Item 17 - First Ammnd to Old Coach Golf Estates Devlp. Agreement
~ . 3ENDA REPORT
CITY OF POWAY
This report is included on the Consent Calendar. There will ~ no separ~ discussion of the report prior to approval by the
City Council unless members of the Council, staff or public request It to be removed fi'?n:a the ~onsent Calendar and
discussed separately. If you wish to have this report pulled for discussion. p1~se fill out a slip indicating the report number
and give it to the City Clerk prior to the beginning of the City Council meeting.
TO:
Honorable Mayor and Members of the city Council
James L. Bowersox, city Mana~
August 25, 1992
FROM:
DATE:
SUBJECT :
First Amendment to the Old
Development Agreement
Development, LTD.
Coach Golf Estates
with Environmental
BACKGROUND:
On November 20, 1990, the City Council approved Ordinance No. 327
adopting a Development Agreement with Environmental Development,'
LTD. for the development of Old Coach Golf Estates. This agreement
provided for specific performance dates for a number of the public
improvements as well as a $335,000 gnatcatcher mitigation payment.
$254,870 of the gnatcatcher mitigation payment was to be used for
reimbursement of part of the purchase price of the Goodan Ranch by
the City of Poway. The purpose of this amendment to the
Development Agreement is to require interest to be paid to the city
on funds used to purchase the Goodan Ranch and to extend the
performance dates within the Development Agreement by 18 months.
FINDINGS:
Attached for city Council consideration is a proposed First
Amendment to the Old Coach Golf Estates Development Agreement with
Environmental Development, LTD. This agreement requires the
payment of 8 percent interest to the City of poway on the $254,870
used to purchase gnatcatcher habitat from the date of the amendment
and extend the performance dates for construction of various
improvements by 18 months. This amendment has been prepared in
conformance with section 7.1.1. of the Development Agreement,
adopted on November 20, 1990,
FISCAL IMPACT:
The City will
Goodan Ranch.
these funds.
receive 8% interest on funds used to purchase the
The ultimate amount to be determined upon payment of
r ACTION:
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Agenda Report
1st Amendment to Old Coach Golf Estates
Development Agreement
August 25, 1992
Page 2
PUBLIC NOTICE AND CORRESPONDENCE:
standard Distribution and Environmental Development, LTD.
RECOMMENDATION:
It is recommended that the City Council approve the First Amendment
to the Old Coach Golf Estates Development Agreement with
Environmental Development, LTD.
JLB:cb
Attachment: Proposed First Amendment to Development Agreement
(C:\WPS1\RPT\OLDCOACH.AMD)
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AUG 2 5 1992 ITEM 17
RECORDING REQUESTED BY:
City of Poway
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WHEN RECORDED, MAIL TO:
City Clerk
City of poway
P.O. Box 789
Poway, CA 92064
No Transfer Tax Due
(This space for Recorder's usel
FIRST AMENDMENT TO DEVELOPMENT AGREEMENT
This First Amendment to Development Agreement
("First Amendment") is made and entered into as of
, 1992, by and between the CITY OF POWAY, a
municipal corporation organized and existing under the laws of
the State of California ("city"), and ENVIRONMENTAL DEVELOPMENT,
LTD., a California limited partnership ("Developer") with
reference to the following facts:
A. Development Aqreement. The City and Developer
entered into a Development Agreement ("Development Agreement")
dated November 27, 1990, which provided for the development of
certain property in the City known as the Old Coach Golf Estates
("Old Coach project").
B. Settlement Aqreement. The City, Developer, and
the Sierra Club entered into a Settlement Agreement and Mutual
Release of All Claims ("Settlement Agreement") dated
, 1991 which provided for the dismissal with
prejudice of a lawsuit initiated by the Sierra Club to challenge
certain aspects of the development approvals for the Old Coach
project. The Settlement Agreement also provided for the
amendment of certain paragraphs in the Development Agreement
between the City and the Developer,
C. Purpose of Amendment. The City and the Developer
desire to amend certain paragraphs in the Development Agreement
to require that the Developer pay interest on a $254,870.00
mitigation payment and to revise the dates for performance by the
Developer.
Now, therefore, with reference to the foregoing
recitals and in consideration of the mutual promises,
obligations, and covenants herein contained, the City and the
Developer agree as follows:
S0175\envdev.lst\
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1. commencing on the date of this First Amendment,
interest shall accrue at the rate of eight percent (8%) per year
to the principal of the $254,870.00 mitigation payment described
in paragraph 3.7 of the Development Agreement, as amended by
paragraph 2 of the Settlement Agreement. Such interest shall
continue to accrue until the Developer has paid the $254,870.00
mitigation payment in full, plus any accrued interest, upon the
receipt of a grading permit for the Old Coach project.
2. The dates for performance set forth in paragraphs
3.2 through and including 3.11 of the Development Agreement, as
amended by paragraph 8 of the Settlement Agreement, shall be
extended for an additional eighteen (18) months.
3. Except as amended hereby, all terms and conditions
of the Development Agreement, as amended by the Settlement
Agreement, shall remain in full force and effect,
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AUG 2 5 1992 ITEM 17
IN WITNESS WHEREOF, the undersigned have executed this
First Amendment as of the day and year first above written.
"city"
CITY OF POWAY
By:
Jan Goldsmith, Mayor of
the City of Poway
ATTEST:
Marjorie K. Wahlsten,
City Clerk
APPROVED AS TO FORM:
Stephen M. Eckis.
City Attorney
"Developer"
ENVIRONMENTAL DEVELOPMENT,
LTD., a California limited
partnership
By: Planned Real Estate
Investments, Inc. a
California Corporation,
general partner
By:
Bruce E. Tabb,
President
(Notarization Required)
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