HomeMy WebLinkAboutOrd. No. 2003-1095
ORDINANCE NO. 1095
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AN ORDINANCE OF THE CITY OF LAKE ELSINORE, CALIFORNIA,
REPEALING ORDINANCE NO. 1024 AND PROVIDING FOR THE
TERMINATION OF THE DEVELOPMENT AGREEMENT WITH FIRST
FINANCIAL GROUP, INC.
WHEREAS, on January 28, 1997, the City of Lake Elsinore, California (the "City")
adopted Ordinance No. 1024, appt'Qving a Development Agreement with First Financial Group,
Inc.(the "Development Agreement") which Development Agreement was recorded in the official
records of Riverside County, California on March 27, 1997 as Instrument Number 102326;
WHEREAS, the Development Agreement was entered into in connection with the
settlement of certain litigation among the City, the Redevelopment Agency of the City of Lake
Elsinore (the "Agency"), First Financial Group ("FFG") and other parties pursuant to which FFG
acquired an equitable interest in approximately 80 acres of Agency-owned r:ear:pr.op~rt:Y bordered
generally on the north by Malaga Road, on the east by Mission Trail Road, on the south by
Village Drive and by the Diamond Drive extension on the west (the "Property");
WHEREAS, the Development Agreement established certain rights and obligations of
FFG and the City concerning the development on the Property of a single family residential
development consisting of no less than four hundred (400) single family residential units on a
variety of lot sizes suitable for the development of a variety of product types, depending on
market conditions and associated on-site and off-site improvements (the "Project");
WHEREAS, in December, 2001, the Agency, FFG and related parties entered into a
Settlement Agreement (the "Settlement Agreement") which provided among other things 1) the
termination of FFG's equitable interest in the Property; 2) the assignment of the Development
Agreement to the Agency; and 3) the release of the City and the Agency from any and all
obligations, claims and/or liability to FFG and/or related parties under the Development
Agreement and related documents;
WHEREAS, as a result of the Settlement Agreement, the Agency became the successor-
in-interest to FFG's rights and obligations under the Development Agreement;
WHEREAS, the Agency does not desire to develop the Property in accordance the
Development Agreement, the Agency has consented to the termination of the Development
Agreement;
WHEREAS, Government Code Section 65867.5 states that a development agreement is
a legislative act, and accordingly, shall be terminated by adoption of an ordinance; and
WHEREAS, following a duly noticed public hearing on April 1, 2003, the Planning
Commission of the City of Lake Elsinore adopted Resolution PC No. 2005-15 recommending
termination of the Development Agreement; and
Ordinance Terminating FFG Devlpmt Agt
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WHEREAS, the City Council has properly noticed'a public hearing for April 8, 2003 to
consider the matter. '
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LAKE
ELSINORE, CALIFORNIA, ORDAINS AS FOLLOWS:
SECTION 1: TERMINATION
1. The foregoing recitals are true and correct;
2. The City of Lake ElsiR()re hereby repealsOrdinance~.J024, adopted on January
28, 1997, approving the Developme~tAgreement with First FinaIJ.cial Group, Inc.; and
3. The-City of ~ake Elsinore hereby terminates that certain Development Agreement
dated February 28, 1997, between the City of Lake Elsinore and the Redevelopment Agency of
the City of Lake Elsinore, as successor-in-interest to First Financial Group, Inc.
SECTION 2:
SEVERABILITY
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If any provision, clause, sentence or paragraph of this ordinance or the application thereof
to any person or circumstance shall be held invalid, such invalidity shall not affect the other
provisions of this Ordinance and are hereby declared to be severable.
SECTION 3:
EFFECTIVE DATE
This Ordinance shall take effect thirty (30) days after the date of its passage. The City
Clerk shall certify as to adoption of the Ordinance and cause this Ordinance to be published and
posted in the manner required by law.
PASSED, UPON FIRST READING this 8th day of April ,2003, by the
following roll call vote:
AYES: COUNCILMEMBERS: BUCKLEY, HICKMAN, KELLEY, SCHIFFNER,
BRINLEY
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
ABSTAIN: COUNCILMEMBERS: NONE
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Ordinance Tenninating ffG Devlpmt Agt
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PASSED, APPROVED AND ADOPTED this ~ day of - '. Apr; 1 ,2003, by the
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following roll call vote:
AYES:
COUNCILMEMBERS:
BUCKLEY, HICKMAN, KELLEY, SCHIFFNER,
BRINLEY
NONE
NOES:
COUNCILMEMBERS:
ABSENT:
COUNCILMEMBERS:
NONE
ABSTAIN: COUNCIL
, Mayor
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APPROVED AS TO FORM:
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Ordinance Terminating FFG Devlpmt Agt
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STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE)
I, VICKI KASAD, CITY CLERK OF THE CITY OF LAKE ELSINORE, DO HEREBY
CERTIFY that the foregoing Ordinance was introduced and read by title only for adoption on the
8th day of April, 2003; and approved upon second reading by title only on the 15th day of
April, 2003, by the following roll call vote:
AYES:
COUNCILMEMBERS:
BUCKLEY, HICKMAN,
SCHIFFNER, BRINLEY
KELLEY,
NOES:
COUNCILMEMBERS:
NONE
ABSENT:
COUNCILMEMBERS:
NONE
BSTAIN: COUNCILMEMBERS:
C~UERK
CITY OF LAKE ELSINORE
NONE
(SEAL)
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE)
I, VICKI KASAD, CITY CLERK OF THE CITY OF LAKE ELSINORE,
DO HEREB Y CERTIFY that the above and foregoing is a full, true and correct copy
of Ordinance No. 1095 of said Council, and that the same has not been amended or repealed.
(SEAL)