HomeMy WebLinkAboutReso 1980-10148
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RESOLUTION NO.
10148
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA AUTHORIZING THE SUBMISSION OF AN URBAN DEVELOP-
MENT ACTION GRANT APPLICATION
The City Council of the City of Chula Vista does hereby
resolve as follows:
WHEREAS, the City Council has heretofore on June 24,
1980 conducted a public hearing to consider a request for an Urban
Development Action Grant (UDAG) for the construction of a parking
garage in the Town Centre Focus Area, and
WHEREAS, the Redevelopment Agency at its meeting of June 5,
1980 had authorized the preparation of said Urban Development
Action Grant for the construction of a parking garage.
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Chula Vista that after conducting said public hearing,
the City Council does hereby authorize and direct the Community
Development Director to submit an Urban Development Action Grant
for said construction.
Approved as to form by
Paul esrochers, Community
Development Director
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~~orge ~ Lindberg, City ~;/
Attorney
ADOPTED AND APPROVED by the CITY COUNCIL of the CITY OF
CHULA VISTA, CALIFORNIA, this 24th day of June , 198-2-,
by the following vote, to-wit:
AYES: Councilmen McCandliss. Scott. Gillow, Cox, Hyde
NAYES: Councilmen None
I ABSENT: Councilmen None
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Ci Y Clerk 4
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Mayor of the City of Chula Vista
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STATE OF CALIFORNIA)
COUNTY OF SAN DIEGO)
CITY OF CHULA VISTA)
SSe
I, , City Clerk of the
City of Chula Vista, California, DO HEREBY CERTIFY that the above is
a full, true and correct copy of Resolution No. , and that the
same has not been amended or repealed. DATED
City Clerk
SECTION A
SUMMARY OF PROJECT AND ITS PARTICIPANTS
The Town Centre Focus Area Revitalization Project consists of improving and
revitalizing the commercial and residential environment of the City's central
business district. The project is located on nine acres of land within the
boundaries of the Town Centre I Redevelopment area. As planned, the project will
include: the development of 30,700 square feet of new retail space; 40,000
square feet of professional offices; 16,250 square feet of restaurants; a 20,000
square foot theater complex; and an 80-unit mid-rise residential condominium.
To support the project, an 800-space tri-level parking facility is proposed. The
project, when complete and operational, will have provided 285 construction jobs
and create 400 new permanent employment opportunities. Of the new permanent jobs
created, 64% or 255 will be available for persons of low and moderate income.
Based on the Disposition & Development Agreement between the Chula Vista Rede-
velopment Agency and the developer, Centre City Associates, the City will con-
struct the parking facility and Centre City Associates will construct the retail
shops, professional offices, retaurants, theater and residential units.
Action grant funds totaling $3.8 million will be used to finance the parking
facility. When complete, the facility will be owned and operated by the City to
provide free parking for the project and adjacent downtown businesses. Financing
for the private portion of the project will be provided through equity participa-
tion by the developer and through a private lending institution. Total private
sector project costs are estimated at $21.5 million. The City will contribute an
additional $12,000 for sewer relocation bringing the total project cost to
$25,312,000. Previous land acquisition and relocation cos~have been absorbed by
the City's Redevelopment Agency.
As an additional element of the project, the City will establish a recapture fund
to ameliorate the initial cost of the parking facility. These funds will be re-
cycled into economic development anD low and moderate-income housing programs
throughout the City.
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