Last Minute Concessions To PPH On Their Share of Citracado Parkway Extension Costs
Last minute concessions by City negotiators to PPH included changes to the ERTC Development Agreement that shifted a significant portion of the costs for the Citracado Parkway extension from PPH to developers of future projects in the ERTC area. With what essentially amounts to a loan, PPH will advance $5 million to the City of Escondido for the costs of constructing Citracado Parkway. The PPH "loan" will be "reimbursed" to PPH over a period of 30 years from "developers who stand to benefit from the completion of Citracado Parkway" between Valley Parkway and Country Club Drive.
More specifically, the City of Escondido "shall diligently seek reimbursement from other developers who stand to benefit from the completion of the Citracado Parkway Improvements." And the "City shall report to PPH on an annual basis any Third-Source Funding it has sought, and any Third-Source funding it has received, and shall cooperate with PPH in accounting for the full cost of Citracado Parkway as constructed and total Third-Source funding to determine any such reimbursement."
The last minute concessions are set forth in the ERTC Development Agreement in paragraphs 3.1, 5.6.1 and 5.6.3:
http://civics.robroy.cc/rev-dev-agreement.pdf
With this diversion of future developer fees back to PPH, it is unlikely that Citracado Parkway will be completed between Valley Parkway and I-15 using developer fees from projects on the west side of Escondido during the term of the 30 year agreement.
It is most fascinating that there was no public discussion during the City Council meeting of this last minute concession by the City of Escondido to reimburse PPH with fees collected from future developers "who stand to benefit from the completion of Citracado Parkway" between Valley Parkway and Country Club Drive.
You can always trust that PPH will be consistent!
At the time of the City Council meeting, I wonder who understood the nature of this last minute concession to shift the costs of the Citracado Parkway extension from PPH to future developer fees.
More specifically, the City of Escondido "shall diligently seek reimbursement from other developers who stand to benefit from the completion of the Citracado Parkway Improvements." And the "City shall report to PPH on an annual basis any Third-Source Funding it has sought, and any Third-Source funding it has received, and shall cooperate with PPH in accounting for the full cost of Citracado Parkway as constructed and total Third-Source funding to determine any such reimbursement."
The last minute concessions are set forth in the ERTC Development Agreement in paragraphs 3.1, 5.6.1 and 5.6.3:
http://civics.robroy.cc/rev-dev-agreement.pdf
With this diversion of future developer fees back to PPH, it is unlikely that Citracado Parkway will be completed between Valley Parkway and I-15 using developer fees from projects on the west side of Escondido during the term of the 30 year agreement.
It is most fascinating that there was no public discussion during the City Council meeting of this last minute concession by the City of Escondido to reimburse PPH with fees collected from future developers "who stand to benefit from the completion of Citracado Parkway" between Valley Parkway and Country Club Drive.
You can always trust that PPH will be consistent!
At the time of the City Council meeting, I wonder who understood the nature of this last minute concession to shift the costs of the Citracado Parkway extension from PPH to future developer fees.
posted by Robroy at 6:57 AM
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