Loading...
HomeMy WebLinkAbout1993-09-14; City Council; 12395; UPDATE ON COMMUNITY FACILITIES DISTRICT - CFD NO. 2 - RANCHO SANTA FE ROAD, AND APPROVAL OF PREPAYMENT AGREEMENTT 5 s m z z 0 F 0 a p 3 0 0 e. C6 ,* COY OF CARLSBAD - AGW - A BILL .>.e<’” 9s TITLE: DEF CIT AB # +. MTG. UPDATE ON COMMUNITY FACILITIES DISTRICT (CFD NO. 2) RANCHO SANTA FE ROAD, AND /14/93 ~ DEFT. GM APPROUAL OF: PRLPAYMLNT ACRBEMENT CIT RECOMMENDED ACTION: Adopt Resolution No. 9J-&ia Approving the Form of a Prepayment Agreement. ITEM EXPLANATION: On July 27, 1993, staff updated the City Council on the status of the recent effort create a financing plan for Rancho Santa Fe and Olivenhain Roads. Since that mee the property owners and staff have worked diligently on both the project definition financing proposals to reach agreement on a financing plan which could be presa to the Council at this meeting. These joint efforts have succeeded in creating financing program described in the following report. The final financing program be presented to the Counc2 as soon as outstandkg &ht-of-way, and &or forn issues can be resolved. The purpose of this report is to update Council on the status of the Community Fad District formation process, and to ask for Council approval of an agreement that allow certain property owners to prepay their obligation for Rancho Santa Fe Olivenhain roads. Status of formation process Following the July 27 Council meeting, staff called a meeting of all property ow subject to the Rancho Santa Fe and Olivenhain financing conditions. This mee resulted in the creation of two working groups, one focusing on project definition cost estimates, the other focusing on the financing issues and taxing formula. TI subcommittees held several meetings between July 28 and August 23. On August 1993 both committees presented the results of their work to the property owners grc There L now a general consensus on issues related to project cost and timing, and tax formula among the propeq owners. The key points of each issue are summan below. - Cost - The City Engineer has established that the cost estimate for the construction of Rancho Santa Fe and Olivenhain Road improvements is approximately $37 million. ’ project will be constructed in four stages over a time period of approximately 16 ye The property owners have asked that the City include the construction of a drain basin and certain intersection improvements at Olivenhain and Rancho Santa Fe Rc in the project description. Although these improvements were previously excludec the City, the City Engineer has agreed to the inclusion of these improvements. Taxing Formula - The taxing formula was developed by the financing subcommittee. ‘ formula includes three basic parts: the One-The Tax, the Undeveloped Land Tax, i the Special Deficiency Tax. Although the entire taxing formula will be explainec detail when the Council considers adoption of the Resolution of Intention at a fut meeting, in general these taxes are as follows: I - 0 e Page Two of Agenda Bill No. /2,395 r One-Time Tax - The CFD formula will set a tax that will be paid by each devel at the time a building permit is pulled. This tax extinguishes any and all fi obligation for the project under construction. In the case of a residential dwel it is this tax that ensures that the home owner will not have a CFD tax to pi subsequent years. While the exact amount of the tax is still subject to change a CFD documents are finalized, the current calculations set the tax at $10,25( dweUing unit. Undeveloped Land Tax - The CFD will be empowered to place a tax on undevel land in certain instances. These include 1) to make debt service payments, repledsh a debt service reserve funds or other funds used to cover annual service payments, 3) to pay administrative costs. The undeveloped land tax M only be used in cases where the CFD was required to pay for debt service or 1 obligations that could not be funded from the cash flow from one-time taxes into the fund. Deficiency Tax - This is a tax that is being established to protect the District decreases in development. The funding formula assumes that approximately 2 units will ultimately be developed in the area. Although this number is well b the expected yield on the property included in the CFD boundaries, if develop] densities should decrease the CFD will still be required to fund the full project. deficiency tax will be imposed when a final map calls for fewer units to be than are anticipated by the CFD documents. Developers have reviewed the estin used in the CFD projections and have agreed to this condition. Calendar - The district formation process is slightly behind schedule due to issues re to the acquisition of right-of-way. These issues are bekg addressed by Fieldstone ant City and should be resolved quickly unless Fieldstone is unable to dedicate the nece right-of-way. If this becomes an issue, the calendar for District formation ma significantly extended. The Calendar staff is recommending to the City Council calls for approval of the prepay agreement before the Council at this time, followed by the adoption of a Resolutic Intention (ROI) to form the CFD a few weeks later. The approval of the Prepay Agreement will allow the City to meet the School District's needs for certainty on grading schedule, while the delay of the ROI will allow the City to gain certainty abou availability of right-of-way. CFD law provides for two calendars for formation. The more common schedule calls fo adoption of the Resolution of Intention to form the District, followed in 30 to 60 da! a public hearing. The Council then sets a date for the election 90 to 180 days afte public hearing. A shorter calendar allows the Council to call for the election immedi period requirement. These two calendars are summarized below: if 100% of the property owners withm the District have waived the 90- to 180-day wa 0 0 Page Three of Agenda Bill No. I2t345 -_ Optional Calendars for CFD Formation: Staff is still reviewing the pros and cons of recommending a District boundary including 100% of the property conditioned with the guarantee of these roads. If 100 the property owners waive the statutory waiting period for calling for a vote, an elec could be held in late November or early December. With the diversity of pro1 ownership of the District, it is unlikely that the City will receive a waiver from all pro] owners, therefore it is more likely that a vote will be called for in February to April 1 Prepayment Ameement - The attached Prepayment Agreement has been drafted to a those property owners with pending final maps to proceed through the approval proce prepaying their obligation for Rancho Santa Fe and Olivenhain Roads. This prepayme designed to cover their fair share of the costs even if the proposed CFD fails to be fon The Agreement would allow the City to collect a lump-sum fee prior to approval of a dwelling unit at building permit. The Prepayment Agreement requires the property 01 to pay an amount that is in excess of the amount that would otherwise be required u the CFD. This excess amount is necessary to finance the projects on a pay-as-you-go 1 in the event that the CFD is not formed. If the CFD is formed, the property owner receive a refund of any excess payments. In approving the form of this Agreement the Council will be making two si& findings. First, the prepayment of the property owner's fair share represents an adeq financing guarantee under the Growth Management Program. This finding is based 01 special case assumption that a CFD is in the formation process, and it is the CFD w actually provides the financing guarantee. And Second (as in the case of California P: Homes), the Council will find that the size of the proposed development (102 units) not create a major impact on the existing facilities. The City Engineer agrees With t findings as they relate to California Pacific Homes. map for all units included in that final map and an additional amount from each equivi 0 e Page Four of Agenda Bill No. da! 39 5 In spite of the fact that this Agreement allows the City to meet the San Dieguito Un High School District's deadline for a decision on the California Pacific project, the Sch District may not be able to proceed with their grading schedule due to environmer issues. Revision of Local Facilities Financinn Plans - Zones 11 and 12 - Council will also asked to approve a minor modification to the finance plans for Local Facili Management Zones 11 and 12 at a future meeting. This change will allow the use ( Community Facilities District or other financing mechanisms to fund Rancho Santa and Olivenhain Roads. The present financing plan specifically calls for the formatioi an "Assessment District" to fund this project. This change is necessary if the Counc: going to make the finding that a CFD or pay-as-you-go program can be used to proa a guarantee of funding for these projects. This change is consistent with financ programs implemented in other Local Facilities Management Zones. FISCAL IMPACT: The funding of Rancho Santa Fe and Olivenhain Roads has been a major project for City for many years. The successful development of a financing plan that will sup1 the improvements to these roads through a phased development program and a ratia CFD is a significant accomplishment. The projects will cost about $37 million construct (in 1993-94 dollars), and will affect the development of about 2,400 acre: land in southeast Carlsbad. The City's obligation for improvements is limited to the contribution of $6 million fi Community Facilities District No. 1 to these projects. The contribution will be time( avoid conflict with other projects funded by CFD No. 1. The City is funding some of CFD creation costs including limited engineering and financial consultant fees. Cou has previously appropriated $30,000 for financial consultant services. These funds 7 be reimbursed to the City from CFD No. 2 as funds become available. EXHIBITS: Resolution No. 93-2@ Approving the form of a Prepayment Agreement. 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 e a RESOLUTION NO. 9 3 - 2 6 2 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA, APPROVING THE FORM OF A PREPAYMENT AGREEMENT BETWEEN THE CITY OF CARLSBAD AND CALIFORNIA PACIFIC HOMES WHEREAS, the City of Carlsbad City Council has required that the fun& Rancho Santa Fe Road and Olivenhain Road (Project) must be guaranteed before development takes place in the area bounded by Local Facilities Management Zones 11 12, and portions of Zone 6, and WHEREAS, the Council had directed City staff to proceed with the formation Community Facilities District (CFD No. 2) to finance the Project, and WHEREAS, although the Council anticipates that CFD No. 2 will be formed fi near future, the Council is willing to consider alternative financing proposals durinl period from the present to the formation date of CFD No. 2, and WHEREAS, such interim financing program will only be considered as long a: Council finds that the formation of CFD No. 2 is proceeding in a reasonable manner, WHEREAS, the Council finds that the formation of CFD No. 2 is proceeding reasonable manner, and WHEREAS, the Council finds that the guarantee provisions related to the Project be met through an interim financing program using an agreement between certain pro] owners and the City whereby the property owner agrees to prepay hidher fair share of associated with the Project, and WHEREAS, CaUoda PacXc Homes &tends to bdld a 102 u&t developmei Local Facilities Management Zone 11, and WHEREAS, the City Engineer has determined that, due to the size of the Calif( Pacific Homes development, there will be no major impact on the circulation system a present time if the California Pacific Homes development is allowed to proceed, and ' /// l. 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 0 0 WHEREAS, the Council finds that California Pacific Homes may enter inta attached Agreement to Pay Fair Share (Exhibit A) in satisfaction of their obligation u the Project financing conditions. NOW THEREFORE BE IT RESOLVED by the City Council of the City of Carl: \ That the above recitations are true and correct. That t&,form of the PETITION, WAIVER AND CONSENT TO CREATIOI A COMMUNITY FACILITIES DISTRICT AND AGREEMENT TO PAY SHARE, Exhibit A attached here to, is hereby approved. That the Mayor is hereby authorized to enter into the agreement shov /\ California, as Tollows: \ 1. 2. \ \ 3. Exlubit A with California Pacific Homes. PASSED, APPROVED AND ADOPTED at a regular meeting of the City Council o day of NOTES: AYES: ABSENT: , 1993, by the following vote, to wit: I CLAUDE A. LEWIS, Mayor ATTEST: ALETHA L. RAUTENKRANZ, City Clerk (SEAL) J \ 0 0 . RECORDING REQUESTED BY AND 1 WHEN RECORDED MAIL TO: 1 City Clerk 1 CITY OF CARLSBAD 1 1200 Carlsbad Village Drive ) Carlsbad, CA 92008 1 \ \ \ SPACE ABOVE THIS LINE FOR RECORDER' l Parcel No. '\ '\ PETITION, WAIVER AND CONSENT TO CREATION OF A COMMUNITY FACILITIES DISTRICT AND AGREEMENT TO PAY FAIR SHARE '\ WHEREAS, the undersigned Property Owner at this ti processing for development within the City of Car (hereinafter referred to as llCityll) a development project and identified as \ (hereinafter referred to as the l'Pro]ectgl) ; and WHEREAS, City has determined this Project to be lo within the boundaries of a proposed community facilities dis known as Community Facilities District No. 2 - Rancho Santa F Olivenhain Road (hereinafter referred to as 11District11); an WHEREAS, the District is intended to be forme finance those improvements generally described in Secti herein, WHEREAS, Property Owner desires to proceed wit1 processing prior to the formation of the District; and WHEREAS, the Local Facilities Management Plans for 11 and 12 require the guarantee of construction of the segmen Rancho Santa Fe and Olivenhain Roads described in Section 1 h prior to the recordation of any final maps or the issuanc building permits within the zones; and pet.waw/aEdlrev. 9/6/93 0 0 WHEREAS, compliance with the applicable Local Facili -. Management Plans for Zones 11 and 12 is a condition of appr for the tentative map for the Project; and WHEREAS, the Property Owner desires to agree t alternate method of financing the improvements describe( Section 1 herein ‘in order to proceed with the processing of Project and voluntarily enters into this agreement; and \ i , WHEREAS, the City Council has determined that due tc size of the proposed development, there will be no major impac the circulation system at the present time if development 01 Project is allowed to proceed with sufficient financial guarar for future construction of Property Owner * s fair share of circulation improvements. WHEREAS, the City Council agrees that Property Ot upon entering into this agreement and upon payment of the share described herein, has met the requirement set forth ir Local Facilities Management Plan for Local Facilities Zones 1 12, and related tentative map conditions, to provide a finar guarantee for the construction of those improvements describc Section 1, NOW, THEREFORE, in consideration of proceeding wit1 processing of the Project, the undersigned Property Owner ht agrees and certifies to the following: 1. Property Owner hereby petitions the City foi initiation of proceedings for the formation of a District I will cause the construction and installation and/or financii the following improvements which are more specifically desci in the Local Facilities Management Plan for Zones 11 and 12 /I/ pet.waiv/afd/rev. 9/6/93 2 I 0 0 a) Rancho Santa Fe Road North Phase 1 (RSF Nc La Costa Avenue to east of Mahr Reservoir b) Olivenhain Road Widenins, and intersec immovements at Olivenhain and El Camino Real C) Rancho Santa Fe Road North Phase 2 (RSF N( Phase 1 End to Melrose / Secondary Arterial - Enbinitas / Drive d) Rancho \ Santa Fe Road South (RSF So. 1 (Ass City Boundary to Olivenhain '\ \ Full ImDrovements) . '\ \ \ 2. The cost of engineering, legal and other incidc , expenses will be included id the District costs. 3. Property Owner! acknowledges its right to notic and participation in all phases of formation under the I1Mello- Community Facilities Act of \ 1982,tl expressly waives proceedings required and all limitations contained in Tit1 Division 2, Chapter 2.5 of the California Government Code nonetheless with full knowledge of such rights, completely forever waives such rights. Specifically, Property Owner he consents to the proceedings and waives any right to protest formation of the District and the ordering of the improvem under applicable California statutes and consents to and supp formation of said District. I ', 4. The property owned by the undersigned, which w be included within the boundaries of the District and assessed its proportionate share of the costs and expenses, is describe Exhibit "Av1, attached hereto, and incorporated by reference. 5. a) Property Owner agrees to pay to City its share for the improvements described in paragraph one (1). I// pet.waiv/afd/rev. 9/6/93 3 0 e b) Said payment shall be made in the m; described in Exhibit A. c) The amount of Property Owner's fair share be conclusively dehermined by the City Council in the mi \ described in Exhibit A attached hereto. d) Payment by Property Owner of its fair sha! improvement costs as determined by City Council and set 1 herein will satisfy its obligations for the construction 0% improvements described in paragraph one (1). \ e) Alternatively, If the District is formed Property Owner is included within it, Property Owner I s obligat to pay its fair share pursuant to the agreement shall be satis upon payment of all taxes imposed, established and payable to District. f) Any payment received by the City under agreement shall be deposited in a special fund and may on1 used to fund the construction of the facilities described her Upon the formation of a CFD to fund these same facilities, amount remaining in the special fund may he transferred to thc Fund, at the discretion of the Finance Director. 6. Property Owner acknowledges that this agreemer pay its fair share and participate in the financing improvements is voluntary and that without this agreement Proy Owner would be precluded from obtaining final map approval, building and other development permits under the provisions of General Plan, Chapter 21.90 of the Carlsbad Municipal C applicable zone plan, financing plans and related documents. Property Owner hereby waives his right to chall the amount, establishment or imposition of said fair share 7. pet.waw/a€d/rev. 9/6/93 4 further waives 0 any rights to pay said fair a share under prote: -_ 8. This document does not affect, in any whatsoever, the obligation of Property Owner to pay any other or assessments associated with the project. 9. Pro$erty Owner agrees that payment of its share is not a fee and waives any and all rights to notice c challenges to the establishment or imposition of said fair E as a fee under provisions of Government Code sections 6600 sea., or any successor or related statutes. 10. a) If the District is formed subsequent to payment by Property Owner of the fair share pursuant to agreement, Property Owner's financial obligation shall recalculated using the taxing formula established for District. If that obligation is different from the an previously paid by Property Owner to the City, the City E refund any excess, or Property Owner will pay to the City additional amount due (Shortfall). b) Any refund shall be made from funds avail within the District and shall not be an obligation of the ci General Fund or other revenue sources. c) In the event that insufficient funds available from the District's resources, Property Owner shal reimbursed as soon as sufficient funds become available determined by the City Council, through the payment of one- taxes or annual undeveloped land taxes to the District. The is not required to establish an undeveloped land tax withir District to provide such refund. d) No reimbursement is required until the Council determines that sufficient funds are available. pet.waiv/afd/rev. 9/6/93 5 refund shall e include simple interest at ? he rate earned by City on any invested funds during the period of the deposi computed by the Fi ance Director. e) 7, Any Shortfall shall become due and payable the formation of the District and the computation of Shortfall by the Finance Director. be delivered to Property Owner at the address shown herein. Notice of such Shortfall E f) Propert2 Owner shall pay the City interes any Shortfall due. Such interest shall be computed using sj interest at the rate earned by the City for invested funds dL the period from the original payment through the date of pal of the Shortfall as determined by the Finance Director. ', g) If no payment of the Shortfall is mad Property Owner within ninety (90) days of notice of said Short by the Finance Director, the City may revoke any existing buil permits, deny or condition certificates of occupancy or additj building permits and take any other action allowed by law to further development of property subject to this agreement ar collect such Shortfall including, but not limited to, a lie the property. City's recordation of a lien shall not affect ability to recover the Shortfall by other legal n concurrently, but no double recovery will be a1,lowed. The cos such collection shall be an obligation of Property Owner and E be added to the amount of the shortfall payment due City. \ 11. If the District is not formed for',any reason, amount paid by Property Owner under this agreement shall repre Property Owner's fair share cost for provision of those facili described in paragraph one (1) and no further payment'will bt from or reimbursement due to property owner. \ \ pet.waiv/afd/rev. 9/6/93 6 0 e .. 12. Compliance with this agreement will be accept€ the City as an alternate to the method described in the cur Local Facilities Management Plan for Zones 11 and 12 for finar the improvements described in paragraph one (1). This agree \ does not require the City to issue building permits or c \ \ development permits or,grant approvals or relieve Property C of the obligation to comply with all applicable provisions of including but not limited to, Carlsbad Municipal Code Titles 19, 20 and 21. \ \ 13. Compliance with the provisions of this agreemei a condition of all discretionary approvals for the Project. Property Owner does not comply with the provisions of agreement, approval of the Projbct will not be consistent wit1 General Plan, the Growth Management Program, the Local Facilj Management Plan or the applicable\financing plan for Zones 1: 12 and all discretionary approvals, and permits for the Prc shall be null and void, including approvals or permits which granted prior to the date of this agreement. \ 14. In addition, the City will not approve pending final maps, issue grading, builqing or other develor permits or take any discretionary action until the property c has complied with the terms of this agreement. \ \ 15. The City may, at its discr'etion, elect to pi any remedy, legal or equitable against property owner and pro1 owner's successors, heirs, assigns, and transferees, to sc compliance with this agreement. 16. City shall not, nor shall any officer or emp: of City, be liable or responsible for any loss or damage inci by Property Owner or any successor or assign of Propqrty Owne pet .waiv/afd/rev. 9/15/93 7 0 0 by any occupant in Property Owner's buildings, as a result of exercise of any remedies provided to City in this agreerr Property Owner agrees to indemnify the City for any liabili incurred by City as a\result of City's exercise of these remed 17. This agEeement and the covenants contained he shall be binding upon and inure to the benefit of the success heirs, assigns and transferees of Property Owner and City shall run with the real property and create an equitable servi upon the real property. 18. -< \ '\ All notices provided for under this agreement I be in writing and shall be delivered in person or serve certified mail postage prepaid. Delivery of notice to Pro1 Owner shall be presumed to have been made on the date of maj regardless of receipt by Property Owner. Notices required t given to Property Owner shall be addressed as follows: Notices to the City shall be delivered to Finance Director, City of Carlsbad, 1200 Carlsbad Village Dr Carlsbad, CA 92008. 19. This agreement shall be recorded but shall create a lien or security interest in the property. /I/ /I/ I// /I/ I// /I/ /I/ pet.waiv/afd/rev. 9/6/93 8 d 0 0 .- 20. The undersigned further states, under penalt - .. perjury, that he is the owner of the property as described herein, and has the authority to execute this document, inclc the binding author'zations herein. X d day of , 1s \ Executed t is - \, \ \ PROPERTY OWNER CITY OF CARLSBAD, a munic (Name of Property Owner) \, \ \ corporation of the State California. \ \ \ By: CLAUDE A LEWIS, Mayc '\ 1 By: (sign here) /\ \/ \, (print name here) \ (title and organization of signatory) '\ By: (sign here) (print name here) (title and organization of signatory) (Notarial acknowledgment of execution by PROPERTY OWNER mus attached.) (President or vice-president and secretary or assistant secrc must sign for corporations. If only one officer signs, corporation must attach a resolution certified by the secreta] assistant secretary under corporate seal empowering that ofi to bind the corporation.) APPROVED AS TO FORM: RONALD R. BALL City Attorney BY Deputy City Attorney \$ pet.waivfafd/rev. 9/15/93 9 EXHIl .. * 0 RATE AND METHOD FOR DETERMINING FAIR SHARE OBLIGATION RANCHO SANTA FE AND OLIVENHAIN ROAD _. c The City Council shall use the following rate and method determining the fair share obligation for funding the construc of Rancho Santa Fe and Olivenhain Road due from pro] This calculation is done as part of an agreement titled PETI'. WAIVER AND CONSENT TO CREATION OF A COMMUNITY FACILITIES DIS: AND AGREEMENT TO PAY FAIR SHARE (Agreement) which has voluntarily entered into by the City of Carlsbad and cei property owners wishing to proceed with the development of 1 property in advance of the creation of Community Facil: District No. 2 (CFD No. 2). It is the City and property 01 intent to form CFD No. 2 to provide funding for those improve] described within the above referenced agreement. The following rate and method shall be used to determine the share and amount due from any property owner wishing to advantage of this alternate funding mechanism. Basis for Cost Allocation The basis for allocation of costs to property conditioned wit financing of the improvements described in the Agreement sha the Equivalent Dwelling Unit (EDU) which is defined as follow residential developments: conditioned to participate in the financing of these facilil Residential EDU Allocation Single Family - Detached Units 1.0 EDU Single Family - Attached Units 0.8 EDU Multi Family Units 0.6 EDU The number of each type of unit included in a development sha determined by the City Engineer based on the most recent fina available for the project in question. The EDU determination for non-residential development sha: made by the City Engineer when such a determination is requ by the property owner, The City Engineer may request addit information from any property owner as may be necessary to his determination. The City Engineer is not required to m determination on the number of EDUs for any project until ade information is available. The City Engineer's determination shall be submitted to the Council in the staff report accompanying the Agreement. The Council shall make the final determination of the number of to be used in computing the fair share obligation for any pro pet.waiv/afd/rev. 9/6/93 a: 0 e Fair Share Amount and Method of Payment The City shall collect $13,290 for each EDU as determined b payments, $10,250 per EDU to be paid prior to final map appr and $3,040 per EDU at the time a building permit is issued. manner of payment is more fully described below. The property owner shall pay their fair share to the Cil Carlsbad in the following manner: 1) Prior to the approval of a final map by the City Council property owner shall pay to the City an amount equal t number of EDUs included in said final map, as determin the City Engineer, times $10,250. If the City Co determines that the City Engineer's calculation of the n of EDUs included on the final map is in error, the Co shall direct the City Engineer to amend his calculation direct staff to bring the final map back for approval such correction has been made. 2) Prior to the issuance of a building permit by the CiQ property owners shall pay to the City an amount equal t number of EDUs included on such building permit determined by the City Engineer, times $3,040. a) If the property owner has already obtained a final ma units conditioned with the financing of Rancho Santa FI Olivenhain Road, the property owner shall pay to the Cit amount equal to $10,250 times the number of EDUs includ such final map as determined by the City Council pric entering into this agreement b) Prior to the issuance of a building permit by the Cit property owners shall pay to the City an amount equal t number of EDUs included on such building permit determined by the City Engineer, times $3,040. 4) The City Engineer shall prepare a report detailing calculation of the number of EDUs associated with agreement. Said report shall be made available to the Council and property owner for review. .. a City Council. This amount shall be collected in two sep 3) pet.waiv/a€d/rev. 9/6/93 . e e L -* September 13, 1993 3 TO: CITY MANAGER FROM: Financial Management Director- ' . u' RE: RANCHO SANTA FE ROAD PREPAmENT AGREEMENT - CALIFORNIA PACIFIC HOMES Late Friday afternoon I received a call from Dale Gleed, the California Pacific FA Santa Fe Road prepayment agreement. It appears that even though we have held st meetings with Mr. Gleed, some including his legal counsel, to work out accer language, California Pacific Homes will be unable to sign the agreement in its present Mr Gleed has asked that we pull this item from the Council agenda bring it back aft has been able to provide us with additional comments. Staff recommends that the Council grant Mr Gleed's request to have the item pulk California Pacific Homes cannot enter into the agreement as currently drafted, there reason for the Council to invest debate over the form of the document. Staff suggest the item be brought back on the agenda of September 21 or 28, depending on the i of the City and California Pacific Homes to come to an agreement on any revision may be necessary. This short delay does not affect the San Dieguito Union High School District calend construction of their school site. Their schedule has been delayed slightly by the nt deal with gnatcatcher issues on a portion of their property. Approval of a prepa: agreement in late September or early October will be sufficient to meet the School's I representative, regarding some problems his legal counsel had with the proposed R; JAMES F. ELLIOIT c: City Attorney City Clerk Community Development Director Deputy City Attorney City Engineer Finance Director