HomeMy WebLinkAboutRDA Reso 1997-1560 RESOLUTION NO. 1560
RESOLUTION OF THE REDEVELOPMENT AGEN¢ ~ OF THE CITY OF CHULA
VlS'I~A EXTENDING THE OWNER PARTICIPA' ION AGREEMENT WITH
LAWRENCE M. AND STEPHEN P. CUSHMAN DATED SEPTEMBER 1,
1992, FOR A PERIOD OF TWO YEARS
WHEREAS, the Redevelopment Agency ("Agen ;y") entered into an Owner Participation
Agreement with Lawrence M. and Stephen P. Cushman ("Ov,ners") on September 1, 1992 ("Owner
Participation Agreement"); and
WHEREAS, said Owner Participation Agreemen: required the Owners to obtain building
permits within two years from the date of the Agreement, and to develop the property within one year
thereafter; and
WHEREAS, the Agency approved a two yeal extension of the Owner Participation
Agreement on March 1, 1994 to October 17, 1995; and
WHEREAS, the Agency approved an additio~al two year extension of the Owner
Participation Agreement on November 7, 1995; and
WHEREAS, the Owners have graded the site )ut have not as yet applied for building
permits due to current adverse economic conditions impactin industrial development in the San Diego
region; and
WHEREAS, the Owners have requested an ex1 nsion until October 17, 1999 in order to
apply for building permits and start construction.
NOW, THEREFORE, BE IT RESOLVED the Redeveiopment Agency of the City of Chula Vista
does hereby find, order, determine and resolve as follows:
1. The Agency hereby approves the follcwing amendment to the second
sentence of Section 3.B of the Owner F articipation Agreement:
"In the event the developer fails to obtain suc~ building permits by October 1
1999~ or fails to obtain an extension to obtain said permits, the approval of the
developer's development proposals shall be vok ' and the Agreement shall have no
further force or effect."
2. Ail other sections of the Agreement not I~ereby amended shall remain in full
force and effect.
3. This approval is subject to the Owner! executing a formal Amendment
approved as to form by the Agency Att )rney.
BE iT FURTHER RESOLVED that the Chairma is hereby authorized to execute said
Amendment on behalf of the Agency.
Presented by Appro, ~d as to form by
Chris Salomone ~een
Director of Community Development c Attorney
Resolution 1560
Page 2
PASSED, APPROVED and ADOPTED BY THE REDEVELOPMENT AGENCY OF THE CITY OF CHULA
VISTA, CALIFORNIA this 7th day of October, 1997 by the following vote:
AYES: Members Rindone, Salas, Horton, Moot, Padilla
NOES: None
ABSENT: None
ABSTENTIONS: None
Shirley Hq~on
Chairman
ATTEST:
Chris Salomone
Executive Secretary
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) ss:
CITY OF CHULA VISTA )
I, Chris Salomone, Executive Secretary to the Redevelopment Agency of the City of Chula Vista, California
DO HEREBY CERTIFY that the foregoing is a full, true and correct copy of Resolution No. 1560 and that
the same has not been amended or repealed.
Dated: October 8, 1997 ~----~ ~
Chris Salomone
Executive Secretary