TO: LINDA REICH, CITY MANAGER
FROM: WARREN MORELION, AICP, DEVELOPMENT SERVICES DIRECTOR
SUBJECT
Approval of The Preserve Sewer Main Improvements Annual Reconciliation of Sewer Credits Fiscal Year 2022-23 (Chino Preserve Development Corporation).
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RECOMMENDATION
1) Authorize Sewer Development Impact Fee ("DIF") credits in the amount of $364,282 issued to Chino Preserve Development Corporation ("CPDC") for properties in The Preserve south of Pine Avenue; 2) apply the Sewer DIF credits to the balance owed to CPDC per the terms of the Construction Credit/Reimbursement Agreement for various Sewer Main Improvements in The Preserve, bringing forward the remaining balance owed to CPDC in the amount of $12,802,615; and 3) authorize the City Manager to execute all necessary documents on behalf of the City.
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FISCAL IMPACT
There is no direct fiscal impact. Staff will continue to monitor the fund balance in The Preserve Sewer 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 payment requires an appropriation of funds and, therefore, each payment will be brought back to the City Council for approval.
CITY OF CHINO MISSION / VISION / VALUES / STRATEGIC ISSUES
The recommendation detailed above will 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
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Expenditure:
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BACKGROUND
In 2004, the City of Chino 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 entered into to help ...
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