HomeMy WebLinkAbout2010 CC RESO 2010-267 CDCRESOLUTION NO. 2010 — 267
RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION
OF THE CITY OF NATIONAL CITY AUTHORIZING
THE CHAIRMAN TO EXECUTE AMENDMENT NO. 5 TO
THE DISPOSITION AND DEVELOPMENT AGREEMENT BY AND
BETWEEN THE COMMUNITY DEVELOPMENT COMMISSION
AND CONSTELLATION PROPERTY GROUP (A AVENUE) LP,
AND ACCEPTING THE CONVEYANCE AND RELEASE OF
REAL PROPERTY PURSUANT TO SAID AMENDMENT
WHEREAS, on August 30, 2005, the Community Development Commission of
the City of National City ("CDC") entered into a Disposition and Development Agreement
("DDA") with Constellation Property Group (A Avenue), LP ("Constellation") for the
redevelopment of approximately 1.2 acres between National City Boulevard, B Avenue, 11th
Street, and 12th Street (the "Site"); and
WHEREAS, as part of the redevelopment project, Constellation was to construct
on the Site approximately 40 condominium units known as "Centro". Pursuant to the DDA, as
amended, Constellation was obligated to convey to the CDC for $10 a residential condominium
unit and two parking spaces; and
WHEREAS, Constellation will be in a position to convey the residential
condominium unit to the CDC upon approval of the final subdivision map for Centro.
Constellation and East West Bank, the construction lender and holder of a first deed of trust on
the Site, desire to memorialize the transaction pursuant to which the residential condominium
unit will be conveyed to the CDC; and
WHEREAS, in order to memorialize the transaction, Constellation and East West
Bank have proposed Amendment No. 5 to the Disposition and Development Agreement by and
between the CDC and Constellation (the "Amendment"). The Amendment will be entered into
between the CDC, Constellation, and East West Bank, and provides that prior to receipt of a
Certificate of Occupancy for Centro by Constellation, Constellation will convey the residential
condominium unit to the CDC, and that upon such conveyance, East West Bank will release
that portion of its deed of trust relating to the condominium unit.
NOW, THEREFORE, BE IT RESOLVED that the Community Development
Commission of the City of National City hereby authorizes the Chairman to execute Amendment
No. 5 to the Disposition and Development Agreement by and between the Community
Development Commission of the City of National City and Constellation Property Group (A
Avenue), LLP.
BE IT FURTHER RESOLVED that the Community Development Commission of
the City of National City hereby accepts a Grant Deed from Constellation Property Group (A
Avenue), LLP, for the conveyance of one residential condominium unit in the Centro
condominium project, together with all related exclusive rights and nonexclusive easements in
said project, and directs that the City Clerk record the same.
BE IT FURTHER RESOLVED that the Community Development Commission of
the City of National City hereby accepts the release of the residential condominium unit from
East West Bank, and directs that the City Clerk record the same.
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Resolution No. 2010 — 267
Page 2
PASSED and ADOPTED this 23rd day of November, 2010.
Ron Morrison, Chairman
ROVED AS TO FORM:
dia " . Si v
General Co n , CDC
Passed and adopted by the Community Development Commission of the City of
National City, California, on November 23, 2010, by the following vote, to -wit:
Ayes: Commissioners Morrison, Sotelo-Solis, Zarate.
Nays: Commissioner Van Deventer.
Absent: None.
Abstain: None.
AUTHENTICATED BY: RON MORRISON
Chairman, Community Development Commission
1a- •nity Development Commission
By:
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2010-267 of the Community Development Commission of the City
of National City, California, passed and adopted on November 23, 2010.
Secretary, Community Development Commission
By:
Deputy