HomeMy WebLinkAboutR02-Redevelopment Agency
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01'1'lr ~ _ ~
RI!DOBS'l' lOR ~AATtlIII~. st'IIITrA1
Fran: mmmH J. HEmE:RSCI{
Executive Director
SUbject: .. .-...a&...... ur.L'~ IGRII-
IIBH1' (WIS'1' 8m!l IUD)
Date: May 1, 1991
Bi"......,61s of Pnrious ~_4OD/--"""'Va.....d.ttee Aclticm:
en June 2, 1986, the ~nU.ty D8II8l_.t no-i-v.n aut:harlzed the i....1lmCe of a
Request for ()Jalificat.ia1s ~) and R8c1-t for a,;,y-o'. (RFP) for devel~.t
of Baseline and JlMi.....' 0Imter Drive.
en July 21, 1986, the ~nU.ty D8YeJ., l-'-.t. no-i_i.cn art4-.ned an Exclusive Right
to Negotiate with AlElXlUD9r Haagen.
(Bi".~is 0I:IIlt:iIIue4 to iliad: 1I8g8)
R6: _..~ IIcrticau
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.L n..-rI...I CD'
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M&'ftJV.I.I.G A CBRTADI ur.l'.LUlI L....-.....-.r IIf All) __ 'DIB -..v"'~ ~ ~
'DIB 01'1'lr ~ _ ~ AlII) IlBlf ~ CXIIIIRI:'nIL &"AI&'IliIU.n_, DC., (A
callfomia OOJ:poraticm).
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Ccnt:act Person:
:Ken ~ 1laIIEzeJ.1 J-
Eta1e:
5065: 5081
six (6)
Project Area: Northwest (NW)
~ Data Att:adled: m-........ ReI:laJ:t:
ward(s) :
~l,t+"nn: ODtial A...L-.-.aL
PUNDDlG ~:
Amamt: $ N/A
8.D;!et Authority:
8aJroe:
no-i ..iOll/OCIImcil 1btes:
o KJH:lab:4296
CXIIIaBSICB ICI!lB'l'DG
Jf8etiDg' Date: 05/06/1991
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JZVIn'~ IZPARDIBMl'
Mque8t for ......_1/~ -f<llll/OCIIIIIittee act1CID
.., l'mDtier q,ticm 1lgnIIII8I1t
PIIqe -2-
~~... of PnfviOl8 ~_"an/t'W'lftrrll,^_._..t....... act1cm ,."...............
Q'l Jamaty 12, 1987, the t'nmI1I1ity D8YeJ.,l..-.tL n-ni-.im ~ revised te1:ms
am CXIlditims for the Haagen ~ center.
Q'l Jammry 22, 1990, the t'nmI1I1ity D8Yel~.t n-ni_im t.cok actims rescindin;J
the Exclusive Right to Negotiate with Al8llllD!Jer -1OCJP"l.
Q'l Jamaty 22, 1990, the t'nmI1I1ity D8Yel~tL n-ni-.im authorized the execution
of an a,gtee.uelit for an Exclusive Right to Negotiate with New Fra1tier O....-.ciaJ.
Pl.~ties, Inc.
Q'l May 21, 1990, the t'nmI1I'\ity D8Yel~IL n-li_j'21 authorized ninty (90) days
to the perfomance deIIdlines :in the Exclusive Right to Negotiate with New Fra1tier
O-....Alcla1 P.L~ties, Inc.
Q1 JUne 7, 1990, the ReQevel, 1. ...A. d.. CDIIaitt.ee x... --..-IDId to tb8 Mayor and. (} ..... dl
cnmci1 am t'nmI1I'\ity D8vel,l-....'.t n-li_im ~.Nlll of d8al. points am the
ni'V""itim am D8Yel~d. Ar".._lt (In\).
Q'l JUne 18, 1990, the t'nmI1I'\ity D8Yel.1.......d. n-ni_im ~ the d8al. points
for a [li'V""itim am D8Yel.....-.t Ar".._d. (In\) with New Fra1tier (\ ....-. ...J.al
P............ties, Inc., am ctirect:ed staff to c2mft the ................iate ~........L.
Q'l Clctcber 15, 1990, the t'nmI1I1ity D8\Iel.1-'-'d. n-ni_im ~ the Disposition
am Devel~it Ar"..-....dt. (In\) with New Fra1tier (\....-.cla1 Pl..........ties, Inc.,
Q'l April 1, 1991, the n-.1I'\ity DeveJ..1.._.lt n-nf_im reviewBd the Optic:n
Ar"..-......tL with New Fra1tier am referred the itsn to the RIId8v8l~tL CDIIaittee
for its xeview am reo:, -...--datim.
Q'l April 4, 1991, the RiEldevel. 1'..... It CDIIaitt.ee reviewBd the Optic:n ~..e...a..L with
New FraIl:ier am rec:.....-'1ded to the n-.1I'\ity Devel~d. n-li_im "H:'Luval of
SlIIIIe .
on April 15, 1991, the n-.1I'\ity Devel~d. n-ni_im cxzrt:i.Juld this itsn to the
May 6, 199111leetiD1.
<XIIf'I"HIT" AI:iIli......uu
JIIeti.Dq Date: 05/06/91
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IZ9BID1'Ia1' IBPARIJIDll'
8'JUJ' 1rII'k.m
... Jlftllltiar twd-".... L...-......
'Ibe RBdev8l...........d.. 1qerr:j (D8I/el..........lt Department) an1 New Pra1tiIlr 00 ....-. cla1
Pt_u., Inc., haw prwicusly entered jnto a Di....,.,.,iticn an1 D8I/el_d..
Af;j:l.......kt. (IDA) dated octd:ler 15, 1990 pert:ainin; to the d8v8l......-.t of a 95,000
Iq.IIll'8 feat JUlti-pllXpCS8 .. ....-.cla1 amter located en the ........... of Bueline
Sl...e&t an1 "..,.ical 0lInt.er Drive (West Side Plaza). 'Ibe ni....,.,.,iticn an1
D8Y9l'1,".-.lt ~....<<. (IDA) rlpe('ified that the 1qerr:j an1 New Frcnt:ier had ~-c1
to enter jnto an Opticn lo".._,L for the pm:tlase an1 dsvelo 1, .L of a five (5)
acre paroel of Devel...t.......t Department CJrm8d lard i_btely adjacent to the West
Side Plaza site (Phase II).
'Ibe IDA further specoified the deal points of the Opticn lo"..-.t 1dW:h have been
bllXlLr-J1,Clted jnto the ~1IIlaI"(t at1:actled as Extdbit "AM an1 listed as follows:
1. 'Ibe qJt:icn price is the 1qerr:j's ."'Cp,i..iticn cost of $861,099.34.
2. 'Ibe qJt:icn shall remain in effect for four (4) years t%aIl the date of
i .....1II1'ICl! of a certificate of o:mpleticn en Phase I of the West Side Plaza
site.
3. 'Ibe use of the Phase II paroel shall be in accardance with the city of San
Bet:tlarc:iinJ zarl.rJ] requj%ement:s.
4. 'Ibe 1qerr:j is not c:bligated to provide e:rtf finarcl.a1 or other assistance
with respect to the Phase II paroel.
we am 4IXp8Ct to lIIII8lld the Opticn lo".._.L in the future to ilx:lme a 6,500
square feat paroel, Dm8 (. ....~y kncwn as the Kel10g b'L_t:y. 'Ibe Kel10g
l4~ty is situated within the easterly partial of the Phase II site. Mrs.
Kel10g wished to ocntirI.Je livinq in her hcuse at the tima the other b'L_t:y was
acquired an1 the 1qerr:j did not MBi i_i-te poI'll'--eicn. 1IU1e Phase II oculd
b'L........ed withart: this paroel, it is Dm8 likely that _ will acquire it l1CIli that
Mrs. Kel10g has 1IICMld.
At the April 15, 1991 '""'""i....1en~, ClCliOllDliS wre raised regardiJ'Ig speci-
fie ref.....__ to the IDA lISt forth in the Opticn ~__d.. an1 profit sharirJ;J.
To i:IproIIe the Opticn Agreelll8ht, _ haw had 1qerr:j ~b' ccunsel 1n..uk.~ate
8lIpl.ioit text in the ........""""Jt rather than IIIIlIdrq references to the IDA. '!his
will mdLIce e:rtf potential ccnfusicn that might be caused by the use of such re-
ferences.
With respect to the ClCllCl8l.T1S ~ profit sharirJ;J, it was the deliberate
dloice of the 1qerr:j not to particl.pate in Phase II. 'Ibe 1qerr:j will not be
providing e:rtf lIli:U.ticna1 assistance relative to Phase II an1 the lard will be
sold en a full cost ret:X:Ner'J basis. 'Ibe forty pu....d.. (4M) perticipatien by
the 1qerr:j was in oonsideratien of the 1qerr:j's finarcl.a1 assistance en Phase I.
4::) KIH:lab:4296
aIKtSSIr.tf 1UiIS........,
IIIet:i.Dq Date: 05/06/1991
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DBVBIDIIII!N.r _ IIISI7 MUUKI:
.. I'1'cIDtic 0pti0D ~
Jfay 1, 1991
PfIge -2-
'!he absence of 1/qf1rCf part:.i.cipatia in Hlase II was fUlly ccnsidered dl.J:dn;J the
negotia1:1.cns uncJ8rtaken durlnq RwIe I. '!he final ~ ~ ~.it is attac:iled
am has I:leen revi8lIl8d am 8JiP:'CMId by )qiIrc;f CXlUrlII8l am the R8c5lIY8l_.L
o:mm.ttee at its April 4, 19911ll88t:in1.
I n<" ....-'ld adqIticn of the attac:iled ~utia1.
_~, ~ve Dlnctor
D8Ve1:~ -I'l,t ~
o KlH:lab:4296
(lIIITfHIYll" 1UiI5'.L'.uG
-.tiDg' Date: 05/06/91
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RESOLUTION NO.
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8 city of San Bernardino (the "Commission") on behalf of the
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RESOLUTION OF THE COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF SAN BERNARDINO
APPROVING A CERTAIN OPTION AGREEMENT BY AND
BETWEEN THE REDEVELOPMENT AGENCY OF THE CITY OF
SAN BERNARDINO AND NEW FRONTIER COMMERCIAL
PROPERTIES, INC., A CALIFORNIA CORPORATION
WHEREAS, the Community Development Commission of the
Redevelopment Aqency of the city of
San Bernardino
(the
"Aqency"), is a redevelopment aqency, a public body, corporate
and pOlitic of the State of California, orqanized and existinq
12 pursuant to the Community Redevelopment Law (Part 1 of Division
13 24) commencinq with Section 33000) of the Health and Safety Code
14 of the State of California (the "Act)"; and
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16 WHEREAS, the Redevelopment Plan for the Northwest
17 Redevelopment Project (the "Redevelopment Plan") was previously
18 approved and adopted by the Mayor and Common Council of the City
19 of San Bernardino (the "Council") by Ordinance No. MC-189, dated
20 July 6, 1982; and
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22 WHEREAS, the Redevelopment Plan provides for the
23 redevelopment of real property pursuant to the Redevelopment Plan
24 by owners thereof or by parties seekinq to acquire real property
25 from the Aqency; and
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27 WHEREAS, Section 33391 of the Act provides that a
28 redevelopment aqency may acquire any real or personal property
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1 within a redevelopment project area or for the purposes of
2 redevelopment and Section 33430 of the Act provides that a
3 redevelopment agency may dispose of any real or personal property
4 within a redevelopment project area or for the purposes of
5 redevelopment; and
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7 WHEREAS, the Agency and New Frontier Commercial
8 Properties, Inc., a California corporation (the "Developer")
9 desire to enter into a certain Option Agre_ent (the
10 "Agre_ent"), a copy of which is attached hereto as Exhibit "A"
11 and incorporated herein by reference, pursuant to which, among
12 other matters, the Developer would have the option to acquire
13 from the Agency certain real property (the "Property") which is
14 described in Exhibit "A" to the Agre_ent; and
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16 WHEREAS, the Property is located within the area
17 subject to the Redevelopment Plan (the "Project Area") and its
18 acquisition would be for purposes of the redevelopment thereof in
19 a manner consistent with the Redevelopment Plan; and
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21 WHEREAS, in the event the Developer desires to exercise
22 the option pursuant to the Agre_ent, the Agency Staff shall at
23 such time prepare and make available for public inspection a
24 Summary Report (the "Summary") concerning the proposed Agre_ent,
25 as required by Health and Safety Code Section 33433, a copy of
26 hich will be placed on file with the Agency; and
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1 WHEREAS, in the event that the Developer exercises the
2 option, the city staff shall at such time duly notice and conduct
3 a public hearinq in accordance with the requirements of Health
4 and Safety Code Section 33433 and Section 33431 concerninq the
5 proposed sale of the Property by the Aqency to the Developer; and
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11 section 1. The Aqency hereby approves the proposed
12 Aqre_ent pertaininq to the qrantinq of an option to the
13 Developer with reqard to the Aqency's interest in the Property.
14 The Aqency authorizes the Executive Director of the Aqency to
15 execute the Aqre_ent and to execute such other documents as may
16 be necessary to impl_ent the Aqre_ent and to make any necessary
17 non-substantive chanqes in the Aqre_ent as may be approved by
18 Aqency Special Counsel.
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NOW, THEREFORE, BE IT RESOLVED, BY THE COMMUNITY
DEVELOPMENT COMMISSION ACTING ON BEHALF OF THE REDEVELOPMENT
AGENCY OF THE CITY OF SAN BERNARDINO, CALIFORNIA, AS FOLLOWS:
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1 RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF
SAN BERNARDINO APPROVING A CERTAIN OPTION AGREEMENT BY AND
2 BETWEEN THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO
AND NEW FRONTIER COMMERCIAL PROPERTIES, INC. , A CALIFORNIA
3 CORPORATION
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Section 2.
This Resolution shall take effect upon
adoption.
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wit:
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I HEREBY CERTIFY that the foregoing resolution was duly
adopted by the Community Development Commission of the city of
San Bernardino at a
the
lDeeting thereof, held on
, 1991, by the following vote, to
day of
Commission Members:
AiD
BAn
ABSTAIN
ESTRADA
REILLY
FLORES
MAUDSLEY
MINOR
POPE-LUDLAM
MILLER
Secretary
The foregoing resolution is hereby approved this
day of
, 1991.
Approved as to
form and legal content:
By: ft,~ ~,~
Agency Counsel .
8IIIlllIOOnIDOC14
w. R. Holcomb, Chairman
community Development
Commission
of the City of San Bernardino
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1 STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO )
2 CITY OF SAN BERNARDINO )
ss
3 I, Secretary of the C01IIIIIunity
Development Commission of the City of San Bernardino, DO HEREBY
4 CERTIFY that the foregoing and attached copy of Community
Development Commission of the City of San Bernardino Resolution
5 No. is a full, true and correct copy of that now on
file in this office.
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IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the official seal of the Community Development Commission
of the City of San Bernardino this day of
, 1991.
Secretary of the
Community Development Commission
of the City of San Bernardino
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0 1 EXHIBIT "A"
2 OPTION AGREEMENT
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RECORDING REQUESTED BY:
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Redevelopment Agency of the
City of San Bernardino
AND WHEN RECORDED MAIL TO:
Redevelopment Agency of the
City of San Bernardino
300 North "D" Street
San Bernardino, California 92418
ontOIl ACRk...."..r
(NEW FRONTIER DEVELOPMENT CORPORATION)
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THIS OPTION AGREEMENT (the "Agreement") is entered into
this
day of
, 1991, by and between the
REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO (the "Agency")
and NEW FRONTIER COMMERCIAL PROPERTIES, INC., a California
corporation ("Developer"). The Agency and the Developer agree as
follows:
This Agreement is dated
, 1991, for reference
purposes only.
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,.ART.'R 01' CO..... KRIS
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RECITALS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Section l. Option to Purchase Property . . 3
Section 2. Purchase Price of the Property . 3
0 Section 3. Transfer of Title . . 3
Section 4. Term of Agreement 4
Section 5. Exercise of Option . . . 4
Section 6. Use of Property . 5
Section 7. Notices . . . . . 6
Section 8. Nonliability of the Agency 7
Section 9. Entire Agreement . 7
Section 10. Effective Date 7
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RECITALS
WHEREAS, the Agency is authorized and empowered by the
Community Redevelopment Law of the State of California, Chapter 1 of
Division 24 of California Health and Safety Code, to enter into
agreements for the acquisition, disposition and development of real
property and otherwise to assist in the redevelopment of real
property within a redevelopment project area in conformity with a
redevelopment plan adopted for such area; to acquire real and
personal property in redevelopment project areas; to receive
consideration for the provision by the Agency of redevelopment
assistance; to make and execute contracts and other instruments
necessary or convenient to the exercise of its powers; and to incur
indebtedness to finance or refinance redevelopment projects; and
WHEREAS, the Agency and the City of San Bernardino (the "City")
have previously approved and adopted the Redevelopment Plan (the
"Redevelopment Plan") for the Northwest Redevelopment Project Area
(the "Project Area"); and
WHEREAS, the Agency has acquired certain real property
comprised of an approximately five (5) acre parcel as more fully
described in Exhibit "A" attached hereto and incorporated herein by
this reference (the "Property") located within the Project Area on
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the west side of the city of San Bernardino (the "City") generally
located near the intersection of Baseline Street and Medical Center
Drive; and
WHEREAS, the Agency and the Developer have previously entered
into a certain Disposition and Development Agreement dated as of
October 15, 1990, (the "DDA") pertaining to the development of
certain property immediately adjacent to the westerly boundary of
the Property (the "Shopping Center Site"); and
WHEREAS, in connection with the development of the Shopping
Center Site and corresponding execution and implementation of the
DDA, the Agency and the Developer have agreed to enter into an
Option Agreement pertaining to the Property for the purposes of
providing for the acquisition and development of the Property by the
Developer upon substantial completion of the development of the
Shopping Center Site; and
WHEREAS, the Developer desires to acquire the exclusive right
to purchase, without becoming obligated to purchase, the Property
(the "Option") at an agreed price and under specified terms and
conditions as more fully set forth herein.
NOW THEREFORE in consideration of the premises, the covenants
and agreements herein contained, and other good valuable
consideration, receipt of which is hereby acknowledged, the parties
hereto agree as follows:
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Section 1. ODtion to Purchase ProDertv. The Agency hereby
grants the Developer the Option to purchase the Property from the
Agency upon the terms, conditions and for the consideration
hereinafter set forth.
Section 2. Purchase Price of the ProDertv. The purchase
price (the "Purchase Price") for the Property shall be the price
paid by the Agency for the Property, including, but not limited to,
the Agency's acquisition costs, relocation costs, transactional and
carrying costs which Purchase Price shall equal Eight Hundred
Sixty-One Thousand Ninety-Nine Dollars and Thirty-Four Cents
($861,099.34).
Section 3. Transfer of Title. The Agency agrees to
transfer and to convey to the Developer, at such time that the
Developer pays the Purchase Price in accordance with Paragraph 2
above, title to the Property, subject to any and all limitations,
easements, liens or other encumbrances or restrictions against the
Property which existed at the time that title thereto vested in the
Agency. The Agency shall cause the preparation of a Preliminary
Title Report (the "Preliminary Title Report") the costs of which, if
any, shall be reimbursed to the Agency by the Developer. A copy of
the Preliminary Title Report which reflects title to the Property,
including all exceptions thereto shall be delivered to the Developer
concurrently with the execution of this Agreement.
(4)
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Section 4. Term of the Aareement. This Option shall
remain in effect for a period of four (4) years from the date of
issuance of a Certificate of Completion in connection with the
development of the Shopping Center SIte as provided in the DDA;
provided, however, that in the event the Developer fails to
undertake and complete the development of the Shopping Center Site
in accordance with the provisions of the DDA or the Developer shall
be deemed in default in connection with the development of the
Shopping Center Site, then this Option shall thereupon be terminated
immediately and shall be of no further force and effect.
Section 5. Exercise of ODtion. The Developer shall
exercise its Option to acquire the Property by depositing the
Purchase Price for the Property into an escrow within thirty (30)
days of the submission by the Developer to the Agency of written
notification that Developer elects to exercise the Option provided,
however, that such thirty (30) day period has commenced at least
thirty (3) days prior to the expiration of the term of this
Agreement as provided in Section 4 hereof. Ther eascrow shall be
for a period of not more than thirty (30) days, or such time period
reasonably required by a title company selected by the parties
hereto to issue a CLTA title insurance policy (the"Title Policy").
at Developer's sole cost and expense, but in no event beyond ninety
(90) days and shall be opened with an escrow agent as mutually
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agreed upon in writing by the parties hereto. The Title Policy
shall insure that fee simple title to the Property is vested in
Developer subject only to those exceptions to title that existed at
the time the Agency acquired title as set forth in the Preliminary
Title Report and any additional liens or encumbrances approved in
writing by Developer prior to the close of the escrow described in
this Agreement. In the event Developer does not exercise its Option
to purchase the Property as set forht in this Agreement by
sUbmitting its notification of its election to exercise the Option
to the Agency, and closing escrow, within the times set forth above,
the Developer's Option shall expire. Thereafter, the Agency shall
take ownership of the Property and shall have all of the rights and
obligations associated with such ownership. If Developer fails to
exercise its Option in accordance with its terms and within the
Option period or any extension thereof as mutually agreed upon in
writing by the parties hereto, the Option and the rights of the
Developer to acquire the Property pursuant to the terms of this
Agreement shall automatically and immediately terminate without
notice and without further action. However, upon written request
from the Agency, the Developer shall properly execute, acknowledge
and deliver to the Agency within five days a release of Option, or
any other document reasonably required by Agency or a Title
Insurance Company to verify the termination of this Agreement.
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Section 6. Use of ProDertv. In the event the Developer
exercise its Option as provided herein, the Developer agrees that it
shall develop the Property and csuse the Property to be used in
accordance with the City of San Bernardino's zoning requirements and
in a manner consistent with the Redevelopment Plan.
Section 7. Notices. Any and all notices, demands or
communications submitted by any party to another party pursuant to
or as required by this Agreement shall be proper and shall be deemed
to be given in accordance with this Agreement if in writing and
dispatched by messenger for immediate personal delivery evidenced by
written acknowledgement, or First Class United States certified
mail, return receipt requested, postage prepaid, addressed to the
parties as hereinafter set forth. Such written notice, demands end
communications shall be sent in the same manner to such other
addressees and/or addresses as either party may from time to time
designste upon notice in the form and the manner as provided
herein. Any such notice, demand or communication shall be deemed to
be received by the addressee on the (a) day that is dispatched by
messenger for immediate personal delivery or (b) two (2) business
days sfter it is placed in United States mail as heretofore
provided. Any and all notices, demands or communications shall be
addressed and sent to the other parties as follows:
(7)
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If to the Agency:
Redevelopment Agency of San Bernardino
300 North "D" Street, 4th Floor
San Bernardino, California 92418
Attention: Kenneth J. Henderson,
Executive Director
If to the Developer:
New Frontier Commercial Properties, Inc.
701 S. Parker Street
Suite 2000
Orange, California 92668
Attention: John W. Pierce
with copy to:
Sabo & Green, a Professional Corporation
6320 Canoga Avenue
Suite 400
Woodland Hills, California 91367
Attention: Timothy J. Sabo
Section 8.
Nonliabilitv of the ARencv.
No member, officer or
11 employee of the Agency shall be personally liable to the Developer, or
12 any successor in interest of the Developer, in the event of any default
13 by the Agency, or for any amount which may become due to the Developer or
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to its successors in interest on any obligations under the terms of this
Agreement, except for gross negligence or willful acts of such member,
16 officer or employee.
Section 9.
Entire ARreement.
This Agreement constitutes the
19 entire Agreement of the parties hereto with respect to the matters set
20 forth herein and this Agreement supersedes all negotiations and previous
21 agreements between the parties with respect to all or any part of the
22 Property and other terms and provisions set forth therein.
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Section 10.
Effective Date.
This Agreement shall be
effective as of the date it is executed by the parties.
(8)
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IN WITNESS WHEREOF, the parties hereto have duly executed this
Agreement as of the dates set forth below.
REDEVELOPMENT AGENCY OF
THE CITY OF SAN BERNARDINO
Date:
By:
Executive Director
(SEAL)
APPROVE AS TO THE PROGRAM:
By:
Redevelopment Manager
APPROVED AS TO FORM:
Agency Special Counsel
NEW FRONTIER COMMERICAL
PROPERTIES, INC.,
a California corporation
Date:
By:
Its:
(9)
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C I T Y 0 F SAN B ERN A R DIN 0
INTEROFFICE MEMORANDUM
TO.:
Timothy C. Steinhaus, Agency Administrator
Economic Development Agency
Ezell James
ATTN:
FROM:
Dennis A. Barlow, Sr. Asst. City Attorney
DATE:
March 28, 1991
RE:
New Frontier
You have asked if the Option Agreement needs to be approved
by the Commission.
Al though the resolution approving the DDA also authorized
the execution of all other agreements necessary to the
implementation of the DDA, the Option is not a document
necessary to the implementation of the DDA. Therefore it must
have further Commission approval. I have discussed this issue
with Andre deBortnowski who concurs.
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DAB/ses/New-Fron.mem