HomeMy WebLinkAbout09-10 RDA Resolution1
1
1
RESOLUTION NO. RDA 09 -10
A RESOLUTION OF THE BOARD OF DIRECTORS OF
THE TEMECULA REDEVELOPMENT AGENCY OF THE
CITY OF TEMECULA APPROVING THAT CERTAIN
AMENDMENT TO AGREEMENT FOR PURCHASE AND
SALE AND ESCROW INSTRUCTIONS BETWEEN THE
AGENCY AND TEMECULA WATER PARK L.P., FOR THE
SALE OF APPROXIMATELY 19.7 ACRES AT THE
NORTHWEST CORNER OF DIAZ ROAD AND DENDY
PARKWAY (APN: 909 370 -002)
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. On September 22, 2009, the Agency and Temecula Water Park,
LP, "Buyer entered into the "Agreement For Purchase And Sale And Escrow
Instructions" (the "Agreement which provides for the sale of approximately 19.7
acres of land owned by the Agency northwesterly of the intersection of Diaz
Road and Dendy Parkway, APN 909 370 -002, in the City of Temecula (the
Property The sale price is $6,700,000 with a $1,000,000 hold back for certain
designated soils work.
B. The Agreement and the proposed Amendment are intended to
effectuate the Redevelopment Plan, by selling the Property to the Buyer for
development of uses allowed by the City's General Plan, Development Code and
the Redevelopment Plan. Proceeds from the sale of the Property will be placed
into the Agency's Low and Moderate Income Housing Funds (sometimes referred
to as the "Housing Set -Aside Fund for future development of affordable housing
in the Project Area and the Community.
C. Buyer and the Agency proposed to enter into an Amendment to
Agreement "Amendment that will extend the time for Closing of the sale and
extend the financing contingency.
D. Under the proposed Amendment, the purchase price for the sale of
the Property to the Buyer will not change and remains not less than the fair
market value of the Property at its highest and best use in accordance with the
Redevelopment Plan.
E. The Amendment is consistent with the Redevelopment Plan and
the Implementation Plan adopted by the Agency for the Project Area.
F. The Amendment is consistent with the City's General Plan.
R:/RDA Resos 2009 /RDA 09 -10 1
1
1
1
G. The Agency Board has duly considered all terms and conditions of
the proposed Amendment at a public meeting and believes that the Amendment
is in the best interests of the Agency and City and the health, safety, and welfare
of its residents, and in accord with the public purposes and provisions of
applicable State and local law requirements.
H. The Amendment pertains to and affects the ability of all parties to
finance and carry out their statutory purposes and to accomplish the goals of the
Redevelopment Plan and is intended to be a contract within the meaning of
Government Code Section 53511.
Section 2. The Board of Directors of the Redevelopment Agency of the City of
Temecula hereby approves that certain Amendment to the Agreement entitled
"Amendment to Purchase and Sale Agreement" by and between Temecula
Redevelopment Agency and Temecula Water Park LP, "Amendment with such
changes in such document as may be mutually agreed upon by the Buyer and the
Agency Executive Director as are in substantial conformance with the form of such
Amendment on file in the Office of the Agency Secretary. The Chairperson of the
Agency is hereby authorized to execute the Amendment on behalf of the Agency in said
form. A copy of the final Amendment 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 Amendment and to administer the Agency's obligations,
responsibilities and duties to be performed under the Amendment and related
documents, including, but not limited to, the approval and execution on behalf of the
Agency of escrow instructions, certificates of completion, title reports, certifications, and
such other implementing agreements and documents as contemplated or described in
the Amendment necessary and convenient for the completion of the sale of the
Property.
Section 4. The Secretary of the Agency shall certify the adoption of this
Resolution.
R: /RDA Resos 2009 /RDA 09 -10 2
1
1
1
PASSED, APPROVED, AND ADOPTED by the Board of Directors of the Temecula
Redevelopment Agency of the City of Temecula this 27 day of October, 2009.
ATTEST:
[SEAL]
Susan ones, MMC
City CI. k/aoard Secreta
R: /RDA Resos 2009 /RDA 09 -10 3
Ron oberts,Chairperson
1
1
1
STATE OF CALIFORNIA
COUNTY OF RIVERSIDE
CITY OF TEMECULA
ss
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 09 -10 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 27 day of October, 2009, by the following vote:
AYES: 5 BOARD MEMBERS: Comerchero, Edwards, Naggar,
Washington, Roberts
NOES: 0 BOARD MEMBERS: None
ABSENT: 0 BOARD MEMBERS: None
ABSTAIN: 0 BOARD MEMBERS: None
R: /RDA Resos 2009 /RDA 09 -10 4
Susan Jones, MMC
City Cler /Board Secretary