HomeMy WebLinkAbout06-11 RDA Resolution
I
I
I
RESOLUTION NO. RDA NO. 06-11
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
TEMECULA REDEVELOPMENT AGENCY OF THE CITY OF
TEMECULA APPROVING A FOURTH 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, as amended on
September 14, 2004, December 7,2004 and February 28,2006 ("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 agree to a final extension of Closing of Escrow to
March 30, 2007 along with certain other adjustments relating to the schedule of
performance for the retail buildings.
C. On December 12, 2006 the Board of Directors of the Redevelopment
Agency of the City of Temecula 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
Fourth Amendment.
Section 2. The Board of Directors of the Redevelopment Agency of the City of
Temecula hereby approves that certain agreement entitled "Fourth 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
Chairperson shall be placed on file in the Office of the Secretary of the Agency.
R:/RDA Reses 2006/RDA Rese 06-11
I
I
I
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. The Secretary of the Agency shall certify the adoption of this
Resolution.
PASSED, APPROVED, AND ADOPTED by the Board of Directors of the Temecula
Redevelopment Agency of the City of Temecula this 1ih day of December, 2006.
ATTEST:
a , Chairperson
[SEAL]
R:/RDA Reses 2006/RDA Rese 06-11
2
I
I
I
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF TEMECULA )
I, Susan W. Jones, MMC, City Clerk/Board Secretary ofthe Temecula Redevelopment
Agency of the City of Temecula, do hereby certify that the foregoing Resolution No. RDA
06-11 was duly and regularly adopted by the Board of Directors of the Temecula
Redevelopment Agency of the City of T emecula at a meeting thereof held on the 1 ih day of
December, 2006, by the following vote:
AYES:
5 BOARD MEMBERS:
NOES:
o BOARD MEMBERS:
ABSENT:
o BOARD MEMBERS:
ABSTAIN:
o BOARD MEMBERS:
R:iRDA Reses 2006iRDA Rese 06-11
Comerchero, Edwards, Roberts,
Washington, Naggar
None
None
None
3