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Home My WebLink About00-03 RDA ResolutionRESOLUTION NO. RDA 2000-03 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF THE CITY OF TEMECULA APPROVING THE SECOND AMENDMENT TO OWNER PARTICIPATION AGREEMENT BETWEEN THE REDEVELOPMENT AGENCY OF THE CITY OF TEMECULA AND COSTCO WHOLESALE CORPORATION THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF THE CITY OF TEMECULA DOES RESOLVES AS FOLLOWS: Section 1. The Board of Directors hereby approves that certain agreement entitled Second Amendment to Owner Participation Agreement by and between the Redevelopmerit Agency of the City of Temecula and Costco Wholesale Corporation, a Washington Corporation, in substantially the form attached hereto as Exhibit A and authorizes the Chairman to execute the agreement. Section 2. The Agency Secretary shall certify to the passage of this Resolution. PASSED, APPROVED AND ADOPTED, by the Board of Directors of the Temecula Redevelopment Agency this 21 st day of March, 2000. ATTEST: Vice Chairperson · Jone AE /City [SEAL] R:Resos/rda2000-03 1 STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss CITY OF TEMECULA ) I, Susan W. Jones, CMC/AAE, Secretary of the Temecula Redevelopment Agency, do hereby certify that the foregoing Resolution No. RDA 2000-03 was duly and regularly adopted by the Board of Directors of the Temecula Redevelopmerit Agency at a regular meeting thereof held on the 21st day of March, 2000, by the following vote: AYES: 4 NOES: 0 ABSENT: 1 AGENCY MEMBERS: AGENCY MEMBERS: AGENCY MEMBERS: Comerchero, Naggar, Pratt, Stone None Roberrs san W. C/AAE S ' Clerk R:Resos/rda2000-03 2 EXHIBIT Recorded at the Request of And When Recorded Return to: Susan Jones, CMC/AAE Agency Secretary Redevelopment Agency of the City of Temecula Post Office Box 9033 Temecula, Ca. 92589-9033 Exempt from Recording Fees Pursuant to Govemment Code Sections 6103 and 27383 SECOND AMENDMENT TO OWNER PARTICIPATION AGREEMENT BY AND BETWEEN THE REDEVELOPMENT AGENCY OF THE CITY OF TEMECULA AND COSTCO WHOLESALE CORPORATION This Second Amendment is made and entered into as of March 21, 2000, by and between the Redevelopment Agency of the City of Temecula, a public body corporate and politic ("Agency"), and Costco Wholesale Corporation, a Washington corporation ("Participant" or "Participant Costco"). In consideration of the mutual covenants and agreements contained herein, the Agency and Participant agree as follows: 1. This Second Amendment is made with respect to the following facts and for the following purposes: On July 23, 1991, the Agency and Participant entered into that certain agreement entitled "Owner Participation Agreement by and between the Redevelopment Agency of the City of Temecula and Costco Wholesale Corporation, a Washington corporation. "Owner Participation Agreement was recorded on July 19, 1991 as Document No. 24563 in the Official Records of the County of Riverside. b= The Owner Participation Agreement pertains to certain real property descdbed in the Owner Participation Agreement as the "Site" and which Site is described on Exhibit A, attached herato and incorporated herain as though set forth in full. C= On November 9, 1999 the Agency and Participant entered into that certain "First Amendment to Owner Participation Agreement by and between the Redevelopment Agency of the City of Temecula and Costco Wholesale Corporation, a Washington corporation." The First Amendment was recorded on December 2, 1999 as Document No. 1999-527808 in the Official Records of the County of Riverside. The Owner Participation Agreement of July 23, 1991, as amended by the First Amendment of November 9, 1999, shall be referred to as the "OPA." d. Section 3.1 of the OPA, provides: "Section 3.1 Uses. The Participant covenants and agrees for itself, its successors, its assigns, and every successor in interest to the Site or any part thereof, that dudng construction and thereafter, the Participant, and such successors and assignees, shall devote tie Site to use as a retail/wholesale commercial facility." e. Section 2 of the First Amendment provides: "2. Participant agrees to diligently and in good faith, use commercially reasonable efforts to find an alternative retail use for tie Site if the retail business currently occupying the Site moves to anotier location or if subsequent retail uses on tie Site cease operations for any reason." f. The parties now desire to make certain modifications in tie OPA in order to facilitate Participant Costco's sale of the Site. 2. Section 3.1 of the OPA is hereby amended to read as follows: "Section 3.1 Uses. The Participant covenants and agrees for itself, its successors, its assigns, and every successor in interest to the Site or any part thereof, tiat during construction and thereafter, tie Participant, and such successors and assignees, shall devote tie Site to use as a retail/wholesale commercialfacility. Upon the conveyance of the Site by Participant Costco to an unrelated buyer, Participant shall be relieved of any further obligation or responsibility pursuant to this Section 3.1. The parties agree, however, that Participant's successors in interest in the Site shall be obligated to comply with the provisions of Section 3.1 unless such obligation is modified by a duly approve amendment to this Agreement." 3. The Agency hereby finds and determines tiat Participant Costco has diligently and in good faith used commercially reasonable efforts to find an alternative retail use for the Site following the move of its store to a new site. Therefore, the Agency finds tiat Costco complied with the requirements of Section 2 of the First Amendment and that Costco's obligations pursuant to Section 2 have been fully satisfied. Costco and Agency further agree, however, that while Costco's liability for its obligations under Section 2 has been satisfied, Costco's successors in interest in the Site shall be obligated to comply with Section 2 until such time as a further amendment to the OPA concerning Section 2 is approved by the parties. 4. Except as specifically set forth herein, all other terms and conditions of the OPA shall remain in full force. 4. Except as specifically set forth herein, all other terms and conditions of the OPA shall remain in full force. IN WITNESS WHEREOF, the parties hereto have entered into this Second Amendment as of the day and year first wdtten above. REDEVELOPMENT AGENCY OF THE CITY OF TEMECULA, a public body corporate and politic Michael S. Naggar Vice Chairman Attest: Susan Jones, CMC/AAE Agency Secretary Approved as to form: Peter M. Thorson Agency Counsel COSTCO WHOLESALE CORPORATION, a Washington corporation By: Name: Title: By: Name: Title: EXHIBIT NO. A LEGAL DESCRIPTION OF SITE Those portions of Lots 139 and 142 of TEMECULA LAND AND WATER COMPANY as shown by map on file in Book 8 of Maps at Page 359 thereof, Records of San Diego County, California described as follows: Commencing at the centerline intersection of Winchester Road - State Highway 79 (formerly Banana Street) and Ynez Road, as described in deed to the STATE OF CALIFORNIA recorded July 12, 1973 as Instrument No. 90991, Official Records of Riverside County, California; Thence North 48°08'33'' East along the centerline of Winchester Road, as described in deed to the COUNTY OF RIVERSIDE recorded April 8, 1930 in Book 722 of Deeds at Page 512 et seq., Records of Riverside County, California, a distance of 2506.87 feet; Thence northeasterly along a curve concave southeasterly having a radius of 955.37 feet, through a central angle of 14°27'16% an arc length of 241.02 feet; Thence North 62°35'49'' East a distance of 269.55 feet; Thence northeasterly along a curve concave northwesterly having a radius of 955.37 feet, through a central angle of 16°29'39% an arc length of 275.03 feet; Thence North 46°06'10' East a distance of 280.78 feet to the centerline of Margarita Road, as described in Declaration of Dedication recorded July 3, 1974 as Instrument No. 83317, Official Records of Riverside County, California; The previous four courses and distances are along said centerline of Winchester Road; Thence North 43°53'50' West along said centerline of Margarita Road a distance of 177.58 feet; Thence northwesterly along said canterline of Margarita Road, along a curve concave northeasterly having a radius of 1200.00 feet, through a central angle of 4°21 '22", an arc length of 91.24 feet to the Point of Beginning: Thence South 50°27'32" West, a distance of 55.00 feet to the westerly right-of-way line of Margarita Road; Thence South 48°08'33'' West, a distance of 376.52 feet; Thence South 41 °51 '37", East a distance of 20.00 feet; Thence South 48008'33" West, a distance of 522.92 feet; Thence South 89°36'07'' West, a distance of 54.81 feet; Thence North 41°51'27" West, a distance of 345.91 feet; Thence North 39°07'47'', East a distance of 36.79 feet; Thence North 37°13'36" East, a distance of 962.13 feet; Thence North 47°01'14" East, a distance of 112.86 feet to the westerly right-of-way line of said Margarita Road; Thence North 76°51 '51" East, a distance of 55.00 feet to the centerline of said Margarita Road; Thence southeasterly along the centerline of Margarita Road on a non- tangent curve, concave northeasterly having a radius of 1200.00 feet, through an angle of 26°24'19'', an arc length of 553.03 feet (the initial radial line bears South 76°51 '51" West) to the Point of Beginning. The above-described parcel of land contains 11.38 acres, more or less.