HomeMy WebLinkAbout2020-07 CC Resolution RESOLUTION NO. 2020-07
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF TEMECULA APPROVING THE FIFTH 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 CITY COUNCIL OF THE CITY OF TEMECULA 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) On December 10, 2019, entered into the Fourth Amendment of the
Disposition and Development Agreement, thereby extending the date for the close of escrow to
January 31, 2020.
(f) The parties now wish to extend the date for the close of escrow to April 30,
2020 for the transactions described in the DDA by approving the Fifth Amendment to the DDA.
Section 2. Approval of Fifth Amendment. The City Council hereby approves
the "FIFTH 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 City Manager to execute said Fifth Amendment on behalf of the
City in substantially the form presented to the City Council.
Section 3. Certification. The City Clerk shall certify the adoption of this
Resolution.
PASSED, APPROVED, AND ADOPTED by the City Council of the City of Temecula
this 28th day of January, 2020.
James Stewart, Mayor
ATTE
Randi ohl, City Clerk
[SEAL]
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STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF TEMECULA )
I, Randi Johl, City Clerk of the City of Temecula, do hereby certify that the foregoing
Resolution No. 2020-07 was duly and regularly adopted by the City Council of the City of
Temecula at a meeting thereof held on the 28th day of January, 2020, by the following vote:
AYES: 3 COUNCIL MEMBERS: Rahn, Schwank, Stewart
NOES: 0 COUNCIL MEMBERS: None
ABSTAIN: 0 COUNCIL MEMBERS: None
ABSENT: 2 COUNCIL MEMBERS: Edwards, Naggar
Randi Johl, City Clerk
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