HomeMy WebLinkAbout06-106 CC Resolution
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RESOLUTION NO. 06-106
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TEMECULA APPROVING A FOURTH 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. Agency and AGK Group, llC, ("Developer") have entered into a
Disposition and Development Agreement dated as of March 16, 2004, as amended on
September 14, 2004, December 7,2004 and February 28,2006 ("DDA") which provided
for, among other things, the City's contribution to Developer of certain real property
described therein (the "Property") 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. Capitalized terms uses
herein but not defined shall have the meaning set forth in the DDA.
B. Agency and Developer agree to a final extension of Closing of Escrow
to March 30, 2007 along with certain other adjustments relating to the schedule of
performance for the retail buildings.
C. On December 12, 2006 the Board of Directors of the Redevelopment
Agency of the City of Temecula and the City Council held a duly noticed joint public hearing
at which all persons had the opportunity to address the Agency and the Council on the
Fourth Amendment.
Section 2. The City Council hereby approves that certain agreement entitled
"Fourth Amendment to Disposition and Development Agreement" between the Agency and
AGK Group, llC, with such changes in each document as may be mutually agreed upon
by the Developer and the Executive Director as are in substantial conformance with the
form of such Agreement which on file in the Office of the City Clerk.
Section 3. 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
this 1ih day of December, 2006.
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ATTEST:
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STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF TEMECULA )
I, Susan W. Jones, MMC, City Clerk of the City ofTemecula, do hereby certify thatthe
foregoing Resolution No. 06-106 was duly and regularly adopted by the City Council of the
City of Temecula at a meeting thereof held on the 1ih day of December, 2006, by the
following vote:
AYES:
5 COUNCIL MEMBERS:
Comerchero, Edwards, Naggar,
Washington, Roberts
NOES:
o COUNCIL MEMBERS:
None
ABSENT:
o COUNCIL MEMBERS:
None
ABSTAIN:
o COUNCIL MEMBERS:
None
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W. Jones, MMC
City Clerk
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