HomeMy WebLinkAbout1995-08-08; City Council; Resolution 95-220c
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RESOLUTION NO. 95-220
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARZSBAD, CALIFORNIA, AUTHORIZING THE MAYOR TO
EXECUTE A PREPAYMENT AGREEMENT BETWEEN THE CITY OF
CARLSBAD AND CENTEX REAL ESTATE COWORATION FOR CT-
85-10
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 had directed City staff to proceed with the formation of a
Community Facilities District (CFD No. 2) to finance the Project; and
WHEREAS, although the Council anticipates that CFD No. 2 will be formed in the
future, 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, such interim financing program will only be considered as long as the
Council finds that the formation of CFD No. 2 is proceeding in a reasonable manner; and
WHEREAS, the Council finds that the formation of CFD No. 2 is proceeding in a
reasonable manner; 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 hidher fair share of costs
associated with the Project; and
WHEREAS, Centex Real Estate Corporation (Centex) intends to build a 189-unit
development in Local Facilities Management Zone 1 1, known as Rice Property CT 85- 10; and
WHEREAS, the City Engineer has determined that, due to the size of the Centex
development, there will be no major impact on the circulation system at the present time ij
the Centex development is allowed to proceed; and
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WHEREAS, the Council finds that Centex may enter-into the attached Agreemen
Pay Fair Share (Exhibit A) in satisfaction of their obligation under the Project financ
conditions.
NOW THEREFORE BE IT RESOLVED by the City Council of the City of Carlst
California, as follows:
1. That the above recitations are true and correct.
2. That the form of the PETITION, WAIVER AND CONSENT
CREATION OF A COMMUNITY FACILITIES DISTRICT A
AGREEMENT TO PAY FAIR SHARE, Exhibit A attached here to, is her
approved.
3. That the Mayor is hereby authorized to enter into the agreement shown
Exhibit "A" with Centex.
4. The amount that is due and payable to the City by Centex prior to
recordation of a final map and shall be equal to $1,937,250 (189 units @ $10,250 per un
with additional payments to be made to the City as described in the attached agreemc
Centex may, at its discretion, present the City with final maps, as approved by the C
Engineer and may pay the City for the proportional share of the amount due, as describec
the attached agreement.
PASSED, APPROVED AND ADOPTED at a regular meeting of the City Council
the 8th day of AUGUST , 1995, by the following vote, to wit:
AYES: Council Members Lewis, Nygaard, Kulchin, Finnila, Ha:
NOES: None
ABSENT: None
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ATTEST:
'&THi$&JdUTPNZ, (SEAL)
City Clerk
KAREN R. KUNDTZ, Assistant City Clerk