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HomeMy WebLinkAbout19-34 CC Resolution RESOLUTION NO. 19-34 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TEMECULA APPROVING THE THIRD AMENDMENT TO THE DISPOSITION AND DEVELOPMENT AGREEMENT BY AND AMONG THE CITY OF TEMECULA, SUCCESSOR AGENCY TO THE TEMECULA REDEVELOPMENT AGENCY, AND TOWN SQUARE MARKETPLACE OLD TOWN, LLC CONVEYING APPROXIMATELY ONE ACRE OF PROPERTY LOCATED ON MAIN STREET WEST OF MERCEDES STREET THE CITY COUNCIL OF THE CITY OF TEMECULA DOES HEREBY RESOLVE AS FOLLOWS: Section 1. Recitals (a) The City of Temecula, Successor Agency to the Temecula Redevelopment Agency, and Town Square Marketplace Old Town, LLC entered into a Disposition and Development Agreement dated as of December 13, 2016 ("DDA") providing for the Successor Agency's conveyance to the City of four parcels of real property composed of approximately one acre and located at the intersection of Main Street and Mercedes Street across from City Hall and the City's conveyance of such parcels to the Town Square Market Place Old Town, LLC for development as specified in the DDA. (b) On June 12,2018, entered into the First Amendment of the Disposition and Development Agreement, thereby extending the date for the close of escrow to December 12, 2018. (c) On December 11, 2018, entered into the Second Amendment of the Disposition and Development Agreement, thereby extending the date for the close of escrow to June 13, 2019. (d) The parties now wish to extend the date for the close of escrow to December 13, 2019 for the transactions described in the DDA by approving the Third Amendment to the DDA. Section 2. Approval of Third Amendment. The City Council hereby approves the "THIRD AMENDMENT TO THE DISPOSITION AND DEVELOPMENT AGREEMENT BY AND AMONG THE CITY OF TEMECULA, SUCCESSOR AGENCY TO THE TEMECULA REDEVELOPMENT AGENCY, AND TOWN SQUARE MARKETPLACE OLD TOWN, LLC"and authorizes the Mayor to execute said Third Amendment on behalf of the City in substantially the form presented to the City Council. Section 3. Certification. The City Clerk shall certify the adoption of this Resolution. PASSED, APPROVED, AND ADOPTED by the City Council of the City of Temecula this 11t day of June, 2019. P/t-- C('( Michael S.Naggar, Mayor ATTE Ran ' o 1, lerk [SEAL] 2 STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss CITY OF TEMECULA ) I, Randi Johl, City Clerk of the City of Temecula, do hereby certify that the foregoing Resolution No. 19-34 was duly and regularly adopted by the City Council of the City of Temecula at a meeting thereof held on the 11 to day of June,2019, by the following vote: AYES: 4 COUNCIL MEMBERS: Edwards, Rahn, Schwank, Stewart, NOES: 0 COUNCIL MEMBERS: None ABSTAIN: 1 COUNCIL MEMBERS: Naggar ABSENT: 0 COUNCIL MEMBERS: None Randi Johl, City Clerk 3