HomeMy WebLinkAbout06-RDA Item
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Redevelopment Agency · City of San Bernardino
300 North "D" Streel, Fourth Floor . 5111 BaMrdino, California 92418
(714) 384.5081 FAX (714) 888-9413
Pride .,f
" In Progre~
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JANUARY 18, 1990
AGREEMENT TO NEGOTIATE EXCLUSIVELY - NEW FRONTIER COMMERCIAL PROPERTIES
Synopsis of Previous Commission/Council/Committee Action:
06/02/86 Authorized RFQ/RFP for development of Baseline and Medical Center
Drive.
07/21/86 Approved Exclusive Right with Alexander Haagen.
01/12/87 Commission approved in concept revised terms and conditions of
Haagen Shopping Center.
Recommended Motion:
(COMMUNITY DEVELOPMENT COMMISSION)
<A) To rescind the Exclusive Right to Negotiate with Alexander Haagen
Development Corporation for the development of the Northwest Shopping
Center at Baseline and Medical Center Drive.
(B) To authorize the execution of the attached Agreement to Negotiate
Exclusively with New Frontier Commercial Property, Inc., for the
development of the Northwest Shopping Center at Baseline and Medical
Center Dri ve.
Respectfully Submitted,
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Ro~~~e, ~g Executive Director
Supporting data attached: ~
FUNDING REQUIREMENTS: ~~
Ward: 'b
Project: Nw
Commission Notes:
Agenda of: January 22. 1990
G
Item No:
RJT:EJ:sm:2621H
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Redevelopmen~ Agency
S T A F F R E P 0 R T
This is to request that the Commission (1) rescind the Exclus1ve Right to
Negotiate w1th Alexander Haagen Development Corporation for the development of
the Wests1de Shopp1ng Center and (2) Author1ze the execution of the attached
agreement to negotiate exclusively w1th New Frontier Commerc1al Property for
the development of the Wests1de Shopping Center.
BACKGROUND
On October 2, 1989, the staff received a letter from Mr. Alexander Haagen
1nforming staff that the Alexander Haagen Company would no longer be involved
in the development of the Westside Shopping Center.
As a result, the foreg01ng proposals were received from three (3) of the
follow1ng Development Corporations:
a) New Frontier Commercial Properties, Inc.;
b) Pepper Tree Development Corporat10n; and
c) Alan Alev1e and Associates.
The following was the review and evaluation criteria:
1) Financial strength, capability and ability of proponent to raise
debt financing;
2) Prior marketing experience in dealing w1th major tenants with
respect to developments of this type; and
3) Construction experience.
Utilizing the review and evaluation criteria described above, New Frontier
Commercial Properties, Inc. was selected.
HISTORY & BACKGROUND - NEW FRONTIER
New Frontier Enterprises, Inc. was incorporated in 1978 and is licensed for
general construction 1n the State of California. The company prides itself on
its full range of in-house expertise and capabilities which include:
acquisitions, arch1tecture, asset management, construction, finance, leasing,
project management and property management.
Historically, the company goals have been and continue to be designed for
simplicity and effectiveness.
New Frontier has worked with First Nationwide Bank for the past four years
under a Development Management Agreement. Under the agreement, New Frontier
and First Nationwide have done three developments. The most recent
development is a II-acre shopping center in Corona, California (Ralph's Market
is the anchor tenant.).
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Redevelopment Agency
New Frontier has successfully completed offices and retail redevelopment
projects in the following cities:
City of Commerce
Huntington Park
Norwalk
Paramount
The company currently has projects under development in the following cities:
Corona
Fa 11 brook
Garden Grove
Glen Avon
Montclair
Riverside County Redevelopment
Rubidoux
THE AGREEMENT
The Agency and the Developer agree to negotiate diligently and in good faith
for a periOd of 180 days to prepare a Disposition & Development Agreement
(DDA) to be considered for execution between the Agency and Developer.
REQUIRED ACTIONS
Not later than 120 days after full execution of the attached Agreement, the
Developer shall submit to the Agency a Development Concept Package. The
Development Concept Package shall include the following:
a) Architectural concept of the proposed development;
b) Marketing reports describing the undertakings proposed by Developer;
c) Development cost breakdown and 10-year income, expense and cash flow
projection;
d) Detailed biographical and background description of Developer; and
e) Proposed source and method of financing.
DEPOSIT
The Developer shall submit to the Agency a good faith deposit in the amount of
$100,000. The developer's submission of the deposit shall be as follows:
1) First Deposit - Developer shall deposit with Agency concurrently
with full execution of the attached Agreement an initial deposit in
the amount of $50,000;
2) Second Deposit - Upon the submission to the Agency of the
Development Concept Package, the Developer shall deposit with the
Agency an additional $50,000.
The Developer will have until the close of business on the l20th day following
the date of the full execution of the attached Agreement to make its final
determination with regards to the consummation of the DDA.
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Redevelopment Agency
In the event the Developer notifies the Agency in writing not later than the
close of business on the l20th day that the Developer has elected not to
proceed forward, the Agency shall promptly return Developer's deposit; and all
interest and the attached Agreement shall be automatically terminated.
RECOMMENDA nON
The attached Agreement has been approved as to form and legal content by
Agency Counsel. It is, therefore, recommended that the proposed Agreement be
executed.
RJT:EJ:sm:2621H
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AGREEMENT TO NEGOTIATE EXCLUSIVELY
by and between the
REDEVELOPMENT AGENCY OF
THE CITY OF SAN BERNARDINO,
and
NEH FRONTIER COMMERCIAL PROPERTIES, INC.
(NORTHHEST PROJECT AREA>
Dated as of
19_
AGENCY,
DEVELOPER,
TABLE OF CONTENTS
1. [~lOO] NEGOTIATIONS
A. [~lOl] Good Faith Negotiations
B. [~lO2] Requtred Actions
C. [~lO3] Negotlatton Pertod
D. [~lO4] Deposit
II. [~ZOO] DEVELOPMENT CONCEPT
A. [~ZOl] Scope of Development
B. [~ZOZ] Developer'S Findings, Determtnatlons.
Studtes and Reports
III. [~300]
IV. [~400]
A. [~40l]
B. [~402]
C. [~403]
D. [~404]
E. [~405]
PURCHASE PRICE AND/OR OTHER CONSIDERATION
THE DEVELOPER
Nature of the Developer
Off tee of the Developer
The Developer'S Consultants and Professtonals
Asstgnment
Full Dtsclosure
V. [~500] THE DEVELOPER'S FINANCIAL CAPACITY
A. [~50l] Financtal Ability
B. U502] Constructton Financing
C. [~503] Long-Term Development Flnanctng
D. [~504] Bank and Other Flnanctal References
E. [~505] FUll Disclosure
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VI. [f600l COMMISSION'S RESPONSIBILITIES
A. [f601l Redevelopment Plan
B. [f602l Publfc Hearfng
VII. [f700l SPECIAL PROVISIONS
A. [f701l Real Estate Commissfon
B. [f70Zl Press Releases
C. [f703l Nondfscrfmfnation
D. U704l Notfce
E. [f705l Other Agreements
F. [f706l Warranty of Sfgnators
VIII. [f800l LIMITATIONS OF THIS AGREEMENT
EXHIBITS
Exhfbft A Sfte Map
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AGREEMENT TO NEGOTIATE EXCLUSIVELY
Into this _____ day of
THIS AGREEMENT TO NEGOTIATE EXCLUSIVELY (the "Agreement") ts entered
, 19__, by and between the
REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO, a public body,
corporate and politic (the "Agency"), and NEW FRONTIER COMMERCIAL
PROPERTIES, INC., a California corporation (the "Developer"), on the terms
and provisions set forth below.
THE AGENCY AND THE DEVELOPER HEREBY AGREE AS FOLLOHS:
I.
[SlOOJ
NEGOTIATIONS
A. [~lOlJ
Good Faith NeQotlatlons
The Agency and the Developer agree for the Negotiation Period
set forth below to negotiate diligently and In good faith to prepare a
Disposition and Development Agreement (the "DDA") to be considered for
execution between the Agency and the Developer, In the manner set forth
herein, with respect to the development of certain real property (the
"Site") located within the boundaries of the Northwest Redevelopment
PrOject (the "Project"). The site Is shown on the "Site Map," attached
hereto as Exhibit A, and Incorporated herein by reference.
The Agency agrees, during the Negotiation Period, as
hereinafter defIned, and provided that this Agreement remains tn effect,
not to enter Into an agreement that does not Include the participation of
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the Developer regardIng the development of the Site without the consent of
Developer; provided, that the foregoing shall not be deemed to prevent the
Agency from furnishIng to anyone public records pertaining to the proposed
development. NotwIthstandIng the foregoIng, the Developer acknowledges
that Its rights hereunder are subject to the Agency's obligations under
State law and the Redevelopment Plan for the Project (the "Plan"),
including, but not limited to the conduct or dIsposition of any proceedIngs
which require notIce and a public hearing, the California Environmental
Quality Control Act. and the requirements for the Developer and/or the
Agency to obtaIn certain approvals from other public entItles. The
obligation to negotiate In good faith requires that Developer communIcate
with Agency wIth respect to those Issues for whIch agreement has not been
reached, and In such communIcatIon to follow reasonable negotIatIon
procedures IncludIng meetIngs, telephone conversatIons and correspondence.
It Is understood by the partIes that fInal accord on those Issues may not
be reached.
B. [~102J
Reaulred ActIons.
(1) Not later than one hundred and twenty (120) days after full
execution of thIs Agreement, the developer shall submit to the Agency a
"Development Concept Package." The Development Concept Package shall
include the fOllowIng:
(a) the Developer shall prepare and submIt an
archItectural concept of the proposed Development and a detaIled
descrIptIon of the proposed development, IncludIng uses, approximate square
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footage of buildings, tentative designation of parking and landscaped
areas, users/tenants (if known) for the Site;
(b) marketing reports describing and substantlattng (on a
preliminary basis) the undertakings proposed by the Developer. The Agency
shall reimburse Developer or otherwise provide a maximum of $7,000.00 for
studies completed by independent companies; however. for use by developer,
the Developer shall also conduct "in house" feasibility studies;
(c) development cost breakdown and 10-year tncome, expense
and cash flow projections together with supporting data with respect to the
Site;
(d) key assumptions as to economic feaSibility, such as
development timing, and any commitments expected from the Agency;
(e) the proposed scheduling of the proposed development;
(f) the proposed source and method of financing;
(g) detailed biographical and background description of
the proposed Contractor/Developer (and all prinCipals 1n the proposed
development entity), including such matters as (i) pr10r record with
respect to the completion of projects, particularly those of a scale
comparable to that proposed herein; (1i) record of timely performance
reflecting minimal litigation and/or disputes concerning the payment of
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joint venturers, contractors. Suppliers, or taxing authorities and (i1i)
record of satisfactory operation of analagous projects as have been
previously provided by Developer. It is unders~ood that the Agency may
take appropriate steps to verify such matters, and the Developer egrees to
cooperate in furnishing such information to the Agency;
(h) access to audited financial statements for guarantors
<the Developer aCknowledges that personal guarantees may be required with
respect to obligations of the Developer in the event the Developer does
business in a corporate or partnership form) so long as these are not to
become a matter of public record; and
(2) Promptly upon receipt of the Development Concept Package.
the Agency shall review the development concept proposed by the Developer,
together with the remainder of the Development Concept Package, and may
either reasonably approve it, request modifications or reject it. If
within 7 days any such items are rejected, the Agency shall provide a list
of deficiencies to the Developer, and if these deficiencies are not
corrected to the satisfaction of the Agency within thirty (30) days of such
rejection, this Agreement shall automatically terminate unless it is
extended by the mutual written agreement of the Agency and the Developer.
(3) If the Agency approves the Development Concept Package,
then, within sixty (60) days from the date of such approval, the Agency and
the Developer shall continue to negotiate toward the execution within such
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perIod of a DIsposItIon and Development Agreement (the HDDA") wIth respect
to the development (the -Development"). If a DDA has not been entered Into
on or before one hundred eIghty (180) days from the date of full executIon
of thIs Agreement, thIs Agreement shall be automatIcally terminated unless
It has been earlIer termInated or Is extended as provided herein by mutual
written agreement of the Agency and the Developer. If a DDA Is signed, It
shall supersede this Exclusive Negotiation Agreement.
C. [~103]
NeQotlatlon Period
The duration of this Agreement (the HNegotlatlon Period") shall
be one hundred eighty (180) days from the date of full execution of thIs
Agreement by the Agency, unless sooner termInated pursuant to the
provisions of this Agreement. The NegotIation PerIod shall not be extended
by periods for cure of defaults.
D. [~104]
Deooslt
The Developer shall submit to the Agency a good faith deposit
(the "Deposa") In the amount of ONE HUNDRED THOUSAND DOLLARS ($100,000.00)
In the form of either cash or an Irrevocable letter of credit that Is
satisfactory to the Agency's legal counsel to ensure that the Developer
wIll proceed diligently and In good faIth to negotiate and perform all of
the Developer's oblIgations under this Agreement. If the Deposit Is In the
form of an Irrevocable letter of credit, the Developer shall maintain such
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letter of credit in full force and effect for the entire Negotiation Period
hereunder, and shall extend the letter of credit to the extent this
Agreement or various time periOds hereunder are extended. Developer's
submission of the Deposit shall be as follows: 1) First Deposit:
Developer shall deposit with Agency concurrently with full execution of
this Agreement an initial deposit in the amount of $50,000.00. 2) Second
Deposit: Upon the submission to the Agency of the Development Concept
Package (as defined 1n this Agreement) Developer shall deposit with Agency
an additional $50,000.00. The Agency shall use its best efforts to invest
the Deposit In a manner which will earn interest. The Agency does not
guarantee that any interest or any particular amount of interest will be
received. Any Interest earned on the Deposit shall be the sole property of
the Developer.
Developer shall have until close of business on the 120th day
following the date of the full execution of this Agreement to make Its
final determination w1th regards to the consummatIon of the DDA. During
this perIod the Developer may, at Developer'S cost, brIng engIneers, soils
engIneers, surveyors, archItects and others onto the Property to Inspect
the Property and to assIst Developer In decIding whether to purchase the
Property.
In the event Developer notifies Agency In writIng not later than
the close of busIness on the 120th day that Developer has elected not to
proceed forward, then Agency shall promptly return Developer'S Deposit, and
all Interest thereon, to Developer and this Agreement shall be deemed
automatically terminated.
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In the event the Developer has not continued to negotiate
diligently and in good faith or has failed to timely discharge its
responsibilities pursuant to Section 102 of this Agreement, the Agency
shall give written notice thereof to the Developer who shall then have ten
(10) working days to commence negotiating diligently and in good faith or,
with respect to a failure pursuant to Section 102 of this Agreement, thirty
(30) days to cure irrespective of the good faith of the Developer.
Following the receipt of such notice and the failure of the Developer to
thereafter commence negotiating in good faith within such ten (10) working
days or to cure a failure pursuant to Section 102 within thirty (30)
calendar days, this Agreement may be terminated by the Agency. In the
event of such termination by the Agency for a reason other than the failure
of the Developer to negotiate in good faith, the Deposit shall be returned
to the Developer and neither party shall have any further rights against or
liability to the other under this Agreement.
THE PARTIES AGREE THAT IN THE EVENT THE DEVELOPER FAILS TO NEGOTIATE
DILIGENTLY AND IN GOOD FAITH AND THIS AGREEMENT IS TERMINATED ON THAT
BASIS, THE AGENCY WOULD SUSTAIN LOSSES WHICH WOULD BE UNCERTAIN. SUCH
LOSSES WOULD INCLUDE COSTS PAYABLE TO ADVISERS AND STAFF TIME ALLOCATED TO
THE PREPARATION OF THIS AGREEMENT AND ITS IMPLEMENTATION, AND SUCH VARIABLE
FACTORS AS THE LOSS OF OTHER POTENTIAL DEVELOPMENT OPPORTUNITIES WITH
RESPECT TO THE SITE, FRUSTRATING AND DELAYING THE IMPLEMENTATION OF THE
REDEVELOPMENT PLAN AND FOREGOING MAXIMIZING EFFORTS TOWARD INCREASING TAX
INCREMENT REVENUES, PROVIDING EMPLOYMENT, INCREASING PRIVATE INVESTMENT,
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AND THE ATTAINMENT OF OTHER OBJECTIVES OF THE REDEVELOPMENT PLAN. IT IS
IMPRACTICABLE AND EXTREMELY DIFFICULT TO FIX THE AMOUNT OF SUCH DAMAGES TO
THE AGENCY, BUT THE PARTIES ARE OF THE OPINION, UPON THE BASIS OF ALL
INFORMATION AVAILABLE TO THEM, THAT SUCH DAMAGES HOULD APPROXIMATELY EQUAL
THE AMOUNT OF THE DEPOSIT (WITH ANY INTEREST EARNED THEREON), AND SUCH
AMOUNT SHALL BE RETAINED BY THE AGENCY IN THE EVENT THIS AGREEMENT IS
TERMINATED BY THE AGENCY FOR THE CAUSE SET FORTH IN THIS PARAGRAPH.
THE DEVELOPER AND THE AGENCY SPECIFICALLY ACKNOWLEDGE THIS LIQUIDATED
DAMAGES PROVISION BY THEIR SIGNATURE BELOW:
Developer Inltlal Here
Agency Inltlal Here
In the event the Agency falls to negotlate dl1lgently and ln
good falth, the Developer shall glve wrltten notlce thereof to the Agency
whlch shall then have ten (10) worklng days to commence negotlatlng ln good
falth. Followlng the recelpt of such notlce and the fallure of the Agency
to thereafter commence negotlatlng 1n good falth wlthln such ten (10)
work1ng days, this Agreement may be termlnated by the Developer. In the
event of such termlnatlon by the Developer, the Agency shall return the
Deposlt (wlth any 1nterest earned thereon) to the Developer, and nelther
party shall have any further r1ghts aga1nst or 11abl11ty to the other under
thls Agreement.
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Upon automatic terminaton of this Agreement at the expiration of
the Negotiation Period or such extension thereof, or upon execution by the
Commission and the Developer of a DDA, then concurrently therewith, the
Deposit hereunder shall be returned to the Developer and neither party
shall have any further rights against or liability to the other under this
Agreement. If a DDA has been executed by the Agency and the Developer, the
DDA shall thereafter govern the rights and obligations of the parties with
respect to the development of the Site.
II. Ci200J
DEVELOPMENT CONCEPT
A. [i201J
Scope of Development
The negotiations hereunder shall be based on a development
concept which shall include the development on the Site of a neighborhood
Shopping center.
Design and architecture will be developed during the negotiation of
the DDA.
B. [i202J
Developer's FindinQs. Determinations. Studies and
Reports
Upon reasonable notice, as from time to time requested by the
Agency, the Developer agrees to make oral and written progress reports
advising the Agency on all matters and all studies being made by the
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Developer. Further, at thIrty (30) day 1ntervals from the date of
execut10n of thIs Agreement by the Agency, the Developer shall provIde a
wr1tten report to the Agency concernIng Develop~r's f1ndlngs,
determ1natlons, studIes and reports, and 1ts progress 1n preparIng s1te
plans, floor plans, elevatIons and tIme schedules for development of the
SIte.
III. r~300]
PURCHASE PRICE AND/OR OTHER CONSIDERATION
The purchase prtce and/or other constderat10n to be paId by the
Developer under the DDA wtll be estab11shed by the Agency after negotIatIon
wtth the Developer. Such purchase prIce and/or other cons1deratlon wtll be
based upon such factors as market condItIons, denstty of development, costs
of development, rtsks of the Agency, rtsks of the Developer, estImated or
actual Developer profIt, publtc purpose and/or faIr value for the uses
permItted to be developed and flnanctal requIrements of the Agency, and
wtll be subject to approval by the Agency and by the Common CouncIl of San
Bernardtno after publtc heartngs as requIred by law.
IV. rS400l
THE DEVELOPER
A. r~401J
Nature of the Developer
The Developer ts a Caltfornla corporatIon.
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B. [~402J
Office of the DeveloDer
The principal office of the Developer is:
701 South Parker, Suite 2000
Orange, California 92668
C. [~403J
The DeveloDer's Consultants and Professionals
The Developer's attorney will be: J. A. Meyrelles, III.
D. [~404J
Assignment
This Agreement shall not be assigned by the Developer without
prior written approval of the Agency, which the Agency shall grant or
refuse at its sole discretion; provided that assignments proposed with
financial institutions for financing purposes shall be subject to
reasonable review and approval of the Agency.
E. [~40SJ
Full Disclosure
The Developer Is required to make full disclosure to the Agency
of Its principals, officers, major stockholders, major partners, joint
venturers, key managerial employees and other associates, and all other
material Information concerning the Developer and Its associates. Any
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significant change in the principals, associates, partners. joint
venturers, negotiators, development manager, consultants. professionals and
directly involved managerial employees of the Developer is subject to the
approval of the Agency.
V.
[S500J
THE DEVELOPER'S FINANCIAL CAPACITY
A. [S50ll
Financial Abilitv
Prior to execution of the DDA. the Developer shall submit such
additional satisfactory evidence of its ability to finance and complete the
development as the Agency deems necessary.
B. [S50Zl
Construction Financ1nQ
The Developer's proposed method of obtaining construction
financing for the development of the Site shall be submitted to the Agency
concurrently with execution and delivery by the Developer of a DDA to the
Agency for approval.
C. [S503l
lonQ-Term DeveloDment FinancinQ
The Developer'S proposed method of obtaining long-term
development financing shall be submitted to the Agency concurrently wfth
executfon and delfvery by the Developer of a DDA to the Agency for approval.
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D. [f504l
Ban~ and Other Financial References
The Developer'S ban~ is:
1st Nationwide Ban~,
625 The City Drive, Suite 260
Orange, California 92668, (714) 634-4622
Attn: Jonathan D. Friestedt.
E. [f505l
Full Disclosure
The Developer will be required to ma~e and maintain full
disclosure to the Agency of its methods of financing to be used in the
development of the Site.
VI. [f600l
COMMISSION'S RESPONSIBILITIES
A. [~60l l
Redevelopment Plan
This Agreement and the DOA are subject to the provision of the
Redevelopment Plan for the Northwest Redevelopment Project which was
approved and adopted by the Common Council of the City of San Bernardino by
Ordinance No. MC-189 on July 6, 1982.
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B. [~602]
Public Hearing
A DDA resulting from the negotiations hereunder shall become
effective only after and tf the DDA has been considered and approved by the
Agency and by the Common COuncil of San Bernardino at publtc hearings
called for such purpose.
VII. U700]
SPECIAL PROVISIONS
A. [~70l]
Real Estate Commission
The Agency shall not be liable for any real estate commission or
brokerage fees which may arise herefrom. The Agency represents that it has
engaged no broker. agent or finder tn connection with this transaction, and
the Developer agrees to hold the Agency harmless from any claim by any
broker, agent or finder retained by the Developer.
B. [~702]
Press Releases.
The Developer agrees to discuss any press releases with a
designated Agency representative prior to disclosure in order to assure
accuracy and consistency of the Information.
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C. [i703l
Nond1scrlmlnat1on.
W1th respect to Developer'S oblIgatIons and performance
hereunder, the Developer shall not dlscrlm1nate In any matter on the basIs
of race, creed, color, rellg1on, gender, marItal status, natIonal orlg1n or
ancestry.
O. [i704l
Not1ce.
All notIces gIven or requIred to be gIven hereunder shall be In
wrItIng and addressed to the partIes as set out below, or to such other
address as may be not1ced under and pursuant to thIs paragraph. Any such
not1ce shall be consIdered served when actually received by the party
Intended, whether personally served or sent postage prepa1d by regIstered
or certIfied ma1l, return receIpt requested.
Agency:
Redevelopment Agency of the
CIty of San BernardIno
300 North "Oil Street, Fourth Floor
San Bernard1no, CA 92418
Attn: ExecutIve 01rector
Developer:
AttentIon: J. H. P1erce
New FrontIer Commercial Propert1es
701 South Parker, Suite 2000
Orange, CA 92668
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E. [i70SJ
Other Aareements.
This Agreement supersedes any previous agreements entered tnto
between the Developer and the Agency or any discussions or understandings
between the Developer and the Agency with respect to the Site.
F. [i706J
Warranty of S1anators
The signatories to this Agreement represent and warrant that
they have the authority to execute thts Agreement on behalf of the
pr1nctpals they purport to represent.
G. [i707J
ltberal Construction of Aareement
The parties recognize that delays In the negotiation process may
occur due to issues and interests outside the control of either party. It
is the Intent of both parties to enter into a DOA agreement and proceed
with the overall development and this agreement shall be liberally
construed to attain such ends. Such delays shall not be construed as a
lack of good faith on either party's part.
VIII. [i800J
LIMITATIONS OF THIS AGREEMENT
By its execution of this Agreement, the Agency is not Committing
itself to or agreeing to undertake (a) disposition of land to the
Developer; or (b) any other acts or activities requiring the subsequent
Independent exercise of discretIon by the Agency, the City or any agency or
department thereof.
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This Agreement does not constitute a disposition of property or
exercise of control over property by the Agency or the City and does not
require a public hearing. Execut10n of th1s Agreement by the Agency is
merely an agreement to enter into a periOd of exclusive negotiat10ns
accord1ng to the terms hereof, reserv1ng f1nal d1scret10n and approval by
the Agency and the City as to any D1spos1t10n and Development Agreement and
all proceed1ngs and dec1sions in connect10n therewith.
IN WITNESS WHEREOF, the part1es hereto have executed this Agreement
to be effect1ve as of the date of approval of the Agency's govern1ng board
which is the date first set forth in this Agreement.
DEVELOPER REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO
o tl,..t,....,,~(,
By
Execut1ve Director
i8:
Date-L] I q {llo Date
APPROVED AS TO FORM AND LEGAL
CONTENT:
~~~
Date I -,;J.~ -?o
APPROVED AS TO PROGRAM:
BY~~
Deve Manager
Date I /~., I &jc
1491S
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