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HomeMy WebLinkAbout1987-5014 l r ,-. c "- _._~ SBEOOOOI-175/2450S/nb 05/04/87 RESOLUTION NO. 5014 A RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO AUTHORIZING THE CHAIRMAN AND THE SECRETARY TO EXECUTE AN INDEMNITY AGREEMENT BY AND BETWEEN THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO AND FIRST AMERICAN TITLE INSURANCE COMPANY RELATING TO PROPERTY KNOWN AS "BROWN'S ALLEY" WHEREAS, the County School Superintendent has heretofore agreed to purchase certain real property generally located at the corner of Sixth and "E" Streets in the City of San Bernardino from the Redevelopment Agency of the City of San Bernardino (the "Agency") including, but not limited to, a certain strip of real property known as "Brown's Alley"; and WHEREAS, Brown's Alley heretofore has apparently been dedicated as a private alley, although fee title has aparently not been formally obtained by the Agency or the City of San Bernardino; and WHEREAS, the First American Title Insurance Company ("First American") will not issue a title insurance policy for the property conveyed to the County School Superintendent unless the Agency enters into a certain Indemnity Agreement as attached hereto as Exhibit "A" and incorporated herein by this (the reference "Indemnity Agreement"); and - I - (" '- .~ , "-' .!""""" '- .. WHEREAS, among other matters, the Indemnity Agreement provides that th~ Agency will clear title to Brown's Alley prior to April 20~ 1988, subject to extensions granted by First American; and WHEREAS, it is reasonable and appropriate for the Agency to enter into the Indemnity Agreement. NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION, ACTING ON BEHALF OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO, DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: Section 1. The Communi ty Deve lopment Commission on behalf of the Agency hereby approves the Indemnity Agreement by and between the Agency and First American attached hereto as Exhibit "A" and incorporated herein by reference. Section 2. The Chairman and the Secretary of the Communi ty Development Commission are hereby authorized and di rected to execute the Indemnity Agreement on behalf of the Agency. Section 3. This Resolution shall take upon effect adoption. ADOPTED: May 11, 1987 AYES: Members Estrada, Flores, Mauds1ey, Quie1 Frazier, Strickler. Approved as to Legal Form and Adequacy: NOES: None. ABSTAIN OR By: ~P.~AllSENT' Counsel to the Commission Absent: Member Reilly. - 2 -