HomeMy WebLinkAbout05-068 CC Resolution
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RESOLUTION NO. 05-68
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TEMECULA APPROVING A THIRD AMENDMENT TO THE
DISPOSITION AND DEVELOPMENT AGREEMENT BETWEEN
THE CITY AND AGK GROUP, LLC, A CALIFORNIA LIMITED
LIABILITY COMPANY FOR THE TEMECULA EDUCATION
COMPLEX
THE CITY COUNCIL OF THE CITY OF TEMECULA DOES HEREBY RESOLVE AS
FOLLOWS:
Section 1. The City Council hereby finds, determines and declares that:
A. City and AGK Group, LLC, ("Developer") have entered into a Disposition and
Development Agreement dated as of March 16, 2004 (the "DDA") which provided for, among other
things, the City's contribution to Developer of certain real property described therein (the "Property")
and the City's making a "predevelopment loan" to Developer to be secured by the Property (the "City
Loan") for the purpose of pursuing the development of a mixed use development incorporating
affordable housing, higher education and retail located on a 31 acre site at the northwest corner of
Diaz Road and Dendy Lane. The project is proposed to be developed in two or more phases.
Capitalized terms uses herein but not defined shall have the meaning set forth in the DDA.
B. City and Developer desire to clarify and modify some of the terms of the DDA.
C. The approval of this Third Amendment by the Agency constitutes an action by
the Agency to authorize the modifications of the Schedule of Purchase Prices for individual phases
and allows for execution of a License Agreement.
Section 2. The City Council hereby approves that certain agreement entitled "Third
amendment to DDA and Promissory Note" between the City and AGK Group, LLC, with such
changes in each document as may be mutually agreed upon by the Developer and the City Manager
as are in substantial conformance with the form of such Agreement which on file in the Office of the
City Clerk. The Mayor is hereby authorized to execute the Agreement, including related exhibits and
attachments on behalf of the City. A copy of the final Agreement when executed by the Mayor shall
be placed on file in the Office of the City Clerk.
Section 3. The City Manager (or his designee), is hereby authorized, on behalf of the
Agency, to take all actions necessary and appropriate to carry out and implement the Agreement
and to administer the Agency's obligations, responsibilities and duties to be performed under the
Agreement and related documents, including but not limited to the Promissory Note, Deed of Trust,
Regulatory Agreement, acceptances, escrow instructions, certificates of completion and such other
implementing agreements and documents as contemplated or described in the Agreement.
Section 4.
The City Clerk shall certify the adoption of this Resolution.
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PASSED, APPROVED AND ADOPTED by the City Council of the City of Temecula at a
regular meeting held on the 28th day of June, 2005.
ATTEST:
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) 55
CITY OF TEMECULA )
I, Susan Jones, CMC, City Clerk of the City ofTemecula, do hereby certify that Resolution
I No. 05-68 was duly and regularl~ adopted by the City Council of the City of Temecula at a regular
meeting thereof, held on the 28t day of June, 2005 by the following vote:
AYES:
5
COUNCILMEMBERS: Edwards, Naggar, Roberts, Washington,
Comerchero
NOES:
o
o
o
COUNCILMEMBERS: None
COUNCILMEMBERS: None
ABSENT:
ABSTAIN:
COUNCILMEMBERS: None
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