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HomeMy WebLinkAbout2005-04-19; City Council; 18076; Prepayment Agreement: Los Coches VillagedB# 18,076 MTG . 04/19/05 DEPT. FIN RECOMMENDED ACTION: Adopt Resolution No. 2005-110 authorizing the Mayor to execute a prepayment agreement between the City of Carlsbad and Los Coches Village, LLC., (MS 02-08). TITLE: AUTHORIZE A PREPAYMENT AGREEMENT BETWEEN CITY OF CARLSBAD AND LOS COCHES CITY VILLAGE, LLC., (MS 02-08) IT E M EXP LAN AT ION : One of Council’s strategic goals is to provide and maintain a multi-modal transportation system that moves goods, services, and people throughout Carlsbad in a safe and efficient manner. This is reflected in the Growth Management Plan which requires each zone within the City to complete a Local Facilities Management Plan identifying how the zone will furnish the necessary public facilities to serve its needs. For a number of years, staff has worked with property owners in Local Facilities Management Zones 11, 12 and a small portion of 6, to form a Community Facilities District (CFD) to finance the construction of Rancho Santa Fe Road and Olivenhain Road improvements, as required by the Local Facilities Management Plan for these zones. This CFD (known as CFD No. 2) was intended to provide the property owners and the City with a feasible financing tool that could guarantee that funds would be available for the construction of the roads, when needed. The delays in the formation of the CFD proved to be a major problem for some of the property owners in the area who had met all of the non-circulation conditions placed on their maps. Beginning in late 1993, Council began allowing property owners to prepay their obligation under CFD No. 2 in exchange for an agreement. This agreement provides the City with: (1) the support of the property owner in the formation of CFD No. 2; and (2) funds to begin work on the most critical portions of the circulation plans. Since that time, a number of agreements have been approved by Council and paid their fair share amount. This has allowed the design and construction of the road improvements to commence. Five major road projects are financed through funds generated by CFD No. 2. These include: Olivenhain Road from Amargosa Drive to El Camino Real, which is complete; Rancho Santa Fe Road from Olivenhain Road south into Encinitas, which was completed by Continental Homes developer of the Shelley property; the intersection of Rancho Santa Fe Road and Olivenhain Road including the completion of the Olivenhain Road improvements between Rancho Santa Fe Road and Los Pinos Circle, which is under design; Rancho Santa Fe Road Phase I from La Costa Avenue to San Elijo Road which is nearing construction: and, Rancho Santa Fe Road Phase II from San Elijo Road to Melrose Drive, which is under construction. This agenda bill is requesting approval for the project being developed by Los Coches Village, LLC., to prepay their CFD No. 2 obligation. The project is located in Zone 11 as shown on the attached location map. The prepayment agreement is for construction of Los Coches Village Shopping Center, a commercial site. This agreement would allow the project to proceed through the approval process by providing a means for meeting circulation system financing requirements found in the Local Facilities Management Plan for Zone 11. The agreement allows the developer to pay a fixed fee per acre for each developable acre covered by the minor subdivision, thereby meeting their obligation to participate in the funding of the Zone 11 circulation system. Previous agreements authorized by Council made two significant findings. Page 2 of Agenda Bill # 18,076 First, that the prepayment of the property owner’s fair share represents an adequate financing guarantee under the Growth Management Program. This finding is based on the special case assumption that a CFD could be formed, and it is the CFD, which actually provides the financing guarantee. The second finding is that the project does not create a major impact on the existing circulation facilities. The City Engineer agrees with these findings as they relate to this project. ENVIRONMENTAL REVIEW: Based on an environmental impact assessment performed by staff in which potentially significant impacts to water quality, geological resources, and biological resources were identified and mitigation measures were formulated to reduce the identified impacts, the Planning Director issued a Mitigated Negative Declaration on January 23, 2002. No comments were received during the public review period. FISCAL IMPACT: The funding of the Rancho Santa Fe and Olivenhain Road projects has been a major concern for the City and the property owners for many years. The total project costs are projected to total over $40 million and affects the development of about 2,400 acres of land in southeast Carlsbad. Payment for the project will come from prepayments of, and taxes collected under, CFD No. 2 as well as a contribution of $6 million from CFD No. 1. The Shopping Center project will contribute approximately $765,572 to the CFD No. 2 fund to pay their fair share of the project costs, which are estimated at $10,250 per Equivalent Dwelling Unit. The calculation of the fee amount is on the last page of the Agreement. EXHIBITS: 1. Resolution No. 2005-110 authorizing the Mayor to execute a prepayment agreement between the City of Carlsbad and Los Coches Village, LLC., for MS 02-08. 2. Petition, Waiver, and Consent to Creation of a Community Facilities District and Agreement to Pay Fair Share. 3. Location map. 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 1 RESOLUTION NO. 20051 10 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA, AUTHORIZING THE MAYOR TO EXECUTE A PREPAYMENT AGREEMENT BETWEEN THE CITY OF CARLSBAD AND LOS COCHES VILLAGE, LLC., MS 02-08 WHEREAS, 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 hislher fair share of costs associated with the Project; and WHEREAS, Los Coches Village, LLC intends to build a commercial shopping center in Local Facilities Management Zone 11 identified as MS 02-08; and WHEREAS, the City Engineer has determined that, due to the size of the shopping center development, there will be no major impact on the circulation system at the present time if the development is allowed to proceed; and, Ill Ill Ill Ill Ill Ill 3 1 2 3 4 5 6 7 8 9 IO 11 12 13 14 15 16 17 18 19 20 2-1 22 23 24 25 26 27 28 WHEREAS, the Council finds that Los Coches Village, LLC may enter into the attached Agreement to Pay Fair Share in satisfaction of their obligation under the Project f i n a nci n g cond it ions . NOW THEREFORE BE IT RESOLVED by the City Council of the City of Carlsbad, California, as follows: 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” between the City of Carlsbad and Los Coches Village, LLC. PASSED, APPROVED AND ADOPTED at a regular meeting of the Carlsbad City Council held on the 19thday of April , 2005 by the following vote, to wit: AYES: Council Members Lewis, Hall, Kulchin, Packard, SiHoose - CLAUDE A. LEWIS, Mayor ATTEST: RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: City Clerk CITY OF CARLSBAD 1200 Carlsbad Village Drive Carlsbad, CA 92008 Space Above This Line for Recorder's Use Assessor Parcel No. 255-03 1 -20-00 PETITION, WAIVER AND CONSENT TO CREATION OF A COMMUNITY FACILITIES DISTRICT AND AGREEMENT TO PAY FAIR SHARE COST OF MS 02-08 ("AGREEMENT") WHEREAS, the undersigned Property Owner at this time is processing for development with the City of Carlsbad (hereinafter referred to as 'City") a development project known and identified as Los Coches Village Shopping Center MS 02-08 (hereinafter referred to as the "Project"); and, WHEREAS, the legal description for the Project is shown 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 5 Exhibit 2 WHEREAS, the District is intended to be formed to finance those improvements generally described in Section 1 herein; and, WHEREAS, Property Owner desires to proceed with processing prior to the formation of District; and, WHEREAS, Condition No. 12 of Planning Commission Resolution No. 5528 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 of the 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, which 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. 12 of Planning Commission Resolution No. 5528 and further delineated in the Local Facilities Management Plan, Zone 11 , to provide a financial guarantee for the construction of those improvements described in Section 1 below; and, WHEREAS, Property Owner voluntarily enters into this Agreement with respect to the Project; and, 2 b WHEREAS, the City Council has determined that due to the size of the proposed development, there will be no major impact on the circulation system at the present time if development of the Project is allowed to proceed with sufficient financial guarantees for the construction of Property Owner's fair share of the 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 following: 1. Property Owner hereby petitions the City for the initiation of the proceedings for the formation of District which will cause the construction 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 (RSF No.1) La Costa Avenue to east of Mahr Reservoir b) Olivenhain Road Wideninq, and intersection improvements at Olivenhain and El Camino Real c) d) Rancho Santa Fe Road South (RSF So.) (Assumes Secondary Rancho Santa Fe Road North Phase 2 (RSF No. 2) Phase I End to Melrose Drive. 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 funded by the District, if formed, or by monies collected by the City for this purpose. 3. Property Owner acknowledges its right to notice of and participation in all phases of formation under the "Mello-Roos Community Facilities Act of 1982," expressly waives the proceedings required and all limitations contained in Title 5, Division 2, Chapter 2.5 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 the proceedings and waives any right to protest the formation of the District and the 3 '1 ordering of the improvements under applicable California statutes and consent to and support formation 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 form 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, its fair share for the Improvements described in Section I. b) Said payment, or provision, shall be made in the manner described in Exhibit "B", Rate and Method for Determining 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 the manner described in Exhibit "B" attached hereto and incorporated herein by reference. d) Payment by Property Owner of its fair share of improvement costs as determined by City Council and set forth herein will satisfy their obligations for the construction of the Improvements described in Section I, as required by Condition No. 12 of Planning Commission Resolution No. 5528 and further delineated in the Local Facilities Management Plan, Zone 11, subject to adjustment as described in Section 9 herein. e) Alternatively, if the District is formed and the Project is included within it, Property Owner's obligation to pay its fair share pursuant to the Agreement shall be satisfied upon payment of all taxes imposed, established and payable to said District. 5. Property Owner acknowledges that this Agreement to pay its fair share and participate in the financing of improvements is voluntary and that without 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 4 Carlsbad Municipal Code, applicable zone plan, financing plans and related documents until a satisfactory financing program has been developed to fund the construction of the Improvements described in Section 1. 6. Property Owner hereby waives its right to challenge the amount, establishment or imposition of said fair share and further waive any rights to pay said fair share under protest. 7. This Agreement does not affect, in any way whatsoever, the obligation of Property Owner to pay any other fees or assessments 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 Minor Subdivision 02-08 by the City. 8. Property Owner agrees that payment of its fair share is not a fee and waives any and all rights to notice of or challenges to the establishment or imposition of said fair share as a fee under provisions of Government Code section 66000 et sea., or any successor or related statutes. 9. a) If the District is formed subsequent to the payment by Property Owner of the fair share pursuant to this Agreement, Property Owner's financial obligation shall be recalculated using the taxing formula established for the District for the Improvements described in Paragraph 1. If that obligation is lower than the amount previously paid or provided by Property Owner to City, City shall refund any excess, in the manner described below. b) Any refund shall be made from funds available within District upon District formation 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 determined by the City Council, 5 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 within the District to provide such refund. d) No reimbursement is required until the City Council determines that sufficient 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 a special interest bearing fund and may only be used to fund the construction of the facilities described herein. Upon the formation of a CFD to fund these same Improvements, any amount remaining in the special fund may be transferred to the CFD fund, at the discretion of the Finance Director. 10. Upon completion of the Improvements, and recording of the Notice of Completion for the final phase of the Improvements, the City Engineer shall determine the total cost of all phases of the Improvements and all related work (Costs), and the Finance Director shall determine the total amount of revenue including fees, taxes, interest earned on funds restricted to use only on the Improvements, and other sources of funds received by the City dedicated to paying for the construction of the Improvements (Revenues). The Finance Director shall then compare the amount of Costs and Revenues to determine if there are any excess Revenues as described below. If excess Revenues of more than $100,000 exist, the Finance Director shall provide refunds to all eligible parties of all excess Revenues in an amount and in the manner described below. If excess Revenues are equal to, or less than $100,000, the City shall retain these 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 determined by deducting the amount of the project Costs from the available Revenues. Total project Costs shall include all costs to plan, design, construct, mitigate environmental impacts, inspect, and otherwise complete the project to the satisfaction of the City Engineer, including applicable charges for City staff services. Total Revenues shall include all monies held by the City dedicated exclusively to the construction of the Improvements including any fee revenues 6 r? earmarked for the Project, CFD #2 taxes, applicable CFD #1 taxes, grants, and interest earned on restricted funds as determined by the Finance Director. b) The amount of the refund due to any party shall be based on the proportion of that party’s payments under this Agreement based on its’ proportional share of Equivalent Dwelling Units constructed or to be constructed by that party, weighted as described in Exhibit B, divided by the total number of EDUs constructed or to be constructed within, and participating in, CFD #2 and/or CFD #2 agreements to prepay taxes. The amount of the refund shall be determined by multiplying the proportional share computed above by the total amount of excess revenues. c) In order to share in the refund 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 the City Council’s acceptance of the Notice of Completion for the final phase of the Improvements. Each request must be accompanied by documents indicating clear title to the refund unless the request is being made by the party who originally paid the taxes to the City under a prepayment Agreement or to CFD #2. d) The Finance Director shall compute the amount of the refund due each party as described above. Funds may be disbursed to the eligible parties following Council approval of such refunds. e) If the City does not receive requests for refund from all eligible parties within the 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 Improvements area, as determined to be necessary by the City Engineer, and approved by the City Council. f) As a courtesy to all interested parties, the City will maintain a file of those individuals or companies entitled to a refund, and will mail notices of refund availability to the names and addresses in this file following the City Council’s acceptance of the final 7 Notice of Completion. It is the eligible party's responsibility to notify 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 the eligible party. The City takes no responsibility for the accuracy of the information included in this file, and is under no obligation to locate persons or entities that are entitled to refunds. Failure to notify any party of the availability of excess Revenues shall not obligate the City in any way to extend or modify the above refund procedures. 1 1. Compliance with this Agreement will be accepted by City as an alternate to the method described in the current Local Facilities Management Plan for local facilities Management Zone I1 for financing the Improvements described in Paragraph I. This Agreement does not require City to issue building permits or other development permits 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 with the provisions of this Agreement is a condition of all future discretionary approval for the Improvements. If Property Owner does not comply with the 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 permits for the Project may be withheld by City. 13. In addition, the City will not approve any pending final maps, issue grading, building or other development permits or take any discretionary action until the Property Owner has complied with the terms of this Agreement due to be satisfied at the time such approval is required. 14. The City may, at its 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 8 responsible for any loss or damage incurred 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 provided to City in this Agreement. Property Owner agrees to indemnify City for any liabilities incurred by City as a result of City's exercise of these remedies. 16. This Agreement and the covenants contained herein shall be binding upon and inure to the benefit of the successors, heirs, assigns, and transferees of Property Owner with respect to the Project only and City, and shall run with the Project and create an equitable servitude upon the Project. 17. All notices provided for under this Agreement shall be in writing and shall be delivered in person or served by certified mail postage 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: Los Coches Village, LLC C/O C.W. Clark, Inc., Manager 4180 La Jolla Village Drive, Ste. 405 La Jolla, CA 92037 Notices to the City shall be delivered to: Finance Director City of Carlsbad 1635 Faraday Avenue Carlsbad, CA 92008 Each party shall notify the other 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 perjury, that they are Owner of the property as described herein on Exhibit "A, or an authorized agent of the Owner, and have the authority to execute this document, including the 9 r3 b i n d i n g, a ut h o r iza t i o n s h ere i n . Executed this 5'' day of hy;\ ,2005. *OWNER: LOS COCHES VILLAGE, LLC, a New York Limited Liability ComPanv Craig W. Clark, President (title and organization of signatory) &LAL..qDd-kf &pz.-+L City Clerk (title and organizafion of signatory) 10 , r' EXHIBIT A LEGAL DESCRIPTION THE LAND REFERRED TO HEREIN IS SITUATED IN THE STATE OF CALIFORNIA, COUNTY OF SAN DIEGO AND IS DESCRIBED AS FOLLOWS: PARCEL 1 OF PARCEL MAP NO. 13970, IN THE CITY OF CARLSBAD, COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY, SEPTEMBER 25, 1985 RIGHTS, OIL, OIL RIGHTS, MINERALS, MINERAL RIGHTS, NATURAL GAS, NATURAL GAS RIGHTS AND OTHER HYDROCARBONS BY WHATSOEVER NAME KNOWN, GEOTHERMAL STEAM AND ALL PRODUCTS DERIVED FROM ANY OF THE FOREGOING, THAT MAY BE WITHIN OR UNDER THE PARCEL OF LAND DESCRIBED ON THIS EXHIBIT, TOGETHER WITH THE PERPETUAL RIGHT OF DRILLING, MINING, EXPLORING AND OPERATING THEREFOR AND STORING IN AND REMOVING THE SAME FROM SAID LAND OR ANY OTHER LAND, INCLUDING THE RIGHT TO WHIPSTOCK OR DIRECTIONALLY DRILL AND MINE FROM LANDS OTHER THAN THOSE HEREINABOVE DESCRIBED, WATER, OIL OR GAS WELLS, TUNNELS AND SHAFTS INTO, THROUGH OR ACROSS THE SUBSURFACE OF THE LAND HEREINABOVE DESCRIBED AND TO BOTTOM SUCH WHIPSTOCKED OR DIRECTIONALLY DRILLED WELLS, TUNNELS AND SHAFTS UNDER AND BENEATH OR BEYOND THE EXTERIOR LIMITS THEREOF AND TO REDRILL, RETUNNEL, EQUIP, MAINTAIN, REPAIR, DEEPEN AND OPERATE ANY SUCH WELLS OR MINES, WITHOUT, HOWEVER, THE RIGHT TO DRILL, MINE, STORE, EXPLORE AND OPERATE THROUGH THE SURFACE OF THE UPPER 500 FEET OF THE SUBSURFACE OF THE LAND HEREINABOVE DESCRIBED. AS FILE NO. 85-355261 OF OFFICIAL RECORDS. EXCEPT ALL WATER, WATER 11 EXHIBIT B RATE AND METHOD FOR DETERMINING FAIR SHARE OBLIGATION RANCHO SANTA FE AND OLIVENHAIN ROADS The City Council shall use the following rate and method for determining 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 form CFD No. 2 to provide funding for those 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 of this alternate 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 Dwellinq 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 Commercialllndustrial and other 10.0 EDU per Acre The number of each type of unit included in a development shall 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 City Engineer may request additional information from any property owner as may be necessary to make his determination. 12 \lo The City Engineer is not required to make a determination on the number of EDUs for any project until adequate information is available. Type of Unit Commercial Shopping Center The City Engineer's determination shall be submitted to the City Council in the table below. The City Council shall make the final determination of the number of EDUs to be used in 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 amount shall be collected in one payment of $10,250 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 $10,250. If the City Council determined that the City Engineer's calculation of the 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. EDU per Cost per Acres acre EDU Covered by Amount Due 10.0 $1 0,250 7.469 $765,572 Agreement Los Coches Village MS 02-08 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. 13 Exhibit 3 . .. -. LCZATION MAP KJR LOS COCHES VILLAGE N SCALE la'= 200'