TO: LINDA REICH, CITY MANAGER
FROM: HYE JIN LEE, PE, DIRECTOR OF PUBLIC WORKS
SUBJECT
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Construction Credit and Reimbursement Agreement with Chino Development Corporation, a California Corporation, and Chino Preserve Development Corporation, a California Corporation for the Construction of the Southern California Edison ("SCE") Easement Trail Improvements in The Preserve.
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RECOMMENDATION
Approve a Construction Credit and Reimbursement Agreement with Chino Development Corporation, a California corporation and Chino Preserve Development Corporation, a California corporation for an amount not to exceed $3,278,269.60 for the construction of the SCE Easement Trail Improvements in The Preserve; and authorize the City Manager to execute all the necessary documents on behalf of the City.
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FISCAL IMPACT
There is no direct fiscal impact. The developer will utilize development impact fee credit toward future building permits until the terms of the agreement are fulfilled.
CITY OF CHINO MISSION / VISION / VALUES / STRATEGIC ISSUES
The recommendation detailed above furthers 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
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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"). The DA was executed to help guide the orderly development of The Preserve, which was envisioned as a master-planned residential and commer...
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