TO: LINDA REICH, CITY MANAGER
FROM: HYE JIN LEE, PE, DIRECTOR OF PUBLIC WORKS
SUBJECT
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Construction Credit/Reimbursement Agreement with Chino Development Corporation, a California Corporation, and Chino Preserve Development Corporation, a California Corporation for the Construction of Water Source, Storage, and Distribution Improvements at Various Locations in The Preserve.
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RECOMMENDATION
1) Adopt Resolution 2024-009 memorializing Chino Development Corporation, a California corporation rights to the highest priority reimbursement from the Preserve Water Source, Storage, and Distribution Development Impact Fee Fund (Fund 261); 2) 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 $28,753,683.02 for the construction of water source, storage, and distribution improvements at various locations in The Preserve; and 3) authorize the City Manager to execute all the necessary documents on behalf of the City.
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FISCAL IMPACT
Staff will continue to monitor the fund balance in The Preserve Water Source, Storage, and Distribution 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 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
* Responsible Long-Range Planning
* Financial Stability
Revenue: Click or tap here to enter text.
Expenditure: 5207300-43640
Transfer In: 5201000-50000
Transfer Out: 2611000-40001
BACKGROUND
In 2004, the City of...
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