HomeMy WebLinkAboutTower 999, LLC - Exclusive Negotiating Agreement - Amendment No. 4 - 2024FOURTH AMENDMENT TO THE EXCLUSIVE
NEGOTIATING AGREEMENT BY AND BETWEEN
THE CITY OF NATIONAL CITY AND
TOWER 999, LLC
THIS Fourth AMENDMENT TO THE AGREEMENT is entered into this 18th day of June
2024 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 17th day of January 2023 ("the Agreement"), for (i) the
DEVELOPER's acquisition of the real property generally located at 921, 925 and 929 National
City Boulevard (APN's 556-471-03 and 556-471-04) 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, the original term of the Agreement commenced on January 17, 2023, and
was to end on July 17, 2023, per Resolution 2023-04; and
WHEREAS, the First Amendment to the Agreement extended the term of the Exclusive
Negotiating Period to October 16, 2023; and
WHEREAS, the Second Amendment to the Agreement extended the term of the
Exclusive Negotiating Period to April 16, 2024, per Resolution 2023-144; and
WHEREAS, the Third Amendment extended the term of the Exclusive Negotiating
Period to July 16, 2024, and
WHEREAS, the CITY and the DEVELOPER have been making progress during the
Exclusive Negotiation Period, and the DEVELOPER has requested a fourth extension to
October 16, 2024, to fulfill the ENA obligations.
AGREEMENT
NOW, THEREFORE, the parties hereto agree that:
The January 17, 2023 Exclusive Negotiating Period is hereby amended a fourth time
to extend the term of the Agreement to October 16, 2024.
2. 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 Fourth Amendment to the
Amended Agreement City of National City and
Revised February 2023 Tower 999, LLC.
Agreement on the date and year first above written.
CITY OF NATIONAL CITY
By:
Benjamin A. Martinez, City M nager
APPROVED AS TO FORM:
By:
Barry J. Schul ,
City Attorney
Tower 999, LLC
4100 W Flamingo Road Suite 1416
Las Vegas, NV 89103
(Comoration — signatures of two corporate
officers required, Partnership or Sole
proprietorship — one signature)
By:
(N e) II
Jost? h I aR nrra
(Print)
I lahadtrli t IcMhci
(Title)
By:
(Name)
(Print)
(Title)
Amended Agreement City of National Cilyand
Revised February 2023 'rower 999. I.A.C.
Agreement on the date and year first above written.
CITY OF NATIONAL CITY Tower 999, LLC
4100 W Flamingo Road Suite 1416
Las Vegas, NV 89103
(Corporation — signatures of two corporate
officers required; Partnership or Sole
ro rietorshi ne signature)
By: By: ` r
Benjamin A. Martinez, City Manager (Naamee))
APPROVED AS TO FORM:
(Prin
i4n/�"'
By. (Title)
Barry J. Schultz,
City Attorney By:
(Name)
(Print)
(Title)
Amended Agreement] City of National City and
Revised Feb[ ary 2023 ll IN 17 2024 Traver 999. LLC