TO: LINDA REICH, CITY MANAGER
FROM: HYE JIN LEE, PE, DIRECTOR OF PUBLIC WORKS
SUBJECT
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Construction credit/reimbursement agreement with Chino Development Corporation, a California corporation, and Chino Preserve Development Corporation, a California corporation for the construction of storm drain improvements at various locations in The Preserve.
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RECOMMENDATION
recommendation
1) Appropriate $500,000.00 to the Storm Drain Fund with a corresponding year-end transfer in the same amount from The Preserve Storm Drain Development Impact Fee Fund (Fund 263); 2) adopt Resolution 2024-013 memorializing Chino Development Corporation, a California corporation rights to the highest priority reimbursement from The Preserve Storm Drain Development Impact Fee Fund (Fund 263); 3) approve a construction credit/reimbursement agreement with Chino Development Corporation, a California corporation and Chino Preserve Development Corporation, a California corporation for an amount not to exceed $6,485,122.11 for the construction of storm drain improvements at various locations in The Preserve; 4) approve an immediate reimbursement to Chino Development Corporation, a California corporation in the amount of $500,000.00 for said improvements; and 5) authorize the City Manager to execute all the necessary documents on behalf of the City.
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FISCAL IMPACT
Requires an appropriation of $500,000.00 to the Storm Drain Fund and schedule a corresponding year-end transfer in the same amount from The Preserve Storm Drain Development Impact Fee Fund (Fund 263).
Staff will continue to monitor the fund balance in The Preserve Storm Drain Development Impact Fee program and will make progress payments to the developer (when funds are available) until the terms of the agreement are fulfilled. Each progress payment requires 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...
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