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RESOLU'T'ION NO. 153
RESCLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY
OF REDLANDS APPROVING THE SALE-LEASEBACK AGREEMENT
BETWEEN REDLANDS MALL ASSOCIATES AND HUNTINGTON LAND
COMPANY.
BE IT HEREBY RESOLVED by the Redevelopment Agency of the
City of Redlands that the certain letter dated November 30, 1976,
from Ernest W. Hahn, Inc. , as General Partner, and on behalf of
Redlands Mall Associates (Developer) , requesting consent and
approval by the Redlands Redevelopment Agency (Agency) of a
Sale-Leaseback of Redlands Mall Shopping Center, by and between
Developer and Huntington Land Company, is hereby approved and
accepted by the Agency, pursuant to Section 315 of the Dispo-
sition and Development Agreement and Implementation Agreement
(DDA) , provided that the executed Sale-Leaseback documents are
consistent with the concept of the Sale-Leaseback as set forth
in the letter dated November 30, 1976.
BE IT FURTHER RESOLVED that all documents pertaining to
this agreement be approved by the Acting Redevelopment Executive
Director and the Agency Attorney.
ADOPTED, SIGNED AND APPROVED this 7th day of December, 1976,
REDEVELOPMENT AGENCY of the
CITY OF REDLANDS
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APPROVED FOR FORM:
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Attorney for Redev1 pment Agency
of the City of Redl, ds
; EST W. HAHN, INC.
2311 WEST EL SEGUNDO BOUt_EVARD. HAWTHORNS, CALIFORNIA 80250 - PHONE E213)707-9151
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November 30, 1976
Redevelopment Agency of the
City of Redlands
City Hall
Rost Office Box 280
Redlands, California 92373
Attention: Agency Chairman and Members
Mr. Robert Mitchell, Executive Director
Re: Redlands Mall Shopping Center
Sale-Leaseback
Dear Mr. Mitchell :
On November 18 , 1976 , representatives of the Redlands Redevel-
opment Agency and Staff (Agency) and Ernest W. Hahn, Inc. , on
behalf of Redlands Mall Associates (Developer) met at the City
of Redlands to discuss the Sale-Leaseback of Redlands Shopping
Center (Center) ,
As you may recall, on October 22 , 1976, Ernest W. Hahn, Inc.
sent a ,l.etter to you requesting approval by the Agency of a
Sale-Leaseback pursuant to Section 315 of the Disposition and
Development Agreement and Implementation Agreement (DDA) . In
that letter, Developer set forth the basic terms and conditions
of the Sale-Leaseback. The Agency responded to Developer ' s
letter on November 8 , 1976 , asking for further assurances and
clarifications. A meeting was held on November 18, 1976 , to
personally explain the scope and impact of the Sale-Leaseback.
In compliance with requests by the Agency, this letter will set
forth a more detailed explanation of the Sale-Leaseback and con-
tinuing obligations of Developer.
A Sale-Leaseback will be executed between Developer and the
Huntington Land Company with respect to Parcels 1, 2 and 5 in
the Redevelopm6nt Project Area. Huntington Land Company is a
Developer and owner of numerous projects, e.g. , homes , town-
houses, motels, trailer parks, etc. Huntington Land Company
owns a regional shopping center in Huntington Beach, and has
expertise in property management and control. of shopping centers.
Huntington Land Company was organized and existing in 1906 .
Developer' s position and obligations for completion of the
Center pursuant to the DDA, and all other agreements for the
NAYbVARDOFFICE. 20700 CORSAIR ULVO.. (P.O. BOX 41761 HAYWAVID. CALIFCtFiNIA 04545 • PHONE (41 y) TEIS21J)taD
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Mr. Mitchell November 30, 1976
r` Re: Redlands Mall Shopping Center Page Two
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performance of work remain the same . The Sale-Leaseback transaction
between Developer and Huntington Land Company is for financing
purposes only. Developer will become the Lessee of the Center
(Parcels 1, 2 and 5) with Huntington Land Company as Lessor.
Developer' s responsibilities to Huntington Land Company will .
generally be the same as they are to the Agency. For, example ,
Developer must complete the Center in accordance with the DDA
and all other agreements with the Agency. The Lease shall not be
terminable until such time as the Center is complete and certain
other conditions are achieved by Developer.
As soon as the documents for the Sale-Leaseback are prepared and
finalized, the Agency will have an opportunity to review the basic
terms and conditions of the transaction to assure Developer' s
performance pursuant to the DDA and related agreements effective
prior to December 31, 1976 .
The purpose of this letter is to request that the Agency approve
the Sale--Leaseback between Developer and Huntington Land Company
pursuant to the terms and conditions as set forth herein . If
acceptable, .please acknowledge the Agency ' s approval in the space
provided below.
Very truly yours,
ERNE ST W. HAHN, INC.
ROBERT F. ROCCHI
RFR:mlr
Approved and accepted this day of 1976.
REDEVELOPMENT AGENCY OF THE
CITY OF REDLANDS
By