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HomeMy WebLinkAbout06-02 RDA Resolution I I I RESOLUTION NO. RDA 06-02 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF THE CITY OF TEMECULA APPROVING A THIRD AMENDMENT TO THE DISPOSITION AND DEVELOPMENT AGREEMENT BETWEEN THE AGENCY AND AGK GROUP, LLC, 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, as amended on September 14, 2004 and December 7, 2004 ("DDA") which provided for, among other things, the City's contribution to Developer of certain real property described therein (the "Property") 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. 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 so as to address soils issues on the Property. C. The approval of this Third Amendment by the Agency constitutes an action by the Agency to authorize the City of Temecula Public Works Department to manage the mass grading and soil remediation project for the Education Center. D. On February 20, 2006 the Board of Directors of the Redevelopment Agency of the City ofT emecula and the City Council held a duly noticed joint public hearing at which all persons had the opportunity to address the Agency and the Council on the Third Amendment. Section 2. The Board of Directors of the Redevelopment Agency of the City of Temecula hereby approves that certain agreement entitled "Third Amendment to Disposition and Development Agreement" 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 R:/RDA Resas 2006/RDA 06-02 I I I 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, respon- sibilities 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. On June 28, 2005 the Agency Board adopted Resolution No. 05-68 which approved a Third Amendment the Disposition and Development Agreement. The parties did not finalize such an amendment to the Disposition and Development Agreement at that time. Therefore, Resolution No. 05-68 is hereby repealed and of no further force a nd effect. Section 5. The Secretary of the Agency shall certify the adoption of this Resolution. PASSED, APPROVED AND ADOPTED by the Board of Directors of the Redevel- opment Agency of the City of Temecula this 28th day of February, 2006. ATTEST: [SEAL] RJRDA Resos 2006/RDA 06-02 2 I I I STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE) ss CITY OF TEMECULA ) I, Susan W. Jones, MMC, City Clerk/Board Secretary of the Temecula Redevelopment Agency of the City of Temecula, do hereby certify that the foregoing Resolution No. RDA No. 06-02 was duly and regularly adopted by the Board of Directors of the T emecula Redevelopment Agency of the City of Temecula at a meeting thereof held on the 28th day of February, 2006, by the following vote, to wit: AYES: 5 BOARD MEMBERS: Comerchero, Edwards, Roberts, Washington, Naggar NOES: 0 BOARD MEMBERS: None ABSENT: 0 BOARD MEMBERS: None ABSTAIN: 0 BOARD MEMBERS: None . Jones, MMC oard Secretary R:/RDA Resos 2006/RDA 06-02 3