HomeMy WebLinkAbout98-045 CC ResolutionRESOLUTION NO. 98-45
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TEMECULA APPROVING AN AMENDMENT TO THE
SALES TAX REIMBURSEMENT AGREEMENT FOR
COMMUNITY FACILITIES DISTRICT NO. 88-12
RELATING TO THE TEMECULA MALL PROPERTY
THE CITY COUNCIL OF THE CITY OF TEMECULA HEREBY RESOLVES AS
FOLLOWS:
Section 1.
declare that:
The City Council of the City of Temecula does hereby find, determine and
A. The Board of Supervisors of Riverside County formed Community Facilities
District No. 88-12 CCFD 88-12") on September 26, 1989. At a special election held on March
23, 1990 the qualified electors of the CFD 88-12 authorized CFD 88-12 to incur certain bonded
indebtedness and approved the Rate and Method to pay the principal and interest on the bonds
through a Special Tax levied by the District. Governance of CFD 88-12 was transferred from the
County of Riverside to the City as of December 1, 1997.
B. On June 14, 1991, the City and each of the owners of property within CFD
88-12 entered into an agreement entitled "Agreement Regarding Sales Tax Revenues as to
Business Located Within the Boundaries of Community Facilities District No. 88-12 (Ynez
Corridor) of the County of Riverside, State of California" (the "Agreement"). Two amendments
to the Agreement were approved on April 12, 1994 with respect to matters pertaining only to
Rancho Mobile Home Estates and Eli Lilly and Company.
C. The Agreement generally provides that the City will retain certain sales tax
revenues generated by businesses within CFD 88-12. These revenues will then be used to
reimburse the owners of properties within CFD 88-12 for payment of the Special Tax to CFD 88-
12 in accordance with specified priorities based on whether the property is developed or
undeveloped, as defined in the Agreement.
D. The Agreement further provides that reimbursement payments will be made
to the then current owner of the property within CFD 88-12, even if the reimbursement is for a
Special Tax payment made for a prior fiscal year by the previous owner of the property.
E. LGA-7 is the owner of certain real property described on Exhibit A,
attached hereto and incorporated herein by this reference (the "Property"). LGA-7 is in escrow
to sell a portion of the Property for development of a regional mall and power center and will
retain the remainder of the Property for commercial development. Individual parcels will be
R:resos.98-45 1
created from the Property and sold to the major retailers which will be constructing retail stores
on the Property.
F. LGA-7, or its predecessors in interest, have paid all taxes and assessments
for the Property through the 1997-98 fiscal year.
G. It is in the interests of both the City and LGA-7 to modify the Agreement
to provide that reimbursement of Special Tax payments pursuant to the Agreement through the
1997-98 fiscal year be paid to LGA-7 rather than the then current owners of the Property.
Section 2. The City Council of the City of Temecula hereby approves that certain
Agreement entitled "AMENDMENT TO "AGREEMENT REGARDING SALES TAX
REVENUES AS TO BUSINESS LOCATED WITHIN THE BOUNDARIES OF COMMUNITY
FACILITIES DISTRICT NO. 88-12 (YNEZ CORRIDOR) OF THE COUNTY OF RIVERSIDE,
STATE OF CALIFORNIA," DATED AS OF JUNE 14, 1991, AS TO CERTAIN PROPERTIES
OF LGA-7, INC. ONLY "dated as of May 26, 1998, with such changes mutually agreed upon
by the City Manager and LGA-7 as are minor and in substantial conformance with the form of
such Agreement as have been submitted herewith. The Mayor is hereby authorized and directed
to execute the Agreement, on behalf of the Agency. A copy of the final Agreement when
executed by the Mayor and representatives of LGA-7 and attested by the City Clerk shall be place
on file in the Office of the City Clerk.
Section 3. The City Manager (or his designee), is hereby authorized, on behalf of the
Agency, to take all actions necessary and appropriate to carry out and implement the Agreement
and to administer the City's obligations, responsibilities and duties to be performed under the
Agreement and related documents, including but not limited to, escrow instructions, certificates
of acceptance, and implementing agreements.
Section 4. The City Clerk shall certify to the adoption of this Resolution.
PASSED, APPROVED AND ADOPTED by the City Council of the City of Temecula
this 26th day of May, 1998.
Ron Roberts, Mayor
ATTEST:
A-et. ing City Clerk
R:resos.98-45 2
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE) ss
CITY OF TEMECULA )
I, Susan W. Jones, CMC, Acting City Clerk of the City of Temecula, California, do
hereby certify that Resolution No. 98-45 was duly and regularly adopted by the City Council of
the City of Temecula at a regular meeting thereof held on this 26th day of May, 1998, by the
following vote:
AYES: 5
COUNCILMEMBERS: Comerchero, Ford, Lindemans, Stone, Roberts
NOES:
0 COUNCILMEMBERS: None
ABSENT: 0 COUNCILMEMBERS: None
Susan
A inS~.~City Clerk
R:resos.98-45 3
Robert Bein, William Frost & Associates
2?555 Ynez Road, Suite 400
Temecula, CA 92591
EXHIBIT "A"
I.F. GAL DESCKIPTION
MAII. SITE
OVEKA~.I. OWNERSHIP
December 3, 1996
JN 401027-M5
Page 1 of 1
That certain parcel of land situated in the City of Temecula, County of Riverside, State of
California, being those portions of Lots 115, 117, 140 and 141, Jack~on Avenue, I..incoln
Avenue and Monroe Avenue (vacated by Resolution of the Board of Supervisors recorded.
December 19, 1951 in Book 1328, Page 6? of Official Records in the Office of the County
Recorder of said Riverside County) and Apricot Street as shown on a Map of the Temec::~a
Land and Water Company filed in Book 8, Page 359 of Maps in the Office of the County
Recorder of San Diego County, California, together with those portions of Lots 4 through ?
of Tract No. 3334 filed in Book 54, Pages 25 t~ough 30 of Maps in said Office of the Riverside
County Recorder, included within Parcels A, B, C, F, G and H of Lot Line Adjustment No.
PA95-0111 recorded December 15, 1995 as Instrument No. 416771 of Official Records in said
Office of the Riverside County Recorder.
CONTAINING: 189.17 Acres Gross, more or less.
SUBJECT TO all covenants, rights, rights-of-way and easements of record.
~1,~.1~'-
1 1:5 LS. 3527 O=l-n Lawrence L. Bacon, P~ 3527