HomeMy WebLinkAbout1992-5337
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RESOLUTION NO. 5337:
A RESOLUTION OF THE COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF SAN BERNARDINO
AUTHORIZING AND DIRECTING THE EXECUTION OF
AMENDMENT NO. 1 TO "OWNER PARTICIPATION AND
DEVELOPMENT AGREEMENT" AND "CONVENTION
CENTER SUBLEASE AND OPERATING AGREEMENT"
WHEREAS, the Redevelopment Agency of the ci ty of
San Bernardino (the "Agency") and the City of San Bernardino (the
"City") have previously entered into certain agreements with
Maruko, Inc. (the "Redeveloper") for purposes of undertaking and
completing a redevelopment project involving the construction of
a certain hotel adjacent to the Convention Center, as well as the
operation of the Convention Center (the "Project"), located
within the Central city Redevelopment Project Area (the "project
Area"); and
WHEREAS, the Redeveloper of the Project has submitted
to the Agency and to the City evidence that the Redeveloper has
encountered unexpected financial difficulties in the operation of
the Project as the result of general economic conditions,
necessitating the filing of a bankruptcy proceeding, and that the
continued operation of the Project requires City and Agency
assistance; and
WHEREAS, the continued operation of the Project is in
the public interest in that the Project represents the
redevelopment of real property in the Project Area, pursuant to
the community Redevelopment Law of the State of California, has
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1 aesthetically improved real property within the Project Area, has
2 created emploYment opportunities for residents of the city both
3 within and outside of the project Area, has eliminated blight,
4 has enhanced real property values in the Project Area and has and
5 will generate sales tax revenues, property tax increment revenues
6 and transient occupancy tax revenuesj and
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8 WHEREAS, the execution of the proposed amendment to the
9 agreements between the parties thereto would provide assistance
10 to the Redeveloper by advancing at an earlier time certain sums
11 which would otherwise be due, under the prior agreements between
12 the parties, to the Redeveloper over an extended period of time,
13 while providing consideration to the City and Agency for so
14 doingj and
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16 WHEREAS, it is reasonable and appropriate to approve
17 and cause the execution of an amendment to the various agreements
18 pertinent to the Project.
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20 NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION,
21 ACTING ON BEHALF OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN
22 BERNARDINO, DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
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24 Section 1. The Commission hereby approves that certain
25 Amendment No. 1 to the "Owner Participation and Development
26 Agreement" and "Convention Center Operating Agreement" (the
27 Amendment") by and among the city, the Agency and the
28 Redeveloper, substantially in the form and content as ,set forth
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1 n Exhibi t "A" attached hereto and incorporated herein by
2 eference. In recognition of the pending bankruptcy proceeding
3 nd the necessity to obtain approval of the trustee in bankruptcy
4 nd the Court, the Chairman and Secretary of the Commission are
5 ereby authorized and directed to execute the Amendment for and
6 n behalf of the Agency, after necessary approvals have been
7 btained from the trustee in bankruptcy and the Court.
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section 2. Recognizing the need for further possible
egotiation of the terms and conditions of the Amendment in order
obtain the concurrence of the Redeveloper's bankruptcy
ounsel, the trustee in bankruptcy and the Court, revisions to
he Amendment may be made after the adoption of this Resolution,
roviding (i) such changes do not alter the basic intent of the
such changes are approved by the Chairman and
15 endmen;t and ( ii)
16 Counsel.
17 III
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RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY
F SAN BERNARDINO AUTHORIZING AND DIRECTING THE EXECUTION OF
2 ENDMENT NO. 1 TO "OWNER PARTICIPATION AND DEVELOPMENT
GREEMENT" AND "CONVENTION CENTER SUBLEASE AND OPERATING
3 GREEMENT"
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Section 3.
This Resolution shall take effect upon
he date of its adoption.
I HEREBY CERTIFY that the foregoing Resolution was duly
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an Bernardino at a
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by the Community Development Commission of the City of
Joint Regular
meeting
held on the
20
day of
July
the following vote, to wit:
Members:
AYES
NAYS
ABSTAIN
ABSENT
STRADA
EILLY
15 ERNANDEZ
UDSLEY
16 INOR
OPE-LUDLAM
17 ILLER
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x
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x
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Sec e ry, Ken eth J.
20
ay of
The foregoing resolution is hereby
July , 1992.
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pproved as to
orma~
Agency Counsel ~.
BOO\OOOI \DOC\590
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1 STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO )
2 CITY OF SAN BERNARDINO )
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ss
I, l)(>nn~th J. Hendersqn Secretary of the Community
Development Comm1SS1on of the C1ty of San Bernardino, DO HEREBY
CERTIFY that the foregoing and attached copy of Community
Development Commission of the City of San Bernardino Resolution
No. 5331 is a full, true and correct copy of that now on
file in this office.
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 20 day of
July , 1992.
secr~~.
Community Development Commission
of the City of San Bernardino
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