HomeMy WebLinkAboutResolutions - No. 2010-54RESOLUTION NO. 2010-54
A RESOLUTION OF THE LODI CITY COUNCIL
AUTHORIZING THE CITY MANAGER TO EXECUTE
A REVISED FEE PAYMENT AGREEMENT FOR
1341 EAST KETTLEMAN LANE
WHEREAS, a Fee Payment Agreement with KFP GALT, LLC, for Development Impact
Mitigation Fees and Wastewater Capacity Impact Fees for 1341 East Kettleman Lane were
approved by the Lodi City Council on March 19,2008; and
WHEREAS, the agreement provided that the payment of fees be made in 20 equal semi-
annual installments over a ten-year period with interest being charged at the March 2008 Local
Agency Investment Fund (LAIF) rate plus one percent (5.801 %); and
WHEREAS, in the two years since the agreement was executed, the LAIF has dropped
to 0.60%, and KFP GALT, LLC has requested a revised Fee Payment Agreement using the
current LAIF rate plus one percent; and
WHEREAS, the Fee Payment Agreement will be revised each January 1 to reflect the
LAIF rate plus one percent in effect on that date. Staff also recommends that the interest rate
on the Fee Payment Agreement be capped at 4 percent (a maximum LAIF rate of 3 percent);
and
WHEREAS, staff is recommending that the first payment of this revised agreement be
due on January 1, 2012, with the remaining payments being made in 20 semi-annual
installments over a ten-year period.
NOW, THEREFORE, BE IT RESOLVED that the Lodi City Council does hereby
authorize the City Manager to execute a Revised Fee Payment Agreement with KFP Galt, LLC,
for Development Impact Mitigation Fees and Wastewater Capacity Impact Fees for project
located at 1341 East Kettleman Lane.
Dated: May 5, 2010
I hereby certify that Resolution No. 2010-54 was passed and adopted by the City
Council of the City of Lodi in a regular meeting held May 5, 2010, by the following vote:
AYES: COUNCIL MEMBERS — Hansen, Hitchcock, Johnson, Mounce, and
Mayor Katzakian
NOES: COUNCIL MEMBERS — None
ABSENT: COUNCIL MEMBERS— None
ABSTAIN: COUNCIL MEMBERS — None
Vt2OHL .
City Clerk
2010-54