Darling Delaware Company that deferred payment of the Assessment Fees for
their property located on Otay Valley Road; and
WHEREAS, the deferral was granted due to ongoing efforts to clean-up the property and the
resulting limitations on developabilitylsaie of the property; and
WHEREAS, the Agency paid the Assessment and "loaned" to Darling Delaware the $440,087
Assessment fee which was to be repaid to the Agency upon readiness of the property for development;
and
WHEREAS, the Darling Company sold the property to LandBank in December 1999; and
WHEREAS, LandBank will be selling the property to the end-user. The property is presently in
escrow to Investment Development Services (IDS), with the transaction scheduled to close in March
2000; and
WHEREAS, LandBank has requested a deferral of the fees until after IDS closes the property;
and
WHEREAS, staff supports this deferral due to the fact that Darling Delaware has proceeded in
good faith to prepare the property for development as contemplated by the original deferral agreement
and, appropriate provision has been made for repayment of amounts owed in the proposed amendment;
LandBank is not an end-user and IDS has agreed to pay the Assessment District fees after they purchase
the property.
NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of Chula Vista and the
Redevelopment Agency approve the first amendment to the Reimbursement Agreement for Assessment
District 90-2 in the form presented with such minor modifications as may be approved or required by the
City/Agency Attorney.
Presented by Approved as to form by
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Chris Salomone
Director of Community Development
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Recording Requested y and f'
When Recorded Mail To: '~/ . '1.;,,1
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CHULA VISTA REDEVELOPMENT AGENCY Q_b~ n'/-c"'-
276 Fourth Avenue }:>- sJ' /
Chula Vista, CA 91910
Attention: Sylvia Simmons
Assessors Parcel Number(s): 644-041-01 through 644-041-03 and 644-041-05 through
644-041-14 and 644-041-17 through 644-041-19.
This document does not grant, assign, transfer, conveyor vest title to real
property within the meaning of Section 11911 of the California Revenue and Taxation Code,
and hence NO DOCUMENTARY TRANSFER TAX IS DUE.
The real property is located in the City of Chula Vista, County of San Diego,
State of California.
ASSESSMENT DISTRICT NO. 90-2
REIMBURSEMENT AGREEMENT
THIS AGREEMENT ("Agreement") is made as of this..-21!L day of March, 1993, by and
among the CITY OF CHULA VISTA ("City"), the REDEVELOPMENT AGENCY OF
THE CITY OF CHULA VISTA ("Agency"), and the DARLING-DELAWARE COMPANY,
INC., a Delaware Corporation, ("Property Owner").
WHEREAS, the parties hereto acknowledge that the City, pursuant to the provisions of the
"Municipal Improvement Act of 1915," Division 12 of the California Streets and Highways
Code ("1915 Act"); has formed Assessment District No. 90-2 (the "Assessment District") for
the construction of certain street improvements in Otay Valley Road, together with
appurtenances, and;
WHEREAS, the parties hereto acknowledge that Property Owner owns seventeen (17)
parcels of real property, each of which is designated by an Assessors Parcel Number shown
above and each of which is described in the legal description marked Exhibit" A" attached
hereto and incorporated herein by reference, which parcels are individually referred to herein
as a "Parcel" and are all collectively referred to herein as the "Property"; and
WHEREAS, the parties hereto acknowledge that the Property excludes Assessor's Parcel
Number 644-041-04 (the "Excluded Land") which, although it is also owned by Property
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Owner, has not been assessed under the Assessment District proceedings and is not subject to
this Agreement; and
WHEREAS, the parties hereto acknowledge that each of the seventeen (17) parcels are
shown with the corresponding District Assessment Numbers and Confirmed Assessments
marked as Exhibit "B" and incorporated herein by reference; and
WHEREAS, the parties hereto further acknowledge that the Property receives a direct and
special benefit from the improvements to be financed through the Assessment District and is
located within the boundaries of the Assessment District, which Assessment District is shown
on the map marked Exhibit "C," as well as set forth in the legal description marked Exhibit
"D," both of which Exhibits are attached hereto and incorporated herein by reference; and
WHEREAS, the parties hereto acknowledge that certain agencies within the State of
California contend that the Property is not eligible for further development at this time; and
by reason of such contention, the parties hereto acknowledge that it is difficult to determine
the value of the Property; consequently, to avoid impairing the security for and sale of bonds
for the Assessment District, the City is willing to delay the sale of bonds representing the
unpaid assessments levied against the Property as referred to in Section 3 hereof; and
WHEREAS, the Agency is willing to advance monies to assist in the payment of the street
improvements in an amount equal to the total unpaid assessment for the Property, with funds
to be repaid as herein described.
WHEREAS, Section 33659 (c) of the California Health and Safety Code allows the Agency
to "Make such covenants and to do any and all such acts and things as may be necessary,
convenient, or desirable to secure its bonds, or, except as otherwise provided in this pan, as
will tend to make the bonds more marketable. . . "; and
WHEREAS, between the Agency and the City, the Agency has final review and approval
authority for the Property with respect to the "Confirmations" as defined in Section 6 hereof,
since the Property is located within the Otay Valley Redevelopment Project Area.
NOW, THEREFORE, IT IS MUTUALLY AGREED by and among the parties hereto as
follows:
SECTION 1. The foregoing recitals are true and correct.
SECTION 2. The City has conducted such legal proceedings as are necessary,
has formed the Assessment District, levied assessments against
properties within the Assessment District, including the
Property, and shall authorize the issuance of bonds ("Bonds")
pursuant to the "Improvement Bond Act of 1915," Division 10
of the California Streets and Highways Code ("1915 Act"), in
accordance with Section 3 hereof.
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SECTION 3. In authorizing the issuance of the Bonds, the City shall authorize
the issuance and sale of at least two series of Bonds: (a) "Series
A Bonds," which shall be issued to represent the unpaid
assessments on all parcels assessed except the Property; and (b)
"Series B Bonds," which shall be authorized to represent the
unpaid assessments on the Property. The Excluded Land,
although included in the Assessment District, does not receive a
direct and special benefit from the improvements to be financed
through the Assessment District and, therefore, has not been and
shall not be assessed and is not subject to this Agreement.
SECTION 4. a. If the Bonds are issued in the structure herein described,
the following rights and duties of the parties shall arise:
The Agency shall advance funds to the Assessment
District to ensure construction of that portion of the costs
of the District attributable to the Property, based on the
combined total of the "Confirmed Assessment" amounts
corresponding to Assessor's Parcel Numbers 644-041-01
through 644-041-03 and 644-041-05 through 644-041-19,
as specified in that certain "Final Engineer's Report for
Assessment District 90-2, Otay Valley Road, Phases I &
. II" dated as of June 23, 1992, relevant portions of which
are attached hereto as Exhibit "E." The amount of funds
so advanced by the Agency shall hereinafter be referred
to as the" Advancement." The Advancement of four
hundred forty thousand eighty-seven dollars ($440,087)
represents a loan from the Agency to Property Owner,
and Property Owner shall have an unsecured obligation
to repay such loan (the "Repayment Obligation") subject
to and in accordance with the provisions of this
Agreement. When and if the Agency issues and sells
Series B Bonds, the Repayment Obligation shall be of no
further force and effect, and the then-unpaid portion of
the Advancement shall become an assessment on the
secured tax bill for the Property (the" Assessment
Obligation"). The Series B Bonds shall not be sold until
such time as the entire Property is " Available for
Development", as that term is defined in Section 6 hereof
or until such time as the Series B Bonds can be legally
sold in the bond market as mutually agreed upon by
property owner, City, and Agency.
b. Notwithstanding any other provision hereof, the City
agrees that when and if the City receives funding or
additional assessments from any applicable source ~,
through any special fee districts) that reduce or defray
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the capital expenditures and/or other costs of the
Assessment District, the Advancement shall be reduced
in the same proportion as all other assessments in the
Assessment District are reduced, and the Repayment
Obligation and/or Assessment Obligation, as is then
applicable, shall likewise be reduced proportionately.
c. Notwithstanding any other provision hereof, the Agency
agrees that if for any reason whatsoever the Series B
Bonds (or any thereof) are not issued, then the
Advancement shall be reduced by the amount of interest,
transactional costs and other expenses saved because of
such non-issuance which would otherwise have been
attributable to the Property, and the Repayment
Obligation and/or Assessment Obligation, as is then
applicable, shall likewise be reduced.
SECTION S. The City and the Agency acknowledge that Property Owner's
ability to develop the Property depends on review of the status
of the Property by various other State and local agencies with
discretion over issues affecting development of the Property
(collectively, the "Applicable Agencies"), including, among
others, the California Environmental Protection Agency ("Cal-
EPA"). The Agency and the City agree to use commercially
reasonable efforts to encourage Cal-EPA and all such other
Applicable Agencies to do so expeditiously so as to enable the
Property to become Available for Development (as defined in
Section 6 hereof) at the earliest possible date. Property Owner
agrees to use commercially reasonable efforts to obtain
determinations (if and as necessary) from such Applicable
Agencies, the effect of which will be to allow the Property to be
developed for "Any Reasonable Use." For purposes of this
Agreement, the term "Any Reasonable Use" shall mean all
reasonable uses applicable to the Property that are consistent
with the City's General Plan, Land Use Plan, applicable zoning
and other land use requirements then in effect.
SECTION 6. The parties acknowledge and agree that, for purposes of this
Agreement, each Parcel shall conclusively be deemed to be and
become "Available for Development" at that single moment in
time when Property Owner receives from the Agency,
confirmations in writing, substantially in the form attached
hereto as Exhibit "F" (the "Confirmations"), concurring that
such Parcel is eligible for potential development for Any
Reasonable Use. The Confirmations shall be executed by the
Agency. The Agency shall not send the Confirmations to
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Property Owner until after the Agency has received notice in
writing ("Notice") from Property Owner that all Applicable
Agencies, including, without limitation, Cal-EPA, have
determined that investigations of and/or remedial work (if any)
on such Parcel are adequate to allow development of such Parcel
for Any Reasonable Use. Property Owner shall send Notice,
along with all necessary and applicable correspondence and
reports from Applicable Agencies, to the Agency within thirty
(30) days after it has received all information and/or
determinations Property Owner believes are sufficient for
development of such Parcel for Any Reasonable Use.
Following receipt of the Confirmations, Property Owner shall
discharge the Repayment Obligation or Assessment Obligation,
as the case may be, in accordance with Section 11 hereof.
SECTION 7. During the term of this Agreement, Property Owner and the
Agency shall make efforts to enable the Property to become
Available for Development by taking the following additional
actions in accordance with the following schedule:
a. No later than May 1, 1993, Property Owner shall have
submitted to Cal-EPA a request that Cal-EPA review the
investigatory work Property Owner has completed to
such date regarding the Property and containing a
proposed schedule for Cal-EPA's review and approval of
Property Owner's investigatory work to such date.
b. Commencing upon execution of this Agreement, the
Agency shall use its best efforts and reasonable diligence
to cause the Regional Water Quality Control Board, San
Diego Region (the "RWQCB") and the State Water
Resources Control Board (the "SWRCB") to adopt the
Agency's petition for an Amendment to the RWQCB's
Resolution No. 88-49, which petition seeks to extend the
southern boundaries of the "Salt Creek Area" to include
land within the Agency's Otay Valley Redevelopment
Area (the "Petition"). The parties acknowledge and
agree that the foregoing obligation of the Agency is a
material part of the consideration hereunder to Property
Owner, since the extent of the remediation at the
Property, if any is required by Cal-EPA, may be affected
by adoption of the Petition.
c. No later than November I, 1993, Property Owner shall
have submitted to Cal-EPA a proposal that contains
either of the following: (i) a proposed agreement that the
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extent of Property Owner's investigatory work done
regarding the Property to such date is snfficient to allow
Cal-EPA to determine whether remedial work, if any, is
necessary at the Property; or (ii) a proposed agreement
regarding the scope and type of further investigation to
be done regarding the Property, if any is requested by
Cal-EPA. Notwithstanding the foregoing provisions of
this Section 7c and any other provision of this
Agreement, in the event that the Petition has not been
adopted or rejected by final action of both the RWQCB
and the SWRCB or a formal decision rendered which
requires further action by the Agency in order to pursue
the Petition on or before August 1, 1993, then (a) the
November 1, 1993 deadline set forth in this Section 7c
shall be extended to the date which is ninety (90) days
after the Petition is adopted or rejected by final action of
both the RWQCB and the SWRCB (the "Petition
Decision Date") or formal decision rendered which
requires further action by Agency and (b) the deadlines
set forth in Sections 7d, 7e, 7f, 7g and 8a hereof, as well
as the Scheduled Completion Date (as defined below)
shall each be extended by a period of time equal to the
number of days between August 1, 1993 and the Petition
Decision Date.
d. Following Cal-EPA's determination regarding the -
sufficiency of Property Owner's investigatory work done
to date, but in any event no later than May 1, 1994,
Property Owner shall have submitted to Cal-EPA the
results of further investigation, if any, required by Cal-
EPA regarding the Property.
e. No later than November 1, 1994, Property Owner shall
have submitted to Cal-EPA a proposal which contains
either of the following: (i) a proposed agreement that no
further remedial work (with the exception of ongoing
groundwater monitoring) is necessary regarding the
Property; or (ii) a proposed agreement regarding the
extent and nature of further remedial work to be
completed at the Property, if any is requested by Cal-
EPA.
f. No later than May 1, 1995, Property Owner shall have
begun remedial work (if any is required by Cal-EPA)
regarding the Property.
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g. No later than May I, 1998, Property Owner shall have
completed remedial work (with the exception of ongoing
groundwater monitoring or ongoing vapor recovery or
extraction, if any, is required) at the Property (if any was
required by Cal-EPA).
SECTION 8. If at any time during the time period contemplated by the
schedule in Section 7 hereof, Property Owner receives from
Cal-EPA a determination in writing, the effect of which is to
allow development of the entire Property for Any Reasonable
Use, then (a) Property Owner shall have no further obligation to
meet any of the remaining deadlines in Section 7 hereof, and (b)
if similar determinations from the other Applicable Agencies
have also been obtained, (I) Property Owner shall send Notice
to the Agency and (II) the Agency shall send the Confirmations
to Property Owner in accordance with Section 6 hereof and the
Repayment Obligation or the sale of the Series B Bonds as
defined in Section Ilc shall be effectuated.
SECTION 9. a. In the event that Property Owner has not received
Confirmations from the Agency for the entire Property
by November 1, 1999 (the "Scheduled Completion
Date") (extended, if applicable, as provided herein) and
by such date Cal-EPA or any other applicable Agency
has not made a determination, the effect of which is to
allow the entire Property to be developed for Any
Reasonable Use, then Property Owner shall discharge the
remaining and owing Repayment Obligation in
accordance with Section lid hereof.
b. In the event that Property Owner has submitted Notice to
the Agency as contemplated by Section 6 hereof but
Property Owner has not received Confirmations from the
Agency for the entire Property by the Scheduled
Completion Date (extended, if applicable, as provided
herein), and by such date Cal-EPA and all other
Applicable Agencies have made determinations, the
effect of which is to allow the entire Property to be
developed for Any Reasonable Use, then the City, the
Agency and Property Owner shall amend this Agreement
to provide for an extension of up to six (6) months to
allow the Agency to deliver the Confirmations; provided,
however, that such amendment shall not contain any
additional obligations on Property Owner. City and
Agency shall use commercially reasonable good faith to
process and grant said Confirmations as quickly as
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possible upon receipt of said Notice and Property Owner
shall have no obligation to discharge the Repayment
Obligation until receipt of the Confirmations.
SECTION 10. a. Notwithstanding any other provision of this Agreement to
the contrary, in the event that at any time and from time
to time, Property Owner is unable to meet anyone of the
deadlines contained in Section 7 hereof due to the failure
of Cal-EPA to make a decision or take action regarding
the Property, and Property Owner has exercised
commercially reasonable diligence in providing Cal-EPA
with information to allow Cal-EPA to make such a
decision or take such action, then the City, the Agency
and Property Owner shall amend this Agreement to
provide Property Owner with an extension of time equal
to the length of the delay caused by Cal-EPA (which
extension shall in any event not be less than three (3)
months to meet such deadline, and all deadlines (in the
schedule set forth in Section 7 hereof) following such
extended deadline, as well as the Scheduled Completion
Date, shall be extended for the same period of time;
provided, however, that such amendment shall not
contain any additional obligations on Property Owner
and; provided that the time extension does not extend the
Scheduled Completion Date or Repayment Obligation
beyond the ten (10) year anniversary date of the
assessment lien recordation date of June 30, 1992.
b. In the event that Property Owner fails to meet one of the
deadlines contained in Sections 7a, 7c, 7d or 7e hereof
(as such deadlines may be extended), and such failure is
not due to a failure of Cal-EPA to make a decision or
take action regarding the Property, then Property Owner
shall immediately begin making annual interest payments
to the Agency on the then-outstanding amount of the
Repayment Obligation. For purposes of this Section
lOb, interest shall begin accruing as of the date Property
Owner misses the deadline and shall cease accruing on
the first to occur of the following three dates: (i) the
date on which Property Owner satisfies the obligation to
which such missed deadline applied; (ii) the date on
which I'roperty Owner satisfies a subsequent deadline; or
(iii) the date on which Property Owner begins paying the
Repayment Obligation or the City issues the Series B
Bonds. The interest rate shall be the average interest
rate earned by the City on the investment of its General
A:\HAYNES\DARDEL.FIN 02 -II 03/19/93 11 :55am
T' ~ -
Funds during the period of time interest is accruing
hereunder, as determined by the City's 'Finance Director
and as confirmed by Property Owner. Except as
provided in this Section lOb, no interest shall be due and
payable on the Repayment Obligation.
c. In the event that Property Owner fails to meet one of the
deadlines contained in Sections 7f or 7g hereof (as such
deadlines may be extended), and such failure is not due
to a failure of Cal-EPA to make a decision or take action
regarding the Property, then Property Owner shall pay
the Repayment Obligation in accordance with Section
11(d) hereof.
SECTION 11. a. If Property Owner receives Confirmations from the
Agency with respect to one or more Parcels but less than
the entire Property, or if one or more Parcels but less
than the entire Property is sold or exchanged, Property
Owner agrees to discharge that portion of the Repayment
Obligation which relates to the Parcels for which
Confirmations have been received or which have been
sold, or exchanged, as the case may be (the amount of
which discharges, for such Parcel, shall be as more
specifically described in Exhibit "D" hereto, as those
same amounts may be reduced in accordance with
Section 4b and/or c hereof), as follows: (i) in four (4)
equal installments paid on a quarterly basis, with no
obligation to pay interest thereon, if such portion of the
Repayment Obligation is equal to or greater than One
Hundred Thousand Dollars ($100,000); or (ii) in a lump
sum, if such portion of the Repayment Obligation is less
than One Hundred Thousand Dollars ($100,000). The
first such installment shall be paid by a date thirty (30)
days after such Confirmations have been received or the
sale or exchange of such Parcels has closed escrow, as
the case may be. Upon such discharge of the entire
repayment obligation for such Parcels, the Agency shall
reduce the outstanding amount of the Repayment
Obligation in accordance with Section 13a and will
record an Addendum to the Notice of Assessment for
such Parcels for which the Repayment Obligation has
been paid.
b. If, after Confirmations are received or a sale or exchange
occurs with respect to one or some of the Parcels under
Section llb hereof, Property Owner receives
A: \HA YNES\DARDEL. FIN .;J, -/.1 03119/9311:56am
T' ~ -
Confirmations from the Agency with respect to all
remaining Parcels, or if all remaining Farcels are all sold
or exchanged, then Property Owner shall discharge the
total remaining and owing portion of the Repayment
Obligation in a manner and on a schedule similar to that
set forth in Section Ila hereof, and the City shall not
issue the Series B Bonds.
c. If Property Owner receives Confirmations from the
Agency for the entire Property at one time, then Property
Owner shall discharge the total Repayment Obligation by
exercising either of the following options, the choice of
which shall be at Property Owner's sole discretion, by
notifying the Agency in writing within (30) thirty days
after receipt of such Confirmations: (i) paying the
amount of the Repayment Obligation to the Agency in
four (4) equal installments on a quarterly basis, with no
obligation to pay interest thereon, the first such
installment to be paid by a date ninety (90) days after
Property Owner provides such notice; or (ii) requesting
that the Agency immediately sell the Series B Bonds,
whereupon Property Owner shall assume responsibility
for the annual debt service on the Series B Bonds from
the date of sale provided that the Series B Bonds can be
sold at an interest rate and on terms mutually acceptable
to the City, Agency and Property Owner.
d. If by the Scheduled Completion Date (extended, if
applicable, as provided herein) Cal-EPA and the other
Applicable Agencies have not made determinations, the
effect of which is to allow the entire Property to be
developed for Any Reasonable Use, then Property Owner
shall discharge the entire Repayment Obligation by
paying the amount of the Repayment Obligation to the
Agency in four (4) equal installments on a quarterly
basis, with no obligation to pay interest thereon, the first
such installment to be paid by a date ninety (90) days
after the Scheduled Completion Date (extended, if
applicable, as provided herein).
SECTION 12. Notwithstanding anything in this Agreement to the
contrary, Property Owner reserves the right to pay at any
time, without penalty or interest (except as otherwise
provided in Section lOb hereof), all or any portion of the
Repayment Obligation.
A: \HA YNES\DARDEL. FIN óJ -/.J 03/19/9311:56am
..--- .". - - -.
SECTION 13. a. When and if Property Owner pays a portion of the
Repayment Obligation, the Agency and the City shall
record a partial release, establishing that the obligations
under this Agreement have been satisfied in full and that
the Agreement has no further force or effect with respect
to the Parcel(s) for which the Repayment Obligation has
been paid. When and if Property Owner pays the entire
Repayment Obligation or the Series B Bonds are sold,
the Agency and the City shall record a full release,
establishing that the obligations under the Agreement
have been satisfied in full and that this Agreement has no
further force or effect with respect to the entire Property.
b. If the Agency or the City fails to record a full or partial
release, as required by this Agreement, within sixty (60)
days after the date Property Owner has paid part or all of
the Repayment Obligation or the Series B Bonds have
been issued, or within thirty (30) days after Property
Owner's request therefor under Section 9b hereof, then
Property Owner shall, in addition to any other rights and
remedies it may have at law or in equity, have the right
to record such a release unilaterally.
SECTION 14. If the Series B Bonds cannot be issued at an interest rate
and on terms mutually acceptable to the City, the Agency
and Property Owner, then the Agency agrees to extend
the date on which Property Owner must commence
payment of the Repayment Obligation as defined under
Section 11 c for a period of ninety (90 days).
SECTION 15. Property Owner shall, upon written request of the
Agency, provide copies to the requesting party of any
written information, data, surveys or reports theretofore
provided by Property Owner to Cal-EPA or any other
applicable agencies, or any written information, data,
surveys or reports provided by Cal-EPA or any other
applicable agencies to Property Owner.
SECTION 16. Immediately upon execution of this Agreement, this
Agreement shall be recorded in the Office of the County
Recorder of San Diego County and shall constitute a
covenant running with the land and a binding obligation
of Property Owner, as well as all successors-in-interest
and assignees of Property Owner. Except to the extent
expressly provided in Sections lla and b hereof to the
A:\HAYNES\DARDEL.FIN ~"""¡ 03/19/93 11:S8am
T' 1T - - -
contrary, upon sale or exchange of the entire Property or
any Parcel thereof, and so long as Property Owner's
successor or assignee is taking title with constructive
notice of this Agreement, Property Owner shall be
released from any and all obligations hereunder with
respect to Property or such portion which has been sold,
as applicable, and Property Owner's successor-in-title to
the Property or such Parcel(s), as applicable, which have
been sold or exchanged, and Property Owner's
successor-in-title to the Property or such Parcel(s) shall
thereafter be responsible for performing all the
obligations of Property Owner hereunder with respect
thereto.
SECTION 17. Notwithstanding any other provision hereof, for so long
as Property Owner is attempting, in good faith, to
perform its obligations hereunder, Property Owner's
obligations hereunder shall be temporarily suspended,
and the deadlines provided herein (including, without
limitation, the Scheduled Completion Date) shall be
extended, by any event beyond Property Owner's
control, including, without limitation, strikes, other labor
disturbances, riots, delays in transportation, inability to
secure materials or equipment, acts of God or the
elements, fire, flood or accidents, acts of war, or acts or
failure to act of governmental authorities, which prevents
or delays, or substantially increases the cost of,
performance of an act or covenant to be performed by
Property Owner under this Agreement as long as such
Scheduled Completion Date or Repayment Obligation is
not extended beyond the ten (10) year anniversary date of
the assessment lien recordation date of June 30, 1992.
SECTION 18. This Agreement sets forth the entire and only agreement
or understanding between Property Owner and the City
and Agency relating to the subject matter hereof, and
supersedes and cancels all previous agreements,
negotiations, commitments and representations with
respect thereto. This Agreement may be executed in
counterparts, each of which shall be deemed an original
and all of which shall constitute one and the same
instrument. Except as expressly provided in Section 13b
hereof, no modification, waiver, amendment, discharge
or change of this Agreement shall be valid unless the
same is in writing and signed by the party hereto against
whom enforcement thereof is sought. In the event of any
A: \HA YNES\DARDEl. FIN -'-IS;- 03/19/93 11 :SBarn
T' 1T -
ambiguity in this Agreement, this Agreement shall be
construed equally as between and against the parties
hereto, and shall not be construed against the party
responsible for its drafting.
1/1 //
IIIII
///11
//1/1
I I // I
1/1 //
fill I
//1//
A:\HAYNES\DARDEL.FIN -' -I C- 03/19/93 11:59am
TOO Tr - - -
EXECUTED by and among the parties hereto on the day and year first hereinabove written.
"CITY:"
CITY OF CHULA VISTA
ATIEST:
CITY CL RK, CITY OF CHULA VISTA
STATE OF CALIFORNIA
"AGENCY:"
REDEVELOPMENT AGENCY OF
THE CITY OF CHULA VISTA
A TIEST:
~~ çc( ÇL~
SECRETARY, REDEVELOPMENT AGENCY
OF THE CITY OF CHULA VISTA,
STATE OF CALIFORNIA
"PROPERTY OWNER:"
DARLING DELAWARE COMPANY, INC.
By: M~IDE,"
ENVIRONMENTAL AFFAIRS
A:\HAYNES\DARDEl.FIN ~-/7 02/12/93 9:01am
T' ~ -
STATE OF C-fUrORNIA-- )
~Cv:> ) ss.
COUNTY OF----SX-, )1(,5 )
On-1 e) !%)before me, i"~ ~~,;r~ ~. Cr, n n ('1ft Qc 0 ,
personally appear ('(\ 'LQ 'I<' "1 0 ^, ,(). personally known to
me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are
subscribed to the within instrument and acknowledged to me that he/shelthey executed the same in
his/herltheir authorized capacity(ies), and that by his/herltheir signature(s) on the instrument the
person(s) or the entity upon behalf of which the person(s) acted, executed the instrument.
WITNESS my hand and official seal.
Signatur~¡ m. fú nD:1rJQ-.Jì
r~-~I!C?~~~-~1:~~'!~~~-~ ~'>~~~~~~~_':~!~ !~~'>~~"'- ---~- ---------- ~~"o ~;; ~7~~~~;~: ~:~1
¡ )tate of ("'-;.Þ i~~} CAPACITY CLAIMED BY SIGNER ~¡
~ .' . Though staMe does not require the Notary 10 '
~ County of /l/.tAf 1) [ , ¿¡ ,) Ul1 in the data below, doing so may p,ave g1
~ ' ,invaluable to pe<saos lelying on the document. i]
~ 3 -.2t.f - éf3 before rne RUGIA !{{;I-!¡J, NorntLl/ f..Ju!3UG 0 INDIVIDUAL ~¡
:' On DATE 'NAME,TI11.EOFOFFICER.E,G,,'JAN2DOE,NOTARYPUBLIC' DCORPORATEOFFICER(S) gi
I " I d T~IZ&~ If . If,."", !'
:' persona y appea e 'I NAME(S) OF SIGNER(S) TI11.E(S).i
i . . . 0 PARTNER(S) 0 LIMITED \
; I)!: personally known to me. OR. 0 pr-"\ffid lu "'" 01, the easle of eallGfaffi8f) C..Oêllce 0 GENERAL ~J
~ . to be the person(~. v.:h~se name(!f) IS/a4 0 ATTORNEY-iN-FACT G;
& subscnbed to the within Instrument and ac- ~
~1 knowledged to me that he/~ executed 0 TRUSTEE(S) ~!
~ the same in his/~ authorized 0 GUARDIAN/CONSERVATOR Y.¡
I a'",c'^, %" '"P"¡"hS}, "" ""' b, hl,t......,;, 0 omm í
'í ALICIA KEMP ORNIA signature(" on the instrument the person(~), JÎ
" NOTARY PUBLIC - CALIF, . ,.
~ SAN DIEGO COUI'HY . or the entity upon behalf of which the ~,
~ My comm. expires MAY 25. 19ro person(~ acted, executed the instrument. ù\
, SIGNER IS REPRESENTING: ':
:'( h d d ff' . I I NAMEOFPERSON(SIORENTITY(IES) (,¡
, WI~ESS,m, '" : 0 <. '" t~. V~
'~f'/A" /t)1-4tA~ ~ '.
SIGNATURE OF NOTA ~i
OPTIONAL SECTION. (;¿. ~\
,J THIS CERTIFICATE MUST BE ATTACHED TO TITlEORTYPEOFDOCUMENT~-'--'-'~ ð~ ~¡
Y THE DOCUMENT DESCRIBED AT RIGHT. NUMBER OF PAGES DATE OF DOCUMENT 3 - "3 - c¡ 3
. , hough the data ,equested he'e is no! requil~d by law. SIGNER(S) OTHER THAN NAMED ABOVE 1'A..ti..- 1'P ~ Q~ j
"could plevent Imudulen! lea"achmen! 01 Ih" 101m. -
@1992 NATIONAL NOTARY ASSOCIATION. B236 Remmet Ave.. P,O. eo, 7184. Canoga Pa", CA 913a9.7'B4
A:\HAYNES\DARDEL.FIN 02-1'/ D2/,a/93',:,9am
~. - _.
EXHIBIT "A"
Description of the Propertv
Lots I through 3 and 5 through 18 inclusive of Chula Vista Tract 82-11 in the City of Chula Vista,
County of San Diego, State of California, according to Map thereof No. 11643, filed in the Office
of the County Recorder of San Diego County, October 31, 1986.
A,\HAYNES\DARDEL.FIN ~-I' 02/12/93 9,05am
T' ". - - -
EXHIBIT "B"
Individual Parcel Assessments
Assessor's Parcel Number District Assessment No. Confirmed Assessment
644-04 1-0 I 25 $30,47d4
644-041-02 26 $15,807
644-041-03 27 $25,585
644-041-04 28 $ -0-
644-041-05 29 $33,720
644-041-06 30 $25,137
644-041-07 31 $23,014
644-041-08 32 $20,062
644-041-09 33 $29,333
644-041-10 34 $17,111
644-041-11 35 $14,666
644-041-12 36 $15,807
644-041-13 37 $35,027
644-041-14 38 $30,963
644-041-17 39 $30,073
644-041-18 40 $35,200
644-041-19* 41 $58,108
*Comprised of Lots 15 and 16 inclusive of Chula Vista Tract 82-11
A, \HA YNES\OAROEL. fJ N r:;2-.20 02112/93 9:10am
.,.. TT -
EXHIBIT "C"
Man of the Assessment District
~i¡
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~ ;11
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T' ~
EXHIBIT "0"
Description of the Assessment Distr.d
Assessment District No. 90-2. Otay Valley Road, as described in the diagram recorded as Document
No. 92-397322 on June 25, 1992 in the County Recorder's Office in the County of San Diego,
California.
A,\HAYNES\DARDEL.FI' ~ -;t~ 02/10/93 11,168m
T. ~ -
Exhibit "E"
Otay Valley Road Widening-Phases I & n
Assessment PrelimÏnary Confirmed
Number APN Assessment Assessment
1 624-060-09 0 0
2 624-060-27 150,995 115,496
3 624-060-28 6,864 3,252
4 624-060-38 105,962 81,049
5 624-060-45 110,803 49,683
6 644-040-01 257,102 141,234
7 644-040-11 26,490 20,262
8 644-040-13 521,862 399,169
9 644-040-14 0 0
10 644-040-16 455,371 348,310
11 644-040-23 39,133 21,942
12 644-040-24 77,470 16,420
13 644-040-27 0 0
14 644-040-28 123,434 92,135
15 644-040-44 148,876 106,687
16 644-040-45 167,155 123,500
17 644-040-36 143,819 89,519
18 644-040-37 99,147 70,100
19 644-040-38 0 0
20 644-040-40 529,809 405,247
21 644-040-46 24,901 19,047
22 644-040-47 23,047 17,628
23 644-040-48 38,676 29,147
24 644-040-49 132,982 101,717
25 644-041-01 47,076 30,474
26 644-041-02 24,419 15,807
27 644-041-03 39,524 25,585
28 644-041-04 0 0
29 644-041-05 60,167 33,720
30 644-041-06 47,580 25,137
31 644-041-07 47,328 23,014
32 644-041-08 54,880 20,062
33 644-041-09 45,314 29,333
34 644-041-10 26,433 17,111
35 644-041-11 22,657 14,666
36 644-041-12 24,419 15,807
37 644-041-13 60,167 35,027
38 644-041-14 47,831 30,963
Filial Engilleer's Report
Assessmen1 District 90-2
Otay Valley Road Wukning
ó2 -.2..3
.,... 1T -
Exhibit "E"
Otay Valley Road Widening-Phases I & IT
Assessment Prelinùnary Confirmed
Number APN Assessment Assessment
L39 644-041-17 59,915 30,07[1
40 644-041-18 54,377 35,200
41 644-041-19 99,187 58.108
47 644-181-01 34,864 25,063
48 644-181-02 35,644 24,099
49 644-181-03 38,506 23,107
50 644-181-04 58,279 35,797
51 644-181-07 0 0
52 644-181-08 61,922 41,683
53 644-181-09 39,807 28,616
54 644-181-10 109,794 70,870
55 644-181-11 43,189 31,048
56 644-181-15 135,031 82,261
57 644-181-16 37,986 26,872
58 644-181-18 35,124 25,250
59 644-181-19 43,449 28,621
60 644-181-20 33,823 24,315
61 644-181-21 36,164 25,998
62 644-181-22 38,506 27,681
63 644-181-23 50,734 36,472
64 644-181-24 11,708 8,417
65 644-181-25 11,968 8,604
66 644-181-26 23,156 16,646
67 644-181-27 17,432 12,53-
68 644-181-28 17,432 12,531
69 644-181-29 47,352 32,734
70 644-181-30 15,611 11,222
71 644-181-33 27,318 19,639
72 644-182-01 133,990 96,323
73 644-182-02 135,551 97,445
74 644-182-03 135,031 78,123
75 644-182-06 0 0
76 644-182-07 169,374 121,760
77 644-182-08 134,511 96,697
78 644-182-09 171,716 123,443
79 644-182-10 137,893 71,032
80 644-182-11 110,314 79,303
81 644-182-12 97,306 69,951
Final Engineer's Report
Æss~smenl DistriCt 90-2
Otay Valley Road Widening
02-~'I
T' ~ . - -
EXHIBIT "F"
Form of Confirmation
VIA CERTIFIED MAIL
Property Owner
Dear Property Owner:
We have received and reviewed your notice that any and all state and local agencies with discretion
over issues affecting development of the Property, including, without limitation, the California
Environmental Protection Agency ("Cal-EPA") have determined that investigatory andlor remedial
work completed at your property located at 4826 Otay VaIley Road, Chula Vista, California (the
"Property") is in adequate condition to all Ow development of [all/Parcel No(s). [ ]] of the
Property for Any Reasonable Use (as defined in the Agreement described below). We concur in
that determination.
However, this letter does not constitute any approval, specific or implied, of any particular
development proposal and/or project. AIl of the existing applicable local and state project
development requirements of the City of Chula Vista and the Chula Vista Redevelopment Agency
must be followed and met subsequent to the issuance and receipt of this letter of confirmation.
Please be advised that this letter constitute's "Confirmation" as that term is defined in Section 6 of
that certain Agreement dated February 23, 1993 by and among the City of Chula Vista, the
Redevelopment Agency of the City of Chula Vista, and Darling-Delaware Company, Inc.
Sincerely,
City of CllLIla Vista
Redevelopment Agency
A:\HAYNES\DARDEl.FIN ~-,¿~ 02/10/93 2:13pm
~... ~ -
ATTACHMENT 2
Recording Requested By:
CHULA VISTA REDEVELOPMENT AGENCY
276 Fourth Avenue
Chula Vista, CA 91910
When Recorded Mail To:
CHULA VISTA REDEVELOPMENT AGENCY
276 Fourth Avenue
Chula Vista, CA 91910
ATTN: Debra DePratli (Space Above This Line For Recorder)
Assessors Parcel Number(s): 644-041-01 through 641-041-03 and 644-041-05 throu9h 644-041-14 and 644-041-17 through
644-01-19.
The document does not grant, assign, transfer, conveyor vest title to real property within the meaning of Section 11911 of the
California Revenue and Taxation code, and hence NO DOCUMENTARY TRANSFER TAX is DUE.
The real property is located in the City of Chula Vista, County of San Diego, State of California,
FIRST AMENDMENT TO
ASSESSMENT DISTRICT NO. 90-2
REIMBURSEMENT AGREEMENT
THIS FIRST AMENDMENT ("Amendment") is made as of January 18, 2000, by and among the CITY OF
CHULA VISTA ("City"), the REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA ("Agency"),
and LANDBANK, a Colorado Corporation, ("Property Ownen with respect to certain real property in the
City of Chula Vista, County of San Diego, more particularly described on Exhibit A attached hereto and
incorporated herein by this reference ("Property").
WHEREAS, the City and Agency entered into that certain Assessment District No. 90-2
Reimbursement Agreement ("Agreement") with the Darling Delaware Company dated March 9, 1993, and
recorded on with the San Diego County Recorder as Doc. No, in order
to facilitate redevelopment of the Property; and
WHEREAS, under the terms of the Agreement the Agency loaned Darling Delaware Company
$440,087 ("Loan Amount") which was to be repaid upon the occurrence of certain events as more
particularly described therein; and
WHEREAS, the Darling Delaware Company sold the Property to Property Owner in December
1999, and Property Owner is therefore the "successor in interest" to Darling Delaware under the
Agreement and subject to its terms and conditions; and
WHEREAS, under the Agreement some or all of the Loan Amount is or will soon be due and
payable to the Agency; and
WHEREAS, the Property Owner will not be an end user of the Property and will be selling the
property to the ultimate developer and has requested a deferral of the Loan Amount untii the Property is
sold to the end user/developer; and
WHEREAS, the Agency is will to forego collection of the Loan Amount on the terms and
conditions set forth in this Amendment; and
NOW, THEREFORE, IT IS MUTUALLY AGREED by and among the parties hereto that the
Agreement shall be amended as follows:
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1. Section 9 of the Agreement is hereby amended and restated to read in its entirety as follows:
a. Notwithstanding any other provision of this Agreement to the contrary
upon the earlier to occur of (a) the sale of all or substantially all of the
Property (defined as 80% or more of the Property measured in terms of
gross acreage), or (b) January 1, 2001 (each a "Triggering Event"), the
Property Owner (including, in the event of a sale, any successor thereto)
shall be obligated to discharge the remaining and owing Repayment
Obligation by paying to the Agency the amount of $440,087. Such
amount shall be paid in four (4) equal quarterly installments of
$110,021.75. The first such installment shall be due and payable on the
date falling ninety (90) days after the date of Trigger Event and each
subsequent payment shall be due at ninety (90) day intervals thereafter.
Property Owner's obligation under this section shall not be subject to
suspension or other modification pursuant to the terms of Section 17
hereof.
b. In the event that the Property Owner (or any successor thereto) defaults
in its obligation to make installment payments under this Section, then (1)
the entire unpaid Repayment Obligation balance ("Delinquent Amount")
shall immediately become due and payable; (2) the Delinquent Amount
shall immediately commence to accrue interest at a defauit interest rate
of ten percent (10%) per annum until paid; and (3) in addition to any and
all other rights at law or in equity that Agency may have to enforce Its
rights to collect the Repayment Obligation through actions against the
Property Owner, or any successor thereto, Agency shall be entitled to
(and Property Owner hereby grants) a lien against the Property. Such
lien shall secure repayment of the Delinquent Amount, any interest
accruing thereon, and Agency's attorneys' fees and other reasonable
costs incurred in its efforts to collect same. The lien may be foreclosed
upon in the same manner as the foreclosure of a mortgage upon real
property under the laws of the state of California, or may be enforced by
sale pursuant to Sections 2924, 2924(b), 2924(c) or 1367 of the
California Civil Code, or any successor statute or law, and to that end,
the right to enforce the lien by sale is hereby conferred upon the Agency
or any trustee designated thereby. The Agency shall have the power to
bid for the property served at a foreclosure sale, and to acquire and hold,
lease, mortgage and convey the same. Suit to recover a money
judgment for unpaid charges, costs, late penalties and attorneys' fees
shall be maintainable without foreclosing or waiving the lien securing the
same. The City shall also have the right to collect the Delinquent Amount
as a speciai assessment to be charged to the Property Owner (or any
successor thereto) by the County of San Diego on the Property's then
next regular tax bill.
2. Section 10 of the Agreement, and any other references to Section 10 in other sections of the
Agreement, are hereby deleted in their entirety.
3. Except as expressly provided herein all other terms of the Agreement shall remain in full force and
effect.
4. Immediately upon execution of this Amendment, this Amendment shall be recorded in the Office of
the County Recorder of San Diego County.
SIGNATURE PAGE FOLLOWS
FitSt Amendment to Assessment District No. 90-2 Reimbursement Agreement . Page 2
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SIGNATURE PAGE TO ASESSMENT DISTRICT
NO. 90-2 REIMBURSEMENT AGREEMENT
EXECUTED by and among the parties hereto on the day a year first hereinabove written.
CITY: PROPERTY OWNER:
CITY OF CHULA VISTA LANDBANK
Mayor, City of Chula Vista
AGENCY:
REDEVELOPMENT AGENCY OF THE CITY
OF CHULA VISTA
Chairman, Redevelopment Agency of the City of
Chula Vista
ATTEST:
City Clerk, City of Chula Vista
APPROVED AS TO FORM:
City 1 Agency Attorney
First Amendment to Assessment District No. 90-2 Reimbursement Agreement . Page 3
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EXHIBIT A
DESCRIPTION OF PROPERTY
[ To be inserted]
First Amendment to Assessment District No. 90-2 Reimbursement Agreement 8 Page 4
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