TO: LINDA REICH, CITY MANAGER
FROM: HYE JIN LEE, PE, DIRECTOR OF PUBLIC WORKS
SUBJECT
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Approve an Assumption and Partial Assignment of the Preserve Development Agreement between the City of Chino, a municipal corporation; Chino Development Corporation, a California corporation; and Century Communities of California, LLC, a Delaware limited liability company.
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RECOMMENDATION
1) Approve an Assumption and Partial Assignment of the Preserve Development Agreement between the City of Chino, a municipal corporation; Chino Development Corporation, a California corporation; and Century Communities of California, LLC, a Delaware limited liability company; and 2) authorize the City Manager to execute all documents on behalf of the City.
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FISCAL IMPACT
There is no direct fiscal impact to the City of Chino.
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:
* Public Service Excellence through Internal and External Partnerships
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Expenditure:
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BACKGROUND
In 2004, the City of Chino ("City") entered into a Development Agreement ("DA") with three entities of the Lewis Management Corporation known as Chino Development Corporation, Chino Preserve Development Corporation, and Chino Holding Company, LLC (collectively referred to as "Lewis Companies"). The DA was entered into to help guide the orderly development of The Preserve, which was envisioned as a master-planned residential and commercial community. Additionally, the DA set the terms and conditions of development on property owned by Lewis and established the rights and obligations of the developer and the City during development.
On June 6, 2023, the City Council approved ...
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