HomeMy WebLinkAbout04-12 RDA Resolution
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RESOLUTION RDA NO. 04-12
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
REDEVELOPMENT AGENCY OF THE CITY OF TEMECULA
APPROVING A SECOND AMENDMENT TO THE DISPOSITION
AND DEVELOPMENT AGREEMENT BETWEEN THE AGENCY
AND AGK GROUP, LLC, A CALIFORNIA LMITED LIABILITY
COMPANY FOR THE TEMEUCLA EDUCATION COMPLEX
THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF THE CITY
OF TEMECULA DOES HEREBY RESOLVE AS FOLLOWS:
Section 1. The Board of Directors of the Redevelopment Agency of the City of
Temecula hereby finds, determines and declares that:
A. Agency 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 Agency 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 Board of Directors of the Redevelopment Agency of the City of
Temecula hereby approves that certain agreement entitled "Second Amendment to DDA and
Promissory Note" between the Agency and AGK Group, LLC, with such changes in each
document as may be mutually agreed upon by the Developer and the Executive Director as are
in substantial conformance with the form of such Agreement which on file in the Office of the
Agency Secretary. The Chairperson of the Agency is hereby authorized to execute the
Agreement, including related exhibits and attachments on behalf of the Agency. A copy of the
final Agreement when executed by the Agency Chairperson shall be placed on file in the Office
of the Secretary of the Agency.
Section 3. The Executive Director of the Agency (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.
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Section 4.
The Secretary of the Agency shall certify the adoption of this Resolution.
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PASSED, APPROVED AND ADOPTED by the Board of Directors of the Redevel-
opment Agency of the City of Temecula at a regular meeting_held on the 7'h day of December,
2004. .
ATTEST:
STATE OF CALIFORNIA
COUNTY OF RIVERSIDE
CITY OF TEMECULA
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I, Susan W. Jones, CMC, City Clerk/Agency Secretary of the Redevelopment Agency of
the City of Temecula, do hereby certify that Resolution No. RDA No. 04-12 was duly and
regularly adopted by the Board of Directors of the Redevelopment Agency 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
AGENCY MEMBERS: Naggar, Stone, Roberts, Washington, Comerchero
AGENCY MEMBERS: None
AGENCY MEMBERS: None
AGENCY MEMBERS: None
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