TO: LINDA REICH, CITY MANAGER
FROM: HYE JIN LEE, DIRECTOR OF PUBLIC WORKS
SUBJECT
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??Memorandum of Understanding and Construction Credit and Reimbursement Agreement with Lewis Companies for the Preserve Community Center Construction.?
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RECOMMENDATION
recommendation
???1) Approve the Memorandum of Understanding (MOU) and Construction Credit and Reimbursement Agreement with Chino Holding Company, LLC, a Delaware limited liability company; Chino Development Corporation, a California corporation; and Chino Preserve Development Corporation, a California corporation (collectively, the “Lewis Companies”), for Community Center Construction in the The Preserve; and 2) authorize the City Manager to execute all necessary documents on behalf of the City.??
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FISCAL IMPACT
??There is no immediate fiscal impact associated with approval of the MOU. The MOU establishes a framework for potential financing of the Community Center. The City's financial obligations, including applicable repayment provisions and potential loan forgiveness, are outlined in the MOU and Construction Credit and Reimbursement Agreement, which will be further defined through a future amendment to the Development Agreement, subject to City Council consideration and 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:
? Positive City Image
? Financial Stability
? Responsible Long-Range Planning
? Public Service Excellence through Internal and External Partnerships
Revenue:
Expenditure:
Transfer In:
Transfer Out:
BACKGROUND
???The City of Chino and Lewis Companies entered into the Preserve Development Agreement (DA), effective July 1, 2004, which was subsequently amended and superseded by the Amended and Restated DA, effective July 20, 2023. Pursuant to Section 6.4.4 of...
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