HomeMy WebLinkAboutR23-Economic Development Agency
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ECONOMIC DEVELOPMENT AGENCY
OF THE CITY OF SAN BERNARDINO
FROM:
Maggie Pacheco
Deputy Director
SUBJECT: Termination Agreements Imperial
Imports Inc., DBA Toyota of San
Bernardino, Scion of San Bernardino and
San Bernardino Hyundai
DATE:
September 9, 2005
SvnoDsis of Previous Commission/Conncil/Committee Action(s):
On September 6, 2005, Redevelopment Committee Members Estrada and Longville unanimously voted to recommend
that the Mayor and Common Council and Community Development Commission consider this action for approval.
Recommended Motion{s):
(Mavor and Common Council)
A: Resolution of the Mayor and Common Council of the City of San Bernardino authorizing the Mayor to execute
the Termination Agreement to that certain Redevelopment Cooperation and Financing Agreement by and
between the City of San Bernardino and the Redevelopment Agency of the City of San Bernardino
(Redevelopment Cooperation and Financing Agreement - Imperial Imports, Inc., DBA Toyota of San
Bernardino, Scion of San Bernardino and San Bernardino Hyundai)
B:
(Communitv DeveloDment Commission)
Resolution of the Community Development Commission of the City of San Bernardino authorizing the
Chairperson of the Community Development Commission to execute the Termination Agreement to that certain
Redevelopment Cooperation and Financing Agreement by and between the City of San Bernardino and the
Redevelopment Agency of the City of San Bernardino (Redevelopment Cooperation and Financing Agreement-
Imperial Imports, Inc., DBA Toyota of San Bernardino, Scion of San Bernardino and San Bernardino Hyundai)
C: Resolution of the Community Development Commission of the City of San Bernardino approving and
authorizing the Executive Director of the Agency to execute the Termination Agreement to the Redevelopment
Participation Agreement by and between the Redevelopment Agency of the City of San Bernardino and Imperial
Imports, Inc., (DBA Toyota of San Bernardino, Scion of San Bernardino and San Bernardino Hyundai)
Contact Person(s):
Gary Van OsdeUMaggie Pacheco
Phone:
(909) 663-1044
3
Project Area(s)
Southeast Industrial Park
Ward(s):
Supporting Data Attached:
G'J Staff Report G'J Resolution(s) 0 Agreement(s)/Contract(s) 0 Map(s) 0 Letters
FUNDING REQUIREMENTS
Amount: $
Source:
N/A
N/A
SIGNATURE: ~
B""" A"'"", ~ W^
f22g~ep~r
Commission/Council Notes:
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P \Agendas\COITUTl Dev Commi$sionlCDC 2005\05-09-19 TenTlinalion Agrmt. Imperiallmp()Ils, Jne SR-doc
COMMISSION MEETING AGENDA
Meeting Date: 09/19/2005
R.~~
Agenda Item Number:
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ECONOMIC DEVELOPMENT AGENCY
ST AFF REPORT
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TERMINATION AGREEMENTS
IMPERIAL IMPORTS INC., DBA TOYOTA OF SAN BERNARDINO,
SCION OF SAN BERNARDINO AND SAN BERNARDINO HYUNDAI
BACKGROUND:
On August 7, 2003, the Redevelopment Committee recommended to the Community Development
Commission approval of a Redevelopment Participation Agreement between the Redevelopment
Agency (the "Agency") and Imperial Imports, Inc. ("Imperial") pursuant to which the Agency
would remit certain payments to Imperial annually for ten years if they generated certain new jobs
at their proposed new Hyundai dealership to be located at 735 Showcase Drive North in the San
Bernardino Auto Plaza ("Site"). Concurrently with that action, the Committee recommended to the
Commission and the Mayor and Common Council approval of a Redevelopment Cooperation and
Financing Agreement between the Agency and the City, pursuant to which the City would provide
the source of funds required by the Agency to fulfill its obligations to Imperial.
On August 18, 2003, the Mayor and Common Council and the Commission approved the
Redevelopment Cooperation and Financing Agreement between the Agency and the City. In
addition, the Commission approved the Redevelopment Participation Agreement between the
Agency and Imperial.
Under the terms of the Redevelopment Participation Agreement, 30 new jobs, with a minimum
wage rate of $10.00 per hour and a minimum of 1,750 hours per year would be created at the
HYUl}dai dealership, increasing to 35 jobs in year two and 40 jobs in year three. To offset a portion
of these costs, Imperial would receive an annual employment subsidy equivalent to 50 percent of
the City's share of sales tax revenues generated at the Site over and above a base of $75,000. In
addition, the Agency was to receive an administrative fee of7.5% of the City's share of the new tax
revenues.
Based upon projections at the time the aforementioned agreements were approved, it was estimated
that the total amount reimbursable to the dealership over the next ten years would amount to
approximately $1.4 million while the City would receive an additional $2.1 million in new sales tax
revenues over the same time frame.
CURRENT ISSUE:
To date, Imperial has not requested reimbursements as per the terms of the Redevelopment
Participation Agreement. Moreover, Mr. Cliff Cummings, owner of Imperial has informed the
Agency that business levels have vastly exceeded initial sales projections and thus the Agency's
employment subsidy is not needed and the Redevelopment Participation Agreement and
Redevelopment Cooperation and Financing Agreement should be terminated.
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PlAgenda$\Comm Dev Commission\CIX 2005105-09-19 Termination Agnnl -Imperial Imports. Jne SR,doc
COMMISSION MEETING AGENDA
Meeting Date: 09/19/2005
Agenda Item Number: R-D
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Economic Development Agency Staff Report
Imperial Imports Inc., (Hyundai) - Termination Agreements
Page 2
ENVIRONMENTAL IMPACT:
None.
FISCAL IMPACT:
Using the projections in the original Redevelopment Cooperation and Financing Agreement,
termination of the agreements will result in the City retaining approximately $1,484,000 in sales tax
revenues over the 10 years which otherwise would have been used to reimburse the Agency for
employment subsidies paid to Imperial Imports, Inc.
RECOMMENDATION:
That the Mayor and Common Council and the Community Development Commission adopt the
attached Resolutions.
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P'v\genda5\Comm Dev ComrnissionlCDC 2005\05-09.19 Termination Alirml - Imperial Imports.lnc SRdoc
COMMISSION MEETING AGENDA
Meeting Date: 09/19/2005
Agenda Item Number:
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RESOLUTION NO.
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RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO AUTHORIZING THE MAYOR TO
EXECUTE THE TERMINATION AGREEMENT TO THAT CERTAIN
REDEVELOPMENT COOPERATION AND FINANCING AGREEMENT
BY AND BETWEEN THE CITY OF SAN BERNARDINO AND THE
REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO
(REDEVELOPMENT COOPERATION AND FINANCING AGREEMENT -
IMPERIAL IMPORTS, INC., DBA TOYOTA OF SAN BERNARDINO,
SCION OF SAN BERNARDINO AND SAN BERNARDINO HYUNDAI)
4
5
6
7
8
WHEREAS, the Redevelopment Agency of the City of San Bernardino (the "Agency")
9
entered into that certain 2003 Redevelopment Participation Agreement with Imperial Imports,
10
Inc., DBA Toyota of San Bernardino, Scion of San Bernardino and San Bernardino Hyundai
II
("Imperial Imports, Inc.") ("2003 Participation Agreement") as approved by the Community
Development Commission of the City of San Bernardino (the "Commission") on August 18,
12
2003; and
WHEREAS, the Agency and the City of San Bernardino ("City") entered into a certain
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2003 Redevelopment Cooperation and Financing Agreement ("2003 Cooperation Agreement")
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as approved by the Mayor and Common Council and the Commission on August 18,2003; and
17
WHEREAS, Imperial Imports, Inc. has determined that the assistance to be provided by
18
the Agency is no longer necessary to assure the viability and continued presence of the business
19
operations of Imperial Imports, Inc. and the parties to the 2003 Participation Agreement and
20
2003 Cooperation Agreement desire to terminate said agreements pursuant to the terms of the
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Termination Agreements.
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NOW, THEREFORE, IT IS HEREBY RESOLVED, DETERMINED AND ORDERED BY
THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, AS
FOLLOWS:
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Section 1.
The Mayor and Common Council hereby approves and authorizes the
2 Mayor to execute the attached Termination Agreement to the Redevelopment Cooperation and
3 Financing Agreement of even date herein together with such technical and conforming changes
4 as may be recommended by the Executive Director and Agency Counsel.
5
Section 2.
This Resolution shall take effect upon its adoption and execution in th
6 manner as required by the City Charter.
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RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO AUTHORIZING THE MAYOR TO
EXECUTE THE TERMINATION AGREEMENT TO THAT CERTAIN
REDEVELOPMENT COOPERATION AND FINANCING AGREEMENT
BY AND BETWEEN THE CITY OF SAN BERNARDINO AND THE
REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO
(REDEVELOPMENT COOPERATION AND FINANCING AGREEMENT-
IMPERIAL IMPORTS, INC., DBA TOYOTA OF SAN BERNARDINO,
SCION OF SAN BERNARDINO AND SAN BERNARDINO HYUNDAI)
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I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Mayor and
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Common Council of the City of San Bernardino at a
meeting thereof,
8
held on the _day of
, 2005, by the following vote to wit:
9
Council Members:
Abstain
Absent
Navs
Aves
10
11
ESTRADA
LONGVILLE
MCGINNIS
DERRY
KELLEY
JOHNSON
MC CAMMACK
12
15
16
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18
Rachel G. Clark, City Clerk
19
day of
,2005.
The foregoing resolution is hereby approved this
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Judith Valles, Mayor
City of San Bernardino
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Approved as to form and Legal Content:
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tZ~lI~
By:
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RESOLUTION NO.
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RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION
OF THE CITY OF SAN BERNARDINO AUTHORIZING THE
CHAIRPERSON OF THE COMMUNITY DEVELOPMENT
COMMISSION TO EXECUTE THE TERMINATION AGREEMENT TO
THAT CERTAIN REDEVELOPMENT COOPERATION AND
FINANCING AGREEMENT BY AND BETWEEN THE CITY OF SAN
BERNARDINO AND THE REDEVELOPMENT AGENCY OF THE CITY
OF SAN BERNARDINO (REDEVELOPMENT COOPERATION AND
FINANCING AGREEMENT - IMPERIAL IMPORTS, INC., DBA
TOYOTA OF SAN BERNARDINO, SCION OF SAN BERNARDINO AND
SAN BERNARDINO HYUNDAI)
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5
6
7
8
9
WHEREAS, the Redevelopment Agency of the City of San Bernardino (the "Agency")
10
entered into that certain 2003 Redevelopment Participation Agreement with Imperial Imports,
11
Inc., DBA Toyota of San Bernardino, Scion of San Bernardino and San Bernardino Hyundai
12
("Imperial Imports, Inc.") ("2003 Participation Agreement") as approved by the Community
Development Commission of the City of San Bernardino (the "Commission") on August 18,
2003 pursuant to a separate action of the Commission on behalf of the Agency; and
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WHEREAS the Agency and the City of San Bernardino ("City") entered into a certain
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2003 Redevelopment Cooperation and Financing Agreement ("2003 Cooperation Agreement")
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as approved by the Mayor and Common Council and the Commission on August 18,2003; and
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WHEREAS, Imperial Imports, Inc. has determined that the assistance to be provided by
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the Agency is no longer necessary to assure the viability and continued presence of the business
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operations of Imperial Imports, Inc. and the parties to the 2003 Participation Agreement and
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2003 Cooperation Agreement desire to terminate said agreements pursuant to the terms of the
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Termination Agreements.
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NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF SAN BERNARDINO DOES HEREBY RESOLVE, DETERMINE AND ORDER AS
FOLLOWS:
III
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Section 1.
The Community Development Commission hereby approves and
2 authorizes the Chairperson of the Agency to execute the attached Termination Agreement to the
3 Redevelopment Cooperation and Financing Agreement of even date herein together with such
4 technical and conforming changes as may be recommended by the Executive Director and
5 Agency Counsel.
This Resolution shall become effective immediately upon its adoption.
6
Section 2.
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RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION
OF THE CITY OF SAN BERNARDINO AUTHORIZING THE
CHAIRPERSON OF THE COMMUNITY DEVELOPMENT
COMMISSION TO EXECUTE THE TERMINATION AGREEMENT TO
THAT CERTAIN REDEVELOPMENT COOPERATION AND
FINANCING AGREEMENT BY AND BETWEEN THE CITY OF SAN
BERNARDINO AND THE REDEVELOPMENT AGENCY OF THE CITY
OF SAN BERNARDINO (REDEVELOPMENT COOPERATION AND
FINANCING AGREEMENT - IMPERIAL IMPORTS, INC., DBA
TOYOTA OF SAN BERNARDINO, SCION OF SAN BERNARDINO AND
SAN BERNARDINO HYUNDAI)
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I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Communit
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thereof, held on the _day of
to
Commission Members: Aves
11
ESTRADA
12
LONGVlLLE
.13 MCGINNIS
14 DERRY
15 KELLEY
16 JOHNSON
17 MC CAMMACK
Development Commission of the City of San Bernardino at a
meeting
,2005, by the following vote to wit:
Navs
Abstain
Absent
18
19
Secretary
20 The foregoing resolution is hereby approved this
day of
,2005.
21
22
Judith Valles, Chairperson
Community Development Commission
of the City of San Bernardino
23
24
Approved as to form and Legal Content:
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By:
I
<<'I
Agency Counsel
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RESOLUTION NO.
RESOLUTION OF THE COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF SAN BERNARDINO APPROVING
AND AUTHORIZING THE EXECUTIVE DIRECTOR OF THE AGENCY
TO EXECUTE THE TERMINATION AGREEMENT TO THE
REDEVELOPMENT PARTICIPATION AGREEMENT BY AND
BETWEEN THE REDEVELOPMENT AGENCY OF THE CITY OF SAN
BERNARDINO AND IMPERIAL IMPORTS, INC., (DBA TOYOTA OF
SAN BERNARDINO, SCION OF SAN BERNARDINO AND SAN
BERNARDINO HYUNDAI)
WHEREAS, the Redevelopment Agency of the City of San Bernardino (the "Agency")
entered into that certain 2003 Redevelopment Participation Agreement with Imperial Imports,
Inc., DBA Toyota of San Bernardino, Scion of San Bernardino and San Bernardino Hyundai
("Imperial Imports, Inc.") ("2003 Participation Agreement") as approved by the Community
Development Commission of the City of San Bernardino (the "Commission") on August 18,
2003; and
WHEREAS, the Agency and the City of San Bernardino ("City") entered into a certain
Redevelopment Cooperation and Financing Agreement ("2003 Cooperation Agreement") as
approved by the Mayor and Common Council and the Commission on August 18,2003; and
WHEREAS, Imperial Imports, Inc. has determined that the assistance to be provide by
the Agency is no longer necessary to assure the viability and continue presence of the business
operations of Imperial Imports, Inc. and the parties to the 2003 Participation Agreement and
2003 Cooperation Agreement desire to terminate said agreements pursuant to the terms of the
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Termination Agreements; and
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NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF SAN BERNARDINO DOES HEREBY RESOLVE, DETERMINE AND ORDER AS
FOLLOWS:
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Section 1.
The Community Development Commission hereby approves and
2
authorizes the Executive Director of the Agency to execute the attached Termination Agreement
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to the 2003 Redevelopment Participation Agreement between the Redevelopment Agency of the
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City of San Bernardino and Imperial Imports, Inc. of even date herein together with such
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technical and conforming changes as may be recommended by the Agency Executive Director
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and Agency Counsel.
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This Resolution shall become effective immediately upon its adoption.
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RESOLUTION OF THE COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF SAN BERNARDINO APPROVING
AND AUTHORIZING THE EXECUTIVE DIRECTOR OF THE AGENCY
TO EXECUTE THE TERMINATION AGREEMENT TO THE
REDEVELOPMENT PARTICIPATION AGREEMENT BY AND
BETWEEN THE REDEVELOPMENT AGENCY OF THE CITY OF SAN
BERNARDINO AND IMPERIAL IMPORTS, INC., (DBA TOYOTA OF
SAN BERNARDINO, SCION OF SAN BERNARDINO AND SAN
BERNARDINO HYUNDAI)
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I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Communit
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Development Commission of the City of San Bernardino at a
meeting
9 thereof, held on the _day of
10 Commission Members: Aves
ESTRADA
11
LONGYILLE
12
MCGINNIS
.13 DERRY
14 KELLEY
15 JOHNSON
16 MC CAMMACK
17
,2005, by the following vote to wit:
Nays
Abstain
Absent
18
Secretary
19 The foregoing resolution is hereby approved this
day of
,2005.
20
21
22
Judith Yalles, Chairperson
Community Development Commission
of the City of San Bernardino
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Approved as to form and Legal Content:
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By:
Agency Counsel
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Termination Agreement
to terminate that certain
Redevelopment Cooperation and Financing Agreement
by and between the Redevelopment Agency of the City of San Bernardino
and the City of San Bernardino
This Termination Agreement is entered into as of this 19th day of September, 2005, by and
between the Redevelopment Agency of the City of San Bernardino, a public body, corporate and
politic (the "Agency"), and the City of San Bernardino, California, a municipal corporation (the
"City"), for the purpose of terminating that certain Redevelopment Cooperation and Financing
Agreement by and between the parties dated as of August 18,2003, and is made with reference to the
following facts:
RECITALS
WHEREAS, the Agency and the City had entered into that certain Redevelopment Cooperation
and Financing Agreement dated as of August 18, 2003 for the purpose of the City providing
redevelopment financing assistance to the Agency in order for the Agency to execute and implement a
Redevelopment Participation Agreement dated as of August 18, 2003, by and between the Agency and
Imperial Imports, Inc., DBA Toyota of San Bernardino, Scion of San Bernardino and San Bernardino
Hyundai; and
.
WHEREAS, Imperial Imports, Inc., has determined that the assistance to be provided by the
Agency in said Redevelopment Participation Agreement is no longer necessary to assure the viability
and continued presence of the business operations of Imperial Imports, Inc.; and
WHEREAS, Imperial Imports, Inc., at the request of the Participant to the Agency, seeks to
terminate said Redevelopment Participation Agreement; and
WHEREAS, the Agency and Imperial Imports, Inc., have entered into a Termination
Agreement to terminate said Redevelopment Participation Agreement; and
WHEREAS, termination of said Redevelopment Participation Agreement now renders moot
the provisions contained in the aforementioned Redevelopment Cooperation and Financing Agreement
by and between the Agency and the City.
NOW, THEREFORE, the Agency and the City as the parties to this Termination Agreement do
hereby agree as follows:
Section 1. The Recitals as set forth above are true and correct as of the date hereof to the
best knowledge and belief of the parties. The parties have entered into this Termination Agreement for
the express purpose of terminating the Redevelopment Cooperation and Financing Agreement and all
rights, duties and obligations of the parties with respect thereto.
.
Section 2. The Agency and the City hereby agree that as of the date of the final execution
and delivery of this Termination Agreement, all provisions of the Redevelopment Cooperation and
Financing Agreement shall be null and void and of no further force or effect as to both the Agency and
the City.
4851-0525.1328. t
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Section 3. This Termination Agreement shall take effect and be in full force and effect
from and after the date as set forth in the introductory paragraph hereof and shall not be amended or
modified by the Agency or the City except pursuant to written instruments duly approved by the
governing body of the Agency and the governing body of the City at the sole and absolute discretion of
each party.
IN WITNESS WHEREOF, the Agency and the City have duly executed this Termination
Agreement as of the date above set forth.
ATTEST:
CITY
City of San Bernardino
By:
City Clerk
Judith Valles, Mayor
City of San Bernardino
APPROVED AS TO FORM
AND CONTENT:
City Attorney
ATTEST:
AGENCY
Redevelopment Agency
of the City of San Bernardino
By:
Agency Secretary
Judith Valles, Chairperson
Community Development Commission
of the City of San Bernardino
APPROVED AS TO FORM
AND CONTENT:
u
Agency Counsel
4851-0525-1328.\
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Section 3. This Termination Agreement shall take effect and be in full force and effect
from and after the date as set forth in the introductory paragraph hereof and shall not be amended or
modified by the Agency or the City except pursuant to written instruments duly approved by the
governing body of the Agency and the governing body of the City at the sole and absolute discretion of
each party.
IN WITNESS WHEREOF, the Agency and the City have duly executed this Termination
Agreement as of the date above set forth.
ATTEST:
CITY
City of San Bernardino
By:
City Clerk
Judith Valles, Mayor
City of San Bernardino
APPROVED AS TO FORM
AND CONTENT:
City Attorney
ATTEST:
AGENCY
Redevelopment Agency
of the City of San Bernardino
By:
Agency Secretary
Judith Valles, Chairperson
Community Development Commission
of the City of San Bernardino
APPROVED AS TO FORM
AND CONTENT:
"".e.
Agency Counsel
4851-0525-\328.\
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Section 3. This Termination Agreement shall take effect and be in full force and effect
from and after the date as set forth in the introductory paragraph hereof and shall not be amended or
modified by the Agency or the City except pursuant to written instruments duly approved by the
governing body of the Agency and the governing body of the City at the sole and absolute discretion of
each party.
IN WITNESS WHEREOF, the Agency and the City have duly executed this Termination
Agreement as of the date above set forth.
ATTEST:
CITY
City of San Bernardino
By:
City Clerk
Judith Valles, Mayor
City of San Bernardino
APPROVED AS TO FORM
AND CONTENT:
City Attorney
ATTEST:
AGENCY
Redevelopment Agency
of the City of San Bernardino
By:
Agency Secretary
Judith Valles, Chairperson
Community Development Commission
of the City of San Bernardino
APPROVED AS TO FORM
AND CONTENT:
Agency Counsel
4851-0525-1328.1
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Termination Agreement
to terminate that certain Redevelopment Participation Agreement
with Imperial Imports Inc., DBA Toyota orSan Bernardino, Scion orSan Bernardino,
and San Bernardino Hyundai
This Tennination Agreement is entered into as of this 19th day of September, 2005, by and
between the Redevelopment Agency of the City of San Bernardino (the "Agency"), and Imperial
Imports Inc., DBA Toyota of San Bernardino, Scion of San Bernardino, and San Bernardino
Hyundai, a California corporation (the "Participant"), for the purpose of tenninating that certain
Redevelopment Participation Agreement by and between the parties dated as of August 18, 2003
(the "RPA"), and is made with reference to the following facts:
RECITALS
WHEREAS, the Agency had entered into the RPA for the purposes of encouraging the
expansion of the new motor vehicle sales facility operated by the Participant within the Southeast
Industrial Park Redevelopment Project Area of the Agency and to encourage the growth in sales tax
revenues and property tax revenues; and
WHEREAS, the Participant had sought the financial assistance of the Agency in the manner
as provided in the RPA due to the economic conditions prevalent in the motor vehicle sales market
as of the date of the RPA; and
WHEREAS, the assistance requested by the Participant, and as granted in the RPA by the
Agency to the Participant, has been deemed by the Participant to be no longer necessary to assure
the viability and continued presence of the business operations of the Participant and the new motor
vehicle sales facility within the Southeast Industrial Park Redevelopment Project Area; and
WHEREAS, at the request of the Participant and with the concurrence of the Agency, the
Participant and the Agency seek to tenninate the RP A and all obligations, rights and duties of the
parties pursuant thereto, including, but not limited to, payments of any financial assistance to which
the Participant may have been entitled to receive pursuant to the RP A, upon the approval, execution
and delivery of this Tennination Agreement by the parties.
NOW, THEREFORE, the Agency and the Participant as the parties to this Tennination
Agreement do hereby agree as follows:
Section 1. The Recitals as set forth above are true and correct as of the date hereof to the
best knowledge and belief of the parties. The parties have entered into this Tennination Agreement,
at the written request of the Participant, for the express purpose of tenninating the RP A and all
rights, duties and obligations of the parties with respect thereto. The Participant recognizes that
certain amounts were payable by the Agency to the Participant pursuant to the provisions contained
within the RP A to encourage the business development of the Participant within the Southeast
Industrial Park Redevelopment Project Area of the Agency. The Participant specifically waives and
forever releases the Agency from the payment of any amounts that otherwise would be due and
payable by the Agency to the Participant pursuant to the RPA both prior to and subsequent to the
date of this Tennination Agreement. The Participant represents to the Agency that there are no
I
PlAgend3sIAgenda AllachmenlslAgrml5.Amend 2005\05_09_19 hrvcrial Pan Tenninalion ^8reemml doc
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amounts due and owing by the Participant to the Agency, nor is there any claim that has been made
or asserted, and based upon Participant's knowledge and/or facts known to the Participant could be
made or asserted against the Agency for which the Agency would otherwise have sought the
indemnification from the Participant pursuant to Section 8 of the RP A.
Section 2. The Agency and the Participant hereby agree that as of the date of the final
execution and delivery of this Termination Agreement, all provisions of the RP A shall be null and
void and of no further force or effect as to both the Agency and the Participant, and neither the
Agency nor the Participant shall seek to enforce any other rights or remedies that either party have
otherwise accrued to their benefit pursuant to the RP A.
Section 3. This Termination Agreement shall take effect and be in full force and effect
from and after the date as set forth in the introductory paragraph hereof and shall not be amended or
modified by the Participant or the Agency except pursuant to written instruments duly approved by
the Participant and the governing body of the Agency at the sole and absolute discretion of each
party.
IN WITNESS WHEREOF, the Agency and the Participant have duly executed this
Termination Agreement as of the date above set forth.
PARTICIPANT
Imperial Imports, Inc.,
a California Corporation
Dated:
By:
AGENCY
Redevelopment Agency
of the City of San Bernardino
Dated:
By:
Executive Director
APPROVED AS TO FORM
AND CONTENT:
Agency COl.lnsel
2
P\Agcndas\Agcnda Anachrnenls\Agnnls-Amend 2003\05-09-191If1lCrial Pan Termination Agreemenldoc
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amounts due and owing by the Participant to the Agency, nor is there any claim that has been made
or asserted, and based upon Participant's knowledge andlor facts known to the Participant could be
made or asserted against the Agency for which the Agency would otherwise have sought the
indemnification from the Participant pursuant to Section 8 of the RP A.
Section 2. The Agency and the Participant hereby agree that as of the date of the final
execution and delivery of this Termination Agreement, all provisions of the RP A shall be null and
void and of no further force or effect as to both the Agency and the Participant, and neither the
Agency nor the Participant shall seek to enforce any other rights or remedies that either party have
otherwise accrued to their benefit pursuant to the RP A.
Section 3. This Termination Agreement shall take effect and be in full force and effect
from and after the date as set forth in the introductory paragraph hereof and shall not be amended or
modified by the Participant or the Agency except pursuant to written instruments duly approved by
the Participant and the governing body of the Agency at the sole and absolute discretion of each
party.
IN WITNESS WHEREOF, the Agency and the Participant have duly executed this
Termination Agreement as of the date above set forth.
PARTICIPANT
Imperial Imports, Inc.,
a California Corporation
Dated:
By:
AGENCY
Redevelopment Agency
of the City of San Bernardino
Dated:
By:
Executive Director
APPROVED AS TO FORM
AND CONTENT:
Agency Counsel
2
PlAgenda5\Agenda AuachmentslAgntts-Amend 200'\05_09.19 Imperial Pan Tennination Agreemenulol;
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amounts due and owing by the Participant to the Agency, nor is there any claim that has been made
or asserted, and based upon Participant's knowledge and/or facts known to the Participant could be
made or asserted against the Agency for which the Agency would otherwise have sought the
indemnification from the Participant pursuant to Section 8 of the RPA.
Section 2. The Agency and the Participant hereby agree that as of the date of the final
execution and delivery of this Termination Agreement, all provisions of the RP A shall be null and
void and of no further force or effect as to both the Agency and the Participant, and neither the
Agency nor the Participant shall seek to enforce any other rights or remedies that either party have
otherwise accrued to their benefit pursuant to the RP A.
Section 3. This Termination Agreement shall take effect and be in full force and effect
from and after the date as set forth in the introductory paragraph hereof and shall not be amended or
modified by the Participant or the Agency except pursuant to written instruments duly approved by
the Participant and the governing body of the Agency at the sole and absolute discretion of each
party.
IN WITNESS WHEREOF, the Agency and the Participant have duly executed this
Termination Agreement as of the date above set forth.
PARTICIPANT
Imperial Imports, Inc.,
a California Corporation
Dated:
By:
AGENCY
Redevelopment Agency
of the City of San Bernardino
Dated:
By:
Executive Director
APPROVED AS TO FORM
AND CONTENT:
..,;
;..,."*
,,1
Agency Cqunsel
2
PlAgendas\Agenda Anachmc:ms\Agrmls-Amend 2005\05-09-19 Inverial Part Termination Agrcemcnldoc