HomeMy WebLinkAbout2020-03 SARDA Resolution RESOLUTION NO. SARDA 2020-03
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
SUCCESSOR AGENCY TO THE TEMECULA
REDEVELOPMENT AGENCY 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 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) 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.
r• (g) The parties now wish to extend the date for the close of escrow to March
13, 2019 for the transactions described in the DDA by approving the Fourth 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 Executive Director to execute said Fifth Amendment on behalf
of the City in substantially the form presented to the Successor Agency to the Temecula
Redevelopment Agency.
Section 3. Certification. The City Clerk 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 28th day of January, 2020.
(/'
James Stewart, Chair
ATTEST:
Randi Johl, ecretary
[SEAL]
L
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 2020-03 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 28`h day of January, 2020, by the
following vote:
AYES: 3 BOARD MEMBERS: Rahn, Schwank, Stewart
NOES: 0 BOARD MEMBERS: None
ABSTAIN: 0 BOARD MEMBERS: None
ABSENT: 2 BOARD MEMBERS: Edwards, Naggar
Randi Johl, Secretary
r
L
3