HomeMy WebLinkAboutContracts & Agreements_45-1989_CCv0001.pdf 19
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City Clerk
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City of Redlands
30 Cajon Street Ti
Redlands , California 19
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AGREEMENT FOR ACQUISITION OF WATER STOCK
This agreement is made and entered into this 20th day
of June, 1989 by and between the City of Redlands (hereinafter
"City" ) and Metro California Business Enterprises (hereinafter
"Metro" ) .
RECITALS
WHEREAS, Metro is the owner of certain real property
consisting of approximately 97 acres of land located generally
along Wabash Street north of Lugonia, south of Capri and west of
Granite in Redlands, as more particularly described in Exhibit "A"
attached hereto (the "Property" ) ; and
WHEREAS, Metro presently owns a block of Lugonia Water
Company stock consisting of 238 shares (the "Water Stock" ) and is
presently willing to sell 100 shares of the Water Stock to City;
and
WHEREAS, Metro intends to farm and lease the Property to
Redlands Farming Company, or other Lessee for purposes of citrus
agricultural production; and
89-21
WHEREAS , Metro and Redlands Farming Company propose to
rehabilitate the Mentone Acres No. 1 Well and, to the extent
available, utilize pumped groundwater to irrigate the Property in
lieu of utilizing Lugonia Water Company stock water; and
WHEREAS, the City can immediately utilize Metro' s Water
Stock for additional raw water supply to its Hinckley Water
Treatment Plant;
NOW THEREFORE, in consideration of the mutual promises
contained herein the City of Redlands and Metro California
Business Enterprises agree as follows:
AGREEMENT
Section 1 . Sale of Stock. Metro shall sell to City
within 15 days after the date of execution of this agreement by
both parties, 100 shares of the Water Stock for a total price of
One Hundred Thousand ( $100, 000 ) Dollars .
Section 2 . Development of the Property. Metro shall
sell the remaining 138 shares of Water Stock to City at an
agreed upon fair market value no later than the time when the
water shares are no longer required for citrus production and
at the time building permits are issued for development of the
property.
Section 3 . City Water Requirements . City Agrees that
Metro shall not be required to submit Lugonia Water Company stock
or any other water stock to City as a condition for development of
the Property. However, Metro shall be required to pay City' s
water source acquisition charge and all other City fees and
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89 90
charges in- effect at the time such development occurs.
Section 4 . Successors and Assigns . This agreement shall
be binding upon and inure to the benefit of the successors and
assigns of the parties .
Section 5 . Governing Law. This agreement shall be
governed by and construed in accordance with the laws of the State
of California.
Section 6 . Metro agrees that the City shall have the
right to record this Agreement in the official records of the
County Recorder' s Office for the County of San Bernardino.
Section 7 . Authority. The signatories represent that
they are authorized to execute this Agreement on behalf of the
Party for whom each of them signs.
METRO CALIFORNIA BUSINESS CITY OF REDLANDS
ENTERPRISES
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By: y:
17 n4 -1 - Mayor, City of Redlands
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.TATE OF CALIFORNIA
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EXHIBIT A
METRO CALIFORNIA BUSINESS ENTERPRISES PROPERTY
Description Parcel # Acres
D 197 168-171-01 19 .66
S 959 168-171-02 9 .59
L 132 168-131-02 13 . 18
W 904 168-171-03 9 .04
T 190 168-131-01 9 .75
168-121-12 9 .25
1975 168-161-01 9 .75
K 167 168-171-09 16 .70
168-171-04
SUB-TOTAL ACREAGE 96 .92
F 85 168-171-07 8 .50
GRAND TOTAL 105 .42