HomeMy WebLinkAboutReso 1982-10807
RESOLUTION NO. 10807
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF CHULA VISTA APPROVING AND ADOPTING
THE CRITERIA FOR PROJECT ELIGIBILITY FOR
INDUSTRIAL AND COMMERCIAL DEVELOPMENT BONDS
WHEREAS, the Charter of the City of Chula Vista authorizes
the City to issue bonds for the financing of industrial and commercial
projects which are deemed to be in the public interest; and,
WHEREAS, the City Council, by Ordinance 1970, has authorized
the financing of industrial and commercial development projects pursuant
to the powers of the Charter of the City of Chula Vista; and,
WHEREAS, the Criteria for Project Eligibility will insure
that projects financed through the issuance of said bonds will be in the
interest of public health, safety, and welfare.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Chula Vista that the Criteria for Project Eligibility, attached
as Exhibit "A", incorporated herein as though fully set forth, is
hereby approved and adopted.
Approved as to form by
~~~
George D. Lindberg, City Attorney
P ul . e r ers, Community
Development Director
ADOPTED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
CHULA VISTA, CALIFORNIA, this 23rd
19'1. 2 , by the following vote, to_it:
day of
March
AYES: Councilmen Scott, Cox, Gillo\'{, Campbell, McCandliss
NAYES: Councilmen None
ABSTAIN: Councilmen None
ABSENT: Councilmen None
Mayor
ATTEfIT&4t4<i ~Ji~dY
(/ City rk .
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) s s.
CITY OF CHULA VISTA )
I, JENNIE M. FULASZ, CMC, CITY CLERK of the City of Chula Vista, California,
DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 10807
,and that the same has not been amended or repealed.
DATED
City Clerk
( seaJ)
CC-660
CRITERIA FOR PROJECT ELIBIBILITY FOR
INOUSTRIAL/COMMERCIAL BOND FINANCING
Public Purpose
It is the policy of the City to provide the private sector with an
alternate method of financing the acquisition, construction or rehabili-
tation of facilities to the mutual benefit of the people of the City of
Chula Vista and to protect their health, welfare and safety. The criteria
to be utilized to determine whether such a method of financing may be made
available includes the following:
(1 ) Emp 1 oyment
Whether such long term employment benefits out of the use of the
facilities will ensue by securing or increasing (i) the number of
employees of the company and any other direct users of the facilities
or (ii) compensation for such employment, the value of which may be
expressed in terms of aggregate direct employment earnings.
(2) Conservation
Whether energy, mineral or natural or cultivate resource conservation
benefits arising out of the use of the facilities may ensue by the
reduction of waste, improvement of recovery or intensification of
utilization of resources that otherwise would be less intensively
utilized, or wasted, or the price and amount of equivalent energy,
minerals, or other resources which would be utilized were the re-
sources not utilized as intensively.
(3) Consumer Benefits
Whether consumer benefits arising out of the use of the facilities
may ensue by (i) improving the quantity, quality, capacity or effi-
ciency of consumer facilities and services, the value of which may
be expressed in terms of quantity and service capacities, (ii) im-
provement of the quantity, quality, variety or reduction in the price
of products, energy, or related services and facilities, the value
of which may be expressed in terms of quantity and price differentials,
and (iii) production of new or improved products or related services
and facilities, the value of which may be expressed in terms of quan-
tity and price.
(4) Tax Benefi ts
Whether the sales or tax benefits accruing from the use of the
facilities may ensue by substantially increasing the tax revenue
accruing to the City, the value of which may be expressed in terms
of aggregate net tax revenues accruing to the City.
(5) Health Care and Welfare Benefits
Whether the health care and welfare benefits out of the use of the
facilities may ensue by (i) increasing the capacity for treatment
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EXHIB\T A
of patients, the value of which may be expressed in terms of bed
capacity, diagnostic and treatment facilities and related services
as approved by the State of California, Office of Statewide Health
Planning and Development, and (ii) increasing the quality of medical
services, the value of which may be expressed in terms of moderni-
zation of facilities and investment in the replacement of outdated
equipment.
(6) Recreation Benefits
Whether recreational benefits accruing out of the use of the facili-
ties will ensue by (i) increasing the quantity, capacity and variety
of facilities available for use by the general public where there
is a demonstrated need, the value of which may be expressed in terms
of increased quantity or capacity, and (ii) by increasing the quality
of existing facilities, the value of which may be expressed in terms
of increased quantity or capacity, increased maintenance efficiency
or prolonged life of the facility.
Eligible Activities
(1) Industrial Uses
Including, without limitation, assembling, fabricating, manufacturing,
or processing activities, with respect to any products of agriculture,
forestry, mining or manufacture.
(2) Energy Development
Production, collection, conversion (from one form of energy to another),
or conservation activities, or transmission, transportation, or convey-
ance as distinguished from distribution activities.
(3) Commercial Uses
Including wholesale and retail trade facilities; hotels, motels,
convention and trade show facilities; restaurants.
(4) Transportation
Including public transportation and related facilities; public parking
facilities ancillary to commercial uses.
(5) Health Facilities
Including hospitals and clinics, diagnostic and treatment centers
and related facilities.
(6) Recreation and Entertainment
Recreational and sports facilities open to the general public, public
entertainment and related facilities.
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Ineligible Activities
(1) Residential uses and related facilities.
(2) Sewage or solid waste disposal activities, except any such activities
if the property acquired is suitable for one or more of the activities
described in paragraph (2) under Eligible Activities above.
(3) Telephone and community television furnishing activities.
(4) Industrial park land development activities.
(5) Commercial land development activities for speculation without tenant
commitment.
Location of Projects
All projects must be located within the corporate limits of the City of
Chula Vista.
Size of Projects
Project funding requests should be a minimum of $1 million to justify the
cost and effort involved in issuing bonds. Smaller projects may be con-
sidered if the applicant possesses outstanding credit and security, and
has a commitment from an underwriter.
Credit Worthiness
Applicants should have strong credit or provide additional security such
as a letter of credit from a major financial institution. Applicants will
be responsible for obtaining commitments for the purchase of bonds.
Fees
In order to fund administrative expenses, a non-refundable application
fee will be charged in an amount not to exceed one-fourth of 1% of the
estimated maximum amount of the bonds proposed by an application to be
issued but not less than $1,250 payable as follows:
$500 upon application acceptance by the City Council;
The balance upon issuance of bonds.
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