HomeMy WebLinkAboutR33-Economic Development Agency
CITY OF SAN BERNARDINO
ECONOMIC DEVELOPMENT AGENCY
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FROM: Maggie Pacheco
Executive Director
SUBJECT: Termination of the Creative Housing
Solution Old Towne Single-Family
Residential Acquisition and Construction
Grant Agreement - Central City North
Redevelopment Project Area (Old Towne)
DATE; August 15,2006
Svnonsis of Previous Commission/CounciVCommittee Action(s):
On August 8, 2006, Redevelopment Committee Members Estrada, Johnson and Baxter unanimously voted to
recommend that the Community Development Commission consider this action for approval.
Recommended Motion(s):
(Communitv Develonment Commission)
Resolution of the Community Development Commission of the City of San Bernardino approving the
termination of the 2003 Old Towne Single-Family Acquisition and Construction Grant Agreement between
Creative Housing Solutions, Inc. and the Redevelopment Agency of the City of San Bernardino ("Agency")
and authorizing the Executive Director of the Agency to execute the Termination Agreement
Contact Person(s):
Maggie Pacheco
Phone;
(909) 663-1044
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Project Area(s);
Central City North
Redevelopment Project Area
Ward(s):
Supporting Data Attached: 0 Staff Report 0 Resolution(s) 0 Agreement(s)/Contract(s) 0 Map(s) 0 Letters
FUNDING REQUIREMENTS: Amount; $
o
Source;
Budget Authority:
N/A
N/A
SIGNA TORE;
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Maggi Pacheco, Executive Director
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Commission/Council Notes:
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P:\Agflldas\Comm [)ey Commis$ion\COC 2006\0i-21-06 CHS Tenninalion Agreemenl SR.doc
COMMISSION MEETING AGENDA
Meeting Date: 0812112006
Agenda Item Number: f2....g. ~
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ECONOMIC DEVELOPMENT AGENCY
STAFF REPORT
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TERMINATION OF THE CREATIVE HOUSING SOLUTION OLD TOWNE SINGLE-
FAMILY RESIDENTIAL ACQUISITION AND CONSTRUCTION GRANT AGREEMENT-
CENTRAL CITY NORTH REDEVELOPMENT PROJECT AREA (OLD TOWNE)
BACKGROUND/CURRENT ISSUE:
On March 3, 2003, the Community Development Commission ("Commission") approved the Old
Towne Single-Family Acquisition and Construction Grant Agreement (the "Agreement") with Creative
Housing Solutions, Inc., a non-profit housing organization (CHS) for the acquisition of sixteen (16)
infill vacant parcels in the area bounded by 6th and 9th Streets, "F" Street and 1-215 Freeway for
development of sixteen (16) new single-family homes ("Old Towne") (See Attached Map).
To date, CHS has acquired sixteen (16) vacant parcels, constructed and soid two (2) single-family
affordable homes to owner occupants on Victoria Street. Out of the fourteen (14) lots remaining, five
(5) single family homes are under construction and will be sold at market rate prices, and five (5) lots
on Victoria Street and 7th Street, are not appropriately zoned for single-family development (zoned CR-
2) which CHS is planning to develop independently. The remaining four (4) lots on the northwest
comer of 6th and "G" Streets will be developed under the terms of a separate study agreement between
the Agency and AGA Properties, LLC that was approved by the Commission on June 19,2006, as part
of the proposed townhouse/condominium development, which will be brought before the Commission
at a later date.
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Under the Agreement, the Agency provided a $200,000 Agency Grant from the Low/Moderate Income
Housing Fund to CHS for property acquisition, architectural design and permit fees related to the
acquisition of sixteen (16) lots and the construction. of sixteen (16) affordable housing units. Section.
4.0 I (d) of the Agreement allows the Developer to request a release of the housing affordability
covenant requirement for up to five (5) of the lots after reimbursing the Agency $8,000 per lot grant
funds, plus six percent (6%) interest commencing from the date that the grant funds are disbursed by
the Agency. Due to the high housing market and the escalating construction costs, it has been
challenging for CHS to market units at the affordable housing prices as required by redevelopment law
and without a high level of subsidy or down payment assistance. Hence, CHS is requesting that the
Agency terminate the Agreement and release the remaining fourteen (14) lots from the affordability
requirements and CHS will repay the Agency the grant proceeds disbursed, plus interest. CHS will
proceed to develop the remaining lots with market rate housing units and will covenant that all housing
units will be sold to owner occupants with certain covenants.
ENVIRONMENTAL IMP ACT:
None.
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P:\A8endu\Comlll Dev Commission\CDC 2006\08-21-06 CAS Temlinalion Agreen\enl SR.doc
COMMISSION MEETING AGENDA
Meeting Date: Osnll2006
Agenda Item Number:
Economic Development Agency Staff Report
CHS Termination Agreement
Page 2
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FISCAL IMPACT:
The Ageney will be reimbursed $8,000 per lot ($112,000) for fourteen (14) lots with accrued interest
beginning from the date that each lot was acquired or Agency funds were disbursed through approval
of the Termination Agreement at the rate of six percent (6%). As of August 22,2006, the amount due
and payable would be $135,103.63 and $22.21 per day for each day that is either prior to (as a
deduction amount) or after (as an additional interest factor) said date of calculation until the final
payment is actually remitted by the Developer to the Agency.
RECOMMENDATION:
That the Community Development Commission adopt the attached Resolution.
Yl1~
Maggie Pacheco, Executive Director
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'\....- P:\Agendu\Comm Dev Commi5sion\CDC 2006\01-21-06 CHS Termination Agree_ SR.doc
COMMISSION MEETING AGENDA
Meeting Date: 08/21/2006
Agenda Item Number:
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RESOLUTION NO.
RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION
OF THE CITY OF SAN BERNARDINO APPROVING THE
TERMINATION OF THE 2003 OLD TOWNE SINGLE-FAMILY
ACQUISITION AND CONSTRUCTION GRANT AGREEMENT
BETWEEN CREATIVE HOUSING SOLUTIONS, INC. AND THE
REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO
("AGENCY") AND AUTHORIZING THE EXECUTIVE DIRECTOR OF
THE AGENCY TO EXECUTE THE TERMINATION AGREEMENT
WHEREAS, on March 3, 2003, the Community Development Commission of the City of San
9 Bemardino ("Commission"), on behalf of the Redevelopment Agency of the City of San Bernardino, a
public agency of the State of California (hereinafter referred to as "Agency"), and Creative Housing
Solutions, Inc. ("CHS") entered into the 2003 Old Towne Single-Family Acquisition and Construction
Grant Agreement ("Agreement'') to acquire and develop at least sixteen (16) lots; and
WHEREAS, CHS acquired the sixteen (16) vacant lots, constructed and sold two (2) affordable
single-family homes to owner occupants at affordable housing prices on Victoria Street pursuant to the
terms of the Agreement, and CHS desires to sell the remaining fourteen (14) lots at market rate prices
subject to the repayment of acquisition grant to the Agency; and
WHEREAS, the Agency disbursed a total of$112, 000 for acquisition of the fourteen (14) lots
from the $200,000 Agency Grant from the low- and moderate-income housing fund ("Housing Fund")
to CHS and said disbursed Grant funds will be repaid to the Agency at the rate of$8,000 per lot, plus six
percent (6%) interest commencing from the date that the Grant Funds were disbursed by the Agency
until repaid, thereby ensuring that the Housing Fund is made whole; and
WHEREAS, the Agency and CHS desires to terminate the Agreement subject to the terms and
conditions stipulated in the proposed Termination Agreement.
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NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF SAN BERNARDINO DOES HEREBY RESOLVE, DETERMINE AND ORDER, AS
FOLLOWS:
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P:\Aced.u\ReHlatilHlS\ResolubolU\1OO6\1-ZI-06 Termin.tion. Old Towne Sinpe..F.lllily All'ftlDeDl CDe Reso.doc
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Section 1.
On August 21, 2006, the Community Development Commission of the City of
San Bernardino ("Commission"), as the governing body of the Agency, approved the tennination of the
2003 Old Towne Single-Family Acquisition and Construction Grant Agreement pursuant to the tenns
and conditions of the Termination Agreement. The Commission hereby approves the Termination
Agreement and authorizes the Executive Director of the Agency to execute said Termination Agreement
7 Section 2.
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together with such technical nonsubstantive changes as approved by Agency Counsel.
This Resolution shall become effective immediately upon its adoption.
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RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION
OF THE CITY OF SAN BERNARDINO APPROVING THE
TERMINATION OF THE 2003 OLD TOWNE SINGLE-FAMILY
ACQUISITION AND CONSTRUCTION GRANT AGREEMENT
BETWEEN CREATIVE HOUSING SOLUTIONS, INC. AND THE
REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO
("AGENCY") AND AUTHORIZING THE EXECUTIVE DIRECTOR OF
THE AGENCY TO EXECUTE THE TERMINATION AGREEMENT
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6 I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the
7 Community Development Commission of the City of San Bernardino at a
8 meeting thereof, held on the
day of
, 2006, by the following vote to wit:
9 Commission Members:
Navs
Abstain
Absent
Aves
10
ESTRADA
BAXTER
VACANT
DERRY
KELLEY
JOHNSON
MC CAMMACK
II
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15
16
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Secretary
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,2006.
The foregoing resolution is hereby approved this
day of
20
21
22
Patrick J. Morris, Chairperson
Community Development Commission
of the City of San Bernardino
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Approved as to Form and Legal Content:
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Agency nse
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By:
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P:\Atelldas\ResolutiOQs\RaolutiOQs\1006\l-11.06 TerllliutiOQ. Old Tow.e SiQgJe-Family ACI'ftIllmI CDC Reso..dGC
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TERMINATION AGREEMENT
WITH RESPECT TO THE
OLD TOWNE SINGLE FAMILY RESIDENTIAL
ACQUISITION AND CONSTRUCTION
GRANT FUNDING AGREEMENT
THIS TERMINATION AGREEMENT (this "Termination Agreement") is entered into as of
this 21" day of August 2006 (the "Effective Date") by and between the Redevelopment Agency of
the City of San Bernardino, a public body corporate and politic (the "Agency"), and Creative
Housing Solutions, a California non-profit public benefit corporation (the "Developer"), for the
purpose of terminating the "Old Towne Single Family Residential Acquisition and Construction
Grant Funding Agreement" dated as of March 3, 2003 (the "2003 Agreement"). The Agency and
the Developer are each a party, and they are collectively the parties, to this Termination Agreement.
RECITALS
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WHEREAS, the parties entered into the 2003 Agreement for the purpose of encouraging the
Developer to acquire sixteen (16) residential lots (the "Developer Lots") within the Central City
North Redevelopment Project Area for the potential development of sixteen (16) single-family
affordable homes (collectively, the "SF Homes"). In accordance with the 2003 Agreement, the
Developer purchased sixteen (16) Developer Lots, and the Agency granted the Developer the sum
of Eight Thousand Dollars ($8,000.00) for each acquired Developer Lot (for a grant total amount of
One Hundred Twenty-Eight Thousand Dollars ($128,000.00) (the "Agency Grant") paid by the
Agency to the Developer from the Agency's Low and Moderate Income Housing Fund (the
"Housing Fund"); and
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WHEREAS, the Developer has developed and constructed two (2) New SF Homes and has
sold said two (2) New SF Homes to Qualified Homebuyers consistent with the affordable housing
provisions in the 2003 Agreement; and
WHEREAS, the Developer desires to terminate the 2003 Agreement and be released from
any further obligations under the 2003 Agreement as set forth in the 2003 Agreement in order to
develop fourteen (14) market rate housing units consistent with the redevelopment plan for the
Central City North Redevelopment Project Area for the reasons set forth in the Staff Report
accompanying the Resolution of the Community Development Commission with the proviso that
One Hundred and Twelve Thousand Dollars ($112,000.00) of the Agency Grant, plus six percent
(6%) per annum accruing from the date of each funding by the Agency, for each Developer Lot, is
paid in full to the Housing Fund.
NOW, THEREFORE, IN CONSIDERATION OF THE RECITALS SET FORTH ABOVE,
AND FOR SUCH OTHER GOOD AND VALUABLE CONSIDERATION, THE RECEIPT AND
SUFFICIENCY OF WHICH ARE HEREBY ACKNOWLEDGED, THE AGENCY AND THE
DEVELOPER HEREBY AGREE AS FOLLOWS:
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Section 1.
reference.
Recitals. The Recitals set forth above are incorporated herein by this
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Section 2. Repayment of Grant Funds. As consideration payable to the Agency for the
mutual termination of the 2003 Agreement, the Developer shall pay to the Agency concurrently
with the final execution of this Termination Agreement by the Agency and the Developer an
amount, equal to One Hundred Twelve Thousand Dollars ($112,000.00) which represents the
principal amount of the grant under the 2003 Agreement as actually disbursed by the Agency to the
Developer for the purchase of fourteen (14) Developer Lots together with interest at the rate of six
percent (6%) per annum which shall accrue commencing from the date of each such grant advance
by the Agency to the Developer until paid in full (collectively, the "Termination Payment"). On the
Effective Date, the Termination Payment shall be the following: (i) One Hundred Twelve Thousand
Dollars ($112,000.00) and (ii) accrued and unpaid interest, which in the aggregate is in the amount
of $135,103.63 through August 22, 2006, and $22.21 per day for each day that is either prior to (as
a deduction amount) or after (as an additional interest factor) said date of calculation upon which
the final payment is actually remitted by the Developer to the Agency. Simultaneously with the
execution of this Termination Agreement and the payment of the Termination Payment to the
Agency, the Agency shall execute and acknowledge each Release of the Notice of Agreement
Relating to Real Property (Creative Housing Solutions) (substantially in the form of Exhibit "A"
attached hereto and incorporated herein by this reference) in connection with fourteen (14)
Developer Lots and release any restrictions, affordability covenants or other restrictions imposed by
the 2003 Agreement
Section 3. Covenants. Representations and Warranties. The Developer covenants,
represents and warrants to the Agency that: (i) the Developer will develop, construct and improve
each of the fourteen (14) Developer Lots with a market rate housing unit (singularly, "Housing
Unit"), and will sell each of the fourteen (14) Developer Lots as improved by and with a Housing
Unit attached thereto and thereon; (ii) the Developer will sell each Developer Lot, as improved by
and with a Housing Unit, to one or more persons (singularly and collectively, the "Owner") who
will covenant, represent and warrant to the Developer that each such Owner will continuously own
and occupy the Developer Lot, as improved by and with the Housing Unit, as the Owner's principal
residence; and (iii) the Developer will cause each Owner to execute and/or acknowledge one (I) or
more agreements, documents and/or instruments (singularly, the "Document") (as approved by the
Agency in its sole and absolute discretion) wherein each Owner will covenant, represent and
warrant to the Developer that the Developer Lot, as improved by and with the Housing Unit, will be
continuously owned and occupied by the Owner, as its principal residence. This Section 3 shall
survive the execution of this Termination Agreement by the parties, the delivery, the payment of the
Termination Payment by the Developer to the Agency, and the performance and observance of the
terms, covenants, conditions and/or restrictions of this Termination Agreement
Section 4. Mutual Release of Liabilitv and All Claims. Subject to Section 3 above, this
Termination Agreement is also intended to be a full and fmal compromise, accord and satisfaction,
novation, mutual release of liability, and settlement of all claims, demands, actions, causes of
action, known or unknown, suspected or unsuspected, arising out of or in any way connected with
the 2003 Agreement, Termination Payment, and all related matters, whether for economic loss, loss
of profits, loss of real property, diminution of value of real property, loss of prospective economic
advantage, consequential damages, incidental damages, injury to person or property or because of
death, and for any and all damages of any kind whatsoever which have been, or which might be,
incurred or sustained by any party or claimant; and, as further consideration and inducement for this
compromise settlement and mutual release, the parties expressly waive the provisions of Civil Code
~ 1542, which states:
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P:~gendas\Agenda Attachments\Agrmts-Amend 2006\08-21~6 CHS Old Towne Tennination Agreementdoc
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"A GENERAL RELEASE DOES NOT EXTEND TO THE
CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR
SUSPECT TO EXIST IN IDS OR HER FAVOR AT THE TIME
OF EXECUTING THE RELEASE, WHICH IF KNOWN BY
HIM OR HER MUST HAVE MATERIALLY AFFECTED IDS
OR HER SETTLEMENT WITH THE DEBTOR."
Developer Initials
Agency Initials
The parties expressly represent and warrant that each party consulted with its separate
independent attorneys with respect to the meaning and significance of Civil Code ~ 1542, and the
parties further represent and warrant that each intends to, and does, waive the provisions of this
statute on the separate advice of their respective attorneys. The parties acknowledge that different
or other facts may be discovered in addition to what each party now knows or believes to be true
with respect to the matters released, and that each party agrees that this Termination Agreement
and release shall be and remain in effect in all respects as a complete and fmal release of the
matters released, notwithstanding any different or additional facts. Therefore, the parties further
agree that:
(a) Each party is the sole, absolute and unencumbered owner of its respective claims
or causes of action being released, and such claims or causes of action have not been assigned or
otherwise. transferred to any other person or entity.
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(b) The persons signing this Termination Agreement on behalf of each party are
authorized to do so and their signatures on this Termination Agreement bind the parties.
Facsimile copies, or photocopies, of signatures of the entire Termination Agreement are deemed
duplicate originals and are as binding as original signatures or documents. This Termination
Agreement max be signed in counterparts on different dates and all such counterparts are deemed
one and the same document.
(c) The parties will each bear their own respective attorneys' fees and costs in
connection with this Termination Agreement, compromise, settlement and release.
(d) The releases set forth in this Termination Agreement do not apply to any
performance required by either party by, under or as a result of this Termination Agreement, or
any future transaction among them unrelated to the subject matter of this Termination Agreement.
(e) This Termination Agreement contains and sets forth the full and complete
agreement of the parties relative to the subject matter of this Termination Agreement, which
supercede and replace all prior negotiations and understandings, and no other negotiations, offers,
counteroffers, statements or representations, have been made or relied upon by the parties as an
inducement for executing this Termination Agreement.
"- (f) The Agency shall indemnify, defend, protect and hold harmless the Developer and
its officers, directors, employees and agents, from and against any and all actions, causes of actions,
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claims, costs, damages, demands, expenses, fees, judgments, liabilities, obligations and/or injuries
(including, without limitation, attorneys' fees, court costs and all attorneys' fees and court costs
incurred in any and all appeals) resulting from: (i) any failure by the Agency, its agents or
employees, to perform or comply with any of its obligations contained in this Termination
Agreement; provided, however, this indemnity shall not apply to any liability hereunder resulting
- from the gross negligent acts or omissions or intentional wrongdoing of the Developer, its officers,
directors, agents, employees and/or contractors in connection with or relating to the performance or
non performance of the obligations of this Termination Agreement. This indemnity shall survive
the execution by the parties, the delivery, the payment of the Termination Payment by the
Developer to the Agency, and the performance and observance of the terms, covenants, conditions
and restrictions of this Termination Agreement.
(g) The Developer shall indemnify, defend, protect and hold harmless the Agency, and
its officers, directors, employees and agents, from and against any and all actions, causes of actions,
claims, costs, damages, demands, expenses, fees, judgments, liabilities, obligations, and/or injuries
resulting from: (i) any failure or omission by the Developer, its agents, employees or contractors, to
perform or comply with any of its obligations contained in this Termination Agreement; and/or (ii)
ownership or control of any real or personal property acquired by or owned by the Developer as a
result of the 2003 Agreement including, without limitation, any third-party claim, quiet title action,
action to remove cloud on title, one or more Notice(s) of Agreement Relating To Real Property
(Creative Housing Solutions) recorded against the fourteen (14) Developer Lots (or anyone of
them), or subrogation claim arising out of ownership, maintenance, title, liens, encumbrances,
and/or any restrictive covenants that may be recorded against or may affect any such real or
personal property; provided, however, this indemnity shall not apply to any liability hereunder
resulting from the gross negligent acts or omissions or intentional wrongdoing of the Agency, its
officers, directors, agents or employees in connection with or relating to the performance or failure
to perform the obligations of this Termination Agreement. This indemnity shall survive the
execution by the parties, the delivery, the payment of the Termination Payment by the Developer to
the Agency, and the performance and observance of the terms, covenants, conditions and
restrictions of this Termination Agreement.
(h) This Termination Agreement shall be governed by, construed and interpreted in
accordance with the laws of the State of California. Should any party initiate litigation- to interpret
or enforce this Termination Agreement or any portion of it, the prevailing party shall be entitled to
recover reasonable attorneys' fees and court costs from the other party. The venue for any action
pertaining to this Termination Agreement or its subject matter shall be limited to the San
Bernardino Superior Court.
Section 5. Unconditional Termination of 2003 Aereement. The 2003 Agreement is
hereby terminated in its entirety and shall be of no further force and effect from and after the date of
this Termination Agreement and the payment to the Agency of the Termination Payment as set forth
in this Termination Agreement. No party to the 2003 Agreement shall have any further rights,
remedies, privileges or obligations pursuant to said 2003 Agreement from and after the date hereof.
All such rights, remedies, privileges and obligations of the parties shall be as set forth in this
Termination Agreement, and there is, and shall be, no other document, agreement or understanding
by and between the parties with respect to the subject matter that was set forth in the 2003
Agreement except as expressly set forth herein. In the event this Termination Agreement is not
mutually executed by the Effective Date or the Agency has not received the Termination Payment
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on or before the Effective Date, the party who executed this Termination Agreement or the Agency
(should the Agency not be in receipt of the Termination Payment on or before the Effective Date)
may terminate this Termination Agreement by providing prior written notice of such termination to
the other party. For purposes of this Termination Agreement, all notices, demands and
communications between the parties shall be sent in the manner and at the addresses provided for in
Section 6.01 of the 2003 Agreement.
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Section 6. Effective Date: Effect. This Termination Agreement shall be effective for
purposes of terminating the 2003 Agreement from and after the execution and delivery of this
Termination Agreement by the parties and the payment to the Agency by the Developer of the
Termination Payment. This Termination Agreement shall be binding upon and inure to the benefit
of the parties hereto and their respective heirs, executors, administrators, legal representatives,
successors and assigns.
IN WITNESS WHEREOF, the parties hereto have duly executed this Termination
Agreement as of the dates set forth below and this Termination Agreement is effective as of the date
set forth in the introductory paragraph hereof.
AGENCY
~_.
Redevelopment Agency of the City of
San Bernardino, a public body, corporate and politic
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Date:
By:
Maggie Pacheco, Executive Director
APPROVED AS TO FORM:
BY:~
DEVELOPER
Creative Housing Solutions,
a California non-profit public benefit corporation
Date:
By:
Name:
Title:
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Exhibit" A "
RELEASE OF THE NOTICE OF AGREEMENT RELATING TO REAL PROPERTY
(Creative Housing Solutions)
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RECORDING REQUESTED BY
WHEN RECORDED MAIL TO:
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Creative Housing Solutions
3233 Grand Avenue, No. 76
Chino Hills, California 91709
(SPACE ABOVE LINE FOR USE BY RECORDER)
REDEVELOPMENT AGENCY OF THE CITY
OF SAN BERNARDINO
RELEASE OF NOTICE OF AGREEMENT RELATING TO REAL PROPERTY
(Creative Housing Solutions)
RECITALS
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The Redevelopment Agency of the City of San Bernardino (the "Agency"), a public body
corporate and politic, and Creative Housing Solutions (the "Developer"), a California non-profit
public benefit corporation, entered into an agreement entitled "Old Towne Single Family
Residential Acquisition and Construction Grant Funding Agreement" (the "2003 Agreement"),
dated March 3, 2003.
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Pursuant to the 2003 Agreement, the Agency and the Developer executed a notice (the
"Notice") entitled "Redevelopment Agency of the City of San Bernardino - Notice of Agreement
Relating to Real Property (Creative Housing Solutions)." The Notice affects the real property
described below, and was recorded on in the Official Records for the
County of San Bernardino, State of California, as Instrument Number
The Agency and the Developer have entered into an agreement entitled "Termination
Agreement with Respect To The Old Towne Single Family Residential Acquisition And
Construction Grant Funding Agreement" (the "Termination Agreement"), dated as of
, 200_. The Agency and the Developer desire and intend to
terminate and release one another (including, without limitation, their successors and assigns) from
the terms, covenants, conditions, restrictions and limitations of the 2003 Agreement in accordance
with and subject to the terms, covenants and conditions ofthe Termination Agreement.
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Pursuant to the Termination Agreement, the Agency and the Developer, on behalf of
themselves, their successors and assigns, desire and intend to release the real property described
below from the community redevelopment covenants relating to the development and preservation
of affordable housing on the real property described below as required by the 2003 Agreement,
including, without limitation, the terms, covenants, conditions, limitations and/or restrictions
provided for in Section 4.0l(a), Section 4.0l(b) and Section 4.0l(c) of the 2003 Agreement.
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The Agency and the Developer desire and intend to rescind the Notice and to release the real
property described below, and each other (including, their successors and assigns), from the terms,
covenants, conditions, limitations and restrictions of the 2003 Agreement, as provided for, subject
to, and in accordance with, the Termination Agreement.
The Agency and the Developer desire and intend to execute the REDEVELOPMENT
AGENCY OF THE CITY OF SAN BERNARDINO - RELEASE OF NOTICE OF AGREEMENT
RELATING TO REAL PROPERTY (Creative Housing Solutions) (the "Release Notice") as it
affects the real property described below and to record this Release Notice in the Official Records
of the County of San Bernardino, State of California.
TO ALL INTERESTED PERSONS:
PLEASE TAKE NOTICE that as of the date of recordation of this Release of Notice of
Agreement Relating to Real Property (Creative Housing Solutions), Creative Housing Solutions, a
California non-profit public benefit corporation (the "Developer") and the Redevelopment Agency
of the City of San Bernardino, a public body corporate and politic (the "Agency"), on behalf of
themselves, their successors and assigns, have entered into an agreement entitled:
"Termination Agreement With Respect To The Old Towne Single Family Residential
Acquisition And Construction Grant Funding Agreement," dated as of
200 .
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This Release of Notice of Agreement Relating to Real Property (Creative Housing
Solutions) affects the real property described as follows:
[INSERT TEXT OF LEGAL DESCRIPTION FOR EACH DEVELOPER LOT]
The 2003 Agreement has been terminated by and between the Agency and the Developer, in
accordance with, subject and pursuant to the terms, covenants and conditions of the Termination
Agreement. The 2003 Agreement is of no further legal force and effect, and the terms, covenants,
conditions, limitations and restrictions (including, without limitation, the use restrictions provided
for in Section 4.01(a), Section 4.01(b) and Section 4.01(c) of the 2003 Agreement, do not apply to,
encumber, affect, bind, restrict or limit the use of, the real property described above. Accordingly,
the community redevelopment covenants relating to the development and preservation of affordable
housing on the real property described in the preceding paragraph of this Release of Notice of
Agreement Relating to Real Property (Creative Housing Solutions) are null and void, of no further
legal force and effect, and do not affect, bind, apply, encumber, restrict or limit the use of, the real
property described in the preceding paragraph.
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This Release of Notice of Agreement Relating to Real Property (Creative Housing
Solutions) has been executed by the parties as set forth below.
DEVELOPER
Creative Housing Solutions,
a California non-profit public benefit corporation
Date:
By:
Name:
Title:
By:
Name:
Title:
AGENCY
Redevelopment Agency
of the City of San Bernardino
Date:
By:
Maggie Pacheco, Executive Director
APPROVED AS TO FORM:
Agency Counsel
[NOTARY JURATS ATTACHED]
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