HomeMy WebLinkAbout2010-06-29; City Council; Resolution 2010-166Exhibit 1
1 RESOLUTION NO. 2010-166
2 A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF CARLSBAD, CALIFORNIA, APPROVING
3 AND AUTHORIZING EXECUTION OF THE
AMENDMENT TO THE FIRST AMENDED AND
RESTATED REIMBURSEMENT AGREEMENT FOR
5 CONSTRUCTION WITHIN THE CITY OF CARLSBAD,
RANCHO SANTA FE ROAD NORTH REALIGNMENT
6 AND WIDENING, (PHASE 1, PROJECT NO. 3190;
HCP FRONTAGE WORK; PHASE 2, PROJECT NO.
7 3907)
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WHEREAS, the City of Carlsbad has widened and realigned Rancho Santa Fe
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1Q Road from La Costa Avenue to Melrose Drive through City Project No.'s 3190 and
11 3907; and
12 WHEREAS, Real Estate Collateral Management Company ("Developer") is the
13 Developer of the City approved project know as Carlsbad Tract 99-04, La Costa Oaks
14 (the "Oaks Project"); and
15 WHEREAS, the City and Developer have cooperated in the construction of
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Rancho Santa Fe Road North to the mutual benefit of both parties and desire to
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continue to cooperate; and
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WHEREAS, sufficient funds currently exist in the Rancho Santa Fe Road Fund to19
finance the anticipated remaining Rancho Santa Fe Road project expenditures and
21 provide a buffer for unanticipated expenditures; and
22 WHEREAS, the City and Developer desire to amend the First Amended and
23 Restated Reimbursement Agreement to defer RECM's obligation to pay the City
24 $449,010 for the Wildlife Crossing until the final accounting of the Rancho Santa Fe
05 Road financing program; and
26 NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
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Carlsbad, California, as follows:
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2 2. That the Amendment to the First Amended and Restated Reimbursement
3 Agreement for Construction within the City of Carlsbad, Rancho Santa Fe
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Road North Realignment and Widening, (Phase 1, Project No. 3190; HCP
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Frontage Work; Phase 2, Project No. 3907) is hereby approved.
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Exhibit 1
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1. That the above recitations are true and correct.
3. That the Mayor is hereby authorized to execute the agreement with Real
Estate Collateral Management Company.
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PASSED, APPROVED AND ADOPTED at a Special Meeting of the City Council
of the City of Carlsbad on the 29th day of June, 2010, by the following vote to wit:
AYES: COUNCIL MEMBERS LEWIS, KULCHIN, HALL, PACKARD AND
BLACKBURN.
NOES: NONE.
ABSENT: NONE.
OJDE A LEWIS, Mayor
ATTEST:
RR^INE KM/VOOD, City Cler