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Res 87-033RESOLUTION NO. 87-033 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF POWAY APPROVING THE PURCHASE BY THE POWAY REDEVELOPMENT AGENCY OF REAL PROPERTY IN THE PAGUAY PROJECT AREA FROM THE CITY OF POWAY WHEREAS, the Poway Redevelopment Agency (hereinafter referred to as the "Agency") under the provision of the California Community Redevelopment Law, is engaged in activities necessary for the execution of the Redevelopment Plan for the Paguay Project Area (hereinafter referred to as the "Project Area"); and WHEREAS, the City is authorized to provide financial and other assistance to the Agency to promote the redevelopment of the Project Area; and WHEREAS, in order to effectuate the provisions of that Redevelopment Plan, the City proposes to sell and the Agency pro- poses to acquire certain property (the "Property") within the Project Area (hereinafter referred to as the "Site"), generally described as in Exhibit A to the Agreement attached hereto and incorporated herein; and NOW, THEREFORE, the City Council of the City of Poway does hereby find, determine, order and resolve as follows: Section 1. The sale of the Property pursuant to the Agreement is in the best interests of the City and will promote the public health, safety and welfare. Section 2. The sale of the Property by the City to the Agency pursuant to the Agreement is hereby approved. The Mayor is authorized to execute the Agreement on behalf of the City and to execute all deeds and other documents necessary and appropriate to effectuate the conveyance of the Property pursuant to the Agreement. PASSED, APPROVED and ADOPTED this 24th day of March, 1987. ATTEST: City Clerk AGREEMENT FOR THE ACQUISITION OF PROPERTY RELATIVE TO THE PAGUAY PROJECT AREA THIS AGREEMENT is entered into as of this 24th day of March, 1987, by and between the CITY OF P0WAY (the "City") and the POWAY REDEVELOPMENT AGENCY (the "Agency"). Recitals A. The City is the fee owner of that certain real property which is described in Exhibit A, hereto (the "Property"). B. The Property is situated within the Paguay Project Area (the "Project Area"), as established by Ordinance No. 117 adopted December 13, 1983. C. The Agency and the City desire to facilitate the redeve- lopment of the Property consistent with the Redevelopment Plan for the Paguay Redevelopment Plan (the "Redevelopment Plan"). D. The Agency is, pursuant to the Redevelopment Plan authorized to acquire real property situated within the Project Area E. The Agency is engaged in systematic planning and imple- mentation of the redevelopment of the Project Area. F. Based upon the foregoing facts and circumstances, the parties agree that the redevelopment of the Property will best be accomplished if title is held by the Agency. Agreements THE AGENCY AND THE CITY AGREE AS FOLLOWS: 1. The City agrees to convey to the Agency and the Agency agrees to receive conveyance of the Property on or before [insert date]. The Agency shall, in consideration of such conveyance, be obligated to pay to the City the amount of Three Million Two Hundred Thousand Dollars ($3,200,000), the "Purchase Price", plus interest accruing at an interest rate equal to the annual average interest accrued on investment of the City General Fund as calcu- lated on January 1st of each year. This rate is not to exceed lesser of (i) twelve percent (12%) per annum or (ii) the maximum interest rate that may lawfully by paid by a redevelopment agen- cy; provided that the City agrees and acknowledges that such Purchase Price shall be paid only from tax allocation revenues generated within the Project Area and received by the Agency. The Agency shall have no obligation to make payment from any other revenues. -1- 2. The obligations of the Agency pursuant to Section 1 of this Agreement shall constitute indebtedness and a pledging of the tax allocations from the Project Area to repay such indebted- ness within the meaning of Sections 33670 and 33675 of the California Health and Safety Code; provided, however, that such pledge of tax allocations shall always be subordinate and subject to Section 33334.2 of the Health and Safety Code and to the right of the Agency to pledge or commit tax allocations from the Project Area to repay bonds or other indebtedness incurred by the Agency in carrying out the Project. The Agency agrees to file statements of indebtedness setting forth such obligation until such time as the Purchase Price (together with accrued interest) has been paid in full. 3. The Agreement shall be effective as of the date executed by each of the Agency and the City. Dated: ATTEST: City'~ Clerk CITY OF POWAY Dated: ATTEST: Secretary POWAY REDEVELOPMENT AGENCY -2- EXHIBIT A THAT PORTION OF SECTIONS 2 AND 11, TOWNSHIP 14 SOUTH, RANGE 2 W-EST, SAN BERNARDINO MERIDIAN, IN THE CITY OF POWAY, COUNTy OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO UNITED STATES GOVERNMENT SURVEy, APPROVED SEPTEMBER 11, 1879, ALSO BEING A PORTION OF PARCEL 1 AS DESCRIBED IN DEED TO THE COUNTY OF SAN DIEGO RECORDED OCTOBER 31, 1980 AT FILE/PAGE NO. 80-365974, OFFICIAL RECORDS, DESCRIBED AS FOLLOWS: BEGINNING AT THE INTERSECTION OF THE CENTERLINE OF POMERADO ROAD WITH THE SOUTH LINE OF SAID SECTION 2, AS SHOWN ON RECORD OF SURVEY MAP NO. 6563, FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY ON JULY 21, 1965, SAID POINT BEARS SOUTH 86-38-10 EAST, 1294.08 FEET (RECORD OF SURVEY NO. 6563 = SOUTH 86-37-45 EAST, 1294.88 FEET) FROM THE SOUTHWEST CORNER OF SAID SECTION 2; THENCE ALONG THE SOUTH LINE OF SAID SECTION 2 SOUTH 86-38-10 EAST, 48.72 FEET (DEED = SOUTH 86-37-45 EAST, 49.05 FEET) TO A LINE THAT IS PARALLEL WITH AND 33.00 FEET EASTERLY, MEASURED AT RIGHT ANGLES FROM THE CENTERLINE OF ROAD SURVEY NO. 1859-2, ON FILE IN THE OFFICE OF THE COUNTY ENGINEER; THENCE LEAVING SAID SOUTHLINE ALONG SAID PARALLEL LINE NORTH 1-05-35 EAST, 523.24 FEET (DEED = NORTH 1-05-02 EAST, 523.80 FEET); THENCE LEAVING SAID PARALLEL LINE SOUTH 88-54-25_ EAST (DEED = SOUTH 88-54-58 EAST), 185.40 FEET: THENCE SOUTH .... 74-19-43 EAST (DEED = SOUTH 74-19-10 EAST) 118.40 FEET; THENCE NORTH 51-43-07 EAST (DEED = NORTH 51-43-40 EAST), 138.84 FEET TO AN ANGLE POINT IN THE BOUNDARY OF COUNTY OF SAN DIEGO TRACT NO. 4107, AS SHOWN ON MAP THEREOF NO. 10258. FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY ON NOVEMBER 6, 1981; THENCE ALONG THE BOUNDARY OF SAID MAP NO. 10258, SOUTH 46-10-53 EAST, 69.30 FEET AND CONTINUING ALONG SAID BOUNDARY SOUTH 74-49-13 EAST, 72.50 FEET AND NORTH 83-41-27 EAST, 173.00 FEET AND NORTH 12-13-51 EAST, 198.52 FEET AND NORTH 53-16-31 EAST, 54.58 FEET TO THE SOUTHWESTERLY .SIDELINE OF TWIN PEAKS ROAD (FORMERLY CAMINO DEL NORTE) (126.00 FEET WIDE); THENCE LEAVING SAID TRACT BOUNDARY ALONG SAID SOUTHWESTERLY SIDELINE SOUTH 36-43-29 EAST, 446.25 FEET TO THE BEGINNING OF A TANGENT 1863.00 FOOT RADIUS CURVE CONCAVE NORTHEASTERLY; THENCE SOUTHEASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 0043'31" A DISTANCE OF 23.58 FEET TO A POINT IN THE ARC OF SAID CURVE TO WHICH A RADIAL LINE BEARS SOUTH 52o33,00" WEST SAID POINT BEING AN ANGLE POINT IN THE BOUNDARY OF THAT CERTAIN PARCEL OF LAND CONVEYED TO THE COUNTY.OF SAN DIEGO BY DEED RECORDED OCTOBER 31, 1980 AS FILE/PAGE NO. 80-365974 OF OFFICIAL RECORDS; THENCE LEAV~NG SAID CURVE ALONG THE BOUNDARY OF SAID COUNTY LAND AND THE PROLONGATION OF SAID RADIAL LINE SOUTH 52033'00'' WEST, 5.00 FEET; THENCE CONTINUING ALONG THE BOUNDARY-OF SAID COUNTY LAND SOUTH · 82°08'~29" WEST, 183.52 FEET; THENCE ~ONTINUING ALONG THE BOUNDARY OF SAID COUNTY LAND SOUTH 30o40'18- WEST, 243.02 FEET; THENCE CONTINUING ALONG THE BOUNDARY OF SAID COUNTY LAND SOUTH 13o38'01,, WEST, 105.99 FEET: THENCE CONTINUING ALONG THE BOUNDARY OF SAID COUNTY LAND S~UTH 2°12'20'' WEST, 44.03 FEET; THENCE LEAVING THE BOUNDARY OF SAID COUNTY LAND SOUTH 51o29'53" WEST 3.12 FEET TO THE BEGINNING OF A TANGENT 1057.00 FOOT RADIUS CURVE CONCAVE NORTHWESTERLY; THENCE SOUTHWESTERLY AND WESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 37o49'03'' A DISTANCE OF 697.66 FEET; THENCE TANGENT TO SAID CURVE SOUTH 89o18'56- WEST, 56.27 FEET TO THE BEGINNING OF A TANGENT 25.00 FOOT RADIUS CURVE CONCAVE SOUTHEASTERLY; THENCE COUNTERCLOCKWISE ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 88o00'00- A DISTANCE OF 38.40 FEET, TO A LINE THAT IS PARALLEL . - WITH AND 51.00 FEET EASTERLY, MEASURED AT RIGHT ANGLES FROM THE CENTERLINE OF THE ABOVEMENTIONED COUNTY OF SAN DIEGO ROAD SURVEY NO. 1859-2; THENCE PARALLEL WITH SAID CENTERLINE SOUTH lO18'56- WEST (ROAD SURVEY NO. 1859-2 = SOUTH lO18'08" WEST), 500.00"FEET; THENCE AT RIGHT ANGLES NORTH 88o41,04# WEST, 60.40 FEET TO THE ABOVEMENTIONED CENTERLINE OF POMERADO ROAD AS SHOWN ON RECORD OF SURVEY NO. 6563; THENCE ALONG SAID CENTERLINE NORTH 0o50'52" EAST (RECORD OF SURVEY NO. 6563 = NORTH 0050'40" EAST), 769.94 FEET TO THE POINT OF BEGINNING. THE COUNTY OF SAN DIEGO HEREBY FURTHER GRANTS THE PRIVILEGE AND RIGHT TO EXTEND DRAINAGE STRUCTURES AND EXCAVATION AND EMBANKMENT SLOPES BEYOND THE LIMITS OF THE ASOVE DESCRIBED PROPERTY, W~ERE REQUIRED, FOR THE CONSTRUCTION AND MAINTENANCE OF A CITY HIGHWAY. THE EXTENSION OF SAID DRAINAGE STRUCTURES AND EMBANKMENT SLOPES SHALL NOT CAUSE THE OWNERSHIP OF THAT CERTAIN PARCEL OF LAND DESCRIBED IN DEED RECORDED OCTOBER 31, 1980 AT FILE/PAGE NO. 80-365974, OFFICIAL RECORDS TO REVERT TO THE COUNTY OF SAN DIEGO.