HomeMy WebLinkAbout2005-04-19; City Council; Resolution 2005-1101
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Exhibit 1
RESOLUTION NO. 20051 10
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 LOS COCHES VILLAGE, LLC., MS 02-08
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 has directed City staff to proceed with the formation of a
Community Facilities District (CFD No. 2) to finance the Project when needed; and
WHEREAS, 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, 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 hislher fair
share of costs associated with the Project; and
WHEREAS, Los Coches Village, LLC intends to build a commercial shopping
center in Local Facilities Management Zone 11 identified as MS 02-08; and
WHEREAS, the City Engineer has determined that, due to the size of the
shopping center development, there will be no major impact on the circulation system
at the present time if the development is allowed to proceed; and,
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WHEREAS, the Council finds that Los Coches Village, LLC may enter into the
attached Agreement to Pay Fair Share in satisfaction of their obligation under the
Project f i n a nci n g cond it ions .
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” between the City of Carlsbad and Los Coches
Village, LLC.
PASSED, APPROVED AND ADOPTED at a regular meeting of the Carlsbad City
Council held on the 19thday of April , 2005 by the following vote, to
wit:
AYES: Council Members Lewis, Hall, Kulchin, Packard, SiHoose
- CLAUDE A. LEWIS, Mayor
ATTEST: