TO: LINDA REICH, CITY MANAGER
FROM: HYE JIN LEE, PE, DIRECTOR OF PUBLIC WORKS
SUBJECT
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Chino Preserve Development Corporation - Development Impact Fee Credit & Reimbursement Agreement Tract Map No. 16420-5 (Block 3)...end
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RECOMMENDATION
Approve a Development Impact Fee Construction credit/reimbursement agreement with Chino Preserve Development Corporation for Tract Map No.16420-5 (Block 3) for $4,077,734 and authorize the City Manager to execute the necessary documents on behalf of the City.
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FISCAL IMPACT
Credits issued to the developer will be deducted from the actual project costs once the final cost accounting has been reviewed and approved by the City Engineer. Upon the final acceptance of the public improvements by the City Council, staff will continue to monitor the fund balance in the appropriate Development Impact Fee Fund and begin making progress payments to the developer until the terms of the agreement are fulfilled. Each progress payment will require an appropriation of funds and therefore, each payment will be brought back to the City Council for approval.
CITY OF CHINO MISSION / VISION / VALUES / STRATEGIC ISSUES
The recommendation detailed above further the City's values and strategic issues that serve as key pillars on which identified priorities, goals, and action plans are built, by fostering:
* Responsible Long-Range Planning
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BACKGROUND
In 2008, the City's Planning Commission approved an "A" level Master Site Approval and Tentative Tract Map No. 16420 to subdivide 522 acres of land generally located south of Pine Avenue, west of Hellman Avenue, and north and east of Chino Corona Road for what is known as the South of Pine area in The Preserve. The purpose of the original Master Site Approval was to establish large parcels, and phase major backbone street systems for ...
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