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HomeMy WebLinkAboutContracts & Agreements_8-1975 RDA CONSENT TO AND APPROVAL OF ASSIGNMENT The REDEVELOPMENT AGENCY OF THE CITY OF REDLANDS hereby consents to and approves the Assignment by Howard E. Connor, as Developer under the Disposition and Development Agreement entered into on or about Ji_,ne !)', 19714, 1-by and bctween the RQUIevelopl-Tiont Agency of the City of Redlands and said Howard E. Connor, for the development of the Redlands Mall portion of the Redlands Redevelop- ment Project, of all of his rights, title and interest under said Disposition and Development Agreement and in and to the real property heretofore or hereafter conveyed by the Redevelopment Agency of the City of Redlands pursuant to said Disposition and Development Agreement, to R-J Investments, a California corporation. Said consent and approval is expressly conditioned upon the assump- tion by said R-J Investments of all of the obligations of the Developer under said Disposition and Development Agreement, and its agreement to be subject to all of the conditions and restric- tions to which the Developer is subject thereunder. It is hereby acknowledged that said R-J Investments has the qualifications and financial responsibility necessary and adequate to fulfill the obligations of the Developer undertaken in said Disposition and Development Agreement, and the Redevelopment Agency of the City of Redlands agrees that R-J Investments hereafter shall be entitled to all of the rights and privileges of the Developer under said Disposition and Development Agreement so long as it shall perform the obligations of the Developer thereunder. Dated: June 3 _, 1975 REDEVELOPMENT AGENCY OF THE CITY OF REDLANDS ATT"EST: By r�'c Chairman 'ecreta.ry, LAW OFFICES MACFARLANE, SCHAEFER & HAUN S. F. MACFARLANE RAYMOND V.HAUN {IB74-1981} JAMES 0.DEGNAN ONE WILSHIRE BUILDING, SUITE 2204 HENRY SCHAEFER,JR. JEREMY V.WISOT WILSHIRE AT GRAND (1896-1974) DULANEY W. PALMER CHRISTOPHER A.CARR LOS ANGELES, CALIFORNIA 90017 (213) 625-5811 February 3, 1976 ra CEIJ'_U Mr. R. P. Merritt, Jr. Acting Executive Director ! Redevelopment Agency of the { City of Redlands City Hall P. 0. Box 280 Redlands, California 92373 Re: Redlands Mall Dear Pete: Enclosed herewith please find three counterparts of a form of Consent to and Approval of Assignment with respect to the assignment of the Disposition and Development Agreement for Redlands Mall from Howard E. Connor to R-J Investments . We are in the process of closing the transaction with Howard Connor and would appreciate your causing the enclo- sures to be executed on behalf of the Redevelopment Agency and returning two executed counterparts for our file. Thank you for your cooperation. Very truly yours , <:f Jeremy V. Wisot JVW:mb Encls.-3 cc: Edward F. Taylor, Esq. (with encl. ) MINUTES of a regular meeting of the Redevelopment Agency of the City of Redlands held in the Council Chambers, Safety Hall, 212 Brookside Avenue on June 3, 1975 at 3230 P.M4 PRESENT Jack B. Cummings, Chairman Ellsworth E. Miller, vice Chairman Charles G. DeMirjyn, Member Chresten M. Knudsen, Member Bertha Rose Grace, Member R. P. Merritt, Jr. , Acting Executive Director Bill Brun,�ck, Deputy City Attorney Peggy A. Moseley, Secretary Erwin S. Hein, Redlands Daily Facts Pat Sheeran, San Bernardino Sun ABSENT Nome The minutes of the regular meeting of the Redevelopment Agency held on May 20, 1975 were approved as submitted. Acting Redevelopment Agency Director Merritt presented a document whereby the Redevelopment Agency of .the_City of Redlands consents to and approves the Assignment by Howard E. Connor, as Developer under the Disposition and Development Agreement by and between the Redevelopment . Agency of the City of Redlands and Howard E. Connor for development of the Redlands Mall portion of Redlands Re- Assignment development project, of all of his rights, title and of interest under said Disposition and Development Agree- Agreement mend and in and to the real property heretofore and here- after conveyed by the Redevelopment Agency of the City of Redlands pursuant to said Disposition and Development Agreement, to R-J Investments, a California ' cotporation. Mr. Merritt briefly explained the document and introduced Mr, Richard Jones, President of R-J Investments. Mr, Jones expressed his interest and enthusiasm for the proj- ect; explained that as a developer whose business is centered in Newport Beach, he will be better able to keep in touch with the project than. Mr. Connor would have been able too He added that Mr. Connor is being retained as a consultant. Mr. Jones described his background and his many shopping center developments. Mr. Jones added that there is national interest in, the Redlands development. Member DeMi.rjyn and Member Knudsen questioned Mr. Jones ' feeling on the location of the K-Mart project. Mr. Jones explained that the K-Mart project is quite different from this project and he has no concern about it. Following an informal discussion with Mr. Jones, on motion of Member Miller, seconded by Member Grace, unanimous approval was given the consent to and approval of assign- ment. Redevelopment Agency m Page one June 3, 1975 In his presentation Mr. Jones explained some of the prob- lems which had caused a delay in the Harris Company agree- ment. Mr. Jones stated that he would hope to start con- struction by the end of July and open in September, 1976 Mr. Ken Brown of Col.dwell Banker addressed Council briefly, explained that there is -much interest from many national firms, and added that a fall opening always is more desirable. Mr. Merritt them introduced Mr. Robert Bulot, financial ad- visor to the City and president of the farm of Stone and Youngberg. Mr. Bulot was enthusiastic in his encourage- ment that the project is viable and that the bonding capa- bilities of the City have not declined. In response to Mr. Knudsen° s question of any tax value loss, Mr. Bulot explained that the recent tax assessment of the City of Redlands has been quite low and was steadily going down. Mr. Bulot added that he had no second thoughts about selling the bonds. He stated that there was an inquiry from Nashville, Tennessee, and that the Western Cities Magazine is interested in an article on the project. Mr. Knudsen expressed concern, about bonding capabilities for the East State Street development, Mr. Bulot pointed to the side benefits being brought about by the Bank of America and the Bank of Redlands. Mr. Bulot stated that he or Mr. Nyland would be available for a special meeting on June 12 in, the event that docu- ments are available for the bond sale. After further discussion, on motion of Member Miller, seconded by Member Grace, authorization to prepare for Bond the bond sale was given by the following roll call voter Sale AYES -. Members Miller, Knudsen, Grace, Chairman Cummings NOES; Member DeMirjyn ABSENT.* None Mr. DeMi.rjyn stated that he had not received the "parcel- by-parcel" information that he had requested on the redevelopment project. Chairman Cummings asked that the records show that he himself had received the financial information that he had requested. Chairman Cummings expressed his personal delight and pleasure at seeing this project materialize, expressed great satisfaction and admiration for the beautiful McEwen furniture store that has already risen as part of the redevelopment area, and the Bank of America which is rapidly being completed, and thanked everyone present in the audience for their participation. Redevelopment Agency Page two -- June 3, 1975 The June 3 Redlands Daily Facts arrived and was brought to Chairman Cummings. He read the headlines stating that Harris and Von' s have signed .leases. With that, there was an ovation from citizens in attendance, and Mr. Jones of the Chamber of Commerce spoke above the crowd to express the citizens ' appreciation to Chair- man Cummings. There being no further business for consideration at this time, the Agency adjourned, on motion. Next regular meeting, June 17, 1975 Respectfully submitted, qSe ry Redevelopment Agency Page three - June 3, 1975