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HomeMy WebLinkAbout2013-09-24; City Council; 21376; Authorize Pre-payment Agreement Taylor MorrisonCITY OF CARLSBAD - AGENDA BILL AB# MTG. DEPT. 21.376 09/24/13 FIN AUTHORIZE PREPAYMENT AGREEMENT BETWEEN THE CITY OF CARLSBAD AND TAYLOR MORRISON OF CALIFORNIA, LLC DEPT. DIRECTOR CM CITY ATTORNEY fjC CITY MANAGER 22, RECOMMENDED ACTION: Adopt Resolution No. 2013-236 _, authorizing the Mayor to execute a prepayment agreement between the City of Carlsbad and Taylor Morrison of California, LLC for one of the La Costa Town Square projects (CT 12-05). ITEM EXPLANATION: 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") that would 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 (to be designated as CFD No. 2 if formed) was intended to provide the property owners and the city with a feasible financing tool to guarantee funds would be available to construct the roads. However, delays in the formation of the CFD created development delay issues for some of the property owners in the proposed CFD who had met all of the non-circulation conditions placed on their maps. To address the development delay issues certain property owners faced. Council began allowing property owners to prepay their obligation under the proposed CFD No. 2 during late 1993 in exchange for a "prepayment" agreement. The prepayment agreement allows each developer to meet their obligation to participate in the funding of the Zone 11 circulation system by paying a fixed fee per housing unit. The prepayment agreements authorized by Council make two significant findings. First, 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 that it is the CFD which actually provides the financing guarantee. Secondly, 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. DEPARTMENT CONTACT: Roxanne Muhlmeister 760-602-2417 roxanne.muhlmeister(5^carisbadca.gov FOR CITY CLERKS USE ONLY. COUNCIL ACTION: APPROVED X CONTINUED TO DATE SPECIFIC • DENIED CONTINUED TO DATE UNKNOWN • CONTINUED • RETURNED TO STAFF • WITHDRAWN • OTHER-SEE MINUTES • AMENDED • Page 2 Since late 1993, 14 property owners have signed Fair Share Agreements approved by Council allowing them to pay their fair share amount. The prepayment fees paid under the Fair Share Agreements enabled the design and construction of the road improvements to commence. Five major road projects are financed through funds generated by the proposed CFD No. 2. These five projects include: • Olivenhain Road from Amargosa Drive to El Camino Real (complete); • Rancho Santa Fe Road from Olivenhain Road south into Encinitas (completed by the developer ofthe Shelley property - Continental Homes); • 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 (complete); • Rancho Santa Fe Road Phase I from La Costa Avenue to San Elijo Road (complete); and, • Rancho Santa Fe Road Phase II from San Elijo Road to Melrose Drive (complete). The prepayment fees are also enabling the environmental mitigation, monitoring, and restoration for Rancho Santa Fe Road North, Phase I and II required for the disturbance to wetland, upland, and ephemeral stream areas within the project location. A portion of the mitigation took place on-site (construction complete). The on-site mitigation was located in the area under and adjacent to the new bridges over San Marcos Creek. The on-site mitigation is currently in the five year monitoring and maintenance period. A portion of the mitigation is taking place off-site at San Marcos Creek east of Melrose Drive in the City of San Marcos (construction complete). The off-site mitigation is currently in the five year monitoring and maintenance period. Staff is requesting Council to authorize Taylor Morrison of California, LLC to prepay their proposed CFD No. 2 obligations for one of the La Costa Town Square projects. The Taylor Morrison of California, LLC La Costa Town Square project is located in Zone 11 as shown on the attached location map (Exhibit 1). The prepayment agreement is for the La Costa Town Square project consisting of the construction of: • 32 detached residential units (CT 12-05). Two other La Costa Town Square projects under currently under development by Property Development Centers, LLC have already entered into prepayment agreements on 01/8/13 (Agenda Bill 21,086 Resolution No. 2013-006). These two projects consist of: • 24 commercial lots (CT 01-09), and • 63 detached residential units (CT 08-03). One remaining La Costa Town Square project is not yet sufficiently developed to allow prepayment of their proposed CFD No. 2 obligations. A separate Agenda Bill authorizing a prepayment agreement will be requested when this project is further along in their development. This project consists of: • 2 office lots containing a maximum of 60 airspace units (CT 08-07). Approving the prepayment agreement allows the project to proceed through the development approval process by providing a mechanism to meet circulation element financing requirements found in the Local Facilities Management Plan for Zone 11. Page 3 FISCAL IMPACT: The funding of the Rancho Santa Fe Road and Olivenhain Road projects has been a major .concern of the city and the property owners for many years. The project affects the development of about 2,400 acres of land in southeast Carisbad. Total project costs are projected to total over $50 million. Funding for the project will come from prepayments of, and taxes collected under, CFD No. 2 if it is created, as well as a contribution of $6 million from CFD No. 1 and several federal grants. Taylor Morrison of California, LLC La Costa Town Square residential (CT 12-05) will contribute $236,800 to the CFD No. 2 Fund to pay their fair share of the project costs, which are $7,400 per Equivalent Dwelling Unit (EDU). 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 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 is now assessed at $7,400 for each EDU. The calculation of the fee amount is on the last page of the Agreement. ENVIRONMENTAL IMPACT: The City Council certified an Environmental Impact Report (EIR 01-02) for and approved the La Costa Town Square project on August 18, 2009. A condition of approval requires an agreement for prepayment ofthe project's funding obligation to improve Rancho Santa Fe Road. These roadway improvements, as well as the four other completed road projects financed through funds generated by the proposed CFD No. 2, have been subject to previously completed environmental review. EXHIBITS: 1. Location Map. 2. Resolution No. 2013-236 authorizing the Mayor to execute a prepayment agreement between the City of Carlsbad and Taylor Morrison of California, LLC for one of the La Costa Town Square projects (CT 12-05). 3. Petition, Waiver, and Consent to Creation of a Community Facilities District and Agreement to Pay Fair Share Cost of La Costa Town Square - Residential (CT 12-05). 5 Exhibit 1 LOCATION MAP NOT TO SCALE LEGEND: CT 12-05 HAS ENTERED INTO A PREPAYMENT AGREEMENT CT 01-09 & CT 08-03 HAVE ENTERED INTO PREPAYMENT AGREEMENTS (AB 21.086. RES 2013-006) APN 223-050-73-00 (Q)) WILL ENTER INTO PREPAYMENT AGREEMENTS AT A LATER DATE PROJECT NAME LA COSTA TOWN SQUARE (CT 08-03, CT 01-09 & CT 12-05) PLOTTED BY: SCOTT EVANS PLOT DATE:8/19/13 PATHiD: \UISCELLANEOUS\UAPS FOR nNJWCE\LA COSTA TOW SQUAI^.DWG Exhibit 2 1 RESOLUTION NO. 2013-236 2 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 TAYLOR MORRISON OF CALIFORNIA, LLC 5 FOR ONE OF THE LA COSTA TOWN SQUARE PROJECTS (CT 12-05) 6 " 7 3 WHEREAS, the City of Carisbad City Council has required that the funding of 9 Rancho Santa Fe Road and Olivenhain Road (Project) must be guaranteed before any 10 development takes place in the area bounded by Local Facilities Management Zones 11 1 -j and 12, and portions of Zone 6; and 12 WHEREAS, the Council has directed city staff to proceed with the formation of a 13 Community Facilities District (CFD No. 2) to finance the Project when needed; and 14 WHEREAS, the Council is willing to consider alternative financing proposals 15 during the period from the present to the formation date of CFD No. 2; and 16 WHEREAS, the Council finds that the guarantee provisions related to the Project 17 may be met through an interim financing program using an agreement between certain 13 property owners and the city whereby the property owner agrees to prepay his/her fair 19 share of costs associated with the Project; and 20 WHEREAS, Taylor Morrison of California, LLC intends to build 32 detached 21 residential units in LFMZ 11 identified as CT 12-05; and 22 WHEREAS, the City Engineer has determined that, due to the size of the 23 residential development, there will be no major impact on the circulation system at the 24 present time if the development is allowed to proceed; and, 25 WHEREAS, the Council finds that Taylor Morrison of California, LLC may enter 26 into the attached Agreement to Pay Fair Share in satisfaction of their obligation under 27 the Project financing conditions; and 28 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 WHEREAS, one La Costa Town Square project proposing to build 2 office lots containing a maximum of 60 airspace units in LFMZ 11 identified as CT 08-07 will be brought fonA/ard to Council separately for approval. 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 Cost of La Costa Town Square - Residential (CT 12-05)" between the City of Carisbad and Taylor Morrison of California, LLC. 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 PASSED, APPROVED AND ADOPTED at a Regular Meeting ofthe City Council ofthe City of Carisbad on the 24*^ day of September, 2013, by the following vote to wit: AYES: NOES: Council Members Hall, Packard, Wood, Blackburn and Douglas. None. ABSENT: None. MATT ATTEST: BARA ENGLESON. (m Clerk iiiiiii EXHIBIT 3 PETITION, WAIVER, AND CONSENT TO CREATION OF A COMMUNITY FACILITIES DISTRICT AND AGREEMENT TO PAY FAIR SHARE COST OF LA COSTA TOWN SQUARE - RESIDENTIAL (CT 12-05). RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: City Clerk CITY OF CARLSBAD 1200 Carlsbad Village Drive Carlsbad, CA 92008 Space Above This Une for Recorder's Use Assessor Parcel No. 223-050-71-00 PETITION, WAIVER AND CONSENT TO CREATION OF A COMMUNITY FACILITIES DISTRICT AND AGREEMENT TO PAY FAIR SHARE COST OF LA COSTA TOWN SQUARE - RESIDENTIAL (CT 12-05) ("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 La Costa Town Square - Residential (CT 12-05), which consists of thirty-two (32) residential lots, (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, 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. 41 of Planning Commission Resolution No. 6967 dated May 1, 2013, recommending approval of Carlsbad Residential Tract Map No. 12-05 (CT 12-05), 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 cannot 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 originally referenced in City Council Resolution No. 2009-23 dated September 15, 2009, and as set forth in Condition No. 41 of Planning Commission Resolution No. 6967 dated May 1, 2013 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, WHEREAS, the City Council has detennined 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 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 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 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 South (RSF So.) (Assumes Secondarv Arterial Standard - Encinitas Citv Boundary 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 ail 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 3 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 ordering of the improvements under applicable California 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 form said District, Property Owner has entered into this Agreement and has paid to the City ali 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 1. 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 Properiy 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 as referenced in City Council Resolution No. 2009-232 dated September 15, 2009, as described in Section 1, as required by Condition No. 41 of Planning Commission Resolution No. 6967 dated May 1, 2013 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. 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 Carisbad Municipal Code, applicable zone plan, financing plans and related documents until a satisfactory financing program has been developed to fund the constmction of the Improvements described in Section 1. 6. Properiy 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 the Project by the City. 8. Property Owner agrees that payment of its fair share is not a fee and waives any and ali 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 seq.. or any successor or related statutes. 9. a) If the District is fomned 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, 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 fonnation 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 Administrative Sen/ices 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 detennine the total cost of all phases of the Improvements and aii related work (Costs), and the Administrative Services 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 constmction of the Improvements (Revenues). The Administrative Services 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 Administrative Services 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 detennined 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 othenwise complete the project to the satisfaction of the City Engineer, including applicable charges for City staff services. Total Revenues shall include alt monies held by the City dedicated exclusively to the constmction of the Improvements including any fee revenues earmarked for the Project, CFD #2 taxes, applicable CFD #1 taxes, grants, and interest earned on restricted funds as determined by the Administrative Services 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 detennined 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 Administrative Services 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. ^3 f) As a courtesy to alt interested parties, the Crty 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 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. 11. Compliance with this Agreement will be accepted by City as an altemate to the method described in the current Local Facilities Management Plan for local facilities Management Zone 11 for financing the Improvements described in Paragraph 1. This Agreement does not require City to issue building pennits 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 Carisbad 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 Genera! Plan, the Growth Management Program, and the Local Facilities Management Plan, and all subsequent discretionary approvals and pemriits 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 shali any officer or employee of City, be liable or 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: Taylor Morrison of Califomia, LLC, a Califomia limited liability company Attn: April Tornillo 8105 In/ine Center Drive, Suite 1450 „ (^p^ y^b'IB " ' ^ , Notices to the City shall be delivered to: City of Carisbad Attn: Administrative Sen/ices Director 1635 Faraday Avenue Carisbad, 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. 9 n 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 binding authorizations herein. (Remainder of Page Intentionally Left Blank) 10 PROPERTY OWNER Taylor Monrison of Califomia LLC, a (California limited liability company CITY OF CARLSBAD, a municipal corporation of the State of California By: (sigrwiere) (print narne here) Mayor ( (title) ATTE ^ ie-m« (e-msuj address) i——> B City Clerk (sign here) (print name here) (title) (e-mai! address) If required by City, proper notary acknowledgment of execution by contractor must be attached. If a Corporation. Agreement must be signed by one corporate officer from each of the following two groups. *Group A. **Group B. Chairman, Secretary, President, or Assistant Secretary, Vice-President CFO or Assistant Treasurer Otherwise, the corporation must attach a resolution certified by the secretary or assistant secretary under corporate seal empowering the ofricer(s) signing to bind the corporation. APPROVED AS TO FORM: CELIA A. BREWER, City Attorney Assistant City Attorney 11 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT CIVIL CODE § ii89 State of Califomia County of Cfe^^"" OnT^UAifJ^ before me, {^ly^r/, ^S. AvvW'S^/^ Oriole. Date 1 Here insert Name and Titl^of the Officer \ \ } personally appeared Name(s) of Signer{s) % OCX 1 GRACC S. ANDERSON Con«nittion# 1991524 Notary Public - CaHfornia z Orange County 2 »Comm. Expires Sep 17.20161 who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) Is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in hts/lner/their authorized capacity (ies), and that by h1s/hWtheir signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) 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. Place Notary Seal Above Signature: OPTIONAL — Signature of Notary Public Though the information below is not required by iaw, 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 Document: T?-:^I\^ «.'A i\ruver^v\i C.{)C&v\^ \oC Y€-Ahor\ c^cxC'f Sy .-Ci^.A^Y^r.val Document Date: lX-\^ci:cXt A Number of Pages: Signer(s) Other Than Named Above: Capaclty(ies) Claimed by Signer(s) Signer's Name: • Corporate Officer — Title(s): • Individual • Partner — • Limited • General • Attorney in Fact • Trustee • Guardian or Conservator • Other; RIGHT THUMBPRINT OF SIGNER Top of thumb here Signer Is Representing: Signer's Name: • Corporate Officer — Tjtle(s): • Individual • Partner — • Limited • General • Attorney in Fact G Trustee • Guardian or Conservator i:i Other: Signer Is Representing: RIGHT THUMBPRINT OF SIGNER Top of thumb here i ©2010 National Notary Association • NatlonalNotary.org • 1-800-US NOTARY (1-800-876-6827) Item #5907 ZO CALIFORNIA ALL-PURPOSE CERTIFICATE OF ACKNOWLEDGMENT State of Califomia County of San "Qi^Ap On Geft. T^l^before me, ^AosTAe^ 'fvv\ r >sjo-VTtm 1^UMM2) \^ (Here insert name and title of the officeci/ personally appeared who proved to me on the basis of satisfactory evidence to be the person^s) whose name^) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/thcir authorized capacity(i©&), and that by his/h©f/th©k signature^) on the instmment the person(s), or the entity upon behalfof which the person(#) 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. 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If seal impression smudges, re-seal if a sufficient area permits, otherwise complete a different acknowledgment form. • Signature of the notary public must match the signature on file with the office of the county 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 v 12.10.07 800-873-9865 www.NotaryClasses.com EXHIBIT "A" LEGAL DESCRIPTION Real Property in the City of Carisbad, County of San Diego, State of California, more particularly described as follows: Parcel 1 of City of Carlsbad Minor Subdivision No. 04-08 recorded by the County Recorder of the County of San Diego on July 11,2012 as Parcel Map No. 20982. (Remainder of Page Intentionally Left Blank) 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 detennining the fair share obligation for funding the constmction 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 Carisbad 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 detennine 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 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 shall be detennined 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. 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 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. •ti^ Fair Share Amount and Method of Payment 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 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 is now assessed at $7,400 for each EDU. The City shall collect $7,400 for each EDU as determined by the City Council. This amount shall be collected in one payment of $7,400 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 $7,400. If the City Council detennined 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. Computation of Fair Share Obligation La Costa Town Square Parcel CT No. Type of Unit EDU Cost per Amount Due 1 CT 12-05 Single Family Detached Units 32.0 $7,400 $236,800 2 CT 01-09 Commercial 372.9 $7,400 $2,759,460 3 CT 08-07 Office 63.2 $7,400 $467,680 4 CT 08-03 Single Family Detached Units 64 $7,400 $473,600 Total $3,700,740 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.