HomeMy WebLinkAbout19-06 SARDA Resolution RESOLUTION NO. SARDA 19-06
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
SUCCESSOR AGENCY TO THE TEMECULA
REDEVELOPMENT AGENCY APPROVING THE FOURTH
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 BOARD OF DIRECTORS OF THE SUCCESSOR AGENCY TO THE TEMECULA
REDEVELOPMENT AGENCY 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) On June 11,2019,entered into the Third Amendment of the Disposition and
Development Agreement, thereby extending the date for the close of escrow to December 13,
2019.
(e) The parties now wish to extend the date for the close of escrow to January
31, 2020 for the transactions described in the DDA by approving the Fourth Amendment to the
DDA.
Section 2. Approval of Fourth Amendment. The Board of Directors hereby
approves the "FOURTH 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 Chairman to execute said Fourth Amendment on behalf of
the Agency in substantially the form presented to the Board of Directors.
Section 3. Certification. The Secretary of the Board shall certify the adoption of this
Resolution.
PASSED, APPROVED, AND ADOPTED by the Board of Directors of the Successor
Agency to the Temecula Redevelopment Agency this 10`h day of December, 2019.
Michael S. Nag air
ATTES •
Randi , cretary
[SEAL]
r
2
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF TEMECULA )
I, Randi Johl, Secretary of the Successor Agency to the Temecula Redevelopment
Agency,do hereby certify that the foregoing Resolution No. SARDA 19-06 was duly and regularly
adopted by the Board of Directors of the Successor Agency to the Temecula Redevelopment
Agency at a meeting thereof held on the 10`h day of December, 2019, by the following vote:
AYES: 5 BOARD MEMBERS: Edwards, Rahn, Schwank, Stewart,
Naggar
NOES: 0 BOARD MEMBERS: None
ABSTAIN: 0 BOARD MEMBERS: None
ABSENT: 0 BOARD MEMBERS: None
421
Randi Johl, Secretary
3