HomeMy WebLinkAbout1995-08-09; City Council; Resolution 95-221r. 0 0
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
RESOLUTION NO. 95-221
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARISBAD, CALIFORNIA, AUTHORIZING THE MAYOR TO
EXECUTE A PREPAYMENT AGREEMENT BETWEEN THE CITY OF
CARLSBAD AND CENTEX REAL ESTATE CORPORATION FOR CT
89-18 ~~
WHEREAS, the City of Carlsbad City Council has required that the funding (
Rancho Santa Fe Road and Olivenhain Road (Project) must be guaranteed before an
development takes place in the area bounded by Local Facilities Management Zones 11 an
12, and portions of Zone 6; and
WHEREAS, the Council had directed City staff to proceed with the formation of
Community Facilities District (CFD No. 2) to finance the Project; and
WHEREAS, although the Council anticipates that CFD No. 2 will be formed in tl
future, the Council is willing to consider alternative financing proposals during the period fro.
the present to the formation date of CFD No. 2; and
WHEREAS, such interim financing program will only be considered as long as tl
Council finds that the formation of CFD No. 2 is proceeding in a reasonable manner; anc
WHEREAS, the Council finds that the formation of CFD No. 2 is proceeding in
reasonable manner; and
WHEREAS, the Council finds that the guarantee provisions related to the Project m
be met through an interim financing program using an agreement between certain proper
owners and the City whereby the property owner agrees to prepay hidher fair share of COI
associated with the Project; and
WHEREAS, Centex Real Estate Corporation (Centex) intends to build a 174-ul
development in Local Facilities Management Zone 11, known as Rancho Verde CT 89-1
and
WHEREAS, the City Engineer has determined that, due to the size of the Cent
development, there will be no major impact on the circulation system at the present timc
the Centex development is allowed to proceed; and
!
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 I) t'
27 '
28
I
e 0
WHEREAS, the Council finds that Centex may enter into the attached Agreement tc
Pay Fair Share (Exhibit A) in satisfaction of their obligation under the Project financin,
conditions.
NOW THEREFORE BE IT RESOLVED by the City Council of the City of Carlsbac
California, as follows:
1. That the above recitations are true and correct.
2. That the form of the PETITION, WAIVER AND CONSENT Tc
CREATION OF A COMMUNITY FACILITIES DISTRICT AN
AGREEMENT TO PAY FAIR SHARE, Exhibit A attached here to, is here1
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 tl
recordation of a final map and shall be equal to $1,783,500 (174 units @ $10,250 per unir
with additional payments to be made to the City as described in the attached agreeme:
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 described
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, Hall
NOES: None
ABSENT: None
A'ITEST:
NZ, City Clerk
KAREN R. KUNDTZ, Assistant City Clerk