HomeMy WebLinkAbout05-085 CC Resolution
I
I
I
RESOLUTION NO. 05-85
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TEMECULA APPROVING A FIRST AMENDMENT TO THE
OWNER PARTICIPATION AGREEMENT BETWEEN THE CITY
OF TEMECULA AND D'ALTO PARTNERS, LLC, A
CALIFORNIA LIMITED LIABILITY COMPANY
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 D'AL TO PARTNERS, LLC, ("Developer") have entered into a
Owner Participation Agreement dated as of May 10, 2005 (the "OPA") 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 "take out 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, and commercial/retail located on the north side
of 5th Street in the City of Temecula. The Developer shall construct a four story mixed-use
building consisting of twenty four (24) affordable housing units and 4980 square feet of
commercial/retail space. The affordable units will consist of 18 one bedroom units @ 597
square feet and six (6) two bedroom units @735 square feet. The commercial/retail space will
be located on the first floor and the affordable units located on the second through fourth floor.
Capitalized terms used but not defined herein shall have the meaning set forth in the OPA.
B. City and Developer desire to clarify and modify some of the terms of the
OPA and the Agency Loan.
C. The approval of this First Amendment by the Agency constitutes an action
by the City to authorize an amendment to defer the timing of the City's contribution. Under the
original OPA, the contribution acted as a construction loan. Under this amendment, the
contribution will serve as a "take out" loan, meaning the Agency will not make the contribution
until the project is completed.
Section 2. The City Council hereby approves that certain agreement entitled "First
amendment to OPA " between the City and D'AL TO PARTNERS, 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.
R:/Resos 2005/Resos 05-85
I
I
I
Section 4. The City Clerk shall certify the adoption of this Resolution.
PASSED, APPROVED AND ADOPTED by the City Council of the City of Temecula at a
regular meeting held on the 9th day of August, 2005.
ATTEST:
[SEAL]
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF TEMECULA )
I, Susan W. Jones, CMC, City Clerk of the City of Temecula, do hereby certify that
Resolution No. 05- was duly and re~ularly adopted by the City Council of the City of
Temecula at a meeting thereof, held on the 9 day of August 2005, by the following vote, to wit:
AYES:
3
COUNCILMEMBERS: Naggar, Washington, Comerchero
NOES:
ABSENT:
o
COUNCILMEMBERS: None
1
COUNCILMEMBERS: Roberts
ABSTAIN:
1
COUNCILMEMBERS: Edwards
R:/Resos 2005/Resos 05-85
2