HomeMy WebLinkAbout80-85 - Policy - Cash Deposits - Developers Obligation for Off-Site ImprovementsEel
RESOLUTION NO. 80-85
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF COSTA MESA ESTABLISHING A CITY
COUNCIL POLICY PERMITTING ONLY CASH
DEPOSITS AS SUBMITTALS FOR FUTURE OFF-SITE
IMPROVEMENTS TO BE CONSTRUCTED BY PERSONS
OTHER THAN CURRENT DEVELOPER.
THE CITY COUNCIL OF THE CITY OF COSTA MESA DOES HEREBY RESOLVE AS
FOLLOWS:
WHEREAS, in the past the acceptance of various types of Bonds
and Future Payment Guarantees has not adequately protected the City
from future inflated construction costs; and
WHEREAS, the number of Future Payment Devices available are
increasing making analysis and administration of each of them difficult
and time consuming; and
WHEREAS, collecting cash which is to be used for future construc-
tion enables the City to earn interest on the money and thus protect
the City from inflated future costs.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City
of Costa Mesa does hereby adopt a Council Policy which will hereinafter
require that in all cases a Cash Deposit shall be required to fulfill
a developer's obligation to pay for future off-site improvements (i.e.,
street improvements, traffic signal deposits, etc.) that are to be
constructed by persons other than the current developer.
PASSED AND ADOPTED this 15th day of September, 1980.
Mayor of the City e Costa esa
ATTEST:
City Clerk of the City of Cos Mesa
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF COSTA MESA )
I, EILEEN P. PHINNEY, City Clerk and ex -officio Clerk of the City
Council of the City of Costa Mesa, hereby certify that the above and
foregoing Resolution No. 80-85 was duly and regularly passed and adopted
by the said City Council held on the 15th day of September, 1980.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
Seal of the City of Costa Mesa this 16th day of September, 1980.
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City C erk an ex -officio Clerk of e
City Council of the City of Costa esa