Housing Successor Agency
MEETING DATE: 7/25/2018
TITLE:
Title
Purchase Agreement Second Amendment and Performance Agreement First Amendment for Downtown Mixed-Use Project
End
FROM:
Stone James, Economic Development Director
RECOMMENDATION:
Recommendation
Staff recommends the City Council, as the Housing Successor Agency, authorize the City Manager to execute a Second Amendment to Purchase and Sale and Escrow Instructions Agreement between the City as the Housing Successor Agency and Cathedral Canyon Development LLC; and authorize the City Manager to execute the First Amendment to the Performance Agreement between the City as the Housing Successor Agency, Cathedral Canyon Development LLC, and the City Urban Revitalization Corporation.
Body
BACKGROUND:
On April 26, 2017 the Housing Successor Agency of the Former Redevelopment Agency of the City of Cathedral City ("City") approved a Purchase and Sale and Escrow Instructions Agreement ("Purchase Agreement") with Cathedral Canyon Development LLC ("CCD") for the future sale of an approximate two-acre site located at the southeast corner of East Palm Canyon Drive and West Buddy Rogers Avenue. Effective the same date, CCD entered into a separate purchase agreement with the City Urban Revitalization Corporation ("CURC") to purchase approximately three acres of vacant land adjacent to the two-acre site. The two Purchase Agreements contain terms of the property sales related to purchase price, deposits, due diligence period, conditions to close of escrow, deadlines for close of escrow and completion of project construction, brokerage commissions and various representations and warranties by the respective parties. On September 27, 2017 a Performance Agreement between City, CURC, and CCD was executed.
The Purchase Agreements and Performance Agreement memorialized pre-conditions to the Close of Escrow for the combined 5-acre site, to provide, among other things, (a) a description of the proposed pro...
Click here for full text