Successor Agency to the Former Redevelopment Agency
MEETING DATE: 12/9/2015
TITLE:
Title
Partial Release and Termination of the Disposition and Development Agreement and the Acknowledgement and Release Agreement for Parcels 1, 6, 7, 8, 9, 10 and 11 and Revised Parcels 2 and 5 of Parcel Map No. 36428
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FROM:
Leisa Lukes, Economic Development Manager
RECOMMENDATION:
Recommendation
Staff recommends that the City Council acting as the Successor Agency to the Former Redevelopment Agency of the City of Cathedral City approve (1) the Partial Release and Termination of the Disposition and Development Agreement and (2) the Acknowledgement and Release Agreement for Parcels 1, 6, 7, 8, 9, 10 and 11 and Revised Parcels 2 and 5 of Parcel Map No. 36428
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BACKGROUND:
The Partial Release and Termination of the Disposition and Development Agreement is necessary to the close of escrow for the transfer of Parcel 8 from M&M Property Company, LLC (M&M) to Conneaut Partners, LLC (Conneaut) and for the transfer of Parcel 11 from Conneaut to M&M per the Property Transfer Agreement and Escrow Instructions (PTA) approved by the City Council on November 16, 2015. These property transfers were contemplated by the Disposition and Development Agreement entered into in 2011 between the Former Redevelopment Agency (Former RDA) and M&M for development of an automobile dealership and adjacent access road (Margot Murphy Way), which are now complete.
The Acknowledgement and Release Agreement releases the parties' liability consistent with completion of the development of the dealership and construction of the access road.
DISCUSSION:
On November 16, 2015, the City Council approved the Property Transfer Agreement and Escrow Instructions for the transfer of Parcel 8 from M&M to Conneaut. This property transfer satisfies requirements established by the Disposition and Development Agreement (DDA) entered into between the Former RDA and M&M in 2011 for...
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