HomeMy WebLinkAboutR01-Redevelopment Agency
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D.JI1BIT J[R ~UII'--II. ~
FraIl: 1QIlNEIH J. II!JI:ERSCfi
ExiBcut.ive D.iJ:8ctor
Date: April. 8, 1991
SUbja::t: .. .-..-.a:.LIIiK .............. JSRBI-
III!m (1III8T 8DlB IUD)
8i"rJp"'''. of PJ:wri.ous nr.-I-"ODfn"--llC1-d.ttee a.otiOD:
~ .
Q\ JUne 2, 1986, the thmI..u.ty DIII/el.'I...-d.. n-ni_icn lIUt:harized the i_:umce of a
Request for OIalif1catia'ls (RPQ) and JMqI-t for PL. v -,. (RFP) for d8vel~jL
of ...., i". and JlMi""'l ClBnter Drive.
Q\ JUly 21, 1986, the thmI..u.ty DBvel..........L n-ni_icn ~ an Exclusive Right
to Negotiate with Alexanr:'ler Haaqen.
Q\ Januazy 12, 1987, the thmI..u.ty DIII/el.'I.......,.t. n-ni_icn ~ revised terms
and a:n:iit.ic:rls for the Haaqen 8hq:pjn;J ClBI'Iter.
(1Iz. ~1. ~ to Rat 1'II;e)
Rec:t. _.~ 1IDticD:
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'~tft"t:v n.r.'.._--~t ,."....oI_..CID'
~'&""'" all !lIB ""IDlI'l'r ~~ ~8SIQf all !lIB am all .. ~
Ar.........uu A a!lRrADI \W&....... Io._-.....ar.r Br all) .......1UiIiIlI !lIB ......y.."'IIIIIll' SO-lClt all
'1'RB am aII"~ all) _ ~oUIK CXIIfI!Do'!I~L ~....~, DIe., (A
noH "COPrlli. CIi::I:qlara1;i).
~, -!tift Dinctor
~_L ..t
Q:nt:act Persa1:
Ifsn -............1'11'...." J-
:Alena:
5065: 5081
six (61
Project A3:ea:
Ifort:hwi8st tNW\
Ward(s) :
~ Data A'ttllcilec!:
FtlNDIlC ~:
Rt-JIJI'P.p ~ -.:.u.L: 0Dtia'l1a;;Q:_.4liI\d,.
A1Ialnt: $ N/A
axJget Authority:
source:
o n-ni-:IC1D/......-l Ibtes:
KJH:EZ: lab: 4296
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J:8VI!I'~ ~MttIIfI
"",,-t for ClC- ....tVl' I_~ttee ~
.. ftaati.. ClpticD ~_L
~-Z-
8". ....f. of -.-........ ~""l'W\"..,........, ,..- t +fa.. ............ ......................
em JIlI'IIa%Y 22, 1990, the nr-"lity ~,,-,"'.d. n-n1-.iat tcck actiaw mscindirg
the Ellc1.usiw Right to Negotiate with AJ.exan:Ier -"l}I!In.
em JIlI'IIa%Y 22, 1990, the nr-"lity DIIY8l...".......L n-n4_iat autharized the execut:ian
of an..... - 'IL far an Ellc1.usiw Right to Negotiate with New Frcntier O.......,cla1
Pt_t1es, Inc.
em May 21, 1990, the nr-"lity D8\IIlJ'1. ....L n-n4_iat autharized rUnty (90) days
to the pclrfo:a-..ca d8Idl1nlls in the Ellc1.usiw Right to Negotiate with New Frcntier
O...o"'cia1 ~~t.ies, Inc.
en .JUne 7, 1990, tba REdBvwJ., 1---..L CkIIIIdtt. r+ ~ ~ -_.~ to tJIe Mayer IID:l (', ...... .,
0CAmc1l an1 nr-"lity ~1. -K. n-n4_iat _WIll of deal point:8 an1 the
DJ"P"""'itiat an1 DIIv8l..."......IL ._IL (IDA).
em JUne 18, 1990, the nr-"lity D8wl.,..-..L n-n4_iat _.....-I the deal points
far a n4"P"""'itiat an1 DIIv8l...".......t ~_.L (IDA) with New Frc:rlt.ier n .-.cia1
P<._ties, Inc., am dU:8cteclllt:aff to draft the ~........l.ate ..".._IL.
em CU...I.:..a 15, 1990, the nr-"lity DlIwl.1.......d. n-n4_im ~o..-d the Dispcsitian
am Ilev8l..."......d. AQ.._IL (IDA) with New Frc:rlt.ier (I. ,,""'cia1 Pt_ties, Inc.,
em April 1, 1991, the nr-"lity DIMal......-.L n-n4_iat revi8w8d the ~
........L with New Fra1tier am ~....cl the item to the R8dev8l...".......L OCIIImittee
for its J:8View am x--: ...-'Il:!at.icn.
em April 4, 1991, the ~,.._.rt. CkIIIIdtt.ee zwvi8wI8d the ~ Ag:.:__.L with
New Frcntier am po. ......'lC!ed to the nr-"lity IlIIvel_d. n-n4_tcn ~WIll of
same.
o KlH:E1:lllb:4296
CXIIID8JX5 _....,uG
JfIIetiJIq Date: 04/15/91
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JIWWr~ l"'?"--.r
8'an' ... ....
... ~~ 0Dticm. L...--.....4.L
'DIe BIlC'.V81T'-'IL Iqt.~!/ (~~ d. DllpartIBtt) 8I'd NelII'Za1t:18r ~ -.clal
P..._ties, Inc., haw ~y.m:c.s into a n4"'P"""tticn 8I'd n.v.l"--'IL
A"..-d. (mA) dated Clctctler 15, 1990 pIIl'ta1nin; to the ~, IL of a 95,000
lIqUlI%8 fcot; IUlti"'PJtllClM (~....-. ciaJ. C81ter l.I;lcatm CI\ the 0.......... of B__11:ne
Sl.....t 8I'd .....1""'1 0Inter Driw (WeBt Side Plaza). 'Iha n4"'P"""iticn 8I'd
~ ,..-.d. A".._ll (mA) Ipt'ified t:bat the ~~!/ 8I'd Nell Pra1tier Md ~.....cl
to enter into an Clpt:ia1 A,..._IL far the pm:bue 8I'd dev8l_d. of a five (5)
acre pezcel. of DlIv8l""",,-IL DllpartIBtt ClWJ1IId land i_i .....el.y I!djllClll1t: to the West
side Plaza tite (Hue II).
'DIe mA further ..,-i f'ied the deal points of the Clpt:ia1 ~_IL 1Ibich have been
1J................t:ad into the """"'-,t attacbed as ExtUbit "A" 8I'd listed _ follaws:
1. 'DIe cpt:icn price is the Atp...-y'. a"q,iqticn CI:l8t of $861,099.34.
2. 'DIe cpt:icn an J:8IB1J1 .in effect far fcur (4) Y8rII tmD the date of
illllUanC8 of a Cm:t:ificate of Q:IIpleticn CI\ :RIasa Iof the WlIIIt Side Plaza
sits.
3. 'Iha use of the Hlase II pamel 8hall be .in acccm5ance with the City of San
BIImImtino zaWlq requirements.
4. 'Iha ~~!/ is nat ci)J.iqated to prcwide any f.1nancial ar other ..!stance
with respect to the Hlase II pIIrOel.
we can 8Itp8Ct to IIIIlIIrId the Clpt:ia1 Agt.......d. .in the futlmt to 1Jx:1.\1!8 a 6,500
&quam foot pezcel., IIm'8 (.......lly kncwn _ the X8llcq ...._L~. 'DIe X8llcq
...._Lt is .ituat.ed within the easterly porticI1 of the Hue II .its. Mrs.
Fa11cq wi8hec1 to CXIIt:JnJe livin; .in her hcuse at the time the other ...._~...t was
acqW.red 8I'd the Ag8IlCy did nat need i_iate ~T--8icn. 1I1ile Hue n: cculd
lo&L.........d withalt this pIIrOel, it is IIm'8 lJJreJ.y that 1118 w!llllCqUire it JDI that
Mrs. Fa11cq has 1IIMId.
'DIe final Clpt:ia1 ~_d. 8X8CUted by NelII'Za1t:18r offioia'. is attad1ec! 8I'd
has been reviewed 8I'd BRJt'CIII8d by I/qf!Ircy ocunsel 8I'd the BIIdev8l.. ~ "-'IL O::IIIIIittee
at its April 4, 1991 JII8EIt:in;J. I rec. ....-.1d adqJticn of the fcmD JIIOticn.
DlI.":'~, --m:iva Director
DIIN.L~ _1'lt ~
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IIIet:iD; !late: 04/15/91
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8 city of San Bernardino (the -Collllbsion-) on behalf of the
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RESOLUTION NO.
RESOLUTION OP THE COMIItJNITY DEVELOPMENT
COMMISSION OP THE CITY OP SAH BERNARDINO
APPROVING A CERTAIN OPTION AGREEMEN'l' BY AND
BETWEEN THE REDIVELOPMENT AGENCY OP THE CITY OP
SAH BERNARDINO AND NEW FRONTIER COMMERCIAL
PROPERTIES, INC., A CALIPORNIA CORPORATION
WHEREAS, the COIIIIunity Developlllent COllllbaion of the
Redeveloplllent Agency of the City of San Bernardino
(the
-Agency-), b a redeveloplllent agency, a public body, corporate
and politic of the state of California, organized and existing
pursuent to the COIIIIunity Redeveloplllent Law (Part 1 of Diviaion
24) cOllllencing with Section 33000) of the Health and Safety Code
of the State of california (the -Act) -; and
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16 WHEREAS, the RecSevelopaent Plan for the Northwest
17 Redeveloplllent Project (the -Redeveloplllent Plan-) was previously
18 approved and adopted by the Mayor and COIIIIOn Council of the City
19 of San Bernardino (the -Council-) by Ordinance No. MC-189, dated
20 July 6, 1982; and
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22 WHEREAS, the Redevelopment Plan provide. for the
23 redevelopment of real property pursuant to the Redevelopment Plan
24 by owners thereof or by parties seeking to acquire real property
25 frOll the Agency; and
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WHEREAS, Section 33391 of the Act provide. that a
28 redeveloplllent agency aay acquire any real or personal property
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1 within a redevelopment project area or for the purposes of
2 redevelopment and Section 33430 of the Act provides that a
3 redevelopment agency may d18pose of any real or personal property
4 within a redevelopment project area or for the purpose. of
5 redevelopment; and
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21 WHEREAS, in the event the Developer de.ires to exercise
22 the option pursuant to the Aqre_ent, the Agency Staff shall at
23 such time prepare and JDake available for public inspection a
24 Sn__ry Report (the "Sn-ary") concarning the proposed Aqre_ent,
25 as required by Health and Safety COde Section 33433, a copy of
26 hich will be placed on file with the Agency; and
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WHEREAS, the Agency and New Frontier COJIIIDercial
Properties, Inc., a California corporation (the "Developer")
desire to enter into a certain Option Aqre-.nt (the
"Aqre_ent"), a copy of which is attached hereto as Exhibit "A"
and incorporated herein by reference, pursuant to which, among
other .atters, the Developer would have the option to acquire
frOll the Agency certain real property (the "Property") which 18
described in Exhibit "A" to the Aqre_ent; and
WHEREAS, the Property is located within the area
.ubject to the Redevelopment Plan (the "Project Area") and it.
acquisition would be for purposes of the redevelopment thereof in
a manner consistent with the Redevelopment Plan; and
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1 WHEREAS, in the event th.t the Developer exercises the
2 option, the city St.ff sh.n .t such time duly notice and conduct
8 · public hearinq in .ccord.nce with the requirements of He.lth
4 and S.fety Code Section 33433 .nd Section 33431 concerninq the
5 proposed ..le of the Property by the Aqeney to the Developer; .nd
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11 Section 1. The Aqeney hereby .pprove. the proposed
12 Aqre_.nt pertainin9 to the qrantin9 of .n option to the
18 Developer with r8IJ.rd to the Ageney'. interut in the Property.
14 The Aqeney .uthorize. the Executive Director of the Aqeney to
15 execute the Agreement .nd to .xecute .uch other document. .. may
16 be nece..ary to implem.nt the Agreement and to make .ny n.c....ry
17 non-.ub.t.ntive ch.nge. in the Agreem.nt .. may be .pproved by
18 Ageney Speci.l Counsel.
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NOW, THEREFORE, BE IT RESOLVED, BY THE COMMt1NITY
DEVELOPMENT COMMISSION ACTING ON BEHALF OF THE REDEVELOPMENT
AGENCY OF THE CITY OF SAN BERNARDINO, CALIFORNIA, AS FOLLOWS:
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RESOLt1l'ION OP THE COIIIIUNIft DEVELOPMENT COMIIISSION OP THE CITY OF
SAN BERNARDINO APPROVING A CERTAIN OPTION AGREEMENT BY AND
BETWEEN THE REDEVELOPMENT AGBIfCY OP THE CITY OP SAN BERNARDINO
AND NEW FRONTIER COMMERCIAL PROPERTIES, INC. , A CALIFORNIA
CORPORATION
Saet:ian. 2.
Thi. ".olution .ball take effect upon
I HEREBY CERTIFY that the foreqoinq re.olution wa. duly
San Bernardino at .
..etinq thereof, held on
the
day of
, 1991, by the followinq vote, to
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BAD
ABSTAIN
ESTRADA
REILLY
FLORES
IlAUDSLEY
MINOR
POPE-LUDLAM
MILLER
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Secretary
The foreqoinq re.olution i. hereby approved thi.
day of
, 1991.
w. R. Holcomb, Chairman
COJIlIIunity Developlllent
COJIlIIi..ion
of the City of San Bernardino
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1 STATE OF CALIFORNIA )
COtmTY OF SAN BERNARDINO )
2 CITY OF SAN BERNARDINO )
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I, Secretary of the COIIIIIWlity
Developaent C~1..10n of the City of San Bernardino, DO HEREBY
CERTIFY that the foregoing and attached copy of Ccmmunity
Developaent Commie. ion of the City of San Bernardino ae.olution
No. i. a full, true and correct copy of that now on
file 1n th1. office.
IN WITNESS WHEREOF, I have hereunto .et my hand and
affixed the official .eal of the ccmmunity Development COIIIIIIieeion
of the City of San Bernardino thie day of
, 1991.
Secretary of the
Co-.unity Developaent Comai..ion
of the City of San Bernardino
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1 EXHIBIT -A-
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2 OPTION. AGREEMENT
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RECORDING REQUESTED BY:
aedevelopment Agency of the
City of Sen Bernardino
.AND WHEN RECORDED MAIL TO:
Redevelopllent Agency of the
City of San Bernardino
300 North "0" Street
San Bernardino, California 92418
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SBE00092/173/es
02/25/91 4:15
(Space above for aecorder's use)
OPTION AGREEMENT
(NEW FRONTIER DEVELOPMENT CORPORATION)
this
THIS OPTION AGREEMENT (the "Agreement") is entered into
clay of
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1991, by and between the
REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO (the "Agency")
and NEW FRONTIER COMMERCIAL PROPERTIES, INC., a California
follows:
corporation ("Developer"). The Agency and the Developer agree as
This Agreement is dated
purposes only.
E'1(HIBtr It A"
, 1991, for reference
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TABLE OF CONTENTS
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RECITALS
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Section 1. Option to Purchase Property . . . . . . . . . . 3
Section 2. Purchase Price of the Property . . . . . . . . 3
Section 3. Tran.fer of Title . . . . . . . . . . . . . . . 3
Section 4. Term of Agreement . . . . . . . . . . . . . . . 4
Section 5. Exerci.e of Option . . . . . . . . . . . . . . . 4
Section 6. O.e of Property . . . . . . . . . . . . . . . 5
Section 7. Notices . . . . . . . . . . . . . . . . . . . . 6
Section 8. Nonliability of the Agency . . . . . . . . . . . 7
Section 9. Entire Agreement . . . . . . . . . . . . . . . . 7
Section 10. Effective Date . . . . . . . . . . . . . . . . 7
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RECITALS
WHEREAS, the Aqency is authorized and empowered by the
cODllllunity Redevelopment Law of the State of California, Chapter 1
of Division 24 of california Health and Safety Code, to enter into
aqre..ents for the acquisition, disposition and development of real
property and otherwise to assist in the redevelopment of real
property within a redevelopment project area in conformity with a
redevelopment plan adopted for such area; to acquire real and
personal property in redevelopment project areas; to receive
conlfideration for the provision by the Aqency of redevelopment
assistance; to make and execute contracts and other instruments
necessary or convenient to the exercise of its powers; and to incur
indebtedness to finance or refinance redevelopment projects; and
WHEREAS, the Aqency and the City of San Bernardino (the
"City") have previOUSly approved and adopted the Redevelopment Plan
(the "Redevelopment Plan") for the Northwest Redevelopment Project
Area (the "Project Area"); and
WHEREAS, the Aqency has acquired certain real property
comprised of an approximately five (5) acre parcel as more fully
described in Exhibit "A" attached hereto and incorporated herein by
this reference (the "Property") located within the Project ~ea on
the west side of the City of San Bernardino (the "City") generally
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located near the intersection of B~seline and Medical Center Drive;
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WHEREAS, the Aqency and the Developer have previously
entered into a certain Disposition and Development Agreement dated
as of October 15, 1990, (the "DDA") pertaining to the development
of certain property immediately adjacent to the westerly boundary
of the Property (the "Shopping Center Site"); and
WHEREAS, in connection with the execution and
implementation of the DDA the Aqency and the Developer have agreed
to enter into an Option Agreement pertaining to the Property for
the purposes of providing for the acquisition and development of
the Property by the Developer upon substantial completion of the
development of the Shopping Center Site; and
WHEREAS, the Developer desire. to acquire the exclusive
right to purchase, without becoming obligated to purchase, the
Property (the "Option") at an agreed price and under specified
terms and condition. as more fully set forth herein.
NOW THEREFORE in consideration of the premises, the
covenants and agreements herein contained, and other good valuable
consideration, receipt of which is hereby acknowledged, the parties
hereto agree as follows: .'
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S.e~iDn 1. ODtiqn to Purehas. Pronertv. The Agency
o hereby ~ants the Developer the Option to purchase the Property
from the Aqency upon the terms, conditions and for the
consideration hereinafter set forth.
Saetion 2. purehas. Price of the Probertv. The
purchase price (the "Purchase Price") for the Property shall be the
price paid by the Aqency for the Property, includinq, but not
limited to, the Aqency's acquisition costs, relocation costs,
transactional and carryinq costs which Purchase Price shall equal
Eiq~ Hundred Sixty-one Thousand Ninety-Nine Dollars and Thirty-
Four Cents ($861,099.34).
Secrt.ion 3. Transfer of Title. The Aqency a~ees to
c:; transfer and to convey to the Developer, at such time that the
Developer pays the Purchase Price in accordance with Para~aph 2
above, title to the Property, subject to any and all limitations,
easements, liens or other encumbrances or restrictions aqainst the
Property which existed at the time that title thereto vested in the
Aqency. The Aqency shall cause the preparation of a Preliminary
Title Report (the "Preliminary Title Report") the costs of which,
if any, shall be reimbursed to the Aqency by the Developer. A copy
of the Preliminary Title Report which reflects title to the
Property, includinq all exceptions thereto shall be delivered to
the Developer concurrently with the execution of this Aqraement.
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Sec't.ion 4.
Term.of ~h8 Aar..men't..
'Ibis Option lIhall
o remain in effect for a period of four (4) years from the date of
issuance of a Certificate of Completion pursuant to Section 3.P8 of
the DDA; provided, however, that in the event the Developer fails
to undertake and complete the development of the Shopping Center
Site in accordance with the provisions of the DDA or the Developer
shall be deemed in default under the DDA, then this Option shall
thereupon be terminated immediately and shall be of no further
force and effect.
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: Section 5. Exercis. of ()I)t:ion. The Developer shall
exercise its Option to acquire the Property by depositing the
Purchase Price for the Property into an escrow within thirty (30)
days of the submission by the Developer to the Agency of written
notification that Developer elects to exercise the Option provided,
however, that such thirty (30) day period has commenced at least
thirty (30) days prior to the expiration of the term of this
Aqreement as provided in Section 4 hereof. The escrow shall be for
a period of not more than thirty (30) days, or such time period
reasonably required by a title company selected by the parties
hereto to issue a CLTA title insurance policy (the "Title POlicy"),
at Developer's sole cost and expense, but in no event beyond ninety
(90) days and shall be opened with an escrow aqent as mutually
aqreed upon in writinq by the parties hereto. The Title.Policy
shall insure that fee simple title to the Property is vested in
Developer subject only to those exceptions to title that existed at
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the time the Agency acquired title as set forth in the Preliminary
Title Report and any additional liens or encumbrances approved in
writing by Developer prior to the close of the escrow described in
this Agreement. In the event Developer does not exercise its
Option to purchase the Property as set forth in this Aqreement by
Submitting its notification of its election to exercise the Option
to the Agency, and closing escrow, within the times set forth
above, the Developer's Option shall expire. Thereafter, the Agency
shall take ownership of the Property and shall have all of the
rights and obligations associated with such ownership. If
Developer fails to exercise its Option in accordance with its terms
and within the Option period or any extension thereof as mutually
agreed upon in writing by the parties hereto, the Option and the
rights of the Developer to acquire the Property pursuant to the
terms of this Agreement shall automatically and immediately
terminate without notice and without further action. However, upon
written request from the Agency, the Developer shall properly
execute, acknowledge and deliver to the Agency within five days a
release of Option, or any other document reasonably required by
Agency or a Title Insurance Company to verify the termination of
this Agreement.
Section 6. Use of ProDertv. In the event the
Developer exercises its Option as provided herein, the Developer
agrees that it shall develop the Property and cause the Property to
be uS,ed in accordance with the City of San Bernardino's zoning
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requirements and in a lIanner .consistent with the Redevelopment
c:> Plan.
S.~ion 7.
No~ices. Any and all notice., demands or
cODlDlunications .ubi tted by any party to another party pursuant to
or as required by this Agre8Jllent .hall be proper and shall be
deemed to be given in accordance with this Agreement if in writing
and di.patched by 1I...enger for ID1D1ediate per.onal delivery
evidenced by written acknowledgement, or Fir.t Cla.s United States
certifi.d lIail, r.turn receipt r.quested, postage prepaid,
a~dre..ed to the parti.s as h.r.inafter .et forth. Such written
notice, demands and cODlDlunication. shall be ..nt in the .ame manner
to such other addre..ees and/or address.s a. .ith.r party may from
time to time designate upon notice in the form and the manner as
o provided herein. Any such notice, demand or cODlDlunication shall be
deemed to be receiv.d by the addressee on the (a) day that is
di.patched by m....ng.r for iDlDlediate personal delivery or (b) two
(2) business day. after it is placed in United States mail as
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heretofore provid.d.
Any and all notices, dellands or
cODlDlunications shall be addressed and sent to the other parties.as
follows:
If to the Agency:
R.development Agency of San Bernardino
300 North "0" Street, 4th Floor
San B.rnardino, California 92418
Attention: Executive Director .
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If to the Developer:
New Frontier Commercial Properties, Inc.
701 S. Parker street
Suite 2000
Orange, California 92668
Attention: John W. Pierce
Sabe , Green, a Professional Corporation
6320 Canoga Avenue
Suite 400
Woodland Hills, california 91367
Attention: Timothy J. Sabe
With copy to:
Sect:iqn 8.
Nonliabili~v of the Aaenev.
No member,
officer or employee of the Agency shall be personally liable to the
Developer, or any successor in interest of the Developer, in the
ev~t of any default by the Agency, or for any amount whiCh may
become due to the Developer or to its successors in interest on any
obligations under the terms of this Agreement, except for gross
negligence or willful acts of suCh member, officer or employee.
. Seet:ion 9.
Entire Aareement.
This
Agreement
constitutes the entire Agreement of the parties hereto with respect
to the matters set forth herein and this Agreement supersedes all
negotiations and previous agreements between the parties with
respect to all or any part of the Property and other terms and
provisions set forth therein.
Section 10.
Effective Date.
This Agreement shall
be effective as of the date it is executed by the parties.
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IN WI'l'NESS WHEREOF, ~. partie. hereto bave duly executed
~is Agr....nt .. of ~e date. .et 'fo~ below.
REDEVELOPHENT AGENCY OF '!'HE
CITY OF SAN BERNARDINO
Date:
By:
(SEAL)
Executive Director
,
APPROVE AS '1'0 PROGRAM:
By: Re~pm~~er
. APPROVED AS '1'0 PORK:
~ ea:..,
NEW FRONTIER COMKERCIAL
PROPERTIES,
INC., . California corporation
Date: -z../z." I ti,.1
.
By:
Its
~tIrA."D.... .......t ( "~n
1IIIIOCIOfZ/1131oo
_.:.5
:
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(All Signatures Must Be Notarized)
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C I T YO P SAN 8 B R N A R DIN 0
INTBROFFICE MEMORANDUM
TO:
Timo~hy C. S~einbau., Agency A~n1.~ra~or
Economic Dev.lopmen~ Agency
Bzell James
ATTN:
FROM:
DATB:
Denni. A. Barlow, Sr. A..~. Ci~ Attorney
March 28, 1991
New Frontier
RB:
You have asked if the Op~ion Agreem.nt n.eds ~o be approved
by ~he t'^"""1.sion.
Al though ~he r.solu~ion approving the DDA also au~borized
~he .z.cu~ion of .11 oth.r agr..m.n~. n.c....ry ~o the
impl.men~.~ion of ~he DDA, th. Option i. not . document
necessary to the implement.tion of th. DDA. Th.refore it. must
have further Commis.ion approval. I h.ve discu.s.d ~.issue
with Andre deBortnowski who concurs.
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DAB/ses/New-Fron.mem