HomeMy WebLinkAbout1999-05-04; City Council; Resolution 99-155r ’* e e
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RESOLUTION NO. 99-155
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA, AUTHORIZING THE RELEASE
AND PAYMENT OF FUNDS TO REAL ESTATE
COLLATERAL MANAGEMENT COMPANY FOR
PRELIMINARY ENGINEERING AND DESIGN WORK AND
HABITAT MITIGATION COSTS FOR RANCHO SANTA FE
ROAD APPROPRIATING FUNDS, AND AUTHORIZING
MAYOR TO EXECUTE AMENDMENT NO. I TO THE 1996
RANCHO SANTA FE ROAD AGREEMENT.
WHEREAS, on February 3, 1997 the City of Carlsbad City) and Real Estate
Collateral Management Company (RECM) entered into an agreement titled “1996
Rancho Santa Fe Road Agreement” (Agreement), and
WHEREAS, the Agreement addresses the obligations of both the City and
RECM related to the financing and construction of future phases of Rancho Santa F
Road, and
WHEREAS, section 4.1 of the Agreement provides that RECM is eligible for
reimbursement for expenses related to the preliminary engineering and design cost!
Rancho Santa Fe Road up to $4.0 million, and for future road habitat and mitigation
costs up to $5.75 million, and
WHEREAS, such reimbursement would not occur until I) the City and RECW
had reached an agreement on the amounts due to RECM under each category of
expenses, and 2) the road had been constructed, or the City Engineer is satisfied th
adequate funds are available for the completion of all road work, and
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WHEREAS, following a review of all costs by the City Engineer, the City and
RECM have reached an agreement that the amount due to RECM for preliminary
engineering and design costs is $863,327, and
WHEREAS, following a review of mitigation requirements by the City staff, th
City and RECM have reached an agreement that the amount due to RECM for road
related habitat mitigation costs is $2,391,000, based on the formula shown in sectio
6.4 of the Agreement, and
WHEREAS, the City Engineer has determined that funds remaining after the
reimbursement of the above expenses will be adequate to finance the remaining
phases of Rancho Santa Fe Road
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 City Engineer and Finance Director are hereby authorized to release tht
amount of $863,327 representing the amount due to RECM in full satisfaction of
requirements of section 4.1 (i) of the Agreement.
3. That the City Engineer and Finance Director are hereby authorized to release thc
amount of $2,391,000 representing the amount due to RECM in full satisfaction c
the requirements of section 4.1 (ii), and 6.4 of the Agreement.
4. That the above payments shall be made from Rancho Santa Fe Road prepayme
received from developers subject to inclusion in Community Facilities District #2
(CFD #2), and that these expenses are directly related to the project, and are ' subject to reimbursement from any future bond issue that may result from the
formation of CFD #2.
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5. That the Finance Director is hereby authorized to appropriate the amount of
$3,254,327 from Rancho Santa Fe Road Prepayment funds for the above payr,
to RECM.
6. That the Mayor is hereby authorized to execute Amendment No. 1 to the 1996
Rancho Santa Fe Road Agreement.
PASSED AND ADOPTED THIS 4 th DAY OF May , 1E
BY THE FOLLOWING VOTE TO WIT:
AYES: Council Members Hall, Nygaard, Finnila & Kulchin
NOES: None
ABSENT: Council Member Lewis
ABSTAl N: None
ATTEST:
/
CLAUDE A. LEWIS, MAYOR
MATT HALL, Mayor Pro Tern
NZ, CITY CLERK KAREN R. KUNDTZ, Assistant City Clerk
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