HomeMy WebLinkAboutContracts & Agreements_94-2008_CCv0001.pdf FIRST AMENDMENT TO EXCLUSIVE NEGOTIATION AGREEMENT
THIS FIRST AMENDMENT TO EXCLUSIVE NEGOTIATION
AGREEMENT (the "First Amendment") is made effective the 1't day of July,
2008 by the City of Redlands, a California municipal corporation, (the "City"), and
ProLogis, a Maryland Real Estate Investment Trust (the "ProLogis"), on the
terms and provisions set forth below. The City and ProLogis are sometimes
individually referred to herein as a "Party" and, together, as the "Parties."
WITNESSETH THAT:
WHEREAS, On February 5, 2008, the City and the ProLogis previously
entered into an Exclusive Negotiation Agreement (the "Original Agreement"); and
WHEREAS, All of the terms defined in the Original Agreement shall have
the same meaning when used in this First Amendment; and
WHEREAS, The ProLogis has requested an extension of the Negotiation
Period to August 15, 2008; and
WHEREAS, it now becomes necessary to amend said Original Agreement
and both Parties are desirous of such amendment.
NOW THEREFORE, in consideration of the mutual undertakings herein,
the Parties agree that the Original Agreement shall be amended as follows:
1. The first sentence of the first paragraph in Section 103, Negotiation
Period, is amended in its entirety to read as follows:
"The duration of this Agreement (the "Negotiation Period") shall be
February 5, 2008 through August 15, 2008, unless sooner
terminated pursuant to the provisions of this Agreement."
2. Paragraph (2) of Section 102, Required Actions, is amended in its
entirety to read as follows:
"The City shall obtain two appraisals of the City Site. The
appraisals shall be prepared by an appraiser ("Appraiser") that is a
Member of the Appraisal Institute ("MAI") and shall be approved of
by both Parties. The actual cost of the appraisals shall be funded
by ProLogis from the Implementation Deposit defined in Section
105, below. The first appraisal assignment shall require the
Appraiser to value the City Site without any hypothetical
assumptions. The second appraisal assignment shall require the
Appraiser to value the City Site as though its General Plan land-use
and zoning designations were fully sufficient for the development of
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a distribution or warehouse facility of the type currently
contemplated by ProLogis. The second appraisal may be an
addendum or supplement to the first appraisal and the cost shall
not exceed $600.00. The Appraiser shall utilize the Uniform
Standards of Professional Appraisal Practice in the conduct of their
work. The Parties concur that the Appraiser shall be informed and
that the appraisal shall reflect that the City Site currently has a
General Plan land-use designation of agriculture with a
corresponding zoning designation of open space and that any
development of the City Site is subject to certain Mitigation
Improvements, as defined in Section 300, below."
3. All other terms and conditions of said Original Agreement shall
remain the same.
IN WITNESS WHEREOF, the City and the ProLogis, through their duly
authorized officers, have executed this First Amendment to Exclusive
Negotiation Agreement effective as of the date first above written.
PROLOGIS
By:
Its:
CITY OF REDLANDS
By*
Jon Harrison, Mayor
ATTEST:
By:
I,&rie Pay#10C y Clerk
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