HomeMy WebLinkAboutReso. 1986 - 298 - Approving the agreement for reimbursement for development costs between the city of redding and drake homes and authorizing the mayor to sign same • •
RESOLUTION NO. It '.2 70
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING
APPROVING THE AGREEMENT FOR REIMBURSEMENT OF DEVELOPMENT
COSTS BETWEEN THE CITY OF REDDING AND DRAKE HOMES , AND
AUTHORIZING THE MAYOR TO SIGN SAME.
IT IS HEREBY RESOLVED by the City Council of the City of
Redding as follows:
1 . That the City Council of the City of Redding hereby
approves the Agreement for reimbursement of development costs
between the City of Redding and Drake Homes, a true copy of which
is attached hereto and incorporated herein; and
2. That the Mayor of the City of Redding is hereby
authorized and directed to sign all necessary documents on behalf
of the City of Redding, and the City Clerk is hereby authorized
and directed to attest the signature of the Mayor and to impress
the official seal of the City of Redding on the aforesaid docu-
ments, when appropriate.
I HEREBY CERTIFY that the foregoing Resolution was
introduced and read at a regular meeting of the City (Council of
the City of Redding on the 3rd day of November , 1986, and
was duly adopted at said meeting by the following vote:
AYES: COUNCIL MEMBERS: Carter, Dahl , Johannessen, & Ful ton
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: Gard
ABSTAIN: COUNCIL MEMBERS: None
LEE D. FULTON, M.D. , Mayor
City of Redding
ATTEST: FORM PPROVED:
6'xaa• 7-A,_46. ate-ze-eP
ETHEL A. NICHOLS, City Clerk RA DALL A. HAYS, Ci y Attorney
i
AGREEMENT
Reimbursement of Development Costs
THIS AGREEMENT entered into this c344- day of C �i `i -,L,E ,
1986 , by and between DRAKE HOMES , of 1350 East Lassen Avenue ,
Suite 7, Post Office Box 1448 , Chico, California 9592,7 , herein-
after referred to as "DEVELOPER, " and the CITY OF REDDING, a
Municipal Corporation and general law city, hereinafter referred
to as "CITY" :
WITNESSET H:
WHEREAS , DEVELOPER has constructed, at its own cost and
expense, a sanitary sewer line , the location and route of which
is shown on the diagram attached hereto as Exhibit "A" and
incorporated herein by reference , hereinafter called "the line" ;
and
WHEREAS , DEVELOPER wishes to deed the line to the CITY, and
CITY wishes to accept the same; and
WHEREAS, Title 14 of the Redding Municipal Code authorizes
the CITY to reimburse DEVELOPER for its costs of construction of
the line from connection charges collected by the CITY from other
connectors to the line as such charges are required by the CITY
and paid at the time of subsequent connections;
NOW, THEREFORE, IT IS AGREED as follows;
1 . CITY shall reimburse DEVELOPER for its development
costs of construction of the sanitary sewer line, as set forth in
paragraphs 3B and 3C below, from the connection charges charged
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to and collected from connectors to the line extension in
accordance with and subject to the provisions of Title 14 of the
Redding Municipal Code .
2 . CITY reserves the right , at any time , to increase or
decrease the established rates for sewer connection charges; and
in the event of any such change in rates , reimbursement to the
DEVELOPER shall be in accordance therewith as to all subsequent
connections .
3 . The total of the development costs that DEVELOPER is
out-of-pocket is the sum of $215 , 254 . 80 , of which:
A. The sum of $153 , 732 . 24 is attributable to parcels
numbered 5 through 9 as shown in the shaded area on the
attached Exhibit "A, " Assessor' s Parcel No. 72-190-19,
owned by DEVELOPER (based on an estimated development
potential of said parcels of 298 units , calculated at
$515 . 88 per unit) . It is understood and agreed by
DEVELOPER that the CITY will not collect DEVELOPER' s
development costs of $153 , 732. 24 from subsequent
connectors to parcels 5 through 9, nor reimburse
DEVELOPER for its developments costs of $153, 732 . 24
attributable to parcels 5 through 9; that DEVELOPER
will recoup said costs in its future development and
sale of said parcels 5 through 9.
B. The sum of $57 , 657 . 60 is eligible for reimbursement to
the DEVELOPER and is attributable to parcels numbered 2
through 4 as shown in the dotted area on the attached
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Exhibit "A, " Assessor ' s Parcel Nos . 72-180-07 ,
72-180-10 and 72-180-21 (based on an estimated
development potential of said parcels of 128 units ,
calculated at $450 . 45 per unit) .
C. The sum of $2 , 623 . 14 is eligible for reimbursement to
the DEVELOPER and is attributable to parcel 1 as shown
in the cross-hatched area on the attached Exhibit "A, "
Assessor ' s Parcel No. 72-190-19 (based on an estimated
development potential of said parcel of 114 units ,
calculated at $23 . 01 per unit) .
D. It is further understood and agreed by and between
DEVELOPER and CITY that the actual development
potential of said parcels is not known by CITY at this
time, but that the amounts eligible for reimbursement
to the DEVELOPER for construction of the sewer line are
and will remain as set forth in 3B and 3C above,
namely:
(a) $57 , 657 . 60 attributable to parcels numbered 2
through 4 shown in the dotted area on the attached
Exhibit "A, " Assessor' s Parcel Nos . 72-180-07,
72-180-10 and 72-180-21;
(b) $2 , 623. 14 attributable to parcel 1 as shown in the
cross-hatched area on the attached Exhibit "A, "
Assessor ' s Parcel No. 72-190-19; and
that the sum of $153, 732. 24 is and will remain
attributable to the parcels owned by DEVELOPER as set
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forth in paragraph 3A above.
4 . The term of this Agreement shall be for a period of ten
(10) years , commencing on the date hereof. Any connection
charges collected by the CITY from the owners of the real
property described as Assessor' s Parcels numbered 72-180-07 ,
72-180-10 , 72-180-21 and 72-190-19 , as shown on Exhibit "A"
attached hereto, after the expiration of the term of this
Agreement shall not be reimbursable to DEVELOPER.
5 . This Agreement shall be binding upon and inure to the
benefit of the successors and assigns of the parties hereto.
IN WITNESS WHEREOF, the parties hereto have executed this
Agreement on the day and year first above written.
CITY OF REDDING DRAK TOME
/
By:
By:
c"?-a c.; � II
LEE D. FULTON, M.D. , Mayor
By:
ATTEST:
ETHEL A. NICHOLS, City Clerk
FORM t PPROVED:
'<ACC?"' Ge.
" DALL A. HAYS, ity Attorney
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