HomeMy WebLinkAbout2003-06-03; City Council; Resolution 2003-1421
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. 2003-142
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA, AUTHORIZING THE MAYOR TO
RELEASE THE AVIARA PARKS AGREEMENT LETTER OF
CREDIT
WHEREAS, the City of Carlsbad approved a Parks Agreement between the City and
Aviara Land Associates in June 1989, requiring Aviara to provide a Letter of Credit to secure the
advance funding for the improvement of 15 acres of parkland; and
WHEREAS, sufficient funds for the construction of Aviara Park are now available from
Public Facilities Fees (PFF) and have been scheduled in the Preliminary 2003-04 Capital
Improvement Program; and
WHEREAS, the funding will provide for the basic development of all 30 acres of the park,
which is in excess of Aviara’s requirement to fund development of 15 acres of park; and
WHEREAS, Aviara is requesting that the Letter of Credit be released since there are
sufficient funds for the development of the park; and
WHEREAS, staff is recommending that the Letter of Credit securing the advance funding
in the amount of $1.725 million be released.
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.
Ill
Ill
Ill
Ill
Ill
Ill
1
2
3
4
5
6
7
8
9
IO
11
12
13
14
15
16
17
18
I9
20
21
22
23
24
25
26
27
28
2. That the Mayor of the City of Carlsbad is authorized to release the Letter of Credit
provided by Aviara to the City in the amount of $1.725 million.
PASSED, APPROVED, AND ADOPTED at a regular meeting of the City Council of the
City of Carlsbad, California held on 3rd day of JUNE , 2003 by the following
vote to wit:
AYES: Council Members Lewis, Finnila, Kulchin, Hall, Packard
NOES: None
ABSENT: None
ATTEST:
LORRAINE M. WO&, City Clerk +5
(SEAL)
Page 2 of 2 of Resolution No. 2003-142