HomeMy WebLinkAbout2021-03 SARDA Resolution RESOLUTION NO. SARDA 2021-03
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
SUCCESSOR AGENCY TO THE TEMECULA
REDEVELOPMENT AGENCY APPROVING THE EIGHTH
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) On January 18, 2020 entered into the Fifth Amendment of the Disposition
and Development Agreement,thereby extending the date for the close of escrow to April 30,2020.
(g) On April 28, 2020 entered into the Sixth Amendment of the Disposition and
Development Agreement, thereby extending the date for the close of escrow to September 12,
2020.
(h) On September 22, 2020 entered into the Seventh Amendment of the
Disposition and Development Agreement, thereby extending the date for the close of escrow to
March 12, 2021.
(i) The parties now wish to extend the date for the close of escrow to September
12, 2021 for the transactions described in the DDA by approving the Eighth Amendment to the
DDA.
Section 2. Approval of Eighth Amendment. The Successor Agency to the
Temecula Redevelopment Agency hereby approves the "EIGHTH 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 Chairperson
to execute said Eighth Amendment on behalf of the Successor Agency to the Temecula
Redevelopment Agency 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 9th day of March, 2021.
aryann Edwards, Chair
ATTE :
Randi Johl, Secretary
[SEAL]
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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 2021-03 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 9th day of March, 2021, by the following
vote:
AYES: 5 BOARD MEMBERS: Alexander, Edwards, Rahn, Schwank,
Stewart
NOES: 0 BOARD MEMBERS: None
ABSTAIN: 0 BOARD MEMBERS: None
ABSENT: 0 BOARD MEMBERS: None
Randi Johl, Secretary
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