HomeMy WebLinkAbout07-02 RDA Resolution
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RESOLUTION NO. RDA NO. 07-02
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
TEMECULA REDEVELOPMENT AGENCY OF THE CITY OF
TEMECULA APPROVING A FIFTH 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 TEMECULA 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, February 28, 2006 and December 12, 2006
("DDA") which provided for, among other things, the City's contribution to Developer of
certain real properly 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 as it relates to the development of the project.
C. The approval of this Fifth Amendment by the Agency constitutes an
action to allow the AGK Group to proceed with the development of the project but to initially
build only one of the educational towers.
D. On March 6, 2007 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 Fifth
Amendment.
Section 2. The Board of Directors of the Redevelopment Agency of the City of
Temecula hereby approves that certain agreement entitled "Fifth 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
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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, 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 6th day of March, 2007.
Maryann Edwards,Chairperson
I ATTEST:
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rd Secret
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STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF TEMECULA )
I, Susan W. Jones, MMC, City Clerk/Board Secretaryofthe Temecula Redevelopment
Agency of the City of Temecula, do hereby certify that the foregoing Resolution No.
RDA 07-02 was duly and regularly adopted by the Board of Directors of the Temecula
Redevelopment Agency of the City of Temecula at a meeting thereof held on the 6th day of
March, 2007, by the following vote:
AYES: 5
BOARD MEMBERS:
NOES: 0
BOARD MEMBERS:
ABSENT: 0
BOARD MEMBERS:
ABSTAIN: 0
BOARD MEMBERS:
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Comerchero, Naggar, Roberts,
Washington, Edwards
None
None
None
. Jones, MMC
oard Secretary
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