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HomeMy WebLinkAbout2014-05-20; City Council; Resolution 2014-090WHEREAS, the City of Carlsbad City Council has required that the funding of Rancho Santa Fe Road and Olivenhain Road (Project) must be guaranteed before any development takes place in the area bounded by Local Facilities Management Zones 11 and 12, and portions of Zone 6; and WHEREAS, the Council has directed city staff to proceed with the formation of a Community Facilities District (CFD No. 2) to finance the Project when needed; and WHEREAS, the Council is willing to consider alternative financing proposals during the period from the present to the formation date of CFD No. 2; and WHEREAS, the Council finds that the guarantee provisions related to the Project may be met through an interim financing program using an agreement between certain property owners and the city whereby the property owner agrees to prepay his/her fair share of costs associated with the Project; and WHEREAS, Santa Fe La Costa, LLC Intends to a commercial building containing both retail and office uses in LFMZ 11 identified as SDP 05-15 and SDP 05-15x2; and WHEREAS, the City Engineer has determined that, due to the size of the commercial development, there will be no major impact on the circulation system at the present time if the development is allowed to proceed; and, WHEREAS, the Council finds that Santa Fe La Costa, LLC may enter into the attached Agreement to Pay Fair Share in satisfaction of their obligation under the Project financing conditions; and NOW THEREFORE BE IT RESOLVED by the City Council of the City of Carlsbad, California, asfoHows: 6 1 2 3 4 5 6 7 // 8 // 9 // 10 // 11 // 12 // 13 // 14 // 15 16 17 // 18 „ 19 20 21 // 22 // 23 // 24 // 25 // 26 // 27 28 " Exhibit 2 1. That the above recitations are true and correct. 2. That the Mayor is hereby authorized to enter into the attached agreement entitled "Petition, Waiver and Consent to Creation of a Community Facilities District and Agreement to Pay Fair Share Cost of Rancho La Costa Building (SDP 05-15 and SDP 05-15x2)" between the City of Carlsbad and Santa Fe La Costa, LLC. PASSED, APPROVED AND ADOPTED at a Regular Meeting of the City Council of the City of Carlsbad on the 20th day of May 2014, by the following vote to wit: AYES: Council Members Hall, Packard, Wood, Schumacher, Blackburn. NOES: None. ABSENT: None. ATTEST: BAj^^ARA ENGLESON, City Clerk so^m^pfX^ ;0 RECORDING REQUESTED BY AND WHEN RECORDED MAILTO: City Clerk CITYOFCARLSBAD 1200 Carlsbad Village Drive Carlsbaci. CA 92008 Space Above This Une for Reoindet's Use Assessor Parcel No. 223-060-28-00 PETITION, WAIVER AND CONSENT TO CREATION OF A COMMUNITY FACILITIES DISTRICT AND AGREEMENT TO PAY FAIR SHARE COST OF RANCHO LA COSTA BUILDING (SDP 05-15 and SDP 05-15x2) {"AGREEMENT) WHEREAS, the undersigned Property Owner at this time is processing for development with the City of Carisbad (hereinafter referred to as "City") a development project known and identified as Rancho La Costa Building (SDP 05-15 and SDP 05-15x2), which consists of a one tvra-story commerdai building containing both retell and office uses, (hereinafter referred to as ttie "ProjecT'); and, WHEREAS, the legal description for the Project is showi on Exhibit "A" attached hereto and incorporated herein by reference; and, WHEREAS, City has determined this Project is located within the boundaries of a proposed Community Facilities District known as Community Facilities District No. 2 - Rancho Santa Fe and Olivenhain Road (hereinafter referred to as "District"); and, 1 WHEREAS, the District is intended to be fonned to finance those improvements generally described in Section 1 herein; and, WHEREAS, Property Owner desires to proceed with processing prior to the fonnation of District; and, WHEREAS, Condition No. 9 of Planning Commission Resolution No. 6418 dated May 7,2008, recommending approval of a site development plan (SDP 05-15), and as extended in Planning Commission Resolution No. 6948 dated March 20,2013 (SDP 05- 15x2), requires the developer to comply with all conditions and mitigation measures required as part of Zone 11 Local Facilities Management Plan; and, WHEREAS, pursuant to section 21.90.130 ofthe Municipal Code and pursuant to Local Facilities Management Plan, Zone 11, development permits can not be issued until the developer provides a financial guarantee towards its fair-share cost of improvements, vMch for Zone 11, includes segments of Rancho Santa Fe Road; and, WHEREAS, the City and Property Owner desire to agree to an alternative method of financing the improvements described in Section 1 herein that will allow Property Owner to discharge its fair share obligation for said improvements in lieu of, or in anticipation of, participation in District; and, WHEREAS, the City Council agrees that Property Owner, upon entering into this Agreement and upon payment of the fair share described herein, has met the requirement set forth in Condition No. 9 of Planning Commission Resolution No. 6418 dated May 7, 2008, and as extended in Planning Commission Resolution No. 6948 dated March 20, 2013. and furtiier delineated in the Local Facilities Management Plan, Zone 11, to provkie a financial guarantee for the construction of those improvements described in Section 1 below; and. 1^ WHEREAS, Property Owner voluntarily enters into tiiis Agreement with respect to the Project; and, WHEREAS, tiie City Council has determined that due to tiie size of the proposed development, there will be no major impact on the circulation system at the present time if development of tiie Project is allowed to proceed with sufficient financial guarantees for the construction of Property Owner's fair share ofthe circulation improvements; NOW, THEREFORE, in consideration of proceeding with the processing of the Project, the undersigned Property Owner and City hereby agree and certify to the foiiowing: 1. Property Owner hereby petitions the City for the initiation of the proceedings for the fonnation of District which will cause tiie constiuction and installation and/or financing of the following improvements (hereinafter "Improvements^ which are generally described as follows: a) Rancho Santa Fe Road North Phase 1 fRSF No.l) La Costa Avenue to east of Mahr Resen/oir b) Olivenhain Road Widening, and intersection improvements at Olivenhain and El Camino Real c) Rancho Santa Fe Road North Phase 2 (RSF No. 2) Phase 1 End to Melrose Drive. d) Rancho Santa Fe Road Soutti fRSF So.) (Assumes Secondan^ Arterial Standard - Encinitas Citv Boundarv to Olivenhain Road Full Improvements). 2. The cost of construction, engineering, environmental mitigations, legal and other incidental expenses as set forth in the Improvements Budget will be ftinded by the District, if fonned, or by monies collected by the City for this purpose. 3. Property Owner acknowledges its right to notice of and participation in ail phases of fomiation under tiie "Mello-Roos Community Facilities Act of 1982," expressly 3 waives the proceedings required and all limitations contained in Title 5, Division 2, Chapter 2.5 oftiie California Govemment Code and nonetiieless with full knowledge of such rights, completely and forever waives such rights. Specifically, Property Owner hereby consente to the proceedings and waives any right to protest the formation of the District and the ordering of the improvements under applicable Califomia statutes and consent to and support fonnation of said District with respect to the Project. The City shall exclude the Project from the District boundary map if, prior to the adoption of a Resolution of Intention by the City Council to fonn said District, Property Owner has entered into this Agreement and has paid to the City all amounts due as described herein. 4. a) Property Owner agrees to pay to City, or provide, ite fair share for tiie Improvemente described in Section 1. b) Said payment, or provision, shall be made in the manner described in Exhibit "B", Rate and Method fbr Detennining Fair Share Obligation Rancho Santa Fe and Olivenhain Road, which is incorporated herein by reference. c) The amount of Property Owner's fair share will be conclusively determined by the City Council in tiie manner described in Exhibit "B" attached hereto and incorporated herein by reference. d) Payment by Property Owner of ite fair share of improvement costs as detennined by City Council and set forth herein wiil satisfy their obligations for the construction ofthe Improvemente described in Section 1, as required by Condition No. 9 of Planning Commission Resolution No. 6418 dated May 7, 2008, and as extended in Planning Commission Resolution No. 6948 dated March 20,2013 and furtiier delineated in the Local Facilities Management Plan, Zone 11, subject to adjustinent as described in Section 9 herein. e) Altematively, if the District Is fonned and the Project is included within it, Property Owner's obligation to pay ite fair share pursuant to the Agreement shall be \y satisfied upon payment of all taxes imposed, established and payable to said District. 5. Property Owner acknowledges that this Agreement to pay ite fair share and participate in the financing of improvemente is voluntary and that witiiout this Agreement, Property Owner would be precluded from obtaining final map approvals or building and other development permits under the provisions of the General Plan, Chapter 21.90 of the Carlsbad Municipal Code, applicabie zone plan, financing plans and related documente until a satisfactoiy financing program has been developed to fund the construction of the Improvemente described in Section 1. 6. Property Owner hereby waives ite right to challenge the amount, establishment or imposition of said fair share and further waive any righte to pay sakl iaiT share under protest 7. This Agreement does not affect, in any way whateoever, the obligation of Property Owner to pay any other fees or assessmente associated with Property Owner's development and/or to post improvement bonds as required by the City Engineer. Nor does this Agreement relieve Property Owner from providing other public facilities required under conditions placed upon the Project by the City. 8. Property Owner agrees that payment of ite fair share is not a fee and vtraives any and aii righte to notice of or challenges to the establishment or imposition of said fair share as a fee under provisions of Govemment Code section 66000 et seq.. or any successor or related statutes. 9. a) If the District is formed subsequent to tiie payment by Property Owner of the fair share pursuant to this Agreement, Property Owner's financial obligation shall be recalculated using the taxing fonnula established for the District for the Improvemente descnljed in Paragraph 1. If that obligation is iower than the amount previously paid or provided by Property Owner to City, City shall refund any excess, in the manner described betow. b) Any refund shall be made from funds avaitable within District upon District fonnation and shall not be an obligation of City's General fund or other revenue sources. c) In the event that sufficient funds are not available from District's resources, Property Owner shall be reimbursed, as detennined by the City Council, through the payment of one-time taxes or annual undeveloped land taxes to the District The City is not required to establish an undeveloped land tax witiiin the District to provide such refund. d) No reimbursement is required until the City Council detennines that sufficient funds are available. Any refund to Property Owner shall not include interest. e) Any payment received by tiie City under ttiis Agreement shall be deposited in a special interest bearing fund and may only be used to fund the construc^tion of the fecilities described herein. Upon the fonnation of a CFD to fund these same Improvemente, any amount remaining in tiie special fund may be transferred to tiie CFD fund, atthe discretion of the Administrative Services Director. 10. Upon completion of tiie Improvemente, and recording of the Notice of Completion for the final phase of the Improvements, the City Engineer shall detennine the total cost of all phases of the Improvements and alt related work (Coste), and the Administrative Services Director shali determine the total amount of revenue including lees, taxes, interest eamed on funds restricted to use only on the Improvements, and other sources of ftjnds received by the City dedicated to paying for tiie construction of the Improvements (Revenues). The Administrative Services Director shall then compare the amount of Coste and Revenues to detennine if there are any excess Revenues as described below. If excess Revenues of more than $100,000 exist, tiie Administrative Services Director shall provide refunds to all eligible parties of all excess Revenues in an amount and in tiie manner described below. If excess Revenues are equal to, or tess tiian $100,000, ttie City shall retain ttiese funds in a special fund to be used to finance street repair, maintenance, and landscaping within the Improvements. a) The total amount of excess Revenues shall be detennined by deducting the amount of the project Costs from the available Revenues. Total project Coste shall include ati c»ste to plan, design, construct, mitigate environmental impacts, inspect, and ottienwise complete ttie project to the satisfaction ofthe City Engineer, including applicable chaiges for City staff sen/ices. Total Revenues shall include ati monies held by the City dedicated exclusively to the construction of ttie Improvements including any fee revenues eannariced for the Project, CFD #2 taxes, applicable CFD #1 taxes, grante, and interest eamed on restricted funds as detennined by the Administrative Services Director. b) The amount of the refund due to any party shalt be based on the proportion of that party's paymente under this Agreement based on ite proportional share of Equivalent Dwelling Units constructed or to be constiucted by that party, weighted as described in Exhibit B, divided by tiie total number of EDUs constmcted or to be constmcted virittiin, and participating in. CFD #2 and/or CFD #2 agreemente to prepay taxes. The amount ofthe reftjnd shall be detennined by muWplying the proportional share computed above by the total amount of excess revenues. c) In order to share in tiie reftind of any portion of the excess Revenues, the eligible party must request to be included in the distribution of funds. Such request must be made within 90 days after ttie City Council's acceptance of tiie Notice of Completion for the final phase of the Improvemente. Each request must be accompanied by documente indicating clear titie to tiie refund unless ttie request is being made by the party who originally paid the taxes to ttie City under a prepayment Agreement or to CFD #2. d) The Administrative Senrices Director shall compute the amount of tiie reftjnd due each party as described above. Funds may be disbursed to the eligible parties following Council approval cjf such refunds. \6 e) If the City does not receive requeste for refund from all eligibte parties within ttie specified period, and all funds cannot be disbursed as provided by this section, any remaining funds shall be held in a special fund to be used to support road and roadway maintenance in and around the Improvemente area, as detennined to be necessary by the City Engineer, and approved by the City Council. f) As a courtesy to ail interested parties, the City will maintein a file of tiiose individuals or companies entitied to a reftjnd, and will mail notices of refund availability to the names and addresses in this file following the City Council's acceptence of tiie final Notice of Completion. It is the eligible party's responsibility to notity the City if the right to any refunds under this section is assigned to another party, or if there is a change in name or address for tiie eligible party. The City takes no responsibility for the accuracy of tiie Infonnation included in this file, and is under no obligation to locate persons or entities tiiat are entitied to leftinds. Failure to notify any party of tiie availability of excess Revenues shall not obligate the City in any way to extend or modify tiie above reftind procedures. 11. Compliance with this Agreement will be accepted by City as an alternate to the mettiod described in ttie cunent Local Facilities Management Plan for loca! facilities Management Zone 11 for financing the Improvemente described in Paragraph 1. This Agreement does not require City to issue building pennits or other development pennits or grant approvals or relieve Property Owner of the obligation to comply with all applicable provisions of law, including but not limited to Carlsbad Municipal Code Titles 18, 19, 20 and 21. 12. Compliance wrth ttie provisions of this Agreement is a condition of ail future discretionary approval for the Improvemente. If Property Owner does not cemply witii tiie provisions of this Agreement, approval of the Project will not be consistent with the General Plan, the Growth Management Program, and the Local Facilities Management Plan, and all subsequent discretionary approvals and pennite for tiie Project may be witiiheld by City. 8 13. In addition, ttie City witl not approve any pending final maps, issue grading, building or otiier development pennite or teke any discretionary action until the Property Owner has complied with the temns of tiiis Agreement due to be satisfied at tiie time such approval is required. 14. The City may, at ite discretion, elect to pursue any remedy, legal or equitable against Property Owner and Property Owner's successors, heirs, assigns, and transferees of the Project to secure compliance with this Agreement. 15. City shall not nor shall any officer or employee of City, be liable or responsible for any loss or damage incunred by Property Owner or any successor or assign of Property Owner, or by any occupant in Property Owner's buildings, as a result of the exercise of any remedies provtded to City in tiiis Agreement. Property Owner agrees to indemnify City for any liabilities incuned by City as a result of City's exercise of ttiese remedies. 16. This Agreement and tiie covenante contained herein shall be binding upon and inure to ttie benefit of the successors, heirs, assigns, and transferees of Property Owner witii respect to tiie Project only and City, and shall mn witii tfie Project and create an equiteble servitude upon the Project 17. All notices provided for under this Agreement shall be in writing and shall be delivered in perscMi or served by certified mai! postege prepaid. Delivery of notice to Property Owner shall be presumed to have been made on the date of mailing regardless of receipt by Property Owner. Notices required to be given to Property Owner shall be addressed as follows: Rancho La Coste Village 9404 Genesee Ave., Ste. 330 La Jolla, CA 92037 Notices to tiie City shatt be delivered to: Administrative Services Director City of Carisbad 9 1635 Faraday Avenue Carlsbad, CA 92008 Each party shall notify the ottier immediately of any change that would require any notice delivered hereunder to be directed to another party. 18. This Agreement shall be recorded but shall not create a lien or security interest in the property. 19. The undersigned Property Owner further states, under penalty of peijury, that they are Owner of the property as described herein on Exhibit "A", or an authorized agent of tiie Owner, and have the authority to execute this document including the binding authorizations herein. (Remainder of Page Intentionafly Left Blank) 10 PROPERTYOWNER Santa Fe La Costa. LLC, A Caiifomia Umited liability company (sign here) (print name^e) J ' (e-mail adcaress) *By: (sign here) CITY OF CARLSBAD, a municipal corporation of the State of Califomia By: Matt Hall, Mayor ATTEST: BARBARA ENGLESON City Clerk (print name^le) (e-maii address) If required by City, proper notary acknowledgment of execution by contiractor must be atteched. If a Corooration. Agreement must be signed by one corporate officer from each oftiie foiiowing two groups. *Group A. **Group B. Chainnan, Secretery, President or Assistant Secretary, Vice-President CFO or Ssistant Treasurer Othenmse. the corporation must attech a resolution certified by the secretery or assistent secretery under corporate seal empowering the officer(s) signing to bind the corporation. APPROVED AS TO FORM: CELIAA. BREWER, City Attomey City Attomey 11 CALIFORNIA ALL-PURPOSE CERTIFICATE OF ACKNOWLEDGMENT Stateof California County of San Di-eLgQ On ^ACLU ^tD,aQi4- before me, KAorgye-^yv ^^^f ^^crbiyu l^mJog i O ^3 (Here>«is'ert name and title of theifficer) personally appeared who proved to me on the basis of satisfactory evidence to be the person(s.) whose name(s) is/afe subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies-), and that by his/her/their signature(s-) on the instrument the person^s), or the entity upon behalf of which tiie person(-s)r acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws ofthe State of Califomia that the foregoing paragraph is true and correct. ....... ^. SS my hand and official seal. BA^^ X^ MORGENFRY Commission* 1918442 Notary Public - Caliiornia San Diego County ire of Notaiy (Notary Sea 1 ^^a^: My Comm. Expiries Dec^4.2014 j ADDITIONAL OPTIONAL INFORMATION INSTRUCTIONS FOR COMPLETING THIS FORM Any acknowledgment completed in Califomia must contam verbiage exactly as appears above in the notary section or a separate acknowledgment form must be properly completed and attached to that document The only exception is if a document is to be recorded outside of California. In such instances, any alternative acknowledgment verbiage as may be printed on such a document so long as the verbiage does not require the notary to do something that is illegal for a notary in California (i.e. certifying the authorized capacity of the signer). Please check the document carefiilly for proper notarial wording and attach this form ifrequired. DESCRIPTION OF THE ATTACHED DOCUMENT (Title or description of attached document) inue'^' (Title or description of attached document continuea) Number of Pages Document Date (Additional information) CAPACITY CLAIMED BY THE SIGNER • Individual (s) • Corporate Officer • • • • (Title) Partner(s) Attorney-in-Fact Trustee(s) Other state and County information must be the State and County where the document signer(s) personally appeared before the notary pubHc for acknowledgment. Date of notarization must be the date that the signer(s) personally appeared which must also be the same date the acknowledgment is completed. The notary public must print his or her name as it appears within his or her commission followed by a comma and then your title (notary public). Print the name(s) of document signer(s) who personally appear at the time of notarization. Indicate the correct singular or plural forms by crossing off incorrect forms (i.e. he/she/thoy, is /are) or circling the correct fonns. Failure to correctly indicate this information may lead to rejection of documenl recording. The notary seal impression must be clear and photographically reproducible. Impression must not cover text or lines. If seal impression smudges, re-seal if a sufficient area permits, otherwise complete a different acknowledgment form. Signature ofthe notaiy public must match the signature on file with the office of the coimty clerk. • Additional information is not required but could help to ensure this acknowledgment is not misused or attached to a different document. • Indicate title or type of attached document, number of pages and date. • Indicate the capacity claimed by the signer. If the claimed capacity is a corporate officer, indicate the title (i.e. CEO, CFO, Secretary). Securely attach this document to the signed document 2008 Version CAPA vl2.10.07 800-873-9865 www.NotaryClasses.com CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT CIVIL CODE § 1189 State of California County of S^K/ OtV.gg^ IC Date Here Insert Name a/id title of the Offic^ personally appeared Name(s) of Signer(s) JANET H. LACKNER Commission # 1990987 Notary Public - California > j^zy/ San Diego County = ^SS*^ Mv Comm. Expires Oct 11.2016 j immmm i 9m9i 9 • |i» » > i »^ who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/afe subscribed to the within instrument and aclcnowledged to me that he/she/they executed the same in his/ber/teeir authorized capacity(ii88), and that by his/ter/tfee+r signature(s) on the instrument the person(.^, or the entity upon behalf of which the person(^ acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. iX ^.r£j:^ Plaoe Notary Seal Above Signature OPTIONAL — Signature of Notary Public Tfiough the information below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document. Description of Attached Document Title or Type of DQcument:7?:-A'Aoia. f < )Aiv^<sr f ^A^fiJ 7^>^<^f/L/70^ y:>f A ry)M/nviS\-t^ tfaciOh-efj Document Date: p> g. 5U!>i^ Signer(s) Ottier Than Named Above: Kl<^;L-><r. Capacity(ies) Claimed by Signer(s) Signer's Name: Number of Pages:. • Corporate Officer — Title(s): • Individual • Partner — • Limited • General • Attomey in Fact • Trustee • Guardian or Conservator • Other: RIGHTTHUIVIBPRINT OF SIGNER Top of thumb here Signer Is Representing: Signer's Name: • Corporate Officer — Title(s): • Individual • Partner — • Limited • General • Attomey in Fact • Trustee • Guardian or Conservator • Other: RIGHT THUIVIBPRINT OF SIGNER Top of thumb here © 2010 National Notary Association • NationalNotary.org • 1-800-US NOTARY (1-800-876-6827) Item #5907 ^0 EXHIBIT "A" LEGAL DESCRIPTION Real Property in the City of Carlsbad, County of San Diego, State of California, more particularly described as follows: Parcel 1 of Parcel Map 12586, in the City of Carlsbad, County of San Diego, State of Califbmia, Filed in the Office ofthe County Recorder of San Dlego County, Febmary 25, 1983. Assessor's parcel numbeiB: 223-060-28-00 (Remainder of Page Intentionally Left Blank) EXHIBIT "B" RATE AND METHOD FOR DETERMINING FAIR SHARE OBLIGATION RANCHO SANTA FE AND OLIVENHAIN ROADS The Crty Council shall use the following rate and meUiod for detemnining the fair share obligation for funding the construction of Rancho Santa Fe and Olivenhain Roads due from property conditioned to participate in the financing of these facilities. This calculation is done as part of an Agreement titled PETITION, WAIVER AND CONSENT TO CREATION OF A COMMUNITY FACILITIES DISTRICT AND AGREEMENT TO PAY FAIR SHARE (Agreement) which has been voluntarily entered into by the City of Carlsbad and certain property owner wishing to proceed with development of their property in advance of the creation of Community Facilities District No. 2 (CFD No. 2). it is the City and property owner intent to forni CFD No. 2 to provide funding for ttiose improvements described within the Agreement. The following rate and method shall be used to determine the fair share and amount due from any property owner wishing to take advantage ofthis altemate funding mechanism. Basis for Cost Allocation The basis for allocation of costs to property conditioned with the financing of the improvements described in the Agreement shall be the Equivalent Dwelling Unit (EDU), which is defined per product classification as follows: Product Classification Equivalent Dwelling Units Single Family - Detached Units 1.0 EDU Single Family - Attached Units 0.8 EDU Multi-Family Units 0.6 EDU Churches 4.0 EDU per Acre Commercial/Industrial and other 10.0 EDU per Acre The number of each type of unit included in a development shali be determined by the City 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 Engineer when such a determination is requested by the property owner. The Crty Engineer may request addrtional infomnation from any property owner as may be necessary to make his detennination. The City Engineer is not required to make a determination on the number of EDUs for any project until adequate information is available. The City Engineer's detennination shali be submitted to the City Councii in the table below. The City Council shail make the final detemiination of the number of EDUs to be used in computing the fair share obligation for any project. Fair Share Amount and Method of Pavment The fair share amount, as previously determined by the City Council, was $10,250 for each EDU. On June 23, 2009, through Resolution No. 2009-154, City Council approved a first partial refund of the fair share amount totaling $2,850 for each EDU to property owners who satisfied their fair share obligation prior to June 23, 2009. As a result, the fair share amount was reduced to $7,400 for each EDU. On February 25, 2014, through Resolution No. 2014-030, City Council approved a second partial refund of the fair share amount totaling $2,125 for each EDU to property owners who satisfied their fair share obligation prior to February 25, 2014. As a result, the fair share amount is now assessed at $5,275 for each EDU. The City shall collect $5,275 for each EDU as determined by the City Council. This amount shall be collected In one payment of $5,275 per EDU to be paid prior to Council consideration of final map approval as described below. 1) Prior to the approval of a final map by the City Council, the property Owner shall pay to the City an amount equal to the number of EDUs Included In said final map, as determined by the City Engineer, times $5,275. If the City Council determined that the City Engineer's calculation ofthe number of EDUs Included on the final map is in error, the Council shall direct the City Engineer to amend his calculations and direct staff to bring the final map back for approval when such correction has taken place. Funds must be paid to the City before the final map will be scheduled for Council consideration. Computation of Fair Share Obligation Rancho La Costa Building Project No. Type of Unit EDU Cost per EDU Amount Due SDP 05- 15x2 Commercial Building 6.89 $5,275 $36,344.75 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 the net amount due shown above prior to entering into this Agreement. 7