HomeMy WebLinkAboutTower 999, LLC - Exclusive Negotiating Agreement - Amendment No. 2 - 2023SECOND AMENDMENT TO THE
EXCLUSIVE NEGOTIATING AGREEMENT
BY AND BETWEEN
THE CITY OF NATIONAL CITY
AND
TOWER 9990 LLC
THIS SECOND AMENDMENT T4 THE AGREEMENT is entered into this
day of October, 2023, by and between the CITY OF NATIONAL CITY, a municipal
corporation ("CITY"), and TOWER 999, LLC a Nevada limited liability company (the
"DEVELOPER").
RECITALS
WHEREAS, the CITY and the DEVELOPER entered into an Agreement for an
Exclusive Negotiating Period on the 1711 day of January, 2023 "the Agreement"), for i
the DEVELOPER's acquisition of the real property generally located at 921, 925 and
929 rational City Boulevard APN' 56- 71-03 and 6- 71-from the CITY; and ii
establishment of the terms of a Project Agreement to develop a seven -story, mixed -use
building with approximately 9,294 square feet of ground floor retail/commercial space
and 127 residential dwelling units; and
WHEREAS, EAS, the original terra of the Agreement commenced on January 17,
2023, and was to end on July 17, 2023, per Resolution olution 2023- 4a; and
WHEREAS, the Agreement allowed for the City Manager, within the sole
discretion of the City Manager, to extend the terra of the Exclusive Negotiating Period to
October 16, 2023; and
WHEREAS, the DEVELOPER provid ed a written request to extend the
Agreement to October 16, 2023; and
WHEREAS, EAS, on July 18, 2023, the parties executed a First Amendment to the
Agreement by extending the term to October 16, 2023; and
WHEREAS, EAS, the CITY and the DEVELOPER have been making progress during
the Exclusive Negotiating Period, but several obligations under the Agreement are
taping longer than anticipated and require more time; and
WHEREAS, a Second .Amendment was brought to the City Council on October
3, 2023 to extend the Agreement for six 6 months to April 16, 2024 and to authorize
the City Manager, in the City Manager's sole discretion, to extend the term of the
Exclusive Negotiating Period an additional three 3 months to July 16, 2024, upon the
written request of the DEVELOPER.
AGREEMENT
Amended Agreement Page t of 2 City of National City and
Revised February 2023 Tower 999, LL .
NOW, THEREFORE, the parties hereto agree that:
1. The January 17, 2023 Exclusive Negotiating Agreement is hereby amended a
second time to extend the term of the Agreement to April 16, 2024.
2. The Agreement may be further extended by the City Manager, at the sole
discretion of the City Manager, an additional three (3) months to July 16,
2024, upon the written request of the Developer
3. The parties further agree
other term and provision
full force and effect.
that, with the foregoing exceptions, each and every
of the January 17, 2023 Agreement shall remain in
IN WITNESS WHEREOF, the parties hereto have executed this Second Amendment to
the Agreement on the date and year first above written.
CITY OF NATIONAL CITY
Ben Martinez, Interim Cit
Manager
APPROVED AS TO FORM:
Barry J. Schultz,
City Attorney
Tower 999, LLC
4100 W Flamingo Road Suite 1416
Las Vegas, NV 89198
(Corporation — signatures of two
corporate officers required)
(Partnership or Vole proprietorship —
one signalgre)
By:
By:
(Na tne)
Print)
(Title)
(Print)
(Title)
Amended Agreement Page 2 of 2 City of National City and
Revised February 2023 Tower 999, LLC.
AGREEMENT
NOW, THEREFORE, the parties hereto agree that:
1. The January 17, 2023 Exclusive Negotiating Agreement is hereby amended a
second time to extend the term of the Agreement to April 10, 2024.
2. The Agreement may be further extended by the City Manager, at the sole
discretion of the City Manager, an additional three (3) months to July 16, 20247
upon the written request of the Developer
3. The parties further agree that, with the foregoing exceptions, each and every
other term and provision of the January 17, 2023 Agreement shall remain in full
force and effect.
IN WITNESS WHEREOF, the parties hereto have executed this Second Amendment to
the Agreement on the date and year first above written.
CITY OF NATIONAL CITY
By: (1-�
Ben Martinez, Interim C
Manager
APPROVED AS TO FORM:
By:
Barry J. Schultz,
City Attorney
Tower 999, LLC
4100 W Flamingo Road Suite 1416
Las Vegas, NV 89103
(Corporation - signatures of two
corporate officers required)
(Partnership or Sole proprietorship -
one signature)
By:
(Name)
(Print)
.>r-, 7 _ i
S6 t)� D rr i c, 1-� j - f
(Print)
(Tr`11e)
t
LA rk":�V r )
Amended Agreement Page 2 of 2 City of National City and
Revised February ?U rower 999, LLC.