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HomeMy WebLinkAbout1997-01-21; City Council; Resolution 97-231 9 0 e RESOLUTION NO. 97-23 - A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA ’ 2 AUTHORIZING THE MAYOR TO EXECUTE A AMENDED AGREEMENT WITH CENTEX HOMES PROVIDING FOR THE PREPAYMENT OF CFD#2 TAXES FOR CT 90-4, CT 85-10 and CT 89-1 8. 3 4 Whereas, the City Council has approved a financing program for Rancho 5 11 Santa Fe Road which includes the intended formation of a Community Facilities j/ District (CFD#2), and 6 Whereas, the City Council has previously approved agreements with 7 Centex Homes allowing for the prepayment of taxes to be assessed under CFD#: 8 by various tentative map conditions for CT 90-4, CT 85-1 0, and CT 89-1 8, and 9 as an acceptable form of interim financing for Rancho Santa Fe Road as required 10 Whereas, the approval of the amended agreement will not affect the City‘: 11 ability to finance the needed improvements on Rancho Santa Fe Road. 12 NOW, THEREFORE BE IT RESOLVED by the City Council of the City of 13 14 15 l6 FAIR SHARE, Attachment 1 attached here to, is hereby approved. l7 3. That the Mayor is hereby authorized to enter into the attached agreement, 18 Exhibit A . 19 4. The City Clerk is authorized and directed to record the attached agreemen 20 with the San Diego County Recorder’s office upon execution. 21 Carlsbad, California as follows: 1. That the above recitations are true and correct. 2. That the form of the revised PETITION, WAIVER AND CONSENT TO CREATION OF A COMMUNITY FACILITIES DISTRICT AND AGREEMENT TO PAY PASSED, APPROVED AND ADOPTED at a regular meeting of the City Council on 22 the a day of January , 1997 by the following vote, to wit; 23 24 25 26 AYES: Council Members Lewis, Finnila NOES: None ABSENT: None CLAUDE A. LEWIS, Mayor 27 ATTEST: 28 ALETHA L. RAUTE (SEAL) ll 1 7 a” W RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO City Clerk CITY OF CARLSBAD 1200 Carlsbad Village Drive Carlsbad, CA 92008 0 Space Above This Line for Recorder‘s Use PETITION, WAIVER AND CONSENT TO CREATION OF A COMM.UNITY FACILITIES DISTRICT AND AGREEMENT TO PAY FAIR SHARE WHEREAS, the undersigned Property Owner is processing, or has processed, fo development with the City of Carlsbad (hereinafter referred to as “City”) a development projec known and identified as Tentative Tract Map(s) CT 90-4 , CT 85-10, and CT 89-18 (hereinafter referred to as the “Project”); and, CT 89-18. WHEREAS, the legal description for the Project is shown on Exhibit “B” attache hereto; and, WHEREAS, City has determined this Project is located within the boundaries of proposed Community Facilities District known as Community Facilities District No. 2 - Ranch Santa Fe and Olivenhain Road (hereinafter referred to as “District”); and, WHEREAS, District is intended to be formed to finance those improvements general described in Section 1 herein and in the amount set forth in the Improvements Budget attach( hereto marked Exhibit “C”; and, e 0 WHEREAS, Property Owner desires to proceed with processing prior to the formatio of District; and, WHEREAS, various conditions of the Tentative Tract Maps for the Project require th; the Property Owner provide for or participate in the construction of certain pub1 improvements including sections of Rancho Santa Fe Road; and, WHEREAS, the compliance with tentative map conditions is a condition of approval fi the final map for the Project; and, WHEREAS, the City and Property Owner desire to agree to an alternative method financing the improvements described in Section 1 herein that will allow Property Owner discharge its fair share and obligation for said improvements in lieu of, or in anticipation ( participation in District; and, WHEREAS, the City Council agrees that Property owner, upon entering into tl agreement and upon payment of the fair share described herein, has met the requirement : forth in the tentative map conditions requiring the Project to provide a financial guarantee 1 the construction of those improvements described in Section 1 below; and, WHEREAS the City and Property Owners have previously entered into simj agreement providing for prepayment for said Improvements by which Property Owner has o -paid its obligation, and the parties wish to supersede those agreements with this agreem providing for a special refund; and, e e WHEREAS, Property Owner voluntarily enters into this agreement with respect to tht Project; and, WHEREAS, the City Council has determined that due to the size of the proposec development, there will be no major impact on the circulation system at the present time i development of the Project is allowed to proceed with sufficient financial guarantees for fbtur construction of Property Owner’s fair share of the circulation improvements; NOW, THEREFORE, in consideration of proceeding with the processing of Projec the undersigned Property Owner and City hereby agree and certlfjl to the following: 1. Property Owner hereby petitions the City for the initiation of the proceedings fc the formation of District which will cause the construction and installation andor financing ( the following improvements (hereinafter “Improvements” which are generally described i follows: a) Rancho Santa Fe Road North Phase 1 @SF No.1) La Costa Avenue east of Mahr Reservoir b) Olivenhain Road Widening, and intersection improvements at Olivenhl and El Camino Real c) Rancho Santa Fe Road North Phase 2 @SF No.2) Phase 1 End Melrose Drive. d) Rancho Santa Fe Road South @SF So.) (Assumes Secondary Artel Standard - Encinitas City Boundary to Olivenhain Road Full Improvements. 2. The cost of construction, engineering, environmen ? al mitigation’s legal and othe~ incidental expenses as set forth in the “Improvements Budget” will be fhded by the District. 3.. Property Owner acknowledges its right to notice of and participation in al phases of formation under the “Mello-Roos Community Facilities Act of 1982,” - express11 waives the proceedings required and all limitations contained in Title 5, Division 2, Chapter 2.! of the California Government Code and nonetheless with full knowledge of such rights completely and forever waives such rights. Specifically, Property Owner hereby consents to th, proceedings and waives any right to protest the formation of the District and the ordering of th improvements under applicable California statutes and consents to and supports formation ( said District with respect to the Project. The City shall exclude the Project from the Distril boundary map if, prior to the adoption of a Resolution of Intention by the City Council to for said District, Property Owner has entered into this agreement and has paid to the city 2 amounts due as described herein. 4. a) Property Owner agrees to pay to City, or provide, its fair share for tl Improvements described in Section 1. .. b) Said payment, or provision, shall be made in the manner described Exhibit “A”, Rate and Method for Determining Fair Share Obligation Rancho Santa Fe a Olivenhain road, which is incorporated herein by reference. c) The amount of Property Owner’s fair share will be conclusiv determined by the City Council in the manner described Exhibit “A” attached hereto. d) @pent by Property Owner of its fair h s are of Improvement costs a! determined by City Council and set forth herein will satisfy its obligations for the construction 0: the Improvements described in Section 1, as required by the Tentative Map(s) for the Project a! that condition applies to the Project, subject to adjustment as desen'bed in Section 10 herein. e) Alternatively, if the District is formed and Project is included within il Property Owner's obligations to pay its fair share pursuant to this agreement shall be satisfie1 upon payment of all taxes imposed, established and payable to said District. 5. Property Owner acknowledges that this agreement to pay its fair share an participate in the financing of improvements is voluntary and that without this agreemet Property Owner would be precluded from obtaining final map approvals or building and othc development permits under the provisions of the General Plan, Chapter 21.90 of the Carlsbe Municipal Code, applicable zone plan, financing plans and related documents permits under tl provisions of the General Plan, Chapter 2 1.90 of the Carlsbad Municipal Code, applicable zo1 plan, financing plans and related documents until a satisfactory financing program has bet developed to fund the construction of the Improvements described in Section 1. 6. Property owner hereby waives his right to challenge the amount, establishme or imposition of said fair share and fbrther waives any rights to pay said fair share under prote! 7. This agreement does not affect, in any way whatsoever, the obligation Property Owner to pay any other fees or assessments associated with Property Owne development and/or to post improvement bonds as required by the City Engineer. Nor does t W ? agreement relive Property owner fiom providing other public fac1 rties required under conditions placed upon the Project by the applicable tentative map conditions. 8. Property Owner agrees that payment of its fair share is not a fee and waives an! and all rights to notice of or challenges to the establishment or imposition of said fair share as i fee under provisions of Government Code section 66000 et sea., or any successor or relatec statutes. Sa) The City and Property Owner hereby agree that this agreement supersedes an prior written agreement between the City and Property Owner concerning Property Owner’ fair share obligation for the Project covered by this Agreement (a “Prior Agreement”), X any. b) The City acknowledges that, prior to December 10, 1996, the undersigne Property Owner had paid to the city excess fair share payments totaling $626,240 (206 singlc family units times $3,040 per unit) (the “Excess Fair Share Payments”) pursuant to tl following Prior Agreements between the City and Property Owner covering the Projec developed by Property Owner in Carlsbad: 1. Petition, Waiver and Consent to Creation of a Community Faciliti District and Agreement to Pay Fair Share dated February 22, 1994 (covering Tentati Tract Map CT 90-4); 2. Petition, waiver and Consent to Creation of a Community Faciliti District and Agreement to Pay Fair Share (CT 85-10 Rice Property) dated August 1 1995; and 3. Bition, Waiver and Consent to Creation of a Community Facilitie 0 District and Agreement to Pay Fair Share (CT 89-18 Rancho Verde) dated August 1 I 1995. c) The City hereby agrees that the Excess Fair Share Payments will be applied e credits to the fair share payments due to City by Property Owner pursuant to this Agreemen up to a maximum of Ten Thousand Two Hundred FlRy Dollars ($10,250) per single-family uni until a total of Six Hundred Twenty-Six Thousand Two Hundred Forty Dollars ($626,240) h; been applied as credits to the fair share payments due pursuant to this Agreement. d) Upon Property Owner’s written request to the City, in lieu of the cred arrangement described above, City will rehnd to Property Owner, by cash or check, the tot amount of Excess Fair Share Payments not yet applied as creditdpursuant to the precedu paragraph. Property Owner may request such refhd at any time. e) If Property Owner posted a letter of credit to secure fees due from Proper Owner to the City pursuant to a Prior Agreement(s), the City agrees that Property Owner m; reduce the amount of such letter of credit so that the balance of such letter of credit equals tl total fees due pursuant to this agreement. 10) a) If the District is formed subsequent to the payment by Property Owner the fair share pursuant to this agreement, Property Owner’s financial obligation shall recalculated using the taxing formula established for the District for the Improvements describ in Paragraph 1. If that obligation is lower than the amount previously paid or provided Property Owner to City, City shall refbnd any excess, in the manner described below. .’ b) Any re 8 d shall be made from funds available e within District upon Distric formation and shall not be an obligation of city’s General Fund or other revenue sources. c) In the event that insufficient funds are available from District’s resource: Property Owner shall be reimbursed in the order in which funds were deposited with City a soon as sufficient funds become available, as determined by the City Council, through th payment of one-time taxes or annual undeveloped land taxes to the District. The city is nc required to establish an undeveloped land tax within the District to provide such refund. d) No reimbursement is required until the City Council determines that sufficie~ funds are available. Any refund to Property Owner shall not include interest. e) Any payment received by the City under this agreement shall be deposited in special interest bearing fund and may only be used to fund the construction of the facilitil described herein. Upon the formation of a CFD to fund these same Improvements, any amou remaining in the special fund may be transferred to the CFD fhd, at the discretion of tl Finance Director. 11. Upon completion of the Improvements, and recording of the notice completion for the final phase of the Improvements, the City Engineer shall determine the to cost of all phases of the Improvements and all related work (Costs), and the Finance Direct shall determine the total amount of revenue including fees, taxes, interest earned on fun restricted to use only on the Improvements, and other sources of funds received by the C dedicated to paying for the construction of the Improvements (Revenues). The Finar Director shall then compare the amount of Costs and Revenues to determine if there are a .. 0 e excess Revenues as described below.’ If excess Revenues of more than $100,000 exist, th Finance Director shall provide refunds to all eligible parties of all excess Revenues in an amour and in the manner described below. If excess Revenues are equal to, or less than $100,000 th City shall. retain these funds in a special fund to be used to finance street repair, maintenanci and landscaping within the Improvements. a) The total amount of excess Revenues shall be determined by deducting tl amount of the project Costs Erom the available Revenues. Total project Costs shall include : costs to plan, design, construct, mitigate environmental impacts, inspect, and othenvi complete the project to the satisfaction of the City Engineer, including applicable charges f City staff services. Total Revenues shall include all monies held by the City dedicat exclusively to the construction of the Improvements including any fee revenues earmarked i the Project, CFD #2 taxes, applicable CFD #1 taxes, grants, and interest earned on restrict hnds as determined by the Finance Director. b) The amount of the refund due to any party shall be based on the proportion that party’s payments under this agreement based on its’ proportional share of Equivalc Dwelling Units constructed or to be constructed by that party, weighted as described in Exhj 4 divided by the total number of EDUs constructed or to be constructed within, I participating in, CFD #2 and/or this agreement. The amount of the rehnd shall be determil by multiplying the proportional share computed above by the total amount of excess revenuez - c) In order to share in the refund of any portion of the excess Revenues, the elig party must request to be included in the distribution of funds. Such request must be m within 90 days after the City Council’s acceptance of the Notice of Completion for the f .. 0 0 phase of the Improvements. Each request must be accompanied by documents indicating cles title to the refbnd unless the request is being made by the party which originally paid the Ciq pursuant to this agreement or paid taxes to CFD #2 d) The Finance Director shall compute the amount of the refbnd due each party a: described above. Funds may be disbursed to the eligible parties following Council approval 0: such refunds. e) If the City does not receive requests for refbnd from all eligible parties within tht specified period, and all funds cannot be disbursed as provided by this section, any remaining finds shall be held in a special fbnd to be used to support road and roadway maintenance in anc around the Improvements area, as determined to be necessary by the City Engineer, an( approved by the City Council. f) As a courtesy to all interested parties, the City will maintain a file of thosc individuals or companies entitled to a refund, and will mail notices of refbnd availability to tht names and addresses in this file following the City Council’s acceptance of the final Notice o Completion. It is the eligible party’s responsibility to notifl the City if the rights to any refbnd, under this section are assigned to another p arty, or if there is a change in name or address fo~ the eligible party. The City takes no responsibility for the accuracy of the information includec in this file, and is under no obligation to locate persons or entities who are entitled to refbnds Failure to notify any party of the availability of excess Revenues shall not obligate the City ir any way to extend or modi@ the above refbnd procedures. .. 12. Compliance with this agreement will be accepted y City as an alternate to th 0 a method described in the current Local Facilities Management Plans for local facilitie Management Zones 6,ll and 12 for financing the Improvements described in Paragraph 1. Thj agreement does not require City to issue building permits or other development permits or gra approvals or relieve Property Owner of the obligation to comply with all applicable provisior of law, including but not limited to Carlsbad Municipal Code Titles 18, 19, 20 and 2 1. 13. Compliance with the provisions of this agreement is a condition of all htu discretionary approval for the Improvements. If Property Owner does not comply with tl provisions of this agreement, approval of the Project will not be consistent with the Gene1 Plan, the Growth Management Program, and the Local Facilities Management Plan, and , subsequent discretionary approvals and permits for the Project may be withheld by City. 14. In addition, the City will not approve any pending final maps, issue gradu building or other development permits or take any discretionary action until the Property Ow has complied with the terms of this agreement due to be satisfied at the time such approval required. 15. The City may, at its discretion, elect to pursue any remedy, legal or equita against Property Owner and Property Owner’s successors, heirs, assigns, and transferees of Project to secure compliance with this agreement. 16. City shall not, nor shall any officer or employee of City, be liable or responsi for any loss or damage incurred by Property Owner or any successor or assign of Prop€ Owner, or by any occupant in Property Owners buildings, as a result of the exercise of .- remedies provided to F 1ty in this agreement. Property Owner agrees e to indemnify City for an liabilities incurred by City as a result of City’s exercise of these remedies. 17. This agreement and the covenants contained herein shall be binding upon an inure to the benefit of the successors, heirs, assigns, and transferees of Property owner wit1 respect to the Project only and City, and shall run with the Project and create an equitabl servitude upon the Project. 18. All notices provided for under this agreement shall be in writing and shall b delivered in person or served by certified mail postage prepaid. Delivery of notice to Propert: shall be presumed to have been made on the date of mailing regardless of receipt by Propee Owner. Notices required to be given to Property Owner shall be addressed as follows: Notices to the City shall be delivered to the Finance Director City of Carlsbad 1200 Carlsbad Village Drive Carlsbad, CA 92008 Notices to Property Owner shall be delivered to: Ron Brent CENTEX HOMES 5962 La Place Court, Suite 250 Carlsbad CA 92008 Each party shall notify the other immediately of any change that would require an- notice delivered hereunder to be directed to another party. m e 19. This agreement shall be recorded but shall not create a lien or security interest i the property. 20. The undersigned Property Owner hrther states, under penalty of perjury, that l is owner of the property as described herein on Exhibit “B”, or an authorized agent of tl owner, and has the authority to execute this document, including the binding authorizatio herein. Executed this 22 day of January , 1997. *OWNER: Centex Homes. a Nevada General Partnershiu By: Centex Real Estate Corporation its mpan ra artner . I *By:. *- ).; 1’ Ron Brent ATTEST, (print name here) Division Vice President (title signatory) Aletha L. Rautenkranz, City Clerk Apmd as to form: /A ache Ronald R. Ball /, tz ~ 9 7. City Attorney (Proper notarial acknowledgment of execution by *OWNER must be attached.) President c vice-president and secretary or assistant secretary must sign for corporations. If only on officer signs, the corporation must attach a resolution certified by the secretary or assistar secretary under corporate seal empowering that officer to bind the corporation. ., . CALIFORNIA ALL-PURPO @ ACKNOWLEDGMENT On I 1 2-2 1 q 7 ’ before me, i\) CC rqe-u Ro’\ ell i h\ohrq fig& personally appeared qhn l31racV A personally known to me - OR -,Nproved to me on the basis of satisfactory evidencl to be the person@) whose name(s)@m subscribed to the withastrument and ac knowledged to me tha h &&they execute1 the same in Gslw+”e# authorize capacity(ies), and that b-h” signature(s) on the instrument the person(s or the entity upon behalf of which th person@) acted, executed the instrumen WITNESS my hand and official seal. D TE NAME. ITLE OF ~ICER - E.G.. ”JANE DOE. NOTAR~BLIC. NAME(S) OF SIGNER(S) Though the data below is not required by law, it may prove valuable to persons relying on the document and could prei fraudulent reattachment of this form. CAPACITY CLAIMED BY SIGNER DESCRIPTION OF AlTACHED DOCUMEN’ a Creation of a Community Facilitie: Petition, Waiver and Consent to TITLE@) GENERAL Thirteen (1 3) ATTORNEY-IN-FACT NUMBER OF PAGES 0 GUARDIAN/CONSERVATOR January 22, 1997 DATE OF DOCUMENT SIGNER IS REPRESENTING: NAME OF PERSON(S) OR ENTITY(IES) SIGNER(S) OTHER THAN NAMED ABOVE 01993 NATIONAL NOTARY ASSOCIATION 8236 Rernrnet Ave.. P.O. Box 7184 Canoga Park, CA .. 0 EXHIBIT P RATE AND METHOD FOR DETERMINING FAIR SHARE OBLIGATION RANCHO SANTA FE AND OLrvENHAIN ROAD The City Council shall use the following rate and method for determining the fair shsu obligation for hnding the construction of Rancho Santa Fe and Olivenhain Road due fro1 property conditioned to participate in the financing of these facilities. This calculation is done 2 part of an agreement titled PETITION, WAIVER AND CONSENT TO CREATION OF , COMMUNITY FACILITIES DISTRICT AND AGREEMENT TO PAY FATR SHAR (Agreement) which has been voluntarily entered into by the City of Carlsbad and certai property owners wishing to proceed with development of their property in advance of th creation of Community Facilities District No. 2 (CFD No. 2). It is the City and property ownel intent to form CFD No. 2 to provide fbding for those improvements described within tE above-referenced agreement. The following rate and method shall be used to determine the fair share and amount due fror any property owner wishing to take advantage of this alternate hndmg mechanism. Basis for Cost Allocation The basis for allocation of costs to property conditioned with the financing of the improvement described in the Agreement shall be the Equivalent Dwelling Unit (EDU) which is defined a follows for residential developments: Residential EDU Allocation Single Family - Detached Units 1 .O EDU Single Family - Attached Units 0.8 EDU Multi-Family Units 0.6 EDU Second Dwelling Units 0.0 EDU .* .* 0 e The number of each type of unit included in a development shall be determined by the Ci Engineer based on the most recent final map submitted to the City for approval. The EDU determination for non-residential development shall be made by the City Engine when such a determination is requested by the property owner. The City Engineer may reque additional information fiom any property owner as may be necessary to make his determinatia The City Engineer is not required to make a determination on the number of EDUs for IS project until adequate information is available. The City Engineer's determination shall be submitted to the City Council in the table belo The City Council shall make the final determination of the number of EDUs to be used computing the fair share obligation for any project. Fair Share Amount and Method of Payment The City shall collect $10,250 for each EDU as determined by the City Council. This am01 shall be collected in one payment of $10,250. If the City Council determines the City Enginec calculation of the number of EDUs included on the final map is in error, the Council shall dir the City Engineer to amend his calculations and direct st& to bring the final map back approval when such correction has taken place. Funds must be paid to the City before the fi map will be scheduled for Council consideration. .. 0 e I Computation of Fair Share Obligation Centex Homes - CT 904, CT 85-10, CT 89-18 J hunt Paid Under Remaining Balance Project Unit 92 943,OOC 97 994,250 Single Family 1 .o 189 10,250 1,937,250 CT 85-10 0 C 11 1 1,137,750 Single Family 1 .o 111 10,250 1,137,750 CT 90-4 Units I Amount Units 1 Amount Due Unit of Units Per Unit Type of FriorAgreements Ikre Total Cost Per Total Number EDU CT 89-18 Single Family 1 .o 174 10,250 1,783,500 233 2,38823 241 2,470,250 I ITotaI 474 4,858,500 141 1,445,25( 33 338,250 I I I I 2) If the property owner has already obtained a final map for units conditioned with the financing of Rancho Santa Fe and Olivenhain Road, the property owner shall pay to the City tl net amount due shown above prior to entering into this agreement. .. 0 I EXHIBIT "B" LEGAL DESCRIPTION TIERRA SANTA FE (CT 90-4) (Sonata) w Lots 1 through 20, inclusive, of Map No. 13116 recorded on June 28, 1994, as shown on TSF CT 90-4-1, File No. f994-0409165 of the Official Records of San Diego County, California and Lots 21 through 100, inclusive of Map No. 13144 recorded onSeptember 16,1994, as shown on TSF CT 90-4-2, File No. 19944554780 of the Official Records of San Diego County, California. .uliu Lots 101 through 11 1, inclusive of Map No. 13144 recorded on September 16, 1994, as shown on TSF CT 904-2, File No. 1994-0554780 of the Official Records of San Diego County, Caiifornia. '. W ai EXHIBIT !I1 / 1 LEGAL DESCRIPTION CT 85-10 RICE PROPERTY THE EASTERLY HALF OF LOT 14 AND A PORTION OF THE WESTERLY HALF OF LOT 14. AND THE SOUTH 60 FEET OF THE WEST HALF OF LOT 14 OF RANCHO LAS ENCINITAS IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO MAP THEREOF NO 848, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY, JUNE 27, 1898. .. rice property 7/25/95 .. - a- EXHIBIT " 11 LEGAL DESCRIPTION CT 89-18 RANCHO VERDE PORTIONS OF LOTS 8,9, AND 15 OF THE SUBDIVISION OF RANCHO LAS ENCINITAS IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO MAP THEREOF NO. 848, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY, JUNE 27, 1898. rancho verdc 7/25/95 " . " Y -~ -. ' * ". L ~ ' 1 ,L.LII.IIImI 1 I wuu t LO I llvl- ~UlvlIvIAn r @ rr .. EXHIBIT "C" CITY OF CARLSBAD COMMUNITY FACILITIES DISTRICT NO. 2 STAG€ COST SUMMARY STAGE 1: OLIVENHAIN ROAD AREA A, (@ EL CAMINO REAL) $2,503,000 AREA 8, (@ RANCHO SANTA FE RD.) $91 2,000 DETENTION BASIN 'D' $871,000 """"_ """"_ TOTAL STAGE 1 $4,286,000 STAGES 2: RANCHO SANTA FE ROAD, PHASE I $1 5,032,000 STAGES 3: RANCHO SANTA FE ROAD, PHASE I1 $1 4,230,000 STAGE 4: RANCHO SANTA FE ROAD SOUTH $3,109,000 """"_ """"_ CFD NO. 2 TOTAL $36,657,000 FILE: SUMMARY.WQ1 - PREPARED BY: HELMING ENGINEER1