HomeMy WebLinkAbout10-05 RDA Resoution RESOLUTION NO. RDA 10 -05
A RESOLUTION OF THE REDEVELOPMENT AGENCY
OF THE CITY OF TEMECULA APPROVING THAT
CERTAIN SECOND 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 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"
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. On October 27, 2009 the Agency approved an amendment to the
Purchase and Sale Agreement. The Purchase and Sale Agreement dated as of
September 22, 2009 and the Amendment dated as of October 27, 2009 shall be
collectively referred to as the "Agreement."
C. The Agreement and the proposed Second 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.
D. Buyer and the Agency proposed to enter into the Second Amendment to
Agreement ( "Second Amendment ") that will extend the time for Closing of the sale and
extend the financing contingency.
E. Under the proposed Second 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.
F. The Second Amendment is consistent with the Redevelopment Plan and
the Implementation Plan adopted by the Agency for the Project Area.
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G. The Second Amendment is consistent with the City's General Plan.
H. The Agency Board has duly considered all terms and conditions of the
proposed Second Amendment at a public meeting and believes that the Second
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.
I. The Second 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 "Second Amendment to 'Agreement for
Purchase and Sale and Escrow Instructions' between Temecula Redevelopment
Agency and Clearwater Waterpark Development, LLC (Successor to Temecula Water
Park LP)," ( "Second 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 Second Amendment on file in the Office
of the Agency Secretary. The Chairperson of the Agency is hereby authorized to
execute the Second Amendment on behalf of the Agency in said form. A copy of the
final Second 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 Second Amendment and to administer the Agency's
obligations, responsibilities and duties to be performed under the Second 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.
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PASSED, APPROVED, AND ADOPTED by the Board of Directors of the Temecula
Redevelopment Agency of the City of Temecula this 27 day of April, 2010.
Michael S. Nagga , hairperson
ATTEST:
Susan W. Jo es, MMC
ity Cle B rd Secreta
[SEAL]
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 10 -05 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 April, 2010, by the following vote:
AYES: 5 BOARD MEMBERS: Comerchero, Edwards, Roberts,
Washington, Naggar
NOES: 0 BOARD MEMBERS: None
ABSENT: 0 BOARD MEMBERS: None
ABSTAIN: 0 BOARD MEMBERS: None
Susan W Jones, MMC
Ci Clerk/ and Secretary
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