HomeMy WebLinkAboutResolution No. 759E
RESOLUTION NO. 759
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A RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF AZUSA APPROVING OPERATING
MEMORANDUM NO. 2 TO THE DISPOSITION AND
DEVELOPMENT AGREEMENT BY AND BETWEEN THE
AGENCY AND DEROSA CENTENNIAL ASSOCIATES.
WHEREAS, the Disposition and Development Agreement (DDA),
dated February 6, 1989, by and between the Redevelopment Agency
of the City of Azusa (Agency) and DeRosa Centennial Associates
(Developer) required the Developer to cause demolitions, utility
relocations and off-site infrastructure improvements to the
project site at the Agency's expense, and the Agency was to
reimburse the Developer for said costs; and
WHEREAS, the procedure for reimbursement to the Developer by
the Agency for the above costs was established because the costs
were not known at the time the DDA was executed; and
WHEREAS, the costs for said work are now known and the site
has not yet been sold to the Developer; and
WHEREAS, for simplicty the Agency and Developer wish to
amend this procedure by reducing the sales price of the site to
the developer by an amount equal to the cost for said
demolitions, utility relocations and infrastructure improvements,
thereby requiring the Developer to bear said costs and forgo
reimbursement of said costs from the Agency.
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. 2 to the DDA by and between the Agency and DeRosa Centennial
Associates and authorizes the Agency Chairman to execute said
Operating Memorandum No. 2 on behalf of the Agency in
substantially the same form as attached hereto as "Exhibit A."
SECTION 2: The Agency Secretary shall certify the adoption
of this Resolution.
PASSED, APPROVED AND ADOPTED THIS 3RD DAY OF DECEMBER, 1990
— 4&Ji �J�,
Eug4he 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 3rd
day of December, 1990 by the following vote of the Directors:
AYES: S=ARICH, NARADITO, ALEXANDER, MOSES
DIRECTORS: DAW=IS,
NOES:
DIRECTORS: NONE
ABSENT:
DIRECTORS: NONE
ABSTAIN:
DIRECTORS: NONE
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OPERATING MEMORANDUM NO. 2 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. 2 to amend the above referenced DDA:
WHEREAS, the DDA required the Developer to make off-site
infrastructure improvements and to cause on-site utility
relocations at the Agency's expense, to be reimbursed by the
Agency; and
WHEREAS, the DDA set up this procedure due to the fact that
at the time the DDA was written, the costs for utility
relocations and off-site infrastructure improvements were
unknown; and
WHEREAS, the costs for the above mentioned improvements are
now known and it would be a simpler procedure to just write down
the sales price of the project site by an amount equal to the
costs of said improvements and have the Developer pay these costs
as they are incurred, with no reimbursement from the Agency.
NOW, THEREFORE, THE DISPOSITION AND DEVELOPMENT AGREEMENT IS
HEREBY MODIFIED AS FOLLOWS:
SECTION 1: Section 2.2 C of the DDA is hereby amended to
change the purchase price from $1,000,000 to $623,603.
SECTION 2: Section 2.7 of the DDA is hereby amended so that
the Developer shall bear the sole cost, with no reimbursement
from the Agency, for the remaining demolition and compaction work
called for in Section 2.7.
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Operating Memorandum N0.2
to the DDA by and between the
Agency and DeRosa Centennial Associates
Page 2 of 2
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SECTION 3: Sections 3.7 C and D of the DDA are hereby
amended to eliminate any Agency reimbursement to the Developer
for any utility relocation costs or costs for off-site
infrastructure improvements. These costs shall be paid solely by
the Developer.
SECTION 4: Section 4.5 (a) of the DDA is hereby amended so
that the words "fiscal 1991-1992" are hereby changed to read
"fiscal 1992-1993.11
SECTION 4: 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
3rd day of December, 1990 and accepted by the parties to the DDA
on the indicated dates of execution of this document.
CITY OF AZUSA REDEVELOPMENT AGENCY
By: Date
Euge I
F. Moses, Chairman
Attest:/"/,/,_ /� Date:
Ado ph Sol,s, Secretary
DEROSA CENTENNIAL ASSOCIATES
By:
James A. DeRosa
Date: