HomeMy WebLinkAbout97-01 FA ResolutionRESOLUTION NO. FA 97-01
A RESOLUTION OF THE OLD TOWN/WESTSIDE COMMUNITY
FACH,ITIES DISTRICT FINANCING AUTHORITY TERMINATING THAT
CERTAIN "CONSTRUCTION MANAGEMENT AND SUPERVISION
AGREEMENT," DATED NOVEMBER 26, 1996
THE BOARD OF DIRECTORS OF TH'E OLD TOWN/WESTSIDE
COMMUNITY FACII.ITIES DISTRICT FINANCING AUTHORITY DOES RESOLVE AS
FOLLOWS:
Section 1. The Board of Directors does hereby find, determine and declare that:
(a) The Redevelopment Agency of the City of Temecula ("Agency")
entered into that certain "Owner Participation Agreement by and between the Redevelopment
Agency of the City of Temecula and T.Z.B.G., Inc., a California Corporation" on August 31,
1995, which agreement was amended by the parties on March 26, 1996 by that certain
"Amendment to Owner Participation Agreement." (The Owner Participation Agreement, as
amended, shall be referred to as the "OPA;" T.B.Z.G., Inc. and its successors and assigns shall
be referred to as "Participant.")
(b) T.Z.B.G, Inc., assigned its interests in the OPA to Temecula Valley
Entertainment, Inc., with the consent of the Agency.
(c) The OPA provides in Sections 4.1 and 4.4 that the Participant would
acquire land, design and construct certain Entertainment Facilities as described in Section 2.1 of
the OPA (the "Project") and would also consent to and participate in the formation of a
community facilities district on its property to finance and construct certain public improvements
for the Old Town Specific Plan Area also described in Section 2.1 of the OPA (the "Public
Improvements"). The OPA further provides in Section 4.2 that the Agency would contribute to
the project in consideration of the Participant's construction of the Public Improvements.
(d) The OPA provides in Section 1.3 that the Site of the Entertainment
Facilities will be those properties in the "Tourist Core Retail" area of the Old Town Specific Plan
and the "Westside Area" of the Westside Specific Plan which are acquired by the Participant. At
the time of approval of the OPA, the Participant had options to purchase certain properties in the
Old Town Area and the Westside Area for the construction of the Entertainment Facilities.
(e) The City of Temecula and the Redevelopment Agency of the City
of Temecula formed the Old Town Westside Community Facilities District Financing Authority.
Resos.fa/97-01 1
The Authority formed the Old Town/Westside Community Facilities District No. 1 (Old Town
Area Public Improvements) ("CFD"). The CFD has completed all actions necessary to issue
bonds, including an election, for issuance of bonds to finance the land acquisition, design and
construction of the Public Improvements and the bonds were ready to issue upon the confirmation
of the Participant's financing of the Entertainment Facilities and acquisition of the properties for
the Entertainment Facilities in the Old Town Area.
(f) On November 26, 1996 the Old Town Westside Community
Facilities District Financing Authority, for itself and on behalf of its Community Facilities District
No. 1 (Old Town Area Public Improvements) and Fluor Daniel, Inc. entered into that certain
"Construction Management and Supervision Agreement" (hereafter "Agreement"). The
Agreement provides that Fluor Daniel would serve as the construction manager for the
construction and installation of the Public Improvements with the proceeds of the bonds to be
issued by the CFD, and that Fluor Daniel would guaranty the construction and installation of the
Public Improvements at a cost not to exceed $17,288,202.00, subject to the terms of the
Agreement. Fluor Daniel has not undertaken any work pursuant to this Agreement.
(g) Participant extensively marketed the Project to a number of financial
institutions and has not secured financing for all of the Entertainment Facilities.
(h) On March 3, 1997, the Participant announced that it would
consolidate the project by building a sports arena and theater complex on the Westside Specific
Plan Area and defer development in the Old Town Specific Plan Area, including the construction
of the Public Improvements.
(I) On February 28, 1997 Participant's options to purchase
approximately five acres of land in the Old Town Area for the Entertainment Facilities expired
without the properties being acquired.
(j) On April 21, 1997, the Participant elected not to acquire the
properties in the Westside Area and, consequently, the authorizations for the bonds to finance the
Public Improvements, the authorizations to construct the Public Improvements, and the CFD have
expired.
Section 2. The Board of Directors hereby terminates that certain "Construction
Management and Supervision Agreement" by and among Old Town Westside Community
Facilities District Financing Authority, for itself and on behalf of its Community Facilities District
No. 1 (Old Town Area Public Improvements) and Fluor Daniel, Inc., dated November 26, 1996.
Section 3. The Secretary shall certify the adoption of this Resolution and shall
send a certified copy of the resolution to Fluor Daniel, Inc., at the address set forth in the
Agreement.
Re~os.fa/97-01 2
PASSED, APPROVED AND ADOPTED by the Old Town/Westside Community
Facilities District Financing Authority on May 13, 1997.
ATTEST:
Chairperson
CMC/AAE
Board Secretary/City Clerk
[SEAL]
Resos.fa/97-01 3
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF TEMECULA )
I, June S. Greek, Secretary of the Old Town/Westside Community Facilities District
Financing Authority, do hereby certify that the Resolution No. FA 97-01 was duly adopted by
the Old Town/Westside Community Facilities District Financing Authority at a regular meeting
thereof, held on the 13th day of May, 1997, by the following vote:
AYES:
4 BOARDMEMBERS:
Birdsall, Ford, Roberts, Lindemans
NOES: 0 BOARDMEMBERS: None
ABSENT: 0 BOARDMEMBERS:
None
ABSTAIN: 1 BOARDMEMBERS: Stone
~une S. Gree~E
Board Secretary/City Clerk
Resos.fa/97-01 4