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HomeMy WebLinkAboutAgenda Statement 1981/05/19 Item 14 COUNCIL AGENDA STATEMENT Item 14 , Meeting Date 5-19-81 Resol uti on !O'f'-;LRel easi ng 1 i en agreement for Chul a Vi sta Tract 80-8, Park Way Place SUBMITTED BY: City Engineer-~ (4/5ths Vote: Yes No~) In conjunction with the approval of the Final Map for the subject subdivision, the developer was required to enter into a lien agreement with the City. The agreement provided for the developer to pay to the City the cost of drainage improvements at Park Way. These improve- ments were constructed under a City contract and paid for from Residential Construction Tax Funds, Block Grant Funds, and other sources. It is my ITEM TITLE: RECOMMENDATION: That Council adopt resolution releasing said lien. DISCUSSION: Four of the five lots of the Park Way Place Subdivision were intended to be improved with single family homes. The lien agreement provided that a lien of $5,452 plus interest at 8% per year had to be paid to the City prior to close of escrow for each lot. The lots have now been sold and the full original amount of $21,808 plus a total of $1,565.34 in interest has been paid to the City through escrow. The developer's obligation under this agreement has been satisfied in full. FISCAL IMPACT: A total of $23,373.34 has been made available for future City projects. RLD:nr/EY-056 /f. r--'~~------I \ "bY th;C;tYC~u~Zii,~f ._- i Chula Vista, Callfan.,a .s ,!tj~jf' ~~ t'( -/~tJ 4'1'? 5-~~-fl Dated Form A-113 (Rev. 11/79) . (f-{ (s) V I EXHIBITS Agreement_____ Resolution~ Ordinance_____ Plat_____ Notification List Other ENVIRONMENTAL DOCUMENT: Attached Submitted on , , '-. . " " '. , ';'".":\