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HomeMy WebLinkAbout2001-04-26 - RESOLUTIONS - FUND ACQUISITION AGMT (2)RESOLUTION NO. CFD 99-1-10 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA CLARITA, CALIFORNIA ACTING ON BEHALF OF ITSELF AND AS THE LEGISLATIVE BODY OF THE CITY OF SANTA CLARITA COMMUNITY FACILITIES DISTRICT NO. 99-1p APPROVING AN AMENDED AND RESTATED FUNDING, CONSTRUCTION AND ACQUISITION AGREEMENT IN CONNECTION WITH GOLDEN VALLEY ROAD AND APPROVING THE PURCHASE OF A 12 -ACRE PARCEL REFERENCED THEREIN WHEREAS, the City of Santa Clarita (the "City") has formed a Community Facilities District pursuant to the Mello -Roos Community Facilities District Act of 1982 (being Chapter 2.5, Part 1, Division 2, Title 5 of the California Government Code) (the "Act"), known as the City of Santa Clarita Community Facilities District No. 99-1 (the "District"); and WHEREAS, Spirit Properties, Ltd. (the "Owner") owns certain property within the City and the District and desires to proceed with the development of such Property in accordance with the terms of the Development Agreement, dated May 7, 1998 (the "Development Agreement"), between the City and Owner; and WHEREAS, the City, the District, and Owner have entered into that certain Funding, Construction, and Acquisition Agreement, dated as of August 1, 1999 (the "Original Agreement"), recorded with the County Recorder of the County of Los Angeles as Document No. 99-1519953, to implement the Development Agreement in connection with the formation of the District, the financing of certain portions of Golden Valley Road, and the issuance of bonds; and WHEREAS, pursuant to the terms of the Original Agreement, it was contemplated that the Owner acquire, design and/or construct a portion of Golden Valley Road from station 58+11 south to station 77+64 ("GVR Phase 2") and from station 77+64 south to station 122+50 ("GVR Phase 3"), and the City will acquire, design and/or construct or cause to be acquired, designed and/or constructed Phase 1 ("GVR Phase 1") of Golden Valley Road from station 122+50 south to Sierra Highway; and WHEREAS, pursuant to the terms of the Original Agreement, it was contemplated that bonds would be issued, secured by special taxes to be paid by the Project to finance GVR Phase 2 and GVR Phase 3 improvements, as well as other public improvements benefiting the Property; and Page 2 WHEREAS, the parties to the Original Agreement desire to amend and restate said agreement to provide that (a) the Owner shall acquire, design and/or construct GVR Phase 2 and the City shall acquire, design and/or construct GVR Phases 1 and 3, (b) the District shall be modified to eliminate certain parcels, substitute eligible facilities, change the rate and method of apportionment, and eliminate the authorization of bonded debt, (c) the Owner shall financially contribute to an interchange at Golden Valley Road and Soledad Canyon Road, and (d) the City shall purchase a 12 -acre parcel from the Owner; and WHEREAS, it is in the public interest and convenience to set forth all such terms and conditions of the modifications referenced above in the form of an amended and restated agreement for the funding, construction, and acquisition of the facilities; and WHEREAS, the form of an Amended and Restated Funding, Construction and Acquisition Agreement has been presented to this Council at this meeting and is on file with the City Clerk; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA CLARITA, acting on behalf of itself and as the legislative body of the City of Santa Clarita, a Community Facilities District No. 99-1, does resolve as follows: SECTION 1. The proposed form of the Amended and Restated Funding, Construction, and Acquisition Agreement (the "Amended Agreement") by and among the City, the District, and the Owner, in substantially the form presented at this meeting, is hereby approved. The City Manager, or his authorized designee, is hereby authorized and directed, on the City's behalf, to execute and deliver the Amended Agreement, in substantially said form, with such additions thereto, or changes therein, as recommended or approved by the City Manager and the City Attorney, the approval of such changes to be conclusively evidenced by the execution and delivery of the Amended Agreement. The City Manager is hereby authorized to approve changes or additions to the Exhibits of the Amended Agreement to the extent such changes or additions are required at a later time and are consistent with the intent of the Amended Agreement. SECTION 2. The City Council hereby approves the purchase from the Owner of the 12 -acre parcel described in the Amended Agreement, pursuant to the terms thereof and authorizes and directs the Mayor, the City Manager, the Finance Director/Director of Administrative Services, the City Attorney, the City Clerk, or any of them or their appointed or authorized designees acting in such capacities, to execute and deliver any and all documents and instruments and to do and cause to be done any and all acts and things necessary or proper for the carrying out of the transactions contemplated by this Resolution or in connection with the purchase of the 12 -acre parcel. SECTION 3. The Director of Administrative Services of the City is hereby authorized and directed to establish one or more accounts to implement the Amended Agreement. Page 3 SECTION 4. All actions heretofore taken by the officers, or their respective designees, employees and agents of the City Council, in connection with the matters discussed herein, are hereby ratified and confirmed. SECTION 6. This Resolution shall take effect immediately upon its adoption. PASSED, APPROVED and ADOPTED this 26" day of April, 2001. ATTEST: (, CITY CLERK STATE OF CALIFORNIA ) COUNTY OF LOS ANGELES ) as CITY OF SANTA CLARITA ) I, Sharon L. Dawson. City Clerk of the City of Santa Clarita, do hereby certify that the foregoing Resolution was duly adopted by the City Council of the City of Santa Clarita, acting on behalf of itself and as the Legislative Body of the City of Santa Clarita Community Facilities District No. 99-1, at a regular meeting thereof, held on the 26' day of April, 2001, by the following vote of the Council: AYES: COUNCILMEMBERS: Darcy, Kellar, Ferry, Waste NOES: COUNCILMEMBERS: None ABSENT: COUNCILMEMBERS: Smyth a cMp.A=..Wwac