OSB 13-007 RESOLUTION NO. OSB-13-007
A RESOLUTION OF THE OVERSIGHT BOARD TO THE
SUCCESSOR AGENCY OF THE POWAY REDEVELOPMENT
AGENCY AUTHORIZING AND RATIFYING PRIOR ACTIONS TAKEN
BY THE SUCCESSOR AGENCY TO EXTEND THE TERM OF THE
LEASE WITH DESERT OASIS INDUSTRIAL LOFTS, LLC
WHEREAS, pursuant to Health and Safety Code Section 34181(e), the
Successor Agency shall determine whether any contracts, agreements, or
arrangements between the dissolved redevelopment agency and any private parties
should be terminated or renegotiated to reduce liabilities and increase net revenues to
the taxing entities, and present proposed termination or amendment agreements to the
Oversight Board for its approval; and
WHEREAS, Desert Oasis Industrial Lofts, LLC operates a self-storage business
on the former Redevelopment Agency property located at 13033 Poway Road, Poway,
California known as Poway Stoway; and
WHEREAS, the former Redevelopment Agency entered into a Lease Agreement
(Lease) with the current tenant for a three-year term, with finro, one-year extension
options, which was assigned to the Successor Agency upon dissolution of the former
Redevelopment Agency; and
WHEREAS; in accordance with the provisions of the Lease, the First
Amendment to the Lease Agreement was executed on May 1, 2012 (Exhibit A), which
extended the term of the Lease for an additional one-year period; and
WHEREAS, in accordance with provisions of the Lease, the Second
Amendment to the Lease Agreement was executed on May 1, 2013 (Exhibit B), which
extended the term of the Lease for an additional one-year period; and
WHEREAS, the Lease is a "triple net" lease that generates $144,000 net
revenue annually to the Successor Agency, which is used to offset obligations of the
former Redevelopment Agency and increases the funds available for distribution to the
other taxing entities.
NOW, THEREFORE the Oversight Board to the Successor Agency of the Poway
Redevelopment Agency does hereby resolve as follows:
Section 1. The Oversight Board hereby finds and determines that the
foregoing recitals are true and correct.
Section 2. A duly noticed public meeting having been held, the Oversight
Board hereby authorizes and ratifies prior actions taken by the Successor Agency to
extend the term of the Lease with Desert Oasis Industrial Lofts, LLC.
Section 3. This Resolution shall take effect immediately upon its adoption.
Resolution No. OSB-13-007
Page 2
PASSED, ADOPTED and APPROVED by the Oversight Board to the Successor
Agency of the Poway Redevelopment Agency at a regular meeting this 25th day of
September, 2013.
Bruce Tarzy ,�
Chair
ATTEST:
Sheila . Cobian, CMC, Secretary
Successor Agency of the
Poway Redevelopment Agency
Resolution No. OSB-13-007
Page 3
STATE OF CALIFORNIA )
)
COUNTY OF SAN DIEGO )
I, Sheila R. Cobian, CMC, Secretary, Successor Agency to the Poway
Redevelopment Agency, do hereby certify under penalty of perjury that the foregoing
Resolution No. OSB-13-007 was duly adopted by the Oversight Board to the Successor
Agency of the Poway Redevelopment Agency at a meeting of said Oversight Board
held on the 25th day of September, 2013 and that it was so adopted by the following
vote:
AYES: FONG-SAKAI, LADERMAN, LYON, SCOTT, TAM, THOLANDI, TARZY
NOES: NONE
ABSENT: NONE
DISQUALIFIED: NONE
heila R. Cobian, CMC, Secretary
Successor Agency of the
Poway Redevelopment Agency
(First Amendment to Lease Agreement to be inserted)