The City Council has determined that new development and redevelopment in western Chula Vista, as defined herein, is an essential element to the overall growth and prosperity of the City, and is beneficial to the health, safety and welfare of its residents. In the absence of a state-authorized redevelopment program or a community facilities district, which would assist in such development, certain projects that may have otherwise been developed and that would have provided significant benefit to the City may not currently be financially feasible, due to the upfront costs related to development impact fees. To encourage such development, the City Council believes it is imperative to allow for the deferral of certain development impact fees for those projects that it finds: (A) will provide a significant public benefit; and (B) would be infeasible absent such a deferral. This chapter is intended to set forth the requirements under which such a deferral may be granted. This chapter is also intended to provide a framework for the possible creation, in the City Council’s sole discretion and if deemed appropriate by the City Council in the future, of a western Chula Vista development impact fee financing community facilities district. (Ord. 3344 § 1, 2015).