CHAZAN / LLOYD,S BANKAGENDA ITEM
TO:
FROM:
SUBJECT:
SITUATION•
February 2, 1988
Stephen B. Julian, Executive Director -CRA
Bob Boone, Finance Officer -CRA
Disposition of Owner Participation Agreement - Las Hadas (Chazan
Development)
The Owner Participation Agreement dated September 4, 1984 provides for Agency
assistance at the completion of the project.
Section 206 of the Agreement, states the Agency will reimburse the developer for 70% of
the costs incurred for property acquisition and off site construction to the extension of
Paseo Adelanto. The completion date of August 18, 1986 was set by the issuance of the
Certificate of Use & Occupancy.
The total cost of acquisition and off site improvements, as verified by the City Engineer,
are as follows:
Acquisition Right -of Way $ 80,000.00
Off Site Improvements 224,295.00
Total Cost $304,295.00
Total at 70% $213,006.00
The agreement provides for reimbursement of approved costs to be paid over 8 years @
12% interest.
The Attorney for Chazan Development has agreed to 8 fully amortized payments
beginning August 1, 1987. The Agency would reserve the right to prepay the total due at
an earlier date without penalty. The Agency is to provide Mr. Chazan with a Promissory
Note.
COMMISSION/BOARD REVIEW, RECOMMENDATION:
N/A
FINANCIAL CONSIDERATIONS:
Principal and interest at 12% from August 18, 1986 through August 18, 1987 totaling
$42,878.71 is now due and payable. An additional $2,572.73 of accrued interest on the
first payment has also been agreed to. The second annual payment of the note will be
due on August 18, 1988 with final payment due on August 18, 1994 per the attached
amortization schedule. A budget adjustment in the Debt Services Fund of $32,000.00 will
be required to cover the cost.
AGENDA ITEM -2-
NOTIFICATIONS:
N/A
ALTERNATE ACTIONS:
1. Authorize the Executive Director to sign the
budget adjustment of $32,000.00 in the Debt
the Tax Allocation Note proceeds of 1986.
2. Do not authorize the signing of the Promissory
3. Request additional information.
RECOMMENDATION -
40
February 2, 1998
Promissory Note and authorize a
Services Fund with funding from
Note and budget adjustment.
By motion, authorize the Executive Director to sign the Promissory Note and authorize a
budget adjustment of $32,000.00 in the Debt Services Fund with funding from the Tax
Allocation Note proceeds of 1986.
Respectfully submitted,
� iii•
:.. :..
BB:ja
Attachment
0 LAS HADAS OFFICE PROJECT
OFF-SITE WORK CONSTRUCTION *TS
(Allocable to Paseo Adelanto Extension)
I.
SIGNALIZATION
II.
CHANNELIZATION
III.
CONCRETE
IV.
PAVING
V.
STORM DRAIN
VI.
WATER & FIRE HYDRANTS
VII.
SEWER
VIII.
GRADING
IX.
STAKING
X.
SOIL TESTS
XI.
DEMOLITION & REMOVALS
XII.
MISCELLANEOUS ITEMS
XIII.
GENERAL CONDITIONS
XIV.
FIELD SUPERVISION
CONSTRUCTION MANAGEMENT FEE (10%)
TOTAL OFF-SITE COSTS
SUMMARY
OF
OYHARZABAL PROPERTY ACQUISITION
PURCHASE PRICE
CASH DOWN
PROMISSORY NOTE (Seller carry back)
$77,894.
4,024.
6,008.
16,449.
24,870.
0
7,504.
19,000.
3,395.
3,103.
4,973.
4,006.
6,335.
26,344.
$203,905
20,390
$80,000
16,000
$64,000
NOTE: Developer paid 100% of cash down and is paying 100% of
debt service on Seller's carry back note.
r • "Agency Copy"
CITY OF SAN JUAN CAPISTRANO
COMMUNITY REDEVELOPMENT AGENCY
PROMISSORY NOTE
August 18, 1986
Pursuant to the Owner Participation Agreement dated September 4, 1984 between the
San Juan Capistrano Redevelopment Agency ("Agency") and Gerald Chazan
("Developer"), this Promissory Note shall serve as the obligation instrument as provided
for in Section 206 of the Owner Participation Agreement.
The "Agency" hereby promises to pay Gerald Chazan (Developer) $213,006.00,
Two Hundred Thirteen Thousand Six Dollars, at 12% per annum in 8 equal payments per
the attached Amortization Schedule.
The Agency reserves the right to prepay this note without additional penalties.
Agency ecretary
Mary nn Hanover
1. Principal balance $213,006;
principal
and
interest payable in 8 equal
annual installments.
BEGINNING
PAYMENT
INTEREST
PRINCIPLE
PRINCIPAL
BALANCE
AMOUNT
PAYMENT
PAYMENT
BALANCE
213,006.00
42,878.71
25,456.00
17,317.99
195,688.01
195,688.01
42,878.71
23,482.56
19,396.15
176,291.85
176,291.85
42,878.71
21,155.02
21,723.69
154,568.16
154,568.16
42,878.71
18,548.18
24,330.53
130,237.63
130,237.63
42,878.71
15,628.52
27,250.20
102,987.43
102,987.43
42,878.81
12,358.49
30,520.22
72,467.21
72,467.21
42,878.81
8,696.07
34,182.65
38,284.57
38,284.57
42,878.81
4,594.15
38,284.57
0
Note: Total interest paid: $130,023.70
August 8, 1986 to August 18, 1994
.CII
• . ` "Citf,
OWNER PARTICIPATION AGREEMENT
THIS AGREEMENT is entered into by and between the SAN
JUAN CAPISTRANO REDEVELOPMENT AGENCY, a public body, corporate
and politic, ("Agency") and GERALD CHAZAN, an individual
("Developer"). The Agency and the Developer agree as follows:
I. [§ 100] SUBJECT OF AGREEMENT
A. [§ 101] Purpose of the Agreement
The purpose of this Agreement is to effectuate the
Redevelopment Plan (the "Redevelopment Plan"), for the San Juan
Capistrano Central Redevelopment Project Area (the "Project
Area"), by providing for the development of a portion of the
Project Area as defined hereinafter. The development of the
Project Area pursuant to this Agreement, and the fulfillment
generally of this Agreement, are in the best interests of the
City of San Juan Capistrano and the welfare of its residents,
and in accord with the public purposes and provisions of
applicable federal, state, and local laws and requirements.
B. [§ 102] The Redevelopment Plan
This Agreement is subject to the provisions of the
Redevelopment Plan which was approved and adopted by the City
Council of the City of San Juan Capistrano by Ordinance
No. 488 as subsequently amended.
C. [§ 103] The Site
The Site consists of parcels located within the Project
Area as shown on the Redevelopment Site Map attached hereto as
Exhibit "A" and incorporated herein by reference (the
"Development Site Map"). The portion of the Site shown on the
Development Site Map as Developer Parcel is currently owned by
the Developer. The portion of the Site shown on the
Development Site Map as the Agency Parcel is owned or is to be
acquired by the Agency.
D. [§ 104] The Project
The Project shall consist of the construction of two (2)
office/commercial buildings and related improvements, as more
particularly described in the "Scope of Development" attached
hereto as Exhibit "B" and incorporated herein by reference.
E. [§ 1051 Parties to the Agreement
1. [§ 1061 The Agency
The Agency is a public body, corporate and politic,
exercising governmental functions and powers and organized and
existing under the Community Redevelopment Law of the State of
California.
The principal office of the Agency is located at
City Hall, 32400 Paseo Adelanto, San Juan Capistrano, 92675.
"Agency" as used in this Agreement includes any
assignee of or successor to its rights, powers and
responsibilities.
2. [§ 107] The Developer
The principal office of the Developer for purposes
of this Agreement is 431 North Brand Boulevard, Glendale,
California 91203.
Wherever the term "Developer" is used herein, such
term shall include any such permitted nominee or assignee as
herein provided.
II. [§ 2001 DEVELOPMENT OF THE SITE
A. [§ 2011 Development of the Site by the Developer
[§ 2021 Scope of Development
Developer agrees to clear and grade the Site and to
take such other actions as shall be necessary to enable
Developer to construct the hereinafter described improvements
thereon in accordance with the Schedule of Performance attached
hereto as Exhibit "C" and incorporated herein by reference.
Developer agrees to construct on the Developer Parcel two (2)
office/commercial buildings and related improvements, as more
particularly described in the Scope of Development. Developer
further agrees to construct on the Agency Parcel the extension
of Paseo Adelanto, also as more particularly described in the
Scope of Development. The new construction generally described
in this Section 202 is collectively referred to in this
Agreement as the "Improvements". The Improvements shall be
generally located as shown on the Site Plan attached hereto as
Exhibit "D" and incorporated herein by reference and shall be
completed in accordance with the requirements of this Agreement.
[§ 2031 Basic Concept Drawings
The Developer has prepared and submitted to the
Agency, Basic Concept Drawings and related documents containing
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0
the overall plan for development of the Site. The Basic
Concept Drawings include perspective renderings reflecting
design concepts, a site plan showing the general location of
Improvements as they are to be initially constructed upon the
Site, and the boundaries of the Developer Parcel and Agency
Parcel as they relate to existing streets. The Site shall be
developed as generally established in the Basic Concept
Drawings and related documents except as changes may be
mutually agreed upon between the Developer and the Agency.
3. [§ 2041 Construction Drawings and Related
Documents
The Developer shall prepare and submit final
construction drawings and related documents for each of the
phases of development of the Improvements to the Agency for
architectural review and written approval as and at the times
set forth in the Schedule of Performance.
During the preparation of all drawings and plans,
the Agency and the Developer shall hold regular progress
meetings to coordinate the preparation of, submission to, and
review of construction plans and related documents by the
Agency. The Agency and the Developer shall communicate and
consult informally as frequently as is necessary to insure that
the formal submittal of any documents to the Agency can receive
prompt and rapid consideration.
4. [§ 2051 Agency Approval of Plans, Drawings,
and Related Documents
Subject to the terms of this Agreement, the Agency
shall have the right of architectural review of all plans and
submissions, including any changes therein.
The Agency shall approve or disapprove the plans,
drawings and related documents referred to in Sections 203 and
204 of this Agreement within the times set forth in the
Schedule of Performance. Any disapproval shall state in
writing the reasons for disapproval and the changes which the
Agency requests be made. Such reasons and such changes must be
consistent with Section 202 and any items previously approved
or deemed approved hereunder by the Agency. The Developer,
upon receipt of a disapproval based upon powers reserved by the
Agency, shall revise such portions as are in conflict with the
Basic Concept Drawings and related documents and resubmit to
the Agency as soon as possible after receipt of the notice of
disapproval.
If the Developer desires to make any substantial
change in the final working drawings after their approval by
the Agency, the Developer shall submit the proposed change to
the Agency for its approval. If the final working drawings as
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modified by the proposed change conform to the requirements of
Sections 202 and 204 of this Agreement, the Agency shall approve
or disapprove the proposed change and notify the Developer in
writing within 45 days after submission to the Agency. Any
disapproval shall set forth in detail the reasons therefor.
S. [§ 206]
Cost of Construction
The cost of developing the Developer Parcel and
constructing all Improvements on such parcel shall be borne by
the Developer.
Developer shall advance 100% of the costs of the
extension of Paseo Adelanto within the boundaries of the Agency
Parcel as described in the Scope of Development as such costs
become due and payable. Said costs shall include both the
acquisition cost of the Agency Parcel from Carman Oyharzabal
and Terry Rodriguez, as individuals, and Eugene O. Oyharzabal,
a trust ("Sellers") and the actual construction costs of the
extension. The construction of the extension of Paseo Adelanto
within the boundaries of the Agency Parcel shall be completed
prior to and as a condition of issuance of the first
Certificate of Occupancy. It shall be the Developer's
obligation to make the payments as they become due for the
account of the Agency, including escrow costs and fees, each at
close of escrow and debt service with respect to that certain
Promissory Note issued pursuant to that certain Joint Escrow
Instructions and Agreement For Purchase And Sale of Real
Property executed by and between the Agency and the Sellers for
the sale of the Agency Parcel attached hereto as Exhibit "E".
The Agency shall reimburse the Developer for 70% of
the total of said costs. The Agency's reimbursement to the
Developer of said costs shall be made annually on or before
June 30th of each year if and to the extent that tax increment
revenues generated by the Improvements become available to the
Agency for such purposes. The Agency's obligation to reimburse
the Developer shall bear an interest rate of 12 percent
(12%) per annum. All outstanding principal and interest on
this obligation shall be due and payable 8 years after
the date of the filing of the Certificate of Completion as
described in Section 223, with respect to the Improvements.
6. (§ 2071 Schedule of Development
Except as set forth in Section 505 or otherwise
provided herein, the Improvements shall be constructed within
the times set forth in the Schedule of Performance.
7. (§ 2081 Bodily Injury and Property Damage
Insurance
During the period when the Developer is engaged in
work on the Site and ending on the date when a Certificate of
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Completion has been issued with respect to all of the Site, the
Developer shall furnish or cause to be furnished to the Agency
duplicate originals or appropriate certificates of bodily
injury and property damage insurance policies in the amount of
at least $500,000 for any person, $1,000,000 for any occurrence
and $300,000 property damage, naming the Agency and the City of
San Juan Capistrano as coinsureds.
S. [§ 2091 City and Other Governmental Agency
Permits
Before commencement of construction or development
of any buildings, structures or other work or improvement upon
the Developer Parcel, Agency Parcel or any portion thereof, the
Developer shall at its own expense secure or cause to be
secured any and all permits or other approvals which may be
required by the City of San Juan Capistrano or any other
governmental agency affected by such construction, development
or work, including all environmental assessment work required
by CEQA.
In the event any proposed change in the plans for
the Site would require a new EIR or a supplement thereto,
Developer agrees to take such steps as shall be necessary to
prepare the same and to cause such document to be considered
and approved as required by CEQA.
9. [§ 2101 Agency, City and Developer Rights of
Access During Construction
Representatives of the Agency and the City of San
Juan Capistrano shall have the reasonable right of access to
the Site without charges or fees, at normal construction hours
during the period of construction for the purposes of this
Agreement, including but not limited to the inspection of the
work being performed in constructing the Improvements.
10. [§ 2111 Local, State and Federal Laws
The Developer shall carry out the construction of
the Improvements being developed by it on the Site in
conformity with all applicable laws, including all applicable
federal and state labor standards.
11. [§ 2121 Antidiscrimination During Construction
The Developer for itself and its successors and
assigns, agrees that in the construction of the Improvements
provided for in this Agreement, the Developer will not
discriminate against any employee or applicant for employment
because of race, color, religion, sex or national origin.
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12. [§ 2131 Relocation
Developer shall be responsible for the cost of the
relocation claims of all the tenants and occupants of the Site.
B. [§ 2141 Taxes, Assessments, Encumbrances and Liens
The Developer shall pay when due all real property taxes
and assessments assessed or levied on the Developer Parcel.
Prior to the recordation of a Certificate of Completion on the
Site, or any portion thereof, the Developer shall not place or
allow to be placed on the Developer Parcel or portion thereof
any mortgage, trust deed, encumbrance or lien not authorized by
this Agreement and the Developer shall remove or have removed
any levy or attachment made on such portion of the Developer
Parcel or assure the satisfaction thereof within a reasonable
time but in any event prior to a sale thereunder.
C. [§ 2151 Prohibition Against Transfer of the Site
ment o
Prior to the recordation by the Agency of a Certificate
of Completion of construction as provided hereinafter, the
Developer shall not, except as permitted by this Agreement,
including Section 414, sell, transfer, convey, assign or lease
the whole or any part of the Site or the buildings or
structures on the Site without the prior approval of the
Agency. This prohibition shall not be applicable to any entity
or entities owned or controlled by Developer or any parent
corporation or subsidiary corporation or to any shareholder or
any entity or entities controlled by any of such shareholders;
provided, however, Developer shall remain fully responsible to
the Agency as provided in this Agreement until the recordation
of a Certificate of Completion on all portions of the Site.
This prohibition shall not be deemed to prevent the granting of
easements or permits to facilitate the development of the
Site. Notwithstanding the foregoing, Developer shall be
entitled to sell, transfer, convey and assign ownership of the
Site and Developer's rights and duties hereunder to a
California limited partnership of which Developer is a general
partner.
In the absence of a specific written agreement by the
Agency, no such transfer, assignment or approval by the Agency
shall be deemed to relieve the Developer or any other party
from any obligations under this Agreement as to any portion of
the Site until completion of development of such portion as
evidenced by a Certificate of Completion.
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D. [§ 2161 Security Financing; Right of Holders
1. [§ 217] No Encumbrances Except Mortgages,
Deeds of Trust, Sales and Leases -
Back or Other Financing for Devel-
opment
Notwithstanding Section 215, mortgages, deeds of
trust, sales and leases -back or any other form of conveyance
required for any reasonable method of financing are permitted
before issuance of a Certificate of Completion of the
construction of all of the Improvements but only for the
purpose of securing funds to be used for the construction of
Improvements on the Site and any other expenditures necessary
and appropriate to develop the Site under this Agreement. The
Developer or any entity permitted under Section 215 to acquire
an interest in the Developer Parcel shall notify the Agency in
advance of any mortgage, deed of trust, sale and lease -back or
other form of conveyance for financing if the Developer or such
entity proposed to enter into the same before issuance of a
Certificate of Completion of the construction of the
Improvements on the Site or the portion thereof to be subject
to such financing arrangement. The Developer or such entity
shall not enter into any such conveyance for financing without
the prior written approval of the Agency (unless the entity or
entities to whom such conveyance for financing is to be made
shall be one or more of the twenty-five largest banking
institutions in the United States, or one or more of the
twenty-five largest insurance companies in the United States
qualified and admitted to do business in the State of
California), which approval the Agency agrees to give if any
such conveyance is given to a responsible financial or lending
institution or institutions or other acceptable person or
entity. In any event, the Developer shall promptly notify the
Agency of any mortgage, deed of trust, sale and lease -back or
other financing conveyance, encumbrance or lien that has been
created or attached thereto prior to issuance of a Certificate
of Completion of the construction of the Improvements on the
Site or the portion thereof to be subject to such financing
arrangement whether by voluntary act of the Developer or
otherwise. The words "mortgage" and "deed of trust" as used
herein include all other appropriate modes of financing, real
estate acquisition, construction and land development.
2. [§ 2181 Holder Not Obligated to Construct
Improvements
The holder of any mortgage, deed of trust or other
security interest and lessor under a lease -back or grantee
under any other conveyance for financing authorized by this
Agreement shall in no way be obligated by the provisions of
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this Agreement to construct or complete the Improvements or to
guarantee such construction or completion. Nothing in this
Agreement shall be deemed to construe, permit, or authorize any
such holder to devote the Site to any uses, or to construct any
improvements therein, other than those uses or Improvements
provided for or authorized by this Agreement.
3. 1§ 2191 Notice of Default to Mortgagee, Deed
of Trust or Other Security Interest
Holders; Right to Cure
Whenever the Agency shall deliver any notice or
demand to the Developer with respect to any breach or default
by the Developer in completion of construction of the
Improvements, the Agency shall at the same time deliver to each
holder of record of any mortgage, deed of trust or other
security interest and the lessor under a lease -back or grantee
under any other conveyance for financing authorized by this
Agreement a copy of such notice or demand. Each such holder or
other entity shall (insofar as the rights of the Agency are
concerned) have the right at its option within ninety (90) days
after the receipt of the notice, to cure or remedy or commence
to cure or remedy any such default and to add the cost thereof
to the security interest debt and the lien on its security
interest or to the obligations of the lessee under any
lease -back or of the grantor under any other conveyance for
financing. Nothing contained in this Agreement shall be deemed
to permit or authorize such holder or other entity to undertake
or continue the construction or completion of the Improvements
(beyond the extent necessary to conserve or protect the
Improvements or construction already made) without first having
expressly assumed the Developer's obligations (with respect to
the portion of the Site on which the holder or other entity has
an interest) to the Agency by written agreement satisfactory to
the Agency. The holder or other entity in that event must
agree to complete, in the manner provided in this Agreement,
the Improvements to which the lien or title of such holder or
other entity relates, and submit evidence satisfactory to the
Agency that it has the qualifications and financial
responsibility necessary to perform such obligations. Any such
holder or other entity properly completing such Improvements
shall be entitled, upon written request made to the Agency, to
a Certificate of Completion from the Agency with respect to
such Improvements.
4. 1§ 2201 Failure of Holder to Complete
Improvements
In the case where, six months after default by the
Developer in completion of construction of Improvements under
this Agreement, the holder of any mortgage, deed of trust or
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0 0
other security interest creating a lien or encumbrance upon or
the lessor under a lease -back or grantee under any other
conveyance for financing of any portion of the Site has not
exercised the option afforded in Section 219 hereof to
construct, or if it has exercised the option but has not
proceeded diligently with construction, the Agency may either:
(i) purchase the mortgage, deed of trust or other security
interest or the interest of any such lessor or grantee by
payment to the holder of the amount of the unpaid debt, plus
any accrued and unpaid interest, or in the case of such lessor
or grantee by payment to such lessor or grantee of the purchase
price paid for its interest in the Site and the Improvements
and any unpaid rent or other charge payable to it under its
applicable agreements with its lessee or grantor; or (ii) if
the ownership of such portion of the Site has vested in the
holder, purchase from the holder such interest upon payment to
the holder of an amount equal to the sum of the following:
(a) The unpaid mortgage, deed of trust or
other security interest debt at the time title became
vested in the holder (less all appropriate credits,
including those resulting from collection and application
of rentals and other income received by the holder during
foreclosure proceedings).
(b) All expenses with respect to foreclosure.
(c) The net expenses, if any (exclusive of
general overhead), incurred by the holder as a direct
result of the subsequent management of such portion.
(d) The costs of any Improvements made by such
holder.
(e) An amount equivalent to the interest that
would have accrued on the aggregate of such amounts had
all such amounts become part of the mortgage, deed of
trust debt or other security interest and such debt had
continued in existence to the date of payment by the
Agency.
5. [§ 2211 Right of Agency to Cure Mortgage,
Deed of Trust, Other Security
Interest, Lease -Back or Other
Conveyance for Financing After
Default
In the event of a default or breach by the Developer
or any entity permitted to acquire title under Section 216 of a
mortgage, deed of trust, other security instrument or
lease -back or obligations to the grantee under any other
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conveyance for financing with respect to the Site or a portion
thereof prior to the completion of development, and the holder,
lessor or grantee, as the case may be, has not exercised its
option to complete the development, the Agency may cure the
default prior to completion of any foreclosure or termination
of the lease or other interest retained or granted back. In
such event the Agency shall be entitled to reimbursement from
the Developer or such other entity of all costs and expenses
incurred by the Agency in curing the default. The Agency shall
also be entitled to a lien upon the portion of the Site to the
extent of such costs and disbursements. Any such lien shall be
subject to mortgages, deeds of trust or other security
instruments and the interest of lessors under any leases -back
and grantees under other conveyances for financing executed for
the sole purpose of obtaining funds to purchase and develop the
Site, construct the Improvements, finance such costs and to pay
all costs reasonably related to Developer's obtaining and
performing this Agreement.
E. [§ 2221 Right of the Agency to Satisfy Liens
Prior to the recordation of a Certificate of Completion
for construction and development, and after the Developer has
had a reasonable time to challenge, cure or satisfy any liens
or encumbrances on the Site or any portion thereof, the Agency
shall have the right to satisfy any such liens or encumbrances,
provided, however, that nothing in this Agreement shall require
the Developer to pay or make provision for the payment of any
tax, assessment, lien or charge so long as the Developer in
good faith shall contest the validity or amount thereof, and so
long as such delay in payment shall not subject the Site or a
portion thereof to forfeiture or sale.
F. [§ 2231 Certificate of Completion
Promptly after completion of construction and development
of all of the Improvements or portion thereof and if Developer
is not in default of its obligations hereunder, the Agency
shall furnish the Developer, or a permitted transferee of the
Developer with respect to the Site or portions thereof, with a
Certificate of Completion upon written request therefor by the
Developer or such transferee. The Agency shall not
unreasonably withhold any such Certificate of Completion. Such
Certificate of Completion shall be, and shall so state that it
is, a conclusive determination of satisfactory completion of
the construction required by this Agreement upon the Site or
such portion (as the case may be), and of full compliance with
the terms hereof with respect thereto.
If the Agency refuses or fails to furnish a Certificate
of Completion for the Site or a portion thereof after written
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request from the Developer or other entity or person set forth
above entitled to request the same, the Agency shall, within
thirty (30) days of the written request, provide the Developer
with a written statement of the reasons why the Agency refuses
or fails to furnish such Certificate of Completion. The
statement shall also contain the Agency's opinion of the action
that must be taken to obtain such Certificate of Completion
upon the posting of a bond with the Agency in an amount
representing a fair value of the work not yet completed.
Such Certificate of Completion shall not constitute
evidence of compliance with or satisfaction of any obligation
of the Developer to any holder of a mortgage, or any insurer or
a mortgage securing money loaned to finance the improvements,
or any part thereof. Such Certificate of Completion is not
notice of completion as referred to in the California Civil
Code, Section 3093.
III. [§ 3001 USE OF THE SITE
A. [§ 3011 Uses
The Developer covenants and agrees for itself, its
successors, its assigns and every successor in interest that
during construction and thereafter, the Developer, such
successors and such assignees shall devote the Site to the uses
specified in the Scope of Development, as the same may be
amended from time to time.
B. [§ 3021 Obligation to Refrain from Discrimination
There shall be no discrimination against or segregation
of any person, or group of persons, on account of sex, race,
color, creed, national origin or ancestry in the enjoyment of
the Site, nor shall the Developer itself or any person claiming
under or through it establish or permit any such practice or
practices of discrimination or segregation with reference to
the selection, location, number, use or occupancy of tenants,
lessees, subtenants, sublessees, or vendees of the Site or any
portion thereof.
C. [§ 303] Form of Nondiscrimination and
Nonsegregation Clauses
The Developer shall refrain from restricting the rental,
sale or lease of the Site or any portion thereof on the basis
of sex, race, religion, marital status, color, ancestry or
national origin of any person. All such deeds, leases or
contracts shall contain or be subject to substantially the
following nondiscrimination or nonsegregation clauses:
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1. In deeds: "The grantee herein covenants by and
for himself, his heirs, executors, administrators and assigns,
and all persons claiming under or through them, that there
shall be no discrimination against or segregation of, any
person or group of persons on account of sex, race, religion,
marital status, color, national origin or ancestry in the sale,
lease, sublease, transfer, use, occupancy, tenure or enjoyment
of the land herein conveyed, nor shall the grantee himself or
any person claiming under or through him, establish or permit
any such practice or practices of discrimination or segregation
with reference to the selection, location, number, use or
occupancy of tenants, lessees, subtenants, sublessees or
vendees in the land herein conveyed. The foregoing covenants
shall run with the land."
2. In leases: "The lessee herein covenants by and
for himself, his heirs, executors, administrators and assigns,
and all persons claiming under or through him, and this lease
is made and accepted upon and subject to the following
conditions:
That there shall be no discrimination against or
segregation of any person or group of persons on account
of sex, race, color, religion, marital status, national
origin or ancestry, in the leasing, subleasing,
transferring, use, or enjoyment of the land herein leased
nor shall the lessee himself, or any person claiming
under or through him, establish or permit any such
practice or practices of discrimination or segregation
with reference to the selection, location, number, use or
occupancy of tenants, lessees, sublessees, subtenants or
vendees in the land herein leased."
3. In contracts: "There shall be no discrimina-
tion against or segregation of, any person, or group of persons
on account of sex, race, color, religion, marital status,
national origin or ancestry in the sale, lease, sublease,
transfer, use, occupancy, tenure or enjoyment of the land, nor
shall the transferee himself or any person claiming under or
through him, establish or permit any such practice or practices
of discrimination or segregation with reference to the
selection, location, number, use or occupancy of tenants,
lessees, subtenants, sublessees or vendees of the land."
D. [§ 3041 Effect and Duration of Covenants
After issuance of a Certificate of Completion with regard
to any portion of the Site, all of the terms, covenants,
agreements or conditions set forth in this Agreement relating
to such portion shall cease and terminate excepting only the
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following provisions which shall survive as follows in
accordance with their provisions:
1. Section 301 (relating to Uses) shall remain in
effect until the termination date of the Redevelopment Plan as
such Plan may be amended from time to time by proper amendment
thereto.
2. Sections 302 and 303 (relating to Antidiscrimi-
nation) shall remain in effect in perpetuity.
3. Section 600 et seg., (relating to Defaults and
Remedies and Termination) shall remain in effect to the extent
necessary to enforce other provisions of this Agreement to the
extent such have survived as set forth in this Section 504.
E. [§ 305)
r��
s
The Agency for itself, and for the City of San Juan
Capistrano and other public agencies, at their sole risk and
expense, reserves the right to enter the Site or any part
thereof at all reasonable times and with as little interference
as possible, for the purpose of reconstruction, maintenance,
repair or service of any publicly owned improvements or public
utilities located on the Site. Any such entry shall be made
only after reasonable notice to the Developer, and Agency shall
indemnify and hold the Developer harmless from any claims or
liabilities pertaining to any entry. Any damage or injury to
the Site or improvements thereon resulting from such entry
shall be prompty repaired at the sole expense of the public
agency responsible for the entry.
IV. [§ 4001 DEFAULTS, REMEDIES AND TERMINATION
A. [§ 4011 Defaults - General
Subject to the extensions of time set forth in Section
505, failure or delay by either party to perform any term or
provision of this Agreement within the time provided herein and
particularly the Schedule of Performance constitutes a default
under this Agreement. The party who so fails or delays must
immediately commence to cure, correct, or remedy such failure
or delay within thirty (30) days from the date of written
notice thereof, and shall complete such cure, correction or
remedy with reasonable diligence within a reasonable period of
time.
The injured party shall give written notice of default to
the party in default, specifying the default complained of by
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•
the injured party. Failure or delay in giving such notice
shall not constitute a waiver of any default, nor shall it
change the times of default.
Except as otherwise expressly provided in this Agreement,
any failure or delay by either party in asserting any of its
rights or remedies as to any default shall not operate as a
waiver of any default or of any such rights or remedies or
deprive either such party of its right to institute and
maintain any actions or proceedings which it may deem necessary
to protect, assert or enforce any such rights or remedies.
B. [§ 4021 Legal Actions
1. [§ 4031 Institution of Legal Actions
Subject to the provisions of Section 607 and 608 of
this Agreement, in addition to any other rights or remedies,
either party may institute legal action to cure, correct or
remedy any default, to recover damages for any default, or to
obtain any other remedy consistent with the purpose of this
Agreement. Such legal actions must be instituted in the
Superior Court of the County of Orange, State of California, in
an appropriate municipal court in that County, or in the
Federal District Court in the Central District of California.
2. [§ 4041 Applicable Law
The laws of the State of California shall govern the
interpretation and enforcement of this Agreement.
3. [§ 4051 Acceptance of Service of Process
In the event that any legal action is commenced by
the Developer against the Agency, service of process on the
Agency shall be made by personal service upon the Chairman,
Executive Director or Secretary of the Agency, or in such other
manner as may be provided by law.
In the event that any legal action is commenced by
the Agency against the Developer, service of process on the
Developer shall be made in such manner as may be provided by
law, whether made within or without the State of California.
C. [§ 4061 Rights and Remedies are Cumulative
Except as otherwise expressly stated in this Agreement,
the rights and remedies of the parties are cumulative, and the
exercise by either party of one or more of such rights or
remedies shall not preclude the exercise by it, at the same
time or different times, or any other rights or remedies for
the same default or any other default by the other party.
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D. [§ 4071 Damages
Except as to termination as provided in Sections 410 and
411, if either the Developer or the Agency defaults with regard
to any of the provisions of this Agreement, the nondefaulting
party shall serve written notice of such default upon the
defaulting party. If the default is not cured or commenced to
be cured by the defaulting party within thirty (30) days after
service of the notice of default, the defaulting party shall be
liable to the other party for any damages caused by such
default and the nondefaulting party may thereafter (but not
before) commence an action for damages against the defaulting
party with respect to such default.
E. [§ 408] Specific Performance
Except as to termination as provided in Sections 610 and
611, if either the Developer or the Agency defaults under any
of the provisions of this Agreement, the nondefaulting party
shall serve written notice of such default upon the defaulting
party. If the default is not commenced to be cured by the
defaulting party within thirty (30) days of service of the
notice of default, the nondefaulting party at its option may
thereafter (but not before) commence an action for specific
performance of the terms of this Agreement.
F. [§ 4091 Remedies and Rights of Termination
1. [§ 4101 Termination by Developer
The Developer at its option may terminate this
Agreement if the Developer shall furnish evidence satisfactory
to the Agency that it has been unable, after and despite
diligent effort, to obtain financing commitments from financial
institutions sufficient to enable it to finance the
construction of the Improvements contemplated to be constructed
on the Site, which failure continues to the date which is one
year from the date hereof. Neither party shall have any
further rights or liabilities against the other.
2. [§ 4111 Termination by Agency
(a) The Agency at its option may terminate
this Agreement if the Developer improperly assigns or
attempts to assign this Agreement (or any rights therein)
or the Developer Parcel (or any rights therein) in
violation of this Agreement. Neither party shall have
any further rights or liabilities against the other
except for damages to the Agency if Agency proves such
damages in litigation.
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0
(b) The Agency at its option may terminate
this Agreement if the Developer fails to commence
construction of the Improvements expansion on the Site as
required by this Agreement within the date specified in
the Schedule of Performance and fails to commence action
to cure such breach within thirty (30) days after the
date of written demand therefor by the Agency and such
breach is not cured with reasonable diligence within a
reasonable period of time. Neither party shall have any
further rights or liabilities against the other except
for damages to the Agency if Agency proves such damages
in litigation.
V. [§ 500] GENERAL PROVISIONS
A. [§ 501] Notices, Demands and Communications
Between the Parties
Formal written notices, demands, correspondence and
communications between the Agency and the Developer shall be
sufficiently given if dispatched by registered or certified
mail, postage prepaid, return receipt requested, to the
principal offices of the Agency and the Developer. Such
written notices, demands, correspondence and communications may
be sent in the same manner to such other persons and addresses
as either party may from time to time designate by mail as
provided in this Section.
B. [§ 5021 Conflict of Interest
No member, official or employee of the Agency shall have
any direct or indirect interest in this Agreement, nor
participate in any decision relating to the Agreement which is
prohibited by law.
C. [§ 5031 Warranty Against Payment of Consideration
for Agreement
The Developer warrants that it has not paid or given, and
will not pay or give, any third person any money or other
consideration for obtaining this Agreement.
D. [§ 5041 Nonliabiiity of Agency Officials and
Employees
No member, official or employee of the Agency shall be
personally liable to the Developer, or any successor in
interest, in the event of any default or breach by the Agency
or for any amount which may become due to the Developer or
successor or on any obligations under the terms of this
Agreement.
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I
•
E. [§ 5051 Enforced Delay: Extension of Times of
Performance
In addition to specific provisions of this Agreement,
performance by either party hereunder shall not be deemed to be
in default where delays or defaults are due to war;
insurrection; strikes; lock -outs; riots; floods; earthquakes;
fires; casualties; acts of God; acts of the public enemy;
epidemics; quarantine restrictions; freight embargoes; lack of
transportation; governmental restrictions or priority;
litigation (other than condemnation actions); unusually severe
weather; inability to secure necessary labor, materials or
tools; delays or any contractor's subcontractor or supplier;
acts of the other party; acts or failure to act of any public
or governmental agency or entity, any abnormal delay in
issuance of the permits referred to in Section 209, or any
other causes beyond the control or without the fault of the
party claiming an extension of time to perform. An extension
of time for any other causes beyond the control or without the
fault of the party claiming such extension is sent to the other
party more than thirty (30) days after the commencement of the
cause, the period shall commence to run only thirty (30) days
prior to the giving of such notice. Times of performance under
this agreement may also be extended in writing by the Agency
and the Developer.
F. [§ 5061 Inspection of Books and Records
The Agency has the right at the Developer's office, upon
not less than seventy-two (72) hours' notice, at all reasonable
times prior to the recording of the final Certificate of
Completion, to inspect such of the books and records of the
Developer pertaining to the Site as are pertinent to the
purposes of this Agreement. The Developer also has the right
at the Agency's office, upon not less than seventy-two (72)
hours' notice, at all reasonable times prior to the recording
of the final Certificate of Completion, to inspect the books
and records of the Agency pertaining to the Site as are
pertinent to the purposes of this Agreement.
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VI. [§ 6001 ENTIRE AGREEMENT, WAIVERS AND AMENDMENTS
This Agreement may be executed in duplicate originals;
each of which shall be deemed to be an original. This
Agreement includes eighteen (18) pages and five (5)
attachments which constitute the entire understanding and
agreement of the parties.
This Agreement integrates all of the terms and conditions
mentioned herein or incidental hereto, and supersedes all
negotiations or previous agreements between the parties with
respect to all or any part of the subject matter hereof.
All waivers of the provisions of this Agreement must be
in writing and signed by the appropriate authorities of the
Agency or the Developer, and all amendments hereto must be in
writing and signed by the appropriate authorities of the Agency
and the Developer.
SAN JUAN CAPISTRANO REDEVELOPMENT
AGENCY
September 4 1984 By:
- Chairman, San Juan Capi-stlitano
Redevelopment Agency
Phillip R. Schwartze
ATTEST:
Secretar n J an Capistrano
Redevel ment Agency
Mary Ann Hanover
APPROVED AS TO FORM:
A ency s Legal Couns
Thomas P. Clark
GERALD CHAZAN
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8466P/2299/00 -18-
I
I%
_ 3. REQUEST FOR PROPOSAL FOR RESTAURANT OPERATOR
CAPISTRANO DEPOT 600.40 '
Written Communications:
Report dated February 2, 1988, from the Executive Director, advising that the item
would be rescheduled for the meeting of February 16, 1988.
4. STATUS REPORT - ARCHEOLOGICAL DIG
(BURP UEL ADOBE 400.20
Written Communications:
Report dated February 2, 1988, from the Deputy Director, advising that LSA
Associates had completed the on-site work of the Cultural Resources Survey,
conducted as part of the Environmental Impact Report process for the Historic Town
Center project. The following structural remains and materials had been found:
(1) The foundations of the Burruel Adobe, including indications that a cellar
existed.
(2) Extensive adobe foundations throughout the entire site, indicating the
presence of adobe "row houses" on the site.
(3) Cobblestone flooring within the newly -identified adobe ruins, which
appeared similar to some flooring found at the Mission.
(4) Native American hearths and an extensive deposit of hand tools used in
the grinding of nuts and grains and other cooking processes.
(5) Trash deposits from both the Mission era and the Mendelson Inn era.
The report suggested that a documentary video of the work and any further site
excavations could be of major educational and scientific benefit. A final report was
expected from LSA in mid-March, at which time a determination would be made
regarding actions needed to insure that the scientific, historical and cultural
benefits of the archeological findings were realized and disseminated.
Feasibility of Video Record:
It was moved by Director Bland, seconded by Director Buchheim and unanimously
carried to receive and file the status report and to direct staff to further explore
the feasibility of producing a video record of the Cultural Resources Survey and any
future excavations that may be necessary.
5. DISPOSITION OF OWNER PARTICIPATION AGREEMENT
LAS HADAS/CHAZAN DEVELOPMENT ARCHITECTURAL CONT
Written Communications:
Report dated February 2, 1988, from the Finance Officer, advising that the 1984
Owner Participation Agreement with Gerald Chazan required that upon completion
of the project, the Agency would reimburse the developer for 70% of the cost
-2-
2/2/88
0 0
incurred for extension of Paseo Adelanto within the boundaries of the Agency
Parcel, including property acquisition and off-site construction. Total costs were as
follows:
Acquisition of Right -of -Way $ 80,000.00
Off -Site Improvements 224,295.00
Total Costs $304,295.00
Agency -required 70% $213,006.00
The agreement provided for reimbursement over 8 years at 12% interest. Principal
and interest from the completion date of August 18, 1986, through August 18 1987,
totalled $42,878.71 and was due and payable. An additional $2,572.73 of accrued
interest on the first payment had been agreed to. The second annual payment will
be due on August 18, 1988; the final payment will be due on August 18, 1994. A
budget adjustment in the Debt Services Fund of $32,000.00 was required to cover the
cost.
Approval of Promissory Note:
It was moved by Director Bland, seconded by Director Friess and unanimously
carried to authorize the Executive Director and Secretary to execute the Promissory
note between the Agency and Gerald Chazan and to authorize a budget adjustment
of $32,000 in the Debt Services Fund with funding from the Tax Allocation Note
proceeds of 1986.
CLOSED SESSION
The Board recessed at 7:20 p.m., to reconvene the City Council meeting. The Board
convened in a Closed Session at 7:54 p.m., for discussion of acquisition of the Rosan
Ranch property, Roger Grad, negotiator, the Agency Secretary being excused therefrom,
and reconvened at 8:49 p.m.
ADJOURNMENT
There being no further business before the Board, the meeting was adjourned at 8:49
p.m., to the next regular meeting date of Tuesday, February 16, 1988, at 7:00 p.m., in the
City Council Chamber.
Respectfully submitted,
ARY ANN ANOVER, AGENCY SECRETARY
ATTEST:
GARY L. HAUSDORFER, CHAIRMAN
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2/2/88
SCHMIESING & BLIED
LAWYERS
17911 VON HARMAN, SUITE 130
IRVINE,CALIFORNIA 92714
(714) 6 63-1644
February 27, 1985
Mr. Ray BDr
Planning Department
CITY OF SAN JUAN CAPISTRANO
32400 Paseo Adelanto } ;r�FjJ�► ;�
San Juan Capistrano, CA 92675
" P/S
A
�.IFpNryPgNO,
Re: Las Hadas Project
Lloyd's Bank Construction Financing
Dear Ray:
Per our phone conversation, enclosed herewith please find two
separate documents for signature on behalf of San Juan Capis-
trano Redevelopment Agency and return to this office.
As discussed with you, these documents consist of an Agency
Consent to the Assignment by Developer to LLOYD'S BANK CALI-
FORNIA of Developer's beneficial interest in the Owner Parti-
cipation Agreement (specifically in the City obligation to re-
imburse 70% of costs of construction pursuant to Section 206
of that Agreement), as well as a separate consent by the Agency
to Developer's choice of LLOYD'S BANK CALIFORNIA as construc-
tion lender.
Each of the above documents has been requested by LLOYD'S BANK
as a condition precedent to funding of their construction loan
in connection with the Las Hadas project.
Because time is of the essence in this matter, I would appreciate
it if you would expedite execution of the enclosed documentation.
When the documents have been executed, please call our office
and we will arrange for them to be picked up.
Thank you for your courtesy and cooperation in this regard.
Very truly yours,
TIMOTHY J..'BLIED
TJB:jls
encls.
CC: Lloyd's Bank California
Gerald J. Chazan
x i�ob r,onr a._
Sylvia D. Lautsch, Esq.
3--7-8s ct-
0
APPROVAL OF CONSTRUCTION LENDER
Reference is made to that certain Owner Participation Agreement
dated September 4, 1984, by and between the SAN JUAN CAPISTRANO
REDEVELOPMENT AGENCY, and GERALD CHAZAN.
Pursuant to Section 216 and other specific provisions of said
Owner Participation Agreement, the undersigned hereby con-
sents to and approves of Developer's choice of LLOYD'S BANK
CALIFORNIA as the lender (Construction Lender) for the construc-
tion of the Improvements on the Site, as more particularly set
forth in the Owner Participation Agreement. The undersigned
further expressly consents to and approves the encumbrance by
LLOYD'S BANK CALIFORNIA as Construction Lender of the Developer
Parcel by means of a deed of trust in favor of LLOYD'S BANK
CALIFORNIA securing the Construction Loan gross proceeds.
DATED:
T
SAN JUAN CAPISTRANO
REDEVELOPMENT AGENCY
BY
Ste en B. Ju an
Executive Director
ATTEST:
BY
Sec t y—�
Mary Ann Hanover
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned ("Assignor") hereby
assigns and transfers to LLOYDS BANK CALIFORNIA, a California
corporation ("Assignee"), all of Assignor's rights and interest
in and to that certain Owner Participation Agreement dated
September 4, 1984, between Assignor, as Developer, and San Juan
Capistrano Redevelopment Agency, as Agency ("Agreement").
This Assignment is for the purpose of securing in part
repayment of the debt evidenced by that certain Construction
Loan Promissory Note (the "Note"), dated February 22, 1985,
with Assignor, as Maker therein, in favor of Assignee, as Payee
therein. Upon repayment in full of said Note, Assignee shall,
within fifteen (15) business days after request by Assignor,
assign and transfer to Assignor the rights and interest
assigned herein.
Dated: February 22, 1985
ASSIGNOR:
SAN JUAN LTD.,
a California limited partnership
By:
Gerald JxChazan, eral Partner
By:
Gary, P. Chazan, General Partner
9 •
CONSENT
The undersigned hereby consents to the foregoing Assign-
ment and does further agree and acknowledge that LLOYDS BANK
CALIFORNIA shall have no obligation or liability with respect
to said Agreement until such time as LLOYDS BANK CALIFORNIA
gives the undersigned written notice that it has exercised its
option to perform or discharge the obligations referred to
therein, whereupon the undersigned will recognize and attorn to
LLOYDS BANK CALIFORNIA and perform all of the obligations of
the undersigned set forth in said Agreement for the benefit of
LLOYDS BANK CALIFORNIA.
Dated: /98S
SAN JUAN CAPISTRANO REDEVELOPMENT AGENCY
By:
Julfan Executive Director
ATTEST:
By :
Mary Agn _., Sec3fdtary
188 -
BOARD ACTIONS
1. APPROVAL OF WARRANTS
(68.41) It was moved by Director Hausdorfer, seconded by Director
Buchheim, and unanimously carried to approve the List of
Demands dated September 4, 1984, Warrant Register No.
85-031, in the total amount of $71,933.13.
SITION
(68.73) Written Communications:
(68.68) Report dated September 4, 1984, from the Deputy Director,
(68.38) forwarding a participation agreement between the Agency and
Gerald Chazan, developer of the Las Hadas office building on
the corner of Del Obispo and Los Rios Streets. The
agreement provides for the extension of Paseo Adelanto, a
requirement of the development (Architectural Control 83-4).
The developer will be responsible for 308 of the total costs
associated with the extension, including acquisition costs
in the amount of $80,000 for the Oyharzabal parcel.
Pursuant to the agreement, the developer will incur 1008 of
the project costs and the Agency will reimburse the
developer for 708 of the construction and acquisition costs
over a period of eight years.
Approval of Agreements:
It was moved by Director Hausdorfer, seconded by Director
Buchheim, and unanimously carried as follows:
(1) To approve the Participation Agreement between the
Agency and Gerald Chazan and to authorize the Chairman
and Secretary to execute the agreement;
(2) To approve the Joint Escrow Instructions and Agreement
for Purchase and Sale of Real Property between the
Agency and Carmen Oyharzabal, Terry Rodriguez, and
Eugene O. Oyharzabal; and,
(3) To authorize the Executive Director to open escrow for
acquisition of the Oyharzabal parcel.
3. DOWNTOWN PLAN
(68.68) Written Communications:
Report dated September 4, 1984, from the Deputy Director,
forwarding the Master Plan for the preservation and
development of the historic downtown area. The report
advised that the Plan recommended a single comprehensive
development in order to maximize the economic potential of
the area; and, set forth key components; i.e., parking and
circulation, land use, community design, and implementation.
The report further advised that affected property owners
-2- 9/4/84
AGENDA ITEM September 4, 1984
TO; Stephen B. Julian, Executive Director
Community Redevelopment Agency
FROM: Thomas G. Merrell, Deputy Director
Community Redevelopment Agency
SUBJECT: Development Agreement/Property Acquisition
(Las Hadas/Oyharzabal)
SITUATION
As a condition of development for AC 83-4, Las Hadas office
building, the applicant was required to make certain public
improvements to Paseo Adelanto with an understanding that a
participation agreement be executed between the applicant
and the City prior to the issuance of building permits.
Because the Paseo Adelanto extension is a capital project to
be partially undertaken by the Agency, the applicant has
prepared with the assistance of the Agency's legal counsel a
development agreement (Exhibit 1) which provides for its
implementation. In essence, the developer is responsible
for 30 percent of the total costs associated with the extension
of Paseo Adelanto, including the acquisition costs of the
Agency parcel from the Oyharzabal family. The acquisition
costs of the Oyharzabal parcel are in the amount of $80,000.
The developer would advance $16,000 as down payment, with the
balance paid semi-annually at a rate of 12 percent per annum
amortized in eight equal payments as indicated in the escrow
instructions attached (Exhibit 2).
The agreement provides that the developer is to incur 100
percent of the project costs, and the Agency is to reimburse
to developer, over a period of eight years secured by tax
increment generated by the development, 70 percent of the
construction and acquisition costs.
Upon approval of the development agreement, the Agency will
open escrow for the acquisition of the Oyharzabal parcel.
COMMISSION/BOARD REVIEW, RECOMMENDATION
The Planning Commission, at their November 13, 1983 meeting,
conditionally approved the project.
FINANCIAL CONSIDERATIONS
The Agency's reimbursement to the
to be made annually on or before
to the extent that tax increment
improvements become availto
FOR GITY COUNCIL AGENDA
developer of said costs is
June 30 of each year if and
revenues generated by the
the Agency for such purposes.
C►QF�
• 0
Agenda Item -2- September 4, 1984
ALTERNATE ACTIONS
1. Approve the development agreement, and authorize the
Agency's chairman to execute the documents.
2. Approve the development agreement subject to modifications.
3. Refer the item to staff for further study.
RECOMMENDATION
By motion, authorize the Agency's chairman to execute the
development agreement on behalf of the Agency, and authorize
the Executive Director to open escrow on the acquisition of
the Oyharzabal parcel.
Respectfully submitted,,,
Thomas G. Merrell, Deputy Director
Community Redevelopment Agency
TGM:RB:jtb
Attachments