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HomeMy WebLinkAboutR03-Redevelopment Agency . e e . . DEVELOPMDT DEPAIl'J.'ftDIJ: OF THE CITY OF SAIl BERlWIDIBO REOUEST FOR COMMISSION/COUNCIL ACTION From: KENNETH J. HENDERSON Executive Director Subject: SIMA PARTNERSHIP BllMBEROBE Date: JANUARY 2, 1991 Synopsis of Previous Commission/Council/Committee Action: In December, 1986, the Development Department entered into a Disposition and Joint Development Agreement with SIMA Partnership Number One, to develop property on the northeast corner of Mill and "G" Streets. Recommended Rotion: (COIIIIIIUI1ity Developlllent CODDission) That the Community Development Commission approve a Second Amendment to the Disposition and Joint Development Agreement, and issue a Partial Certificate of Completion for SIMA Partnership Number One. 1U5l'll'U\J:1l J. HENDERSON, Executive Director Development Departm Contact Person: Ken Henderson/Susan Morales Phone: 5065/5081 Project Area: Central Citv Ward(s): ONE Supporting Data Attached: FUNDING REQUIREMENTS: Amount: $None Source: Budget Authority: Commission/Council Notes: SMM:kak:3502H: Agenda Item No. ",3 e e e . . DEVELOPMENT DEPAR'rMElIT STAFF REPORT Sima PartnershiD Bumber One Under the Disposition and Joint Development Agreement, the project consisted of two phases to be completed within five (5) years. The developer is requesting a Partial Certificate of Completion for the completion of Phase I, which consists of nineteen (19) buildings. They are currently in escrow to sell two (2) of these buildings. The Disposition and Joint Development Agreement requires that the developer construct at least $500,000 of retail office or industrial development in Phase II before December, 1991. The developer has requested an additional five (5) years to complete this construction and has agreed to pay in-lieu fees during this time. The fee would be $5,668.00 per year ($500,000 X 1.1336% = $5,668.00). The attached Second Amendment to the Disposition and Joint Development Agreement includes the in-lieu fee and the new construction schedule. Staff recommends adoption of the form motion. Ul'll'I.IITlI J. BEImERSO , Executive Director Development Departm t KJH: SMM:kak: 3502H COMMISSION MEETING Meeting Date: 1-7-91 ,. e e e 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 . . 1 2 SECOND AMENDMENT TO DISPOSITION AND JOINT DEVELOPMENT AGREEMENT BETWEEN THE REDEVELOPMENT AGENCY AND SIMA PARTNERSHIP NUMBER ONE (CENTRAL CITY SOUTH PROJECT AREA) 3 4 5 THIS SECOND AMENDMENT is made and entered into this day of , 1991, by and between the REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO, CALIFORNIA, a public body corporate and politic, hereinafter called "Agency", and SIMA PARTNERSHIP NUMBER ONE, a California partnership, together with its permitted successors and assigns, hereinafter called "Redeveloper": WITNESSETH: WHEREAS, the parties hereto entered into that certain Disposition and Joint Development Agreement dated December 22, 1986, . and WHEREAS, the parties entered into a First Amendment to said Agreement dated March 3, 1987, and WHEREAS, the parties desire now to further amend said Agreement to provide an extension for the completion of Phase II, and to provide for in lieu payments, NOW, THEREFORE, the parties hereto further amend said Agreement as follows: 1. Paragraph 2 of Exhibit "D" is amended to read as follows: "2. To construct not less than $500,000 in additional retail office or industrial buildings within ten (10) years from the date of this agreement on the property lying westerly of "G" Street, as realigned." DAB/ses/SIMA.2am December 21, 1990 . , . . . 15 . . 1 2 2. Paragraph 6 is hereby added to Exhibit "D" to read as 3 follows: 4 "6. In consideration for the add! tional five (5) years to complete Phase II as provided in paragraph 2 of this 5 6 Exhibit "D", Redeveloper agrees to pay Agency in lieu 7 of property tax income which the Agency would have 8 9 received if Phase II would have been completed as originally agreed upon by the parties, the amount of $5,668.00 per year payable on April 10 of each year, 10 11 beginning with April 10, 1992, and payable until said 12 13 improvements are completed. Any late payments shall bear interest at the rate of 7.5% per year." 14 3. In all other respects, the Basic Agreement as previously amended shall remain in full force and effect. 16 IN WITNESS WHEREOF, the parties have executed this Second 17 Amendment to Agreement on the day and year first above written. 18 RDA of the City of San Bernardino 19 20 BY: 22 21 ATTEST: Chairman 23 24 Secretary SIMA PARTNERSHIP NUMBER ONE BY: 25 APPROVED AS TO FORM AND LEGAL CONTENT 26 27 28 AGENCY COU:~~~~,~, B~t?f~ ) DAB/ses/SIMA.2am December 21, 1990 . . . . . PARTIAL CERTIFICATE OF COMPLETION The Redevelopment Agency of the City of San Bernardino hereby certifies as follows: Section 1. The improvements required to be constructed in accordance with that certain Disposition and Joint Development Agreement dated December 22, 1986 as amended by that certain First Amendment to Disposition and Joint Development agreement dated March 3, 1987 ("Agreement"), by and between the Redevelopment Agency of the City of San Bernardino, and SIMA Partnership Number One ("Redeveloper"), has been completed in accordance with the provisions of the Agreement. Section 2. This Partial Certificate of Completion shall constitute a conclusive determination of satisfaction of the agreements and covenants in said Agreement with respect to the obligations of the Redeveloper, and its successors and assigns, to construct the improvements, and the dates for the beginning and completion thereof. Section 3. The real property to which this certificate of Completion pertains is that certain real property located in the City of San Bernardino, County of San Bernardino, State of California, more particularly described as: See attached Exhibit "A" Section 4. Nothing contained herein shall be deemed to release any obligations contained in any grant deed given in connection with this transaction, inCluding, without limitation, covenants running with the land and payment obligations. DATED AND ISSUED THIS , 1991. day of REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO BY: DNKETH J. IIElIDERSOlll, Executive Director l022C . . . . . LEGAL DESCRIPTION PHASE I Parcels 1 through 21, Inclusive, of Parcel Map Number 9506 in the County of San Bernardino, State of California, as per Map recorded In Book 119 of Parcel Maps, pages 31, 32 and 33 In the office of the County Recorder of said County. EXHIBIT "A"