HomeMy WebLinkAbout0004_2_Implementation Agrmt - Exhibit A ResolutionRESOLUTION NO. OB-2017-00______
A RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY
OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE,
CALIFORNIA, APPROVING THE SECOND IMPLEMENTATION AGREEMENT
PURSUANT TO AMENDED AND RESTATED DDA, SUMMERLY
Whereas, in 2002, the former Redevelopment Agency of the City of Lake Elsinore entered into
a Disposition and Development Agreement 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”;
Whereas,the Disposition and Development Agreement 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;
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;
Whereas,in 2015 the California Department of Finance (“DOF”) issued a final and conclusive
determination regarding the DDA, finding both ROPS items to be enforceable obligations;
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;
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).
NOW, THEREFORE, THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF
THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE DOES
HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
Section 1.The Recitals set forth above are true and correct and incorporated herein by
reference.
Section 2.The Oversight Board approves the Second Implementation Agreement
Pursuant to Amended and Restated Disposition and Development Agreement.
OB Reso. No. 2017-_____
Page 2
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
Oversight Board 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.
Passed and Adopted at a Special meeting of the Oversight Board to the Successor
Agency of the Redevelopment Agency of the City of Lake Elsinore, held this 23rd day of
January, 2017.
Genie Kelley, Chair
Attest:
Susan M. Domen, MMC
Secretary