HomeMy WebLinkAboutReso 2007-248
RESOLUTION NO. 2007-248
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA DECLARING THE CITY'S INTENTION TO
REIMBURSE CERTAIN EXPENDITURES RELATING TO THE
PHASE 3 CIVIC CENTER IMPROVEMENTS FROM THE
PROCEEDS OF THE SALE OF TAX-EXEMPT OBLIGATIONS
WHEREAS, the Public Facility Development Impact Fee Fund (PFDIF) was established to
fund a number of specific projects in the City, including the Civic Center Renovations; and
WHEREAS, the PFDIF funds may only be used for those projects specifically approved by
the City Council in the ordinance establishing the PFDIF and its subsequent amendments; and
WHEREAS, Phase 3 of the Civic Center renovations is funded by a combination of the
PFDIF Fund (88.87%) and the General Fund (11.13%); and
WHEREAS, Phase 3 includes the renovation of the former police department building, the
demolition of the Legislative Office Building and the Community Development Building and the
construction of the additional parking and landscaped areas; and
WHEREAS, it was anticipated that PFDIF proceeds from the sale of Community Facilities
District (CFD) bonds would be available to pay for the construction costs of Phase 3, but due to the
downturn in the housing market, the sale has been delayed and the funds are not yet available; and
WHEREAS, this reimbursement agreement allows the City to secure the PFDIF
obligations for the Phase 3 Civic Center Renovations if and when CFD bonds are sold; and
WHEREAS, the City will be able to reimburse the PFDIF fund for expenditures made
sixty days prior to the resolution and no later than eighteen months after the later of the date of the
original expenditure is paid or the date the Phase 3 Civic Center improvements are placed in
service, but in no event more than three years after the original expenditure is made; and
WHEREAS, a similar reimbursement agreement for Phase 2 Civic Center improvements
was approved by City Council on February 14,2006.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City ofChula Vista
declare the City's intention to reimburse certain expenditures relating to the Phase 3 Civic Center
improvements from the proceeds ofthe sale of tax exempt obligations.
Pres,e ted by
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Mari Kachadoorian
Fin ce Director
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Approved as to form by
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Ann Moore
City Attorney
Resolution No. 2007-248
Page 2
PASSED, APPROVED, and ADOPTED by the City Council of the City ofChula Vista,
California, this 2nd day of October 2007 by the following vote:
AYES: Councilmembers:
Castaneda, McCann, Ramirez, and Cox
NAYS: Councilmembers:
None
ABSENT: Councilmembers:
None
ABSTAIN: Councilmembers:
Rindone
ATTEST:
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Cheryl Cox, yo
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Susan Bigelow, MMC, Clerk
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STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Susan Bigelow, City Clerk of Chula Vista, California, do hereby certiry that the foregoing
Resolution No. 2007-248 was duly passed, approved, and adopted by the City Council at a
regular meeting of the Chula Vista City Council held on the 2nd day of October 2007.
Executed this 2nd day of October 2007.
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Susan Bigelow, MMC, City k
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