HomeMy WebLinkAboutAgenda Statement 1979/10/16 Item 12
CITY OF CHULA VISTA
COUNCIL AGENDA STATEMENT
. Item No.' 12
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For meeting of 10/16/79
ITEM TITLE Resolution 9f/ / - Approving Subordination Agreements for Two Liens
at 178 and 180 First Avenue, and Authorizing
the Mayor to Execute said Agreements
SUBMITTED BY Ci ty Attorney
ITEM EXPLANATION
(4/5TH'S VOTE REQUIRED YES____ NO~)
The City has acquired a lien agreement covering properties at 178 and
180 First Avenue in order to secure alley improvements to be made behind
those addresses.
The owners of those properties, Calvin and Jack Jeter, have requested
that the City subordinate its lien so that they may acquire a loan from
Chula Vista Federal Savings and Loan Association for construction on
the above properties. Subordination of this lien will in no way endanger
the City's security. The value of the property will be increased by the
proposed construction. Further, the owner will be able to avoid any
unnecessary expense in acquiring the necessary loans to finance the pro-
posed construction.
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Ag reemen t____
EXHIBITS
Resolution~ Ordinance____
Pl at____
Notification List____
Other
ENVIRONMENTAL DOCUMENT: Attached___ Submitted on
FINANCIAL IMPACT N/A
STAFF RECOMMENDATION Approval of Resolution
BOARD/COMMISSION RECOMMENDATION
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COUNCIL ACTION
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Form A-1l3 (Rev. 5/77)