HomeMy WebLinkAbout93-101 CC Resolution RESOLUTION NO. 93-101
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF TEMECULA APPROVING A DISPOSITION AND
DEVELOPMENT AGREEMENT, A PROPERTY
EXCHANGE AGREEMENT AND A LEASE BY AND
BETWEEN THE REDEVELOPMENT AGENCY OF THE
CITY OF TEMECULA AND THE DONNA L. REEVES
TRUST U.T.D. 7-25-90
V;HEREAS, the Donna L. Reeves Trust, U.T.D. 7-25-90 ("Reeves") currently
operates an automobile sales and service center, known as Honda of Temecula, at 27500
Jefferson Road;
V*IHEREAS, Reeves proposes relocating its operations to the auto mall located along
Ynez Road;
V*RHEREAS, Reeves further proposes to acquire the Mazda/Acura dealership located
at 26755 Ynez Road and expand it;
WHEREAS, it is anticipated that the relocation of the Honda dealership to Ynez
Road and the expansion of the Mazda/Acura dealership will encourage the economic growth
of the auto mall and result in a substantial increase in sales tax revenue to the City;
WHEREAS, The Redevelopment Agency of the City of Temecula proposes to enter
into following transactions:
(1)Purchase the property at 26755 Ynez Road, Temecula, with tax increment
funds for $1,00000, subject to a $1,000,000 trust deed;
(2)Exchange the property located at 26755 Ynez Road with Reeves for real
property located at 27500 Jefferson Road subject to a $1,000,000 trust deed;
(3)Lease back to Reeves for one year at $20,000 per month the Jefferson Road
property to be used as an automobile sales and service center;
(4)Enter into a Disposition and Development Agreement ("DDA") with Reeves to
operate the 26755 Ynez Road property as an automobile sales and service
center for a minimum of five years.
WHEREAS, the effect of the purchase of the Ynez property and the exchange of that
property for the Jefferson Road property is that the Agency will be paying $2,000,000 for
the Ynez Road property, which is consistent with the fair market value of the Ynez Road
property as determined by an independent appraisal obtained by the Agency;
Resos 93-101 1
NOW TIIEREFORE, the City Council of the City of Temecula hereby resolves as
follows:
Section 1. The City Council hereby finds that the consideration received by the
Agency in exchanging the Ynez Road property for the Jefferson Road property is not less
than the fair market value of the Ynez Road property in accordance with the covenants and
conditions governing the sale and exchange of the Ynez Road property.
Section 2. The City Council hereby finds that the consideration received by the
Agency in leasing the Jefferson Road property is not less than the fair market value of the
property in accordance with the covenants and conditions governing the lease of the property.
Section 3. Based upon the above finding, the City Council of the City of Temecula
hereby approves that Disposition and Development Agreement by and between the
Redevelopment Agency of the City of Temecula and the Donna L. Reeves Trust, UTD 7-25-
90.
Section 4. The City Clerk shall certify to the passage and adoption of this resolution.
PASSED, APPROVED AND ADOPTED at a regular meeting of the City
Council of the City of Temecula on the 14th day of December, 1993.
J.@l Mufioz, ma),
ATTEST:
J e . Greek, City Clerk
[SEAL]
Resos 93-101 2
STATE OF CALIFORNIA)
COUNTY OF RIVERSIDE) SS
CITY OF TEMECULA )
1, June S. Greek, City Clerk of the City of Temecula, HEREBY DO CERTIFY that
the foregoing Resolution No. 93-101 was duly adopted and passed at a regular meeting of
the City Council of the City of Temecula on the 14th day of December, 1993, by the
following roll call vote:
AYES: 5 COUNCILMEMBERS: Birdsall, Parks, Roberts, Stone
Muiloz
NOES: 0 COUNCILMEMBERS: None
ABSENT: 0 COUNCILMEMBERS: None
J6d@ Greek, City Clerk
Resos 93-101 3