HomeMy WebLinkAbout2007 CC RESO 2007-11 CDCRESOLUTION NO. 2007 — 11
RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION
OF THE CITY OF NATIONAL CITY AUTHORIZING THE CHAIRMAN TO EXECUTE
A SUBORDINATTION AGREEMENT WITH CONSTELLATION PROPERTY GROUP
(NATCITY 12TH) FOR THE R1 AND R2 PROJECT SITES
WHEREAS, the CDC entered into a DDA with Constellation Property Group on
August 30, 2005, for development of the Centro Project. The developer's obligtion to develop
the site was secured by a Deed of Trust dated October 21, 2005; and
WHEREAS, Constellation Property Group is in the process of extending the term
of its acquistion loan for the R1 and R2 projects. The lender has requested that the CDC
subordinate its deed of trust to the lender's deed of trust; and
WHEREAS, the proposed Subordination Agreement would place the CDC's deed
of trust in second position to the lender's deed of trust if there were a default by the developer in
complying with its obligations under the DDA. The subordination of a deed of trust is a
customary practice in transactions such as this, and would facilitate completion of the project.
NOW, THEREFORE, BE IT RESOLVED that the Community Development
Commission of the City of National City hereby authorizes the Chairman to execute a
Subordination Agreement with Constellation Property Group (NatCity 12th). Said Agreement is
on file in the office of the City Clerk.
PASSED and ADOPTED this 16th day of January 29J7.
on Morrison, Chairman
ATTEST:
Brad Ra '^on, Secretary
APPROVED AS TO FORM:
George H. Eiser, III
Legal Counsel
Passed and adopted by the Community Development Commission of the City of
National City, Califomia, on January 16, 2007, by the following vote, to -wit:
Ayes: Commissioners Morrison, Natividad, Parra, Ungab, Zarate.
Nays: None.
Absent: None.
Abstain: None.
AUTHENTICATED BY: RON MORRISON
Chairman, Community Development Commission
Secretary*C miry Development Commission
By:
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2007-11 of the Community Development Commission of the City of
National City, California, passed and adopted on January 16, 2007.
Secretary, Community Development Commission
By:
Deputy