Res 93-111RESOLUTION NO. 93-11 1
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF POWAY
APPROVING A FIRST AMENDMENT TO THE OWNER
PARTICIPATION AGREEMENT BY AND BETWEEN THE POWAY
REDEVELOPMENT AGENCY AND TECH BUSINESS CENTER
WHEREAS, the Poway Redevelopment Agency (the "Agency") and Tech Business
Center (the "Participant") entered into a certain Owner Participation Agreement, dated as of
November 27, 1990 (the "OPA") for the acquisition and imposition of certain portions of the
Project Area for the purpose of constructing a office/commercial use building and other public
improvements; and
WHEREAS, the Participant and the Agency are proceeding to perform their respective
obligations pursuant to the OPA; and
WHEREAS, the Participant and the Agency desire to approve a First Amendmem to the
OPA (in the form attached hereto as Attachment "A" and incorporated herein) which constitutes
the 'Amendment" to supplement the terms of the OPA; and
NOW, THEREFORE, the City Council of the City of Poway does resolve as follows:
Section 1. The City Council finds and determines that the environmental detem~-ation as
previously approved is adequate for this project.
Section 2. The City Council fmds and determines that: (a) the approval of the
Amendment will promote the objectives of the Redevelopment Plan and promote the health,
safety and welfare of the citizens of the City of Poway; and (b) the Amendment is consistent with
the orderly development of the improvements to be provided by the Participant pursuant to the
OPA.
Section 3. The City Council approves the Amendment in the form of Attachment
and authorizes and directs the Chairman and Secretary of the Agency to execute that Amendment
and such other documents as may be determined by the City Attorney to be necessary or
appropriate to effectuate the OPA as now amended.
PASSED, ADOPTED AND APPROVED by the City Council of the City of Poway,
California, at a regular meeting hereof this 27 t h day of d u ] y ,1993.
Don Higgin~on, ~g~or
ATTEST:
Marjori~K~Wahlsten, City Clerk
Resolution No. 93-11~
Page 2
STATE OF CALIFORNIA )
COUNTY OF SAN DIEC-O )
I, Marjorie K. Wahlsten, City Clerk of the City of Poway, do hereby certify under
penalty of perjury that the foregoing Resolution No. 93- 011was duly adopted by the City
Council at a meeting of said City Council held on 27th day of July , 1993, and that it
was so adopted by the following vote:
AYES: CALLERY, SNESKO,
NOES: NONE
ABSTAIN: NONE
ABSENT: CAFAGNA, EMERY
HIGGINSON
Marjori~K\ Wahlsten, City Clerk
City of ol~ay
~nma:3102_1121211rz345.34 2
Resolution No.
Page 3
A'I'rACHMENT
FIRST AMENDMENT
TO OWNER PARTICIPATION AGREEMENT
93-111
THIS FIRST AMENDMENT TO OWNER PARTICIPATION AGREE2dENT (the
'Amendment') is hereby made and entered into as of July __, 1993 by and between the POWAY
REDEVELOPMENT AGENCY, a public body corporate and politic, (the 'Agency') and TECH
BUSINESS CENTER, a California general partnership, (the 'Developer').
RECITALS
The following recitals are a substantive part of this Amendment and are incorporated
herein:
A. On November 27, 1990 the Agency entered an Owner Participation Agreement
(the 'OPA') with the Developer.
B. The OPA provides for the Developer to contribute Eight Hundred and Twenty
Thousand Dollars ($820,000) towards the construction of the Scripps-Poway Parkway by April 1,
1993.
C. Pursuant to the OPA, the Developer has made a payment of Two Hundred
Thousand Dollars ($200,000); however, due to the depressed economy and slow absorption of
property within the South Poway Business Park, the Developer has been unable to sell sufficient
property to generate the cash flow required to be able to fund payment of the remaining Six
Hundred and Twenty Thousand Dollars ($620,000) and has requested additional time to make the
f'mal payment.
D. The parties desire by this Amendment to provide for additional time for the
Developer to make the final payment and to require an interest rate component of eight percent
(8%) effective April 1, 1993 as a condition to the extension.
NOW, THEREFORE, the Parties hereto agree as follows:
I. Section 6(a) of the OPA shall be amended to read as follows:
(a) Particinant Con~ribution. Subject to the terms of this Agreement,
Participant hereby agrees to contribute the sum of Eight Hundred Twenty Thousand Dollars
($820,000) towards the construction of regional-wide improvements for the extension of South
Poway Parkway easterly to Highwny 67 (the "Participant Contribution'). An initial Participant
Contribution of Two Hundred Thousand Dollars has previously been paid. The remaining Six
Hundred Twenty Thousand Dollars ($620,000) ('Remnlrting Contribution') shall be paid on or
before the earlier of: (i) the date at which sales of property within the Site exceed Twelve
Million Seven Hundred Fifty-Eight Thousand Dollars ($12,758,000), or (ii) April 1, 1996.
Interest shall accrue on the Remaining Contribution at an annual compounded rate of eight
percent (8 %) until the entire amount plus interest is paid in full. During such time as any of the
Resolution No. 93-111
Page 4
Remaiuing Contribution is owed by the Developer, the Agency shall be relieved of rrmking any
payment due pursuant to the Public Improvement Acquisition Agreement (Attachment No. 3).
5. ]~[P_Q~~. Except as provided herein, the OPA, and the other
documents ~noched to the OPA, shall remain in full force and effect, without modification. Any
terms not defined herein shall have the meanings set forth in the OPA.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the
dates set forth below.
POWAY REDEVELOPMENT AGENCY,
a public body corporate and politic
Dated: July ,1993 By:
ATTEST:
Chairman
'AGENCY"
Agency Secretary
APPROVED AS TO FORM:
Agency General Counsel
Stradling, Yocca, Carlson & Rauth
Agency Special Counsel
TECH BUSINESS CENTER,
a California general parmership
Dated: ,1993 By:
Dated: ,1993 By:
I~_~_~ 102_i 12121B2345.34 4