The URL can be used to link to this page

Home My WebLink AboutCDC/2008-17 1 2 3 4 5 6 7 8 9 RESOLUTION NO. CDc/2008-17 RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO APPROVING AND AUTHORIZING THE INTERIM EXECUTIVE DIRECTOR OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO ("AGENCY") TO EXECUTE AMENDMENT NO. 1 TO THE REDEVELOPMENT PROJECT STUDY AND EXCLUSIVE RIGHT TO NEGOTIATE AGREEMENT BY AND BETWEEN THE AGENCY AND HOPROCK 2 VERDEMONT, LLC (VERDEMONT HEIGHTS TOWNE CENTER) WHEREAS, the Developer is the fee owner of thirty-seven and three tenths (37.3) acres (the "Developer Property") as depicted on Exhibit "A" to Amendment No.1 attached hereto; and 10 11 WHEREAS, the City of San Bernardino (the "City") is the fee owner of approximately 12 twenty-two (22) acres generally known as the "Blast" soccer fields and "Guhin Park" which consists 13 of improved land adjacent to the Developer Property and which is currently zoned for public 14 recreational use (the "City Property"); and 15 WHEREAS, the Agency desires to encourage and effectuate the redevelopment of certain 16 real property located within the area commonly referred to as the Verdemont Area; and 17 18 WHEREAS, on November 20, 2006, the Community Development Commission of the City 19 of San Bernardino (the "Commission") adopted Resolution No. CDC/2006-56, approving the 20 Agreement between the Agency and HopRock 2 Verdemont, LLC (the "Developer"), for the 21 purposes of effecting the redevelopment of the City Property and the Developer Property, and 22 WHEREAS, owing to the volatile nature of the real estate market in 2007, this process has 23 proved to be more lengthy and complicated than originally anticipated and the Agency is now 24 desirous of executing Amendment No. I to the Agreement which will extend the term of the 25 contract for one (I) year until May 20, 2009, in order to fully study all viable alternatives for the 26 Site. 27 28 P:\Agendas\Resolutions\Resolutions\2008\OS-19-08 HopRock 2 ERN - Amendment No. I CDC Reso.doc I 1 NOW, lHEREFORE, lHE COMMUNITY DEVELOPMENT COMMISSION OF THE 2 CITY OF SAN BERNARDINO DOES HEREBY RESOLVE, DElERMINE AND ORDER, AS 3 FOLLOWS: 4 Section 1. The Commission hereby approves Amendment No. I to the Agreement by 5 and between the Agency and the Developer in the form as attached hereto and as presented to the 6 Commission upon adoption of this Resolution, and the Commission hereby authorizes the Interim 7 Executive Director of the Agency to execute Amendment No. I on behalf of the Agency together 8 with such technical and conforming changes as may be recommended by the Interim Executive 9 Director of the Agency and approved by the Agency Counsel. 10 This Resolution shall take effect from and after its date of adoption by this Section 2. 11 Commission. 12 1/1 13 /II 14 1/1 15 /II 16 /II 17 1/1 18 //1 19 /II 20 /II 21 III 22 /1/ 23 /II 24 1/1 25 //1 26 /II 27 /II 28 P:\Agenda8\Resolutions\Re!lOlutions\2008\05.1~8 HopRock 2 ERN. Amendment No.1 CDC Reso.doc 2 1 2 3 4 5 6 7 RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO APPROVING AND AUTHORIZING THE INTERIM EXECUTIVE DIRECTOR OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO ("AGENCY") TO EXECUTE AMENDMENT NO. 1 TO THE REDEVELOPMENT PROJECT STUDY AND EXCLUSIVE RIGHT TO NEGOTIATE AGREEMENT BY AND BETWEEN THE AGENCY AND HOPROCK 2 VERDEMONT, LLC (VERDEMONT HEIGHTS TOWNE CENTER) I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Community 8 Development Commission of the City of San Bernardino at a ioint rell;ular meeting 20 The foregoing Resolution is hereby approved this ~daY of 21 22 23 24 Mav ,2008. ~~ atric J. Morris, c... on .ty Development Commission of the City of San Bernardino Approved as to Form: 25 :: By ~~ 28 P:\AgendulResolutions\Reaolutions\2008\OS-19-Qa HopRock 2 ERN - Amendment No.1 CDC &so.doc 3 CDC/2008-17 . HOPROCK 2 VERDEMONT, LLC AMENDMENT NO.1 TO THE REDEVELOPMENT PROJECT STUDY AND EXCLUSIVE RIGHT TO NEGOTIATE AGREEMENT (VERDEMONT HEIGHTS TOWNE CENTER) This Amendment No. 1 (this "Amendment") to the Redevelopment Project Study and Exclusive Right to Negotiate Agreement dated November 20, 2006 (the "Agreement"), is entered into as of May 19, 2008, by and between the Redevelopment Agency of the City of San Bernardino (the "Agency"), a public body, corporate and politic, and HopRock 2 Verdemont LLC, a Delaware limited liability company (the "Developer"). RECITALS WHEREAS, the Developer is the fee owner of thirty-seven and three tenths (37.3) acres (the "Developer Property") as depicted on Exhibit "A" attached hereto and incorporated herein by reference; and WHEREAS, the City of San Bernardino (the "City") is the fee owner of approximately twenty- two (22) acres generally known as the "Blast" soccer fields and "Guhin Park" which consists of improved land adjacent to the Developer Property and which is currently zoned for public recreational use, (the "City Property"); and WHEREAS, the Agency desires to encourage and effectuate the redevelopment of certain real property located within the area commonly referred to as the Verdemont Area; and WHEREAS, on November 20,2006, the Community Development Commission of the City of San Bernardino (the "Commission") adopted Resolution No. CDC/2006-56, approving the Agreement between the Agency and the Developer for the purposes of effecting the redevelopment of the City Property and the Developer Property; and WHEREAS, the term of the Agreement was extended by the parties to May 30, 2008, pursuant to written authorization as contained in the Agreement; and WHEREAS, owing to the volatile nature of the real estate market in 2007, this process has proved to be more lengthy and complicated than originally anticipated and the Agency is now desirous of executing this Amendment to the Agreement which will extend the term of the contract for one (1) year until May 20, 2009, in order to fully study all viable alternatives for the Site. . NOW, lHEREFORE, THE DEVELOPER AND lHE AGENCY DOES HEREBY AGREE AS FOLLOWS: Section 1. The Developer and the Agency hereby acknowledge and agree that the following shall be added to the end of Section l.d.(2) after the semi-colon: notwithstanding the above, the parties recognize and agree that the expiration date of this Agreement was properly extended to May 20, 2008, in the manner as provided above by a written authorization duly executed by the Executive Director of the Agency, and pursuant to Amendment No. 1 to this Agreement, the term of this Agreement is further extended by the official action of the 1 P:\Agendas\Agenda A1tachmems\Aarmts-Amend 2008\05-19-08 HopRoclc 2 Vcrdcmont, LLC, ERN. Amendment No. l.doc CDC/2008-17 Agency through and including May 20, 2009 and the Executive Director shall be authorized to extend the term hereof for an additional one-year period of time without any further action of the Agency at the sole discretion of the Executive Director; for all purposes of this Agreement as amended by Amendment No. I, the term "Effective Date" as used in this Agreement shall be modified to be May 20, 2008; Section 2. Except as modified or amended by this Amendment, all of the provisions of the Agreement shall remain in full force and effect following the Effective Date of this Amendment. IN WITNESS WHEREOF, the Developer and the Redevelopment Agency of the City of San Bernardino executed this Amendment as of the dates written next to the signatures of their duly authorized representatives, below. AGENCY Date: ~-s D- e-f Redevelopment Agency of the City of San Bernardino, ::OOli' dliti' Emil A. Marzullo, rim Executive Director Approved as to Form and Legal Content: B~ V~~ Agency Co el DEVELOPER HopRock 2 Verdemont, LLC., a Delaware limited liability company BY: HOP NS REAL ESTATE GROUP, MANAGING MEMBER Date: ~1~f1~ By: ,- REYLING Date: Its: C-j){) 2 P:\Apldas\Aacnda Attachments\Asfmts-Amend 200&\O5.1~ HopRock 2 Vcrdemont, LLC, ERN . Amendment No. I.doc CDC/2008-17 . I-i - D::II - ~ w o . ,e ~ ~ C> "1 '" 0; ~ ~ '" , Q S ~ ., " .3 ~ ~ ,'! II