HomeMy WebLinkAboutPA 2007-4 - Disposition and Development Agreement - Amendment No. 4 RESOLUTION NO. 2007 —4
RESOLUTION OF THE PARKING AUTHORITY
OF THE CITY OF NATIONAL CITY AUTHORIZING THE CHAIRMAN
TO EXECUTE THE FOURTH AMENDMENT TO THE AMENDED AND
RESTATED DISPOSITION AND DEVELOPMENT AGREEMENT AND
AGREEMENT OF PURCHASE AND SALE AND ESCROW INSTRUCTIONS
WITH THE COSTCO WHOLESALE CORPORATION
WHEREAS, in January 2003, the Parking Authority of the City of National City
("Parking Authority") entered into a Disposition and Development Agreement and Agreement of
Purchase and Escrow Instructions ("Original Purchase Agreement") with Diamond Development
LLC ("Diamond") to acquire a 15.08-acre parcel (APN 564-471-110) located just northwest of
the Plaza Bonita Shopping Center at Sweetwater Road and Plaza Bonita Road; and
WHEREAS, in August 2003, the Parking Authority and Diamond entered into an
Amended and Restated Disposition and Development Agreement and Agreement of Purchase
and Sale and Escrow Instructions ("Agreement"), which was amended in October 2003, to
provide for the purchase and sale of the subject parcel; and
WHEREAS, in August 2004, a second amendment to the Agreement was
approved, which authorized Diamond to assign to the Costco Wholesale Corporation ("Costco")
all of Diamond's rights, title, and interest to the subject parcel; and
WHEREAS, Costco proposed for the subject parcel the construction of a 150,354-
square foot warehouse and sales area, including a tire sales/installation center, a food
service/concession area, a fueling station, and over 700 surface parking spaces; and
WHEREAS, on January 10, 2006, the Parking Authority approved a third
amendment to the Agreement that allowed for an extension of the Agreement's Closing Date to
December 13, 2007; and
WHEREAS, in an effort to complete all the necessary federal, State, and local
entitlement and permit requirements prior to closing, Costco requests another extension of the
Agreement's Closing Date to December 13, 2008 and the Parking Authority is willing to grant
such extension.
NOW, THEREFORE, BE IT RESOLVED that the Parking Authority of the City of
National City hereby authorizes the Chairman to execute the Fourth Amendment to the
Amended and Restated Disposition and Development Agreement and Agreement of Purchase
and Sale and Escrow Instructions with the Costco Wholesale Corporation. Said Agreement is
on file in the office of the City Clerk.
PASSED and ADOPTED this 20th day of Marc', 20'7.
-on Morrison, Chairm.
ATTEST:: APPROVED AS TO FORM:
Brad 1 ►...-.ecretary George H. Eiser, III
Legal Counsel
Passed and adopted by the Parking Authority of the City of National City, California, on
March 20, 2007, by the following vote, to-wit:
Ayes: Boardmembers Morrison, Natividad, Parra, Ungab, Zarate.
Nays: None.
Absent: None.
Abstain: None.
AUTHENTICATED BY: RON MORRISON
Chairman, Parking Auth•
1
1 Authority
By:
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2007-4 of the Parking Authority of the City of National City,
California, passed and adopted on March 20, 2007.
Secretary, Parking Authority
By:
Deputy