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HomeMy WebLinkAbout16-03 SARDA Resolution ' RESOLUTION NO. SARDA 16-03 A RESOLUTION OF THE SUCCESSOR AGENCY TO THE TEMECULA REDEVELOPMENT AGENCY APPROVING A DISPOSITION AND DEVELOPMENT AGREEMENT BY AND AMONG THE CITY OF TEMECULA, SUCCESSOR AGENCY TO THE TEMECULA REDEVELOPMENT AGENCY, AND TOWN SQUARE MARKETPLACE OLD TOWN, LLC CONVEYING APPROXIMATELY ONE ACRE OF PROPERTY LOCATED ON MAIN STREET WEST OF MERCEDES STREET THE BOARD OF DIRECTORS OF THE SUCCESSOR AGENCY TO THE TEMECULA REDEVELOPMENT AGENCY DOES HEREBY RESOLVE AS FOLLOWS: Section 1. Recitals (a) This Resolution provides for the approval of that certain agreement entitled "Disposition and Development Agreement by and among the City of Temecula, Successor Agency to the Temecula Redevelopment Agency, and Town Square Marketplace Old Town, LLC" ("Agreement"). With respect to the Successor Agency to the Temecula Redevelopment ("Successor Agency"), the Agreement pertains to the ' Successor Agency's conveyance of four parcels of real property composed of approximately one acre and located at the intersection of Main Street and Mercedes Street across from City Hall and legally described in the Agreement. (b) The Property is addressed in the Successor Agency's Long Range Property Management Plan ("LRPMP"). The LRPMP was approved on February 25, 2014 by Resolution No. SARDA 14-02 of the Successor Agency. The LRPMP was approved by the Oversight Board of the Successor Agency to the Temecula Redevelopment Agency on February 26, 2014 by Resolution No. OB SARDA 14-02. The LRPMP was approved by the California Department of Finance (the "DOF") on March 12, 2014. The LRPMP provides that the Property will be transferred to the City of Temecula (the "City") and retained for future development pursuant to Health and Safety Code Section 34180. (c) The Agreement will provide for the formal conveyance of the Property from the Successor Agency to the City as provided in the LRPMP and then to the developer and purchaser of the Property, Town Square Marketplace Old Town LLC, a California limited liability company ("Developer"), as further contemplated by the LRPMP. 1 SARDA Resos 16-03 1 ' (d) The Board of Directors has duly considered all terms and conditions of the proposed Agreement and believes that the Agreement is in the best interests of the Successor Agency and City of Temecula, and the health, safety, and welfare of their residents, and in accord with the public purposes and provisions of applicable State and local law requirements. (e) The Agreement has been reviewed with respect to applicability of the California Environmental Quality Act ("CEQA"), the State CEQA Guidelines (California Code of Regulations, Title 14, Sections 15000 et seq., hereafter the "Guidelines'), and the City's environmental guidelines. The Board of Directors has determined that this Agreement is not a "project" for purposes of CEQA, as that term is defined by Guidelines Section 15378, because this Agreement will not result in a direct or indirect physical change in the environment. The Agreement provides that Development of the Property will be subject to City approval of land use entitlements wherein the specific impacts of any development will be evaluated in light of the Old Town Specific Plan, applicable zoning ordinances and CEQA. (f) While it was contemplated that, in conjunction with the Successor Agency's transfer of the Property to the City, the City would make payments to affected taxing entities (the "Compensation") pursuant to compensation agreements, the DOF has pronounced that no such compensation agreement would be necessary if the Compensation is equal to the fair market value for the Property and City remits the ' Compensation (or causes the Compensation to be remitted) to the Riverside County Auditor-Controller (the "County Auditor-Controller") for distribution to the affected taxing entities. (g) The purchase price for the conveyance of the land to the Developer will be an amount that is not less than fair market value based upon an appraisal by a qualified appraiser (h) The City shall remit (or cause to be remitted) to the County Auditor- Controller, either concurrently with or promptly after the closing of Property transfer pursuant to the Agreement, an amount equal to the Purchase Price, for the County Auditor-Controller to distribute to the affected taxing entities. (i) All legal prerequisites to the adoption of this Resolution and approval of the Agreement have occurred. Section 2. Approval of Agreement. The Board of Directors of the Successor Agency to the Temecula Redevelopment Agency ("Successor Agency") hereby approves that certain agreement entitled "Disposition and Development Agreement by and among the City of Temecula, Successor Agency to the Temecula Redevelopment Agency, and Town Square Marketplace Old Town, LLU ("Agreement'), with such changes as may be mutually agreed upon by Developer and the Executive Director as are in substantial conformance with the form of the Agreement on file in the Office of the City Clerk/Secretary. The Chairperson is hereby authorized to execute the Agreement on behalf of the Successor Agency. A copy of the final Agreement, when SARDA Resos 16-03 2 ' executed by the Chairperson, shall be placed on file in the Office of the City Clerk/Secretary. Section 3. Executive Director's Authority. The Executive Director (or his designee), is hereby authorized, on behalf of the Successor Agency, to take all actions necessary and convenient to carry out and implement the Agreement, and to administer the Successor Agency's obligations, responsibilities and duties to be performed under the Agreement, including but not limited to, approval of title reports, approval or waiver of conditions precedent to closing, approval of extensions of time for fulfillment of obligations, enter into agreements with appraisers, approval of escrow instructions and other similar agreements and documents as contemplated by or described in the Agreement or as necessary and convenient to implement and effectuate the transfer to the Property as described and provided in the Agreement, and execution of grant deeds or quitclaim deeds on behalf of Successor Agency. Section 4. Certification. The City Clerk/Secretary shall certify the adoption of this Resolution PASSED, APPROVED, AND ADOPTED by the Board of Directors of the Successor Agency to the Temecula Redevelopment Agency this 13th day of December, 2016. Michae aggar, Chair ATTE Rand , ecretary [SEAL] 1 SARDA Resos 16-03 3 ' STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss CITY OF TEMECULA ) I, Randi Johl, Secretary of the Successor Agency to the Temecula Redevelopment Agency, do hereby certify that the foregoing Resolution No. SARDA 16-03 was duly and regularly adopted by the Board of Directors of the Successor Agency to the Temecula Redevelopment Agency at a meeting thereof held on the 13`h day of December, 2016, by the following vote: AYES: 5 BOARD MEMBERS: Comerchero, Edwards, McCracken, Rahn, Naggar NOES: 0 BOARD MEMBERS: None ABSTAIN: 0 BOARD MEMBERS: None ABSENT: 0 BOARD MEMBERS: None tRandi Johl, Secretary 1 SARDA Resos 16-03 4