HomeMy WebLinkAboutContracts & Agreements_19-05 RDA_CCv0001.pdf AMENDMENT TO ACQUISITION FUNDING AGREEMENT
This Amendment to Acquisition Funding Agreement (this "Amendment"), dated as of
September 20, 2045, is entered into by and among the Redevelopment Agency of the City of
Redlands, a public body corporate and politic (the "Agency"), Redlands Land Holding L.L.C., a
Delaware limited liability company (the "Redeveloper") and Redlands Land Acquisition
Company L.P., a Delaware limited partnership (the "Redeveloper's Affiliate"). The Agency,
the Redeveloper, and the Redeveloper's Affiliate are sometimes herein individually referred to as
a"Party" or, together, as the "Parties".
RECITALS
A. The Agency has undertaken a program for the rehabilitation and development of
blighted areas within the City of Redlands (the "City") by adopting a Redevelopment Plan for
the geographical area of the City designated as the Agency's Redevelopment Project Area No. 1
(the "Project Area").
B. The Agency and the Redeveloper's Affiliate previously entered into an Exclusive
Right to Negotiate Agreement dated September 7, 2444 (the "Prior Agreement") to facilitate
negotiations leading to the development of a project on a site as defined therein within the
Project Area, and the execution of an Owner Participation Agreement and a Disposition and
Development Agreement to achieve the goal of redevelopment of such site.
C. The Agency and the Redeveloper's Affiliate also previously entered into an
Acquisition Funding Agreement dated as of January 4, 2405 (the "Acquisition Funding
Agreement") to further implement the Prior Agreement and move forward to complete such
steps in furtherance of the Project (as defined in the Agreement (as defined herein)) as may be
carried out in accordance with law, including establishing a more specific agreement with respect
to funding the preliminary steps for site assembly and California Environmental Quality Act
compliance.
D. Concurrently herewith, the Agency and the Redeveloper are entering into a new,
second agreement (the "Agreement") to establish a period during which the Redeveloper shall
have the right to exclusively negotiate with the Agency for the purposes described above.
E. The Parties desire to amend, and the Redeveloper desires to become the successor
to the Redeveloper's Affiliate under, the Acquisition Funding Agreement to reflect its purpose to
further implement the Agreement.
NOW, THEREFORE, in consideration of the mutual promises made by the Parties
herein, the Parties agree as follows:
279343.1 001663 0006 8.26.2005-2:40 PM [
AGREEMENT
Section 1. The Acquisition Funding Agreement is hereby amended as follows:
1.01 All references to the Redeveloper's Affiliate shall be deleted in their
entirety and replaced with corresponding references to the Redeveloper;
1.02 All references to the Prior Agreement (or sections thereof) shall be deleted
in their entirety and replaced with corresponding references to the Agreement (or sections
thereof); and
1.03 All references to the "Site" (as defined and depicted therein) shall be
deleted in their entirety and replaced with corresponding references to the Site (as defined,
described and depicted in the Agreement).
Section 2. All other provisions of the Acquisition Funding Agreement shall remain
unchanged and in full force and effect.
279343.1 001663.0006 8.26.2005-2:40 PM 2
IN WITNESS WHEREOF, the Parties have executed this Amendment on the date and
year first-above written.
REDEVELOPMENT AGENCY OF THE CITY OF REDLANDS,
a public body corporate and-politic
By
usa Peppler, Chairprskn
ATTEST: By:
AncySecret
The "Redeveloper"
REDLANDS LAND HOLDING L.L.C.,
a Delaware Iimited liability company
By: Redlands Land Acquisition Company L.P.,
a Delaware limited partnership,
its sole member
By: Redlands Land Acquisition Company L.L.C.,
a Delaware limited liability company,
its general partner
By:
Name: ._ r�
Its:
The "Redeveloper's Affiliate"
REDLANDS LAND ACQUISITION COMPANY, L.P.,
a Delaware limited partnership
By: Redland Land Acquisition Company L.L.C.,
a Delaware limited liability company,
its general partner
By:
Name:
It A Konald L. Gern
at
orized Officer
279343.1 001663.0006 8.26.2405-2 44 PM
CONSENT CALENDAR
Minutes - The minutes of the regular meeting of September 6, 2005, were
unanimously approved as submitted on motion of Mrs. Peppler, seconded by
Mr. Gil.
Contract - Property Appraisals - Krikorian Theatre Expansion Area - On motion
of Mrs. Peppler, seconded by Mr. Gil, the Board unanimously approved a
$23,000.00 contract for fair market appraisal for certain properties located in or
adjacent to the proposed Krikorian Theatre Expansion Area to Jones, Roach &
Caringella and authorized the Chairman to execute, and the Secretary to attest
to, the document on behalf of the Agency.
Contract - Property Appraisals - Redlands Mall Area - Redevelopment Agency
Director Gee presented a proposed contract for fair market appraisal for
certain properties located in or adjacent to the Redlands Mall area. Teddy
Banta asked for more information regarding this matter; Mr. Gee answered her
questions. Community Development Director Shaw said there was no formal
project before us, simply preliminary plans and the parking lots are a
component of the discussions. Mrs. Peppler moved to approve a $12,500.00
contract for fair market appraisal for certain properties located in or adjacent to
the Redlands Mall area to Reinhart-Fontes Associates and authorized the
Chairman to execute, and the Secretary to attest to, the document on behalf of
the Agency. Motion seconded by Mr. Harrison and carried unanimously.
Promenade Prosect - On motion of Mrs. Peppler, seconded by Mr. Gil, the
Board unanimously approved the second exclusive right to negotiate
agreement with General Growth and an amendment to the acquisition funding
agreement with Redlands Land Holding LLC for the revitalization of the area
bounded by Eureka Street, Pearl Avenue and Stuart Avenue for the proposed
Redlands Promenade project and authorized the Chairman to execute, and the
Secretary to attest to, the document on behalf of the Agency.
PUBLIC COMMENTS
None forthcoming.
ADJOURNMENT
There being no further business, the Board of Directors' meeting of the
Redevelopment Agency adjourned at 4:48 P.M. The next regular meeting will
be held on October 4, 2005.
Secretary
Redevelopment Agency
September 20, 2005
Page 2