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CONSIDERATION OF APPROVING A FEE DEFERRAL AGREEMENT WITH STONE CREEK CASITAS, LLC
RESOLUTION NO. 2015-098 OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA APPROVING A DEVELOPMENT IMPACT FEE DEFERRAL AGREEMENT WITH STONE CREEK CASITAS, LLC FOR APPROXIMATELY $1.7 MILLION OF FEES IN CONNECTION WITH A 97 UNIT APARTMENT PROJECT ON MAIN STREET NEAR WALNUT DRIVE
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RECOMMENDED ACTION
Recommended Action
Council adopt the resolution.
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SUMMARY
On April 14, 2015 the City Council approved an ordinance that amended the Municipal Code adding chapter 3.56. This chapter allows the City Council to approve development impact fee deferral agreements for eligible projects in Western Chula Vista. The proposed fee deferral agreement with Stone Creek LLC is an eligible project as defined by the Municipal Code and will reduce the enhanced equity requirement being imposed by the lending industry, allowing the project to obtain construction financing.
ENVIRONMENTAL REVIEW
The Development Services Director has reviewed the proposed activity, approval of a fee deferral agreement for the Stone Creek Casitas, for compliance with the California Environmental Quality Act (CEQA) and has determined that the Stone Creek Casitas project is adequately covered by the previously approved Mitigated Negative Declaration (IS 13-006) and that the Fee Deferral Agreement is not "Project", as defined under Section 15378(b)(4) of the State CEQA Guidelines; therefore, pursuant to Section 15060 (c)(3) of the State CEQA Guidelines the current activity is not subject to CEQA.
BOARD/COMMISSION RECOMMENDATION
Not Applicable
DISCUSSION
Staff recommends entering into an agreement with Stone Creek LLC for the development of a 97 unit apartment complex along Main Street. The proposed project meets the requirements of Municipal Code 3.56 in that it will provide a public benefit by providing new highly amenitized market rate rental housing in the southwest area of Chula ...
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