HomeMy WebLinkAboutResolution No. 7650
RESOLUTION NO. SFS
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A RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF AZUSA APPROVING OPERATING
MEMORANDUM NO. 3 TO THE DISPOSITION AND
DEVELOPMENT AGREEMENT BY AND BETWEEN THE
AGENCY AND DEROSA CENTENNIAL ASSOCIATES AND
APPROVING AN EXTENSION TO THE CENTENNIAL
SQUARE ESCROW CLOSING DATE.
WHEREAS, the Disposition and Development Agreement (DDA),
dated February 6, 1989, as amended, by and between the
Redevelopment Agency of the City of Azusa (Agency) and DeRosa
Centennial Associates (Developer) calls for the Centennial Square
project site to be conveyed to the Developer prior to December
31, 1990; and
WHEREAS, the escrow instructions for the sale of the site
also require an escrow closing date prior to December 31, 1990;
and
WHEREAS, the Agency and Developer desire to allow more time
for the conveyance and the escrow closing to occur in order to
resolve unexpected problems that have arisen.
NOW, THEREFORE, the Redevelopment Agency of the City of
Azusa does hereby resolve as follows:
SECTION 1: The Board of Directors of the Redevelopment
Agency of the City of Azusa hereby approves Operating Memorandum
No. 3 to the DDA by and between the Agency and DeRosa Centennial
Associates, approves an amendment to the escrow instructions for
the sale of the site that would extend the escrow closing date to
January 31, 1991 and authorizes the Agency Chairman to execute
said Operating Memorandum No. 3 and said escrow amendment on
behalf of the Agency in substantially the same form as attached
hereto as "Exhibit All and "Exhibit B."
SECTION 2: The Agency Secretary shall certify the adoption
of this Resolution.
PASSED, APPROVED AND ADOPTED THIS 17TH DAY OF DECEMBER, 1990
Eu ne F. Moses, Chairman
I HEREBY CERTIFY that the foregoing Resolution was duly
adopted by the Board of Directors of the Redevelopment Agency of
the City of Azusa, at a regular meeting thereof, held on the 17th
day of December, 1990 by the following vote of the Directors:
AYES:
DIRECTORS:
DAWLEIS,
NOES:
DIRECTORS:
NONE
ABSENT:
DIRECTORS:
NONE
ABSTAIN:
DIRECTORS:
NONE
STf21T<2ICH, NARANJO, ALEXANDER, MOSES
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EXHIBIT A
OPERATING MEMORANDUM NO. 3 TO THE DISPOSITION
AND DEVELOPMENT AGREEMENT BY AND BETWEEN THE
CITY OF AZUSA REDEVELOPMENT AGENCY AND DEROSA
CENTENNIAL ASSOCIATES
In accordance with Section 7.7 C. of the Disposition and
Development Agreement (hereinafter "DDA") by and between the City
of Azusa Redevelopment Agency (hereinafter "Agency") and DeRosa
Centennial Associates (hereinafter "Developer"), dated February
6, 1989, the Agency and Developer hereby enter into this
Operating Memorandum No. 3 to amend the above referenced DDA:
WHEREAS, the Agency and the Developer are now in escrow for
the sale of the project site referenced in the DDA above; and
WHEREAS, according to the amended DDA and the escrow
instructions for the Agency sale of the project site to the
Developer escrow is required to close on or before December 31,
1990; and
WHEREAS, problems relating to the condition of title,
payment of taxes and recordation of utility easements have
surfaced that may prevent a timely closing of escrow on the
sale of the project site; and
WHEREAS, both the Agency and the Developer desire to allow
more time to resolve these problems if they cannot be resolved
prior to December 31, 1990.
NOW, THEREFORE, THE DISPOSITION AND DEVELOPMENT AGREEMENT IS
HEREBY MODIFIED AS FOLLOWS:
SECTION 1: Section 6.7 A-1 of the DDA and Section B.8 of
Exhibit No. 3 to the DDA (the Schedule of Performance) are hereby
amended to allow the Agency until January 31, 1991 to convey
title and possession of the project site to the Developer, and to
require the Developer to accept said conveyance of the site if
conveyed prior to January 31, 1991. It is understood by both
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EXHIBIT B
NDMENT TO ESCROW NO. 25773
AT COUNTRY OARS ESCROW
WHEREAS, Section 1 of the escrow instructions for Escrow No.
25773 at Country Oaks Escrow requires an escrow closing date on
or before December 31, 1990 unless extended by mutual written
agreement of both parties to the escrow; and
WHEREAS, unexpected problems with title and other issues may
prevent escrow closing by the December 31, 1990 deadline; and
WHEREAS, both parties to the escrow desire to extend the
escrow closing date in the event that a timely resolution to the
problems does not occur, preventing an escrow closing by the
existing deadline.
NOW, THEREFORE, the parties to the above referenced escrow
do hereby agree as follows:
Section 1: The escrow closing date is hereby extended to
ocurr on or before January 31, 1991.
Section 2: All other terms and conditions of the escrow
shall remain the same unless amended in the future by both
parties.
REDEVELOPMENT AGENCY OF THE
CITY OF AZUSA (SELLER)
By: Date: December 17, 1990
Eugene F. Moses
Chairman
DEROSA CENTENNIAL ASSOCIATES, a
California General Partnership (BUYER)
By: Date:
David Frank
Managing General Partner
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Operating Memorandum No. 3
to the DDA between the Agency and
DeRosa Centennial Associates
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parties that each will make every effort to convey the site prior
to December 31, 1990. But if this does not occur, another 30
days to complete the transaction is granted by this amendment.
SECTION 2: All other terms and conditions of the DDA shall
remain unchanged unless amended at a later date by both parties.
Approved by the City of Azusa Redevelopment Agency on the
17th day of December, 1990.
CITY OF AZUSA REDEVELOPMENT AGENCY
By: c
u e F. Moses, Chairman
DEROSA CENTENNIAL ASSOCIATES
By:
James A. DeRosa
EXHIBIT A
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