HomeMy WebLinkAbout2023 CON Tower 999 LLC Amendment - Exclusive Negotiation Agreement for Acquisition of Real PropertyAMENDMENT TO THE
EXCLUSIVE NEGOTIATING AGREEMENT
BY AND BETWEEN
THE CITY OF NATIONAL CITY
AND
TOWER 999, LLC
THIS FIRST AMENDMENT TO THE AGREEMENT is entered into this I eday
of July, 2023, by and between the CITY OF NATIONAL CITY, a municipal corporation
("CITY"), and TOWER 999, LLC of 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 I th 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 A N's 55 - 1- 3 and 556 - , from the City; and (ii)
establishment of the terms of a Project Agreement to develop a seven -story, mixed -use
buildingwith 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; and
WHEREAS, the Agreement allows for the City Manager may, within the sole
discretion of the City Manager, agree to extend the term of the Exclusive Negotiating
Period to October 16, 2023; and
WHEREAS, the DEVELOPER provided written request to extend the Agreement
to October 16, 2023; and
WHEREAS, the parties desire to amend the Agreement by extending the term to
October 16, 2023.
AGREEMENT
NOW, THEREFORE, the parties hereto agree that:
1. The January 17, 2023 Agreement in exercise of the option provision is
hereby amended to extend the term of the Agreement to October 16, 2023.
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.
Amended Agreement Page I of 2 City o Nat ona] City and
Revised February 20 Tower 999, LLC.
IN WITNESS WHEREOF, the parties hereto have executed this First Amendment
to the Agreement on the date and year first above written.
CITY OF NATIONAL CITY
Byi
Scott Huth, ity Manager
lets
APPROVED AS TO FORM:
By: 6
Barry J. ScIt
City Attorney
Amended Agreement
Revised February 2023
Tower 999, LLC
10717 amino Ruiz Suite 246
San Diego, CA 92126
(Corporation — signatures of two
corporate officers required)
(Partnership or Sole proprietorship —
one signature)
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By:
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Joseph Brian Murray
( 'r1 1/)
Authorized Signer
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IN WITNESS WHEREOF, the parties hereto have executed this First Amendment
to the Agreement on the date and year first above written.
CITY OF NATIONAL CITY
By:
Tower 999, LLC
10717 Camino Ruiz Suite 246
San Diego, CA 92126
(Corporation — signatures of two
corporate officers required)
(Partnership or Sole proprietorship
one sign a ture)
By: ve7,-.e-:7
Scott Huth, Acting City Manager) ,1
/ i --) ,
APPROVED AS TO FORM: T,)k pri
(Print)
By:
Barry J. Schultz,
City Attorney
Amended Agreement
B
(Name)
(Print)
(Title)
Page 2 of 2 City of National City and
Revised February 2023 Tower 999. LLC.