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Home My WebLink AboutCDC/2006-57 1 2 3 RESOLUTION NO. rnr /?OO"_<; 7 4 RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO APPROVING AND AUTHORIZING THE EXECUTIVE DIRECTOR OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO ("AGENCY") TO EXECUTE AMENDMENT NO. 1 TO THE REDEVELOPMENT PROJECT STUDY AGREEMENT WITH ICO FUND V, LLC - CENTRAL CITY NORTH REDEVELOPMENT PROJECT AREA 5 6 7 WHEREAS, the Community Development Commission of the City of San Bernardino (the 8 "Commission") is the governing board of the Redevelopment Agency of the City of San Bernardino 9 (the "Agency"); and 10 WHEREAS, the Agency owns certain property within the Central City North 11 Redevelopment Project Area (the "Project Area") as generally depicted in Exhibit "A" (the "Agency 12 Property") attached to the original Agreement; and 13 WHEREAS, on June 5, 2006, the Commission adopted Resolution No. CDC/2006-14 14 approving a Redevelopment Project Study Agreement ("Agreement") by and between the Agency 15 and ICO Fund V, LLC (the "Developer"), in order to study the Agency Property for future potential 16 development; and 17 WHEREAS, the Developer has performed diligently in order to carry out and submit all 18 required documentation, as called out in the Agreement, to the Agency in a timely manner; and 19 WHEREAS, the Developer has experienced unforeseen delays caused by the decision of the 20 major tenant for the Agency Property to relocate elsewhere in the downtown area; and 21 WHEREAS, it is appropriate for the Commission to approve Amendment No.1 to the 22 Agreement. 23 NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY 24 OF SAN BERNARDINO DOES HEREBY RESOLVE, DETERMINE AND ORDER, AS FOLLOWS: 25 Section 1. The Commission hereby approves the attached Amendment No. I in the form 26 presented at the meeting at which this Resolution is adopted. The Executive Director of the Agency 27 is hereby authorized and directed to execute Amendment No. 1 on behalf of the Agency, together 28 1 P.\Agenctas\Re,olulionsIResolulions\2006\ 12-04-06 ICO Fund V, LLC - Amendment CDe Reso.doc CDC(2006-57 and non-material conforming changes as may be recommended by Agency The Resolution shall become effective immediately upon its adoption. 2 1'.\Agendas\ltesnlutinm\Re,aILJlion,\2006\12-04-061CO Fund V. LLC - \mendment CDC Reso.ooc 1 2 3 4 5 CDC/2006-57 RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO APPROVING AND AUTHORIZING THE EXECUTIVE DIRECTOR OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO ("AGENCY") TO EXECUTE AMENDMENT NO. 1 TO THE REDEVELOPMENT PROJECT STUDY AGREEMENT WITH ICO FUND V, LLC - CENTRAL CITY NORTH REDEVELOPMENT PROJECT AREA 6 I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Community 7 Development Commission of the City of San Bernardino at a ioint tegulat meeting 8 thereof, held on the 4th day of December , 2006, by the following vote to wit: 9 Commission Members: Aves Navs Abstain Absent 10 ESTRADA ~ 11 BAXTER ~ 12 BRINKER ~ 13 DERRY ~ 14 KELLEY ~ 15 JOHNSON ~ 16 MC CAMMACK ~ 17 18 19 Secretary 20 The foregoing resolution is hereby approved this ,,-rd-- day of December ,2006. 21 22 23 24 25 Approved as to Form: 26 27 28 atrick ,Morris, Clia' on ity Development Commission of the City of San Bernardino By: ~~ Agency 0 sel 3 P:\Agendas\Resalulion,IResotutions\2006\12_04_06 IeO Fund V, LLC _ Amendment CDC Re,o.doc CDC/2006-57 AMENDMENT NO, 1 TO THE REDEVELOPMENT PROJECT STUDY AGREE'VlE'\TT BY AND BETWEEN THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO AND lCO FUND V, LLC THIS AMENDMENT NO. I TO THE REDEVELOPMENT PROJECT STUDY AGREEMENT (this "Amendment No. I") is dated as of December 4, 2006. by and between ICO Fund V. LLC (the "Developer"), a California limited liability company and tbe Redevelopment Agency of tbe City of San Bernardino (the" Agency"), a public body. corporate and politic. and is entered into in light of the facts set forth in the following Recital paragraphs: -- RECITALS -- A. Tbe Agency is the owner of the CinemaStar complex site at the northwest corner of 4'h and "r" Streets in the downtown area within the Central City North Redevelopment Project Area 'vyhich consists of five (5) lots. two (2) of which contain the cinema complex and three (3) of which are available for development (the "Agency Lots"). B. The Developer and the Agency have previously entered into an agreement entitled "Redevelopment Project Study Agreement". dated as of June S, 2006, and having an Effective Date of June 16, 2006 (the "Agreement"), to develop the Agency Lots into a restaurant complex featuring such tenants as Starbucks. Quizno' s and Cold Stone Creamery. c. During the period of the Agreement. the Developer agreed to undertake certain redevelopment studies pertaining to the "Agency Lots", as this term is defined in the Recitals of the Agreement, so as to foster the community economic development goals and objectiv'es of the City of San Bernardino (the "City"). D. During the period of the Agreement, the Developer agreed to submit to the Agency a detailed financial pro-forma of the Project, Project description and letters of intent ("LOr') from the above named tenants as set forth in Recital B above. E. During the period of the Agreement, the Developer has performed diligently in order to carry out and submit all required documentation, as required pursuant to the Agreement. to the Agency in a timely manner. F. The Developer has, however, experienced unforeseen delays brought about by the retraction of the LOI by Starbucks, the initially proposed anchor tenant, a situation which the Developer has sought to rectify in an expeditious manner as possible by recruiting an alternative anchor tenant, namely the Coffee Bean and Tea Leaf Company. G. These unforeseen circumstances have, nevertheless, caused the Project schedule to be delayed from that as specitied in the Agreement. I' A~cnd"," .\gond" .\'''ch'''elll''',.Agrll",..-\lll~"d :'11"6\1:'-O~-(l(, \Co Fund \' 1.1.( . Fi"a! ,\Il,<"dlll~r""~ I d~c CDC/2006-S7 H. The Developer and the Agency therefore believe it is appropriate to consider and approve this Amendment No. I to the Agreement. NOW. THEREFORE. THE DEVELOPER AND THE AGE0JCY DO HEREBY AGREE AS FOLLOWS: Section 1. (a) Unless the context of the usage ofa term or phrase in this Amendment No.1 may otherwise require, the meaning of words and phrases in this Amendment No.1. which are indicated by an initially capitalized letter. shall be the same as set forth in the Agreement. (b) The Recitals of this Amendment No. I are true and eOlTect. Section 2. This Amendment No. I sets forth the terms and conditions of an amendment to certain portions of the text of the Agreement. This Amendment No.1 integrates all of the terms and conditions mentioned herein and supersedes all negotiations, discussions and understandings between the parties with respect to the Project and the Agreement as hereby modified by this Amendment No. I. Section 3. The Effective Date of the Agreement occurred on .lune 16. 2006. in accordance \vith its terms as set forth in Section 3.a. and Section 17 of the Agreement and the term of the Negotiation Period as set forth in the Agreement was properly extended by the Executive Director of the Agency to December 18, 2006, pursuant to Section l.d.(2) of the Agreement. The Agency and the Developer hereby agreed to extend the termination date of the Agreement and the termination date of the Negotiation Period to April 16, 2007, in accordance with this Amendment No. I and further agree that there shall be no automatic extensions to said termination date of the Negotiation Period except upon the approval of the governing body or the Agency with the concurrence of the Developer. Both the Agency and the Developer retain the legal authority to approve any further extensions oCthe Negotiation Period each at their sole and absolute discretion. Section 4. All dates of performance as applicable to the Developer and as contained in Section 3. of the Agreement shall not be enforced by the Agency against the Developer pursuant to this Amendment No. I and the Developer shall not be required to comply, or be required to have complied, with any of the dates as set forth therein. It is recognized and agreed by and between the Agency and the Developer that the matters and the times of performance as set forth in said Section 3. of the Agreement will be addressed to the mutual satisfaction of the parties during the period of time that is required to negotiate and prepare the Project DDA. It is further recognized and agreed by the parties that some of the matters set forth in said Section 3. may also be included within the Schedule of Performance to be contained in the Project DDA as may be approved by the Agency and the Developer during or subsequent to the Negotiation Period. Section 5. Except as modified or amended by this Amendment No.1, all of the provisions of tile Agreement shall remain in full force and effect following the effective date of this Amendment No.1. 2 P ,....~end.,\....~e""a AlI,chLl1ell'" "'srn\{,-Am"n" :O(l{}',1 :-O~-O(, IlO Fund \' Ll( - r;,,,d '\,nelldmclll ~o I doc IN WITNESS WHEREOF, the parties hereto havc duly executed this Amendment No. I to the Agreement as of the dates set forth below and this Amendment No. I shall be effective for all purposes as of the date hereof as set forth in the introductory paragraph hereof. AGENCY Redevelopment Agency of the City of San Bernardino, a public body, corporate and politic Maggie Pacheco, Executive Director ......... . .......... . ......... . .......... . . . . . . . . . . . ~.............,...... . ., ....... . . . ... ....... ... ...... .... ...... ......... . .......... . ......... . .......... . . . . . . . . . . . .......... . Date: By: Approved as to Form and Legal Content: (~* Agency Couns 1 DEVELOPER lca Fund V, LLC, a California limited liability company Date: By: Date: By: , J P ",.,"~end.,\Ag~"d" Attachlllent.,...Agrm".AlllcIlJ 200~\12-0~-()h 1(0 rLL",j v. LLC . Fitl.l "m.Ildmenl "0. I.doc Colin Strange "'=rom: ...ant: To: Subject: Jian Torkan - ICO Real Estate Group utorkan@icorealestategroup.com] Monday, February 05, 2007 4:49 PM cstrange@sbrda.org 4th & E Please note that we are in agreement to terminate the exlusive right to negotitate for the above project. Regards J Jian Torkan ICO Real Estate Group, Inc. 4221 Wilshire Blvd. suite 240 Los Angeles, CA 90010 t 310.277.2226 x 702 f 323.932.6968 e jtorkan@icorealestategroup.com w www.icorealestategroup.com <http://www.icorealestategroup.com/> cC'\\~o~ ~~-& ~ { 'i /6 -r, 1i\3'1lii\l-eJ J .C~L.MW~~r- ~,i.lA. ~ IIV.N.<-~ l.W ~ ~ el:Lf~- 5'1 PrMi.",^Mtl'l lJo \ -Tv leo ,,~~J v, LLC-. 'V>e"".:G f"'\9J.'tu.:.;a iU(.......,'W~v 1