HomeMy WebLinkAboutSA RESO 2012-13RESOLUTION NO. 2012 — 13
• RESOLUTION OF THE BOARD OF THE SUCCESSOR AGENCY
TO THE COMMUNITY DEVELOPMENT COMMISSION
AS THE NATIONAL CITY REDEVELOPMENT AGENCY
AUTHORIZING THE CHAIRMAN TO EXECUTE, WITHOUT
COMPENSATION, A SUBSTITUTION OF TRUSTEE AND PARTIAL OR FULL
RECONVEYANCE OF A DEED OF TRUST TO EAST -WEST BANK
THAT WILL ALLOW THE COMPLETION OF THE PENDING SALE OF
THE ADJACENT REVOLUTION 2 SITE LOCATED AT THE NORTH SIDE
OF A AVENUE AND EAST 12T" STREET; AND SIMULTANEOUSLY
REMOVES THE COMMUNITY DEVELOPMENT COMMISSION LIEN
FROM THE CONDOMINIUM UNIT 401 AT THE CENTRO SITE
LOCATED AT 45 EAST 12TSTREET, NATIONAL CITY, WITHOUT
GIVING UP OWNERSHIP OF SAID CONDOMINIUM
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, LP ("Constellation"), for the redevelopment of approximately 1.2 acres
between National City Boulevard, B Avenue, 11th Street, and 12th Street (R-2) site; and
WHEREAS, as part of the redevelopment project, Constellation was to construct
on the Site approximately 40 condominium units known as the Centro Project, and pursuant to
an amendment to the DDA, Constellation was obligated to convey to the CDC a residential
condominium unit and two parking spaces; and
• WHEREAS, Constellation was to also develop the parcel west of Centro with a
project entitle Revolution on the parcel commonly referred to as R-2; and
WHEREAS, on October 13, 2005, East West Bank placed a lien in the form of a
$5,230,000 deed of trust against Centro; and
WHEREAS, on December 13, 2007, the Commission placed a junior lien in the
form of a $2,500,000 deed of trust against Centro; and
WHEREAS, both the East West Bank lien and CDC lien show up on the title of
the condominium unit; and
WHEREAS, on June 2, 2011, Constellation grant deeded over to East West
Bank what is described as APN# 556-554-23-000, commonly referred to as the "sliver" as part
of a grant deed including the larger R-2 parcel; and
WHEREAS, the CDC junior lien currently exists against the sliver parcel; and
WHEREAS, on June 11, 2011, East West Bank foreclosed on the Centro site,
but did not attach the legal description that matched the 2007 deed of trust, but instead attached
the legal description for a new lot related to Centro, which resulted in the creation of the "sliver'
parcel; and
WHEREAS, on June 16, 2011, Constellation deeded condominium unit 401 to
• the Commission; and
Resolution No. 2012 — 13
June 5, 2012
Page Two
WHEREAS, East West Bank currently owns the R-2 site; and
WHEREAS, The Focus Group desires to purchase the R-2 site, but seeks
removal of the CDC's lien on the sliver parcel; and
WHEREAS, reconveyance of both the East West Bank and CDC deeds of trust
in order to remove these liens from the condominium unit deeded to the CDC will provide a
clean title to the unit; and
NOW THEREFORE, BE IT RESOLVED, that the Successor Agency to the
Community Development Commission as the National City Redevelopment Agency hereby
authorizes the Chairman to execute, without compensation, a Substitution of Trustee and Partial
or Full Reconveyance of a Deed of Trust to East-West Bank for the sliver parcel only, contingent
upon East-West Bank releasing its lien on condominium Unit 401, which will allow the
completion of the pending sale of the adjacent Revolution 2 site located at the north side of A
Avenue and East 121h Street without giving up ownership of said condominium
PASSED and ADOPTED this 5th day of June, 20
,40
• Ron Morrison, Chairman
ATTEST:
�i
Mi lael R. Dall , City Clerk as
Secretary to the Successor Agency
APPRQVED AS TO FORM:
Clau-li "Ga it Silva
Successor le cy Counsel
0
Passed and adopted by the Successor Agency to the Community Development
Commission as the Redevelopment Agency of the City of National City, California, on
June 5, 2012 by the following vote, to -wit:
Ayes: Boardmembers Morrison, Natividad, Rios, Sotelo-Solis, Zarate.
Nays: None.
Absent: None.
Abstain: None.
AUTHENTICATED BY: RON MORRISON
Chairman of the Successor Agency to the
Community Development Commission
as the Redevelopment Agency of the
City of National City, California
By:
City Cle k Se ving as Secretary
to the Successor Agency
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2012-13 of the Successor Agency to the Community Development
Commission as the Redevelopment Agency of the City of National City, California,
passed and adopted on June 5, 2012.
By:
City Clerk Serving as Secretary
to the Successor Agency
Deputy