HomeMy WebLinkAboutSA Reso 2017-002 2nd Implementation Agreement DDA SummerlyRESOLUTION NO. 2017 - 002
A RESOLUTION OF THE SUCCESSOR AGENCY OF THE REDEVELOPMENT
AGENCY OF THE CITY OF LAKE ELSINORE, CALIFORNIA, APPROVING
THE SECOND IMPLEMENTATION AGREEMENT PURSUANT TO AMENDED
AND RESTATED DISPOSITION AND DEVELOPMENT AGREEMENT,
SUMMERLY
Whereas, the Successor Agency of the Redevelopment Agency of the City of Lake
Elsinore (Successor Agency) is charged with implementing enforceable obligations and
winding down of the affairs of the former Redevelopment Agency of the City of Lake
Elsinore (Agency) in accordance with the California Health and Safety Code; and,
Whereas, in 2002, the former Redevelopment Agency of the City of Lake Elsinore
entered into a Disposition and Development Agreement (DDA) with Civic Partners -
Elsinore LLC (Master Developer) and Laing -CP Lake Elsinore LLC relating to the
acquisition and development of certain property located within the East Lake Specific
Plan (ELSP) commonly known as "Summerly "; and,
Whereas, the DDA was amended and restated in 2011 by and among the Agency, the
Master Developer and McMillin Summerly, LLC (Developer) as the successor in interest
to Laing following the Developer's acquisition of the property and entitlements for the
Summerly project; and,
Whereas, since the dissolution of the former Redevelopment Agency, the irrevocable
pledge of property tax increment in the DDA has been listed on the Successor Agency
ROPS (lines 12 and 13) and recognized as an enforceable obligation; and,
Whereas, in 2015, the California Department of Finance (DOF) issued a final and
conclusive determination regarding the DDA, finding both Recognized Obligation
Payment Schedule (ROPS) items to be enforceable obligations; and,
Whereas, since approval of the DDA, the Developer has complied with its obligations
and the Summerly project is being developed in phases in accordance with the
provisions of the DDA; and,
Whereas, the City has approved several modifications to the Summerly project
entitlements, including subdivision of a future school site determined to be unnecessary
by the school district, relocating the Summerly recreation center to a more central
location and entering into a Park Implementation Agreement to provide for the phased
completion by the Developer of the turn -key 24 -acre regional park; and,
Whereas, the parties to the DDA desire to enter into a Second Implementation
Agreement in order to (i) implement the changes in the Summerly project into the DDA
so that the timing and phasing of development are clearly defined in the DDA consistent
with the Summerly Project entitlements and (ii) to recognize the Successor Agency's
obligation to issue bonds secured by the pledge of property tax increment in the DDA in
accordance with Health & Safety Code Section 34177.5(a)(4).
- Whereas, all other legal prerequisites to the adoption of this Resolution have occurred.
NOW, THEREFORE, THE SUCCESSOR AGENCY OF THE REDEVELOPMENT
AGENCY OF THE CITY OF LAKE ELSINORE, DOES HEREBY RESOLVE,
DETERMINE AND ORDER AS FOLLOWS:
SA Reso. No. 2017 - 002
Page 2 of 2
Section 1. The Recitals set forth above are true and correct and incorporated herein by
reference.
Section 2. The Successor Agency hereby approves the Second Implementation
Agreement Pursuant to Amended and Restated Disposition and Development
Agreement.
Section 3. If any provision of this Resolution or the application thereof to any person or
circumstance is held invalid, such invalidity shall not affect other provisions or
applications of this Resolution which can be given effect without the invalid provision or
application, and to this end the provisions of this Resolution are severable. The
Successor Agency hereby declares that it would have adopted this Resolution
irrespective of the invalidity of any particular portion thereof.
Section 4. This Resolution shall take effect from and after the date of its passage and
adoption in accordance with, and subject to, all applicable requirements of the Health &
Safety Code.
Section 5. This Resolution shall take effect immediately upon its adoption.
Passed and Adopted this 24th day of January, 201
AT TEST:
Susan M. Domen, MMC
Agency Secretary
STATE OF CALIFORNIA }
COUNTY OF RIVERSIDE } ss.
CITY OF LAKE ELSINORE }
I, Susan M. Domen, MMC, Secretary of the Successor Agency of the Redevelopment
Agency of the City of Lake Elsinore, California, do hereby certify that Resolution No.
2017 -002 was adopted by the Successor Agency of the Redevelopment Agency of the
City of Lake Elsinore at a Regular meeting on January 24, 2017, and that the same was
adopted by the following vote:
AYES: Board Members Hickman, Manos and Tisdale; Vice Chair Johnson and Chair Magee
NOES: None
ABSENT: None
ABSTAIN: None
Susan M. Domen, MMC
Agency Secretary