HomeMy WebLinkAbout05-05 RDA Resolution
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RESOLUTION NO. RDA NO. 05-05
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDE-
VELOPMENT AGENCY OF THE CITY OF TEMECULA APPROV-
ING A THIRD AMENDMENT TO THE DISPOSITION AND
DEVELOPMENT AGREEMENT BETWEEN THE AGENCY AND
AGK GROUP, LLC, A CALIFORNIA LIMITED LIABILITY
COMPANY FOR THE TEMECULA 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 comer 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.
C. The approval of this Third Amendment by the City constitutes an action by the
City to authorize the modifications of the Schedule of Purchase Prices for individual phases and
allows for execution of a License Agreement.
Section 2. The Board of Directors of the Redevelopment Agency of the City of Temecula
hereby approves that certain agreement entitled "Third 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.
Section 4.
The Secretary of the Agency shall certify the adoption of this Resolution.
R:/RDA ReSDS 2005/RDA 05-05
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PASSED, APPROVED AND ADOPTED by the Board of Directors of the Redevelopment
Agency of the City of Temecula at a regular meeting held on the 28th day of June, 2005.
"M
Ron Roberts, hairperson
ATTEST:
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF TEMECULA )
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I, Susan Jones, CMC, Secretary of the Redevelopment Agency of the City ofTemecula, do
hereby certify that Resolution No. RDA No. 05-05-05 was duly and regularly adopted by the Board of
Directors of the Redevelopment Agency of the City of T emecula at a regular meeting thereof, held
on the 28th day of June, 2005 by the following vote:
AYES:
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AGENCY MEMBERS: Comerchero, Edwards, Naggar, Washington,
Roberts
NOES:
ABSENT:
ABSTAIN:
o
o
AGENCY MEMBERS: None
AGENCY MEMBERS: None
o
AGENCY MEMBERS: None
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R:/RDA Resos 2005/RDA 05-05
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