HomeMy WebLinkAboutRDA Reso 2005-1927
RDA RESOLUTION NO. 2005-1927
RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF CHULA VISTA APPROVING A
SUBORDINA TION AGREEMENT WITH THE SAN DIEGO
TRUST BANK AND AUTHORIZING THE TRANSFER OF A
PORTION OF THE PROPERTY AT 760 BROADWAY
A VENUE .WITHIN THE SOUTHWEST REDEVELOPMENT
PROJECT AREA PRIOR TO THE ISSUANCE OF THE
CERTIFICATE OF COMPLETION
WHEREAS, the Redevelopment Agency of the City of Chula Vista entered into a
Disposition and Development Agreement (DDA) with Bitterlin Development Corporation and
Carter, Reese & Associates on June 10, 2003 by Agency resolution No. 1826 for the
development of 760 Broadway Avenue (Real Property); and
WHEREAS, Developer thereafter conveyed and assigned all of its rights, interests and
obligations in the DDA to its successor, CHBD Chula Vista, LLC, a California Limited Liability
Company (CHBD); and
WHEREAS, Agency granted to CHBD the Real Property subject to the DDA through a
Grant Deed April 20, 2004 and recorded in the Official Records of the County of San Diego on
April 23, 2004 (Hereinafter, Grant Deed) and
WHEREAS, the Yusumas Living Trust (Buyer) intends to acquire the retail component
of the Real Property, together with all improvements now or hereinafter located or constructed
thereon; and
WHEREAS, the Redevelopment Agency is being asked to subordinate its position in the
retail component of the Real Property by the San Diego Trust Bank in order for Buyer to secure
permanent financing on the retail component of the project; and
WHEREAS, the Redevelopment Agency subordinated its position in the Real Property
on similar terms and conditions at the time the Grant Deed was conveyed to CHBD; and
WHEREAS, Section 3 .3(b) of the Development Agreement prohibits the transfer of any
portion of the Real Property prior to the receipt of a certificate of completion without the prior
consent of the Agency; and
WHEREAS, CHBD has requested the Agency consent to the transfer of the retail portion
of the Real Property from CHBD to the Jeannine Louise Yusunas Living Trust Dated August
1998 for property located at 760 Broadway prior to receipt of a certificate of completion; and
WHEREAS, in accordance with the requirements of California Environmental Quality
Act (CEQA) the Environmental Review Coordinator reviewed the proposed project for
compliance with CEQA and determined that the activity is not subject to CEQA at this time.
RDA Resolution No. 2005-1927
Page 2
NOW, THEREFORE, BE IT RESOLVED that the Redevelopment Agency of the City of
Chula Vista does hereby approve the subordination agreement with San Diego Trust Bank,
authorizes the Chair to execute said agreement, and approves the transfer of the property trom
CHBD to the Jeannine Louise Yusunas Living Trust Dated August 1998 for retail portion of the
property located at 760 Broadway prior to receipt of a certificate of completion.
Presented by
Approved as to form by
7}
. Madigan
ity Development Directo
~i\ ~S1..~
Ann oore
Agency Counsel
PASSED, APPROVED and ADOPTED by the Redevelopment Agency of the City of
Chula Vista, California. this 13th day of September 2005, by the following vote:
AYES:
Agency Members:
Castaneda, McCann, Rindone, and Padilla
NA YES:
ABSENT:
Agency Members:
Agency Members:
None
Davis
ABSTAIN:
Agency Members:
~cKdc
'Stephen C. Padilla, Chairman
ATTEST:
STAT OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Laurie A. Madigan, Secretary of the Chula Vista Redevelopment Agency, do hereby certify
that the foregoing Resolution No. 2005-1927 was duly passed, approved, and adopted by the
Redevelopment Agency at a regular meeting held on the 13th day of September 2005.
Executed this 13th day of September 2005.
,/' -2
~/'~/P/ JY~~~
Lau A. Madigan ecr .