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HomeMy WebLinkAboutR30-Economic Development Agency . - . ECONOMIC DEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO FROM: Gary Van Osdel Executive Director c.~ . . SpBJECT: ! HI-WAY AUTO RECYCLERS . .. DATE: October 5, 2001 SvnoDsis of Previous Commission/Council/Committee Action(s): On December 9,2000, the Redevelopment Connnittee reviewed a letter of interest from Hi Way Auto Recyclers for the acquisition 00.61 acres of Agency owned land. On February 24, 2000, the Redevelopment Connnittee recommended the Connnission consider the disposition of real property to Hi Way Auto Recyclers. On August 7, 2000, the Mayor and Common Council and the Community Development Connnission conducted a joint public hearing, and adopted Resolution No.'s 2000-248 and CDC 2000-26 authorizing the execution of a disposition and development agreement with Hi Way Auto Recyclers. On February 5,2001, the Community Development Connnission adopted Resolution No. CDC 2001-7 authorizing an __~!~~~_~~_~!_~~'5_'Ec~~~hs for due ~~~=-~~_~~~!!~~~!i_()_~:_____________________________________________________________________________________ Recommended Motion(s): (Communitv DeveloDment Commission) MOTION: RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO APPROVING AND AUTHORIZING THE EXECUTIVE DIRECTOR TO EXECUTE AMENDMENT NO.2 TO DISPOSITION AND DEVELOPMENT AGREEMENT BY AND BETWEEN REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO AND HI- WAY AUTO RECYCLERS, LLC. Contact Person(s): Gary Van Osdel/Sue Morales Project Area(s) Northwest Project Area Phone: 663-1044 Six (6) Ward(s): Supporting Data Attached: IY'I Staff Report IY'I Resolution(s) IY'I Agreement(s)/Contract(s) IY'I Map(s) 0 Letter/Memo FUNDING REQUIREMENTS Amount: $ N/A Source: SIGNATURE: ~ Budget Authority: N/A N/A Gary V~sdel, Executive Dir Econopfic Development Agen y -ComDrlssloDlc;;;;-n.li-Notes'-------------------------------------------------------------------------------------------------------------------------- ~_S>n~_~_!E_L?c~-t::j?:::mmnm--mnm-m-m-m-m--m-m-m-m-m----"----m_______mnmmmnm___mn GVO:SMM:lag:10-15-01 Hi-Way Amdmt COMMISSION MEETING AGENDA Meeting Date: 10/15/2001 Agenda Item Number: R ?JO ECONOMIC DEVELOPMENT AGENCY STAFF REPORT Hi-Wav Auto Recvclers BACKGROUND On August 7, 2000, the Community Development Commission approved a Disposition and Development Agreement (DDA) with Hi-Way Auto Recyclers for the sale of the 3.61-acre site owned by the Agency located between Industrial Parkway and Interstate 215 (see attached map)_ Subsequently, on February 5, 2001 the Commission approved Amendment No_ 1 authorizing an additional six months for the developer to complete due diligence investigations. In accordance with said amendment, the developer delivered the Due Diligence Certificate on July 26,2001. CURRENT ISSUE The Agreement provides that the closing date of the escrow shall be sixty days after delivery of the Due Diligence Certificate. A condition of escrow is that the developer must deliver evidence of construction financing prior to the closing date_ While the developer has made significant progress with the design and approval of building plans and specifications, they are requesting an additional eight months between delivery of the Due Diligence Certificate and the closing date in order to meet their obligation to secure construction financing_ This is necessary due to the lender's requirement for complete and final approved building plans prior to funding. ENVIRONMENTAL N/A FISCAL IMPACT Sale of the Site will produce $180,702 in land sales proceeds, and result in an estimated $14,000 in annual tax increment. RECOMMENDATION GVO:SMM:lag:10-15-01 Hi-Way Amdmt COMMISSION MEETING AGENDA Meeting Date: 10/15/2001 Agenda Item Nnmber: R 3D ":..-,~.;s.. __ _____ __. . .. . ."., .~,' . -, , l' NORTH N""" Scale .", . ADA ASSESSOR'S EXlsnNG GENERAL PLAN AREA THOMAS GUIDE. PROJECT NUMBER LAND USE LAND USE DESIGNATION PAGE . GRID Wdhln Nmlhwest Pmject 1I"'*'sIdaJ AnI&) 26lHl72.91 Vacant land IH - Heavy InduslriaJ 3_61 k. MIL 546 A-5 'Thomas Guide San Bernardino County, 1997 Edition _A September 18, 2001 AU TO R € eye L eft 5, L L C ~) Sue Morales Economic Development Agency City of San Bemardino 201 North E Street, Ste. 301 San Bernardino, CA 92401 Dear Ms. Morales: In our meeting of last week, please let me reiterate the reasons why we need your cooperation in order to close escrow. When this project started over three years ago, before the involvement with your agency on the. redevelopment property on Industrial Parkway, Hi-Way was trying to purchase in the Agua Manza Enterprise Zone to take advantage of the numerous incentives. We encountered many obstacles because of the misperceptions of the auto dismantling industry. The Delphi Sands flower loving fly didn't help matters either. At one point, we felt we would not be able to purchase property for the new facility. Therefore, we delayed on having costly plans drawn and that has created repercussions that we are dealing with now. In order to obtain a Letter of Commitment from a financial institution, we must present them with the finalized set of plans approved by the City in order to obtain an accurate and final construction cost breakdown. r- te~'i!B . 0404 (~ (11 " fax4i!B . 6499 , . W III Ill. hi.wayautorecyclers. co. 14].15 whi..ttra.. Rve._ Fontana, CA 92335 1[600] 898 . 8634 In addition to our delay on the plans, once we did start presenting materials to the City for approvals, there were some delays. First, we had been told that a metal building be approved, but somewhere in the process, this changed to a concrete tilt-up on the CUP request and we only learned of this at the last minute and had to re-schedule another CUP hearing. This change to a concrete tilt-up would have made the project our of our budget, adding about $10 per square foot to the cost. We had to retrace our steps in order to change this back to the original metal building, but with a certain type of outside panels with a smooth finish to give the appearance of concrete. And during all of this, the City's L,/ Planning Department was being re-vamped and this resulted, again, in delays. Currently, Hi-Way faces another problem. When we were given the Conditional Use Permit, the approved building had a smooth outside finish for an appearance of a concrete tilt- up building. Since the CUP, the building supplier for these panels has gone out of business and Hi-Way has had to find another supplier. The only panel we have available now has a textured stucco finish rather than a smooth one. This means that Hi-Way must again present the changes to the appropriate planning committees for approval. This is another delay with the finalizing of the building plans. All other plans are complete and will be submitted with the final building plans. A soil report has also been completed. Hi-Way has spared no expense in trying to expedite these processes. No one wants to see this deal close more than Hi- Way. We are soliciting your continued support since we are so close. This has been quite a learning experience since this the first such project for Hi-Way. Hi-Way is a very active "good neighbor" business and is looking forward to working with the City of San Bernardino for positive changes. We have already become involved in the community by attending the Northside group meetings and joining the INVOLVE business group. We respectfully request an extension of six months for the closing of escrow and Hi-Way will do all possible to end this matter sooner. Thank you for your patience in this matter. Robert Davidyan HI-WAY AUTO RECYCLERS, LLC :pc Enclosure: CNL Letter , . ~9/l.8/2E1E11 13: 26 9E194286499 HI WAY AUTO DISMANTL PAGE E12 "-1"11 11;#1 FAI :.. 4011 .".1/2&81 12:~& lG1S,.37", Gl.\'tlll' INC. at.. ClMl nNAI"C:I IIC liDOS P. 81 III CNL Co. __"II.o_1lIr. hFtaaber 11. 2001 hbIn])widyu H1-Wa)' AJI1IJ Baeydlts, LLC 14S1' wtdUram 1'00~.Ce m:Js k Lo.. 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'-, ,..' ,: 1 2 3 4 5 6 7 8 9 10 C9 A !r=:\ '" '7 RESOLUTION NO. A RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO APPROVING AND AUTHORIZING THE EXECUTIVE DIRECTOR TO EXECUTE AMENDMENT NO. 2 TO DISPOSITION AND DEVELOPMENT AGREEMENT BY AND BETWEEN REDEVELOPMENT AGENCY OFTHE CITY OF SAN BERNARDINO AND HI-WAY AUTO RECYCLERS, LLC WHEREAS, the Community Development Commission of the City of San Bernardino (the "Commission") is the governing body of the Redevelopment Agency of the City of San Bernardino (the "Agency"), a public body corporate and politic, organized and existing pursuant to the Community Redevelopment Law (California Health and Safety Code Section 33000, et sea.); II and 12 13 WHEREAS, the Agency and Hi-Way Auto Recyclers, LLC, a California limited C 14 liability company (the "Developer'') entered into that certain 2000 Disposition and Development 15 Agreement dated as of August 14,2000 (the "2000 Disposition and Development Agreement") for 16 the purpose of implementing the Redevelopment Plan for the Northwest Redevelopment Project by 17 providing for the purchase and redevelopment of certain unimproved lands by the Developer (the 18 "Property"); and 19 20 WHEREAS, the Developer encountered unexpected delays in completing its due 21 diligence investigation regarding the Property and requested that certain provisions of the 2000 22 Disposition and Development Agreement be amended to extend the period of time in which the 23 Developer's due diligence investigation of the Property was to be completed; and 24 25 WHEREAS, the Agency approved an amendment ("Amendment No.1") to the 2000 26 Disposition and Development Agreement (the 2000 Disposition and Development Agreement as C 27 amended by Amendment No_ 1 being hereinafter referred to as the "DDA"), extending the period 28 of time in which the Developer's due diligence investigation of the Property was to be completed; SB2001:29309.1 1 .ylt~ f~2 / ,: 1 and 2 3 WHEREAS, on July 26, 2001, the Developer delivered to the Agency its Due 4 Diligence Certificate (as that term is defined in the DDA) with respect to the Property; and 5 6 WHEREAS, the DDA provides that the Closing Date (as that term is defined in the 7 DDA) of the escrow established in connection with the sale of the Property by the Agency to the 8 Developer (the "Escrow") shall be sixty (60) days after delivery of the Due Diligence Certificate; 9 and 10 11 WHEREAS, the DDA provides that on or before 12:00 noon on the business day preceding the Closing Date, the Developer must deliver to the Escrow Holder (as that term is defined in the DDA), among other things, evidence of construction financing in favor of the Developer already funded for the project (as that term is defined in the DDA); and 12 13 C 14 15 16 17 18 19 20 21 22 23 WHEREAS, the Developer has requested an extension ofthe period oftime between delivery of the Due Diligence Certificate and the Closing Date so that it can meet its obligation to deliver evidence of construction financing already funded for the Project; and WHEREAS, the Agency is willing to extend the period of time between delivery of the Due Diligence Certificate and the Closing Date; and WHEREAS, Amendment No. 2 to the DDA ("Amendment No.2") has been 24 presented to this Commission for approval. 25 26 NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION C 27 ACTING ON BEHALF OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN 28 BERNARDINO DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: S82ool:29309.1 2 /- '- - '- ,- '- I Section 1. The Commission hereby approves Amendment No_ 2 attached hereto 2 as Exhibit "A". 3 4 Section 2_ The Executive Director of the Agency is hereby authorized to execute 5 Amendment No.2 on behalf of the Agency in substantially the form attached hereto, together with 6 such changes therein as may be approved by the Executive Director and Agency Special Counsel. 7 The Executive Director or such other designated representative of the Agency is further authorized 8 to do any and all things and take any and all actions as may be deemed necessary or advisable to 9 effectuate the purposes of Amendment No_ 2. 10 / / / 11 /11 12 /11 13 /11 14 IS 16 17 18 19 20 21 22 23 24 25 26 27 28 S82oo1 :29309.1 3 10 held on the 11 12 Commission ESTRADA 13 LIEN MCGINNIS C 14 SCHNETZ SUAREZ 15 ANDERSON McCAMMACK 16 17 18 19 20 21 22 23 24 By: 25 26 C 27 28 SB2oo1 :29309_1 <: 1 2 3 4 5 6 7 8 9 A RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO APPROVING AND AUTHORIZING THE EXECUTIVE DIRECTOR TO EXECUTE AMENDMENT NO. 2TO DISPOSITION AND DEVELOPMENT AGREEMENT BY AND BETWEEN REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO AND HI-WAY AUTO RECYCLERS, LLC Section 3. This Resolution shall become effective immediately upon its adoption_ I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Community Development Commission of the City of San Bernardino at a meeting thereof, day of ,2001, by the following vote, to wit: AYES NAYS ABSTAIN ABSENT Secretary The foregoing Resolution is hereby approved this _ day of ,2001. Judith Valles, Chairperson Community Development Commission of the City of San Bernardino 4 /- I STATE OF CALIFORNIA ) '- COUNTY OF SAN BERNARDINO) ss 2 CITY OF SAN BERNARDINO ) c c 3 I, Secretary of the Community Development Commission ofthe City of San Bernardino, DO HEREBY CERTIFY that the foregoing and attached 4 copy of Community Development Commission of the City of San Bernardino Resolution No. is a full, true and correct copy of that now on file in this office_ 5 IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal 6 of the Community Development Commission of the City of San Bernardino this day of ,2001. 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Secretary of the Community Development Commission of the City of San Bernardino SB2oo1:29309.1 5 /.-.... 1 EXHIBIT" A" "'- 2 AMENDMENT NO.2 TO 3 2000 DISPOSITION AND DEVELOPMENT AGREEMENT (Hi-way Auto Recyclers) 4 5 6 7 8 9 10 11 12 13 C 14 15 16 17 18 19 20 21 22 23 24 25 26 C 27 28 582001:29309.1 6 ,..- '-- c c RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO 201 North "E" Street, Suite 301 San Bernardino, California 92401 (Space Above Line for Use By Recorder) AMENDMENT NO.2 TO DISPOSITION AND DEVELOPMENT AGREEMENT BY AND BETWEEN REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO AND HI-WAY AUTO RECYCLERS, LLC 58200 I :28769.1 ..-- '- c c AMENDMENT NO_ 2 TO 2000 DISPOSITION AND DEVELOPMENT AGREEMENT (Hi.Way Auto Recyclers) THIS AMENDMENT NO. 2 TO 2000 DISPOSITION AND DEVELOPMENT AGREEMENT (Hi-Way Auto Recyclers) dated as of October 15, 2001 ("Amendment No.2") is entered into by and between the REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO, a public body corporate and politic (the "Agency"), and HI.WAY AUTO RECYCLERS, LLC, a California limited liability company (the "Developer")_ The Agency and the Developer enter into this Amendment No_ 2 with reference to the following facts; Recitals WHEREAS, the Agency and the Developer entered into that certain 2000 Disposition and Development Agreement (Hi. Way Auto Recyclers), dated as of August 14, 2000 (the "2000 Disposition and Development Agreement"), with respect to that certain unimproved property generally situated at Industrial Parkway (the "Property"); and WHEREAS, the Agency and the Developer subsequently entered into that certain Amendment No.1 to 2000 Disposition and Development Agreement dated as of Februaty 1, 2001 ("Amendment No_I ") pursuant to which the period of time in which the Developer's due diligence investigation of the Property was to be completed was extended (the 2000 Disposition and Development Agreement as amended by Amendment No. 1 being hereinafter referred to as the "Agreement"); and WHEREAS, on July 26,2001, the Developer delivered the Due Diligence Certificate (as that term is defined in the Agreement) with respect to the Property; and WHEREAS, the Agreement provides that the Closing Date (as that term is defined in the Agreement) of the escrow established in connection with the sale of the Property by the Agency to the Developer (the "Escrow") shall be sixty (60) days after delivery of the Due Diligence Certificate; and WHEREAS, the Agreement provides that on or before 12:00 noon on the business day preceding the Closing Date, the Developer must deliver to the Escrow Holder (as that term is defined in the Agreement), among other things, evidence of construction financing in favor of the Developer already funded for the Project (as that term is defined in the Agreement); and WHEREAS, the Developer has requested an extension of the period of time between delivery of the Due Diligence Certificate and the Closing Date so that it can meet its obligation to deliver evidence of construction financing already funded for the Project; and SB200 1:28769.1 1 - "- c c WHEREAS, the Agency is willing to extend the period of time between delivery of the Due Diligence Certificate and the Closing Date_ NOW, THEREFORE, IN CONSIDERATION OF THE PREMISES AND SUCH OTHER GOOD AND VALUABLE CONSIDERATION RECEIPT OF WHICH IS HEREBY ACKNOWLEDGED BY THE PARTIES, THE AGENCY AND THE DEVELOPER AGREE AS FOLLOWS: Terms 1. The Recitals set forth above are hereby incorporated into this Amendment No.2 by this reference, as though fully set forth herein_ 2. Except as hereby amended, the Agreement is in all respects ratmed and confirmed and all . the terms and provisions and conditions thereof shall be and remain in full force and effect. 3. Section 2_03 of the Agreement is amended to read in its entirety as follows: "Section 2.03_ OoeninlZ and ClosinlZ of Escrow. (a) The transfer and sale of the Property shall take place through an Escrow (the "Escrow") to be administered by Chicago Title Company Escrow Department or such other escrow or title insurance company mutually agreed upon by the Seller and the Agency (the "Escrow Holder"). The Escrow shall be deemed open ("Opening of Escrow") upon the receipt by the Escrow Holder of a copy of this Agreement fully executed by both parties hereto and the Deposit. The Escrow Holder shall promptly confirm to the parties the escrow number and the title insurance order number assigned to the Escrow. (b) In the event that the Developer has not delivered its Due Diligence Approval Certificate (as defined in Section 2.10 hereof) to the Agency and the Escrow Holder within three hundred thirty seven (337) days from the Opening of Escrow for any reason, then in such event this Agreement shall terminate upon written notice to the Escrow Holder from either the Agency or the Developer, whereupon the Deposit shall be returned by the Escrow Holder to the Developer (less an amount equal to the customary and reasonable escrow cancellation charges payable to the Escrow Holder) without further or separate instruction to the Escrow Holder, and the parties shall each be relieved and discharged from all further responsibility or liability under this Agreement. S8200 1:28769.1 2 ,,- '- r \"...- c (c) Provided that the Developer has delivered its Due Diligence Approval Certificate within the period of time authorized in Section 2.03 (b), then the Closing Date of the Escrow shall occur within two hundred forty five (245) days thereafter, subject to the provisions of Section 2.16 and Section 2.17. The words "Close of Escrow," "Closing Date" and "Closing" shall mean and refer to the date when the Escrow Holder is in receipt of the Purchase Price and the related Escrow documents of the parties and the Escrow Holder is in a position to comply with the final written escrow closing instructions of the parties and cause the Agency Grant Deed for the Property to be recorded and the policy of title insurance for the Property to be delivered to the Developer." 4. Section 2.17 of the Agreement is amended to read in its entirety as follows: "Section 2.17. The Ae:encv's Conditions Precedent to Close of Escrow. The Agency's obligation to convey the Property to the Developer shall be conditioned upon the fulfillment of the following conditions precedent, all of which shall be satisfied (or waived in writing pursuant to Section 2.19) prior to the Close of Escrow: (1) the Developer has accepted the condition of the Property and submitted its Due Diligence Approval Certificate to the Escrow Holder on or before the date set forth in Section 2.10 of this Agreement; (2) the Developer has accepted the condition of title of the Property qn or before the date set forth in Section 2.13; (3) the Developer shall not be in default of any material term of this Agreement to be performed by the Developer hereunder and each representation and warranty of the Developer made in this Agreement shall remain true and correct; and (4) the Developer shall be satisfied (or waive satisfaction) of each of the conditions precedent set forth in Section 2.16 and the Escrow shall be in a condition to close within five hundred eighty two (582) days following the Opening of Escrow (subject to Section 2.15, if applicable)." S8200 I :28769.1 3 /- '- c c 5. Exhibit "0" (SCHEDULE OF PERFORMANCE) to the Agreement is amended to read in its entirety as set forth in Exhibit" A" to this Amendment No.2. 6. If any term or provision of this Amendment No.2 or the application thereof to certain circumstances is declared invalid or unenforceable, the remainder of this Amendment No.2, or the application of the term or provision to circumstances other than those to which it is declared invalid or unenforceable, will not be affected thereby, and each term and provision of this Amendment No. 2 will be valid and enforceable to the fullest extent permitted by law. 7. The persons executing this Amendment No.2 warrant that they are duly authorized to execute this Amendment No.2 on behalf of and bind the parties each purports to represent. 8. This Amendment No.2 may be executed by the parties hereto in duplicate originals, each of which shall be considered an original, but all of which together shall constitute one and the same instrument. IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment No.2 as of the dates set forth below. AGENCY Redevelopment Agency of the City of San Bernardino Date: By: Gary Van Osdel Executive Director APPROVED AS TO FORM: Agency Special Counsel DEVELOPER Hi-Way Auto Recyclers, LLC Date: By: Member Date: By: Member [All Signatures Must Be Notarized] SB2001 :28769.1 4 ^- \.- c c EXHIBIT "N AMENDED SCHEDULE OF PERFORMANCE 5B2oo 1 :28769.\ 5 c r- '- c EXHIBIT "D" 2000 HI.W AY AUTO RECYCLERS, LLC, DISPOSITION AND DEVELOPMENT AGREEMENT SCHEDULE OF PERFORMANCE Unless otherwise indicated herein, the meaning of words and phrases used in this Schedule of Performance shall be as set forth in the Agreement. Within five (5) days following execution of the Agreement by the Agency and the Developer Within fifteen (15) days of the Opening of Escrow During Due Diligence Period Within three hundred thirty seven (337) days from the Opening of Escrow Within five (5) days of receipt of Developer's Title Objection Notice and Developer's Survey Objection Notice, if any Within five (5) days of receipt of Agency's Title Notice SB200 1;28769.1 Developer shall deliver to Escrow Holder the sum ofTen Thousand Dollars ($10,000.00) Escrow opened upon receipt by the Escrow Holder of a fully executed copy of the Agreement and the Deposit from the Developer. Agency shall deliver originals of Due Diligence Items (Section 2.08) Agency shall deliver to the Developer a preliminary title report or title commitment for a CL T A extended coverage policy of title insurance Developer must submit development project site plan approval application for the Project to the City for City review and approval Developer shall deliver its Due Diligence Approval Certificate to the Agency and the Escrow Holder Developer shall submit Developer's Title Objection Notice and Developer's Survey Objection Notice, if any, to the Agency Agency to deliver Agency's Title Notice and Agency's Survey Notice, if any, to Developer Developer to deliver an acceptance or rejection of the items in the Agency's Title Notice 6 .- '- c c Within ten (10) days of receipt of Agency's Survey Notice Within two hundred forty five (245) days after the delivety of a Due Diligence Approval Certificate from the Developer No later than three (3) business days prior to the Closing Date On or before 12:00 noon on the business day preceding the Closing Date At Close of Escrow Within three (3) business days following the Closing Date. Promptly following City approval of site plan of improvement for the Project Within ninety (90) days following Close of Escrow 582001:28769.1 Developer to deliver an acceptance or rejection of the items in the Agency's Survey Notice The Close of Escrow shall occur Escrow Holder shall prepare for approval by the Developer and the Agency a Closing Statement (Section 2.21) The Agency shall deliver to the Escrow Holder a grant deed for the Property to the Developer The Agency shall deliver to the Escrow Holder copies of the documents set forth in Section 2.06 of the Agreement The Developer shall deliver to the Escrow Holder copies of the documents set forth in Section 2.07 of the Agreement Developer deposits the balance of the Purchase Price, less the Deposit amount, with the Escrow Holder Escrow Holder shall deliver to Developer a conformed copy of the Agency's Grant Deed, as recorded, and the policy of title insurance issued in favor of the Developer Escrow holder shall deliver to the Agency the Purchase price, less sums paid to discharge any liens, escrow costs and any prorations chargeable to the Agency Developer completes and submits construction design plans and specifications to City Building Department for issuance of necessary building permits Developer commences work of improvement of Project on the Property 7 /"....... ~ .-. ,-. c Within two hundred seventy (270) days following commencement of work of improvement of the Project Promptly following completion of improvements to the Property Developer submits written request to the Agency for issuance of Certificate of Completion; but by a date not later than one (1) year following Close of Escrow SB2DOI :28769.1 Developer substantially completes improvement of the Project Agency issues a Certificate of Completion to Developer 8 ~. ** FOR OFFICE USE ONLY - NOT A PUBLIC DOCUMENT ** RESOLUTION AGENDA ITEM TRACKING FORM c. Oc/ 'ZOOI -42- I Absent -PJ Meeting Date (Date Adopted): 10 -IS -() \ Item # Vote: Ayes \- '/ Nays -e- Change to motion to amend original documents: R-. ~O Resolution # Abstain -G- Reso. # On Attachments:..r Contract term: - Note on Resolution of Attachment stored separately: =- Direct City Clerk to (circle 1): PUBLISH, POST, RECORD W/COUNTY Date Sent to Mayor: lo-n-<:.J\ Date of Mayor's Signature: \ Q - \ ~- Q \ Date ofClerk/CDC Signature: fer' 'i-O\ NullNoid After: - By: - Reso. Log Updated: ,/ Seal Impressed: Date Memo/Letter Sent for Signature: .0- \ 9-0 \ 60 Day Reminder Letter Sent on 30th day: 90 Day Reminder Letter Sent on 45th day: See Attached: ,/ Date Returned: l(J-~S-Q I See Attached: See Attached: Request for Council Action & Staff Report Attached: Updated Prior Resolutions (Other Than Below): Updated CITY Personnel Folders (6413, 6429, 6433, 10584, 10585, 12634): Updated CDC Personnel Folders (5557): Updated Traffic Folders (3985, 8234, 655, 92-389): Copies Distributed to: City Attorney Parks & Rec. Dev. Services Code Compliance Public Services Police Water Notes: Yes / No By Yes No ~ By Yes No ---L- By Yes NO~ By Yes No By EDA / Finance MIS Others: BEFORE FILING, REVIEW FORM TO ENSURE ANY NOTATIONS MADE HERE ARE TRANSFERRED TO THE YEARLY RESOLUTION CHRONOLOGICAL LOG FOR FUTURE REFERENCE IContract Term, etc.) Ready to File: .1ht=- Date: /C\-"{yOI Revised 0 1/12/0 I