HomeMy WebLinkAbout04-125 CC Resolution
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RESOLUTION NO. 04.125
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TEMECULA APPROVING A SECOND 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. City and AGK Group, LLC, ("Developer") have entered into a Disposition
and Development Agreement dated as of March 16, 2004 (the "DDA") which provided for,
among other things, the City's contribution to Developer of certain real property described
therein (the "Property") and the City's making a "predevelopment loan" to Developer to be
secured by the Property (the "City Loan") 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. The project is proposed
to be developed in two or more phases. Capitalized terms uses herein but not defined shall
have the meaning set forth in the DDA.
B. City and Developer desire to clarify and modify some of the terms of the
DDA and the Agency Loan.
C. The approval of this Second Amendment by the Agency constitutes an
action by the City to authorize additional affordable housing funding and extend a six month
adjustment to the schedule of performance and adjust the Scope of Development for the
Temecula Educational Complex.
Section 2. The City Council hereby approves that certain agreement entitled
"Second amendment to DDA and Promissory Note" between the City and AGK Group, LLC,
with such changes in each document as may be mutually agreed upon by the Developer and
the City Manager as are in substantial conformance with the form of such Agreement which on
file in the Office of the City Clerk. The Mayor is hereby authorized to execute the Agreement,
including related exhibits and attachments on behalf of the City. A copy of the final Agreement
when executed by the Mayor shall be placed on file in the Office of the City Clerk.
Section 3. The City Manager (or his designee), is hereby authorized, on behalf of the
Agency, to take all actions necessary and appropriate to carry out and implement the
Agreement and to administer the Agency's obligations, responsibilities and duties to be
performed under the Agreement and related documents, including but not limited to the
Promissory Note, Deed of Trust, Regulatory Agreement, acceptances, escrow instructions,
certificates of completion and such other implementing agreements and documents as
contemplated or described in the Agreement.
Section 4.
The City Clerk shall certify the adoption of this Resolution.
R:/Resos 20O4/Resos 04-125
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, PASSED, APPROVED AND ADOPTED by the City Council of the City of Temecula at a
regular meeting held on the 7th day of December, 2004.
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-~ Michael ~ayor
ATTEST:
STATE OF CALIFORNIA
COUNTY OF RIVERSIDE
CITY OF TEMECULA
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I, Susan Jones, CMC, City Clerk of the City of Temecula, do hereby certify that
Resolution No. 04-125 was duly and regularly adopted by the City Council of the City of
Temecula at a regular meeting thereof, held on the 7th day of December 2004, by the following
vote, to wit:
AYES: 5
NOES: 0
ABSENT: 0
ABSTAIN: 0
COUNCILMEMBERS: Comerchero, Roberts, Stone, Washington, Naggar
COUNCILMEMBERS: None
COUNCILMEMBERS: None
COUNCILMEMBERS: None
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R:/Resos 2004/Resos 04-125