TO: LINDA REICH, CITY MANAGER
FROM: HYE JIN LEE, PE, DIRECTOR OF PUBLIC WORKS
SUBJECT
title
Construction Credit/Reimbursement Agreement with Chino Development Corporation and Chino Preserve Development Corporation for the Construction of Circulation (Streets, Signals & Bridges) Development Impact Fee Improvements at Various Locations in The Preserve.
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RECOMMENDATION
recommendation
1) Appropriate $4,000,000 to the Transportation Fund and schedule a corresponding year-end transfer in the same amount from The Preserve Circulation (Streets, Signals & Bridges) Development Impact Fee Fund (Fund 260); 2) adopt Resolution 2024-057 memorializing the developer's rights to the highest priority reimbursement from The Preserve Circulation (Streets, Signals & Bridges) Development Impact Fee Fund (Fund 260); 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 $35,131,528.37 for the construction of Circulation (Streets, Signals & Bridges) Development Impact Fee improvements at various locations in The Preserve; 4) approve a reimbursement to Chino Development Corporation, a California corporation in the amount of $4,000,000 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 $4,000,000 to the Transportation Fund with a corresponding year-end transfer in the same amount from The Preserve Circulation (Streets, Signals & Bridges) Development Impact Fee Fund (Fund 260). There is $7.1 million available in the fund balance for this purpose.
Staff will continue to monitor the fund balance in The Circulation (Streets, Signals & Bridges) 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...
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