TO: LINDA REICH, CITY MANAGER
FROM: HYE JIN LEE, PE, DIRECTOR OF PUBLIC WORKS
SUBJECT
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Construction credit/reimbursement agreement with Lennar Homes of California, a California corporation for the construction of public improvements for Tract Map No. 18972 (University Park).
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RECOMMENDATION
recommendation
1) Appropriate and authorize the reimbursement of $302,591.16 from the Citywide Circulation (Streets, Signals & Bridges) Development Impact Fee Fund 220; 2) appropriate and authorize the reimbursement of $250,428.00 from the Citywide Water Source Storage and Distribution Development Impact Fee Fund 253; 3) approve a Construction Credit/Reimbursement Agreement with Lennar Homes of California, LLC, a California corporation, in an amount not to exceed $553,019.16 for the construction of master-planned public facilities required as a condition of approval for Tract Map No. 18972; and 4) authorize the City Manager to execute all the necessary documents on behalf of the City.
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FISCAL IMPACT
Approval of this agreement will result in a total appropriation of $553,019.16. This includes:
1. An appropriation of $302,591.16 from the Citywide Circulation (Streets, Signals & Bridges) Development Impact Fee Fund 220; and
2. An appropriation of $250,428.00 from the Citywide Water Source, Storage, and Distribution Development Impact Fee Fund 253.
Sufficient fund balances are available in Funds 220 and 253. There is no impact to the General Fund.
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:
* Financial Stability
* Responsible Long-Range Planning
Revenue:
Expenditure: 2207005-43640 & 2537005-43640
Transfer In:
Transfer Out:
BACKGROUND
Tract Map No. 18972 (University Park), developed by Lennar Homes of California, LLC, consists of 147 single-family detach...
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