Res 00-120RESOLUTION NO. 00- 120
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF POWAY, CALIFORNIA
APPROVING A FIVE-YEAR TIME EXTENSION
FOR THE PARKWAY BUSINESS CENTRE DEVELOPMENT AGREEMENT
WHEREAS, on December 5 1988, the City of Poway ("City") entered into a
Development Agreement (the "Agreement") with Parkway Business Centre Partners to
provide for the development of Parkway Business Centre; and
WHEREAS, Section 4 of the Agreement defines the Term of the Agreement (the
"Term") to be ten years from the date of the Agreement, which ten-year period expired on
December 5, 1998; and
WHEREAS, Section 4 of the Development Agreement provides that, if, at the end of
the Term, the Developer is in the process of developing the property and the construction
of at least fifty percent of the Development has been completed, the Term shall be
extended until such construction is completed, not to exceed an additional five years after
expiration of the initial Term; and
WHEREAS, on Mamh 31, 1997, the City executed a City Estoppel Certificate
pertaining to the Agreement which certified that at least fifty percent of the construction of
Parkway Business Centre has been completed, and that the Agreement could be extended
at the option of the Developer; and
WHEREAS, the Developer subsequently submitted a letter requesting that the City
confirm the extension of the Term of the Agreement, and
WHEREAS, the City has reviewed the records pertaining to the Development and
determined that, by reason of Government Code Sections 66452.11 and 66452.13, Unit 2
of Parkway Business Centre was automatically extended until December 5, 2001, and
does not require a time extension as of the date of this Resolution; and
WHEREAS, the City has reviewed the work accomplished under the Development
Agreement and determined that the Developer has demonstrated good faith compliance
with the terms of the Development Agreement.
NOW, THEREFORE, the City Council of the City of Poway does resolve as follows:
Section 1. The City Council hereby finds that the foregoing statements are true and
correct, and incorporated herein.
Section 2. The City Council hereby finds that the construction of at least fifty
percent of Parkway Business Centre, Unit 1, has been completed and that the Developer
has demonstrated good faith compliance with the terms of the Development Agreement.
Resolution No. 00-120
Page 2
Section 3. The City Council hereby approves a five-year extension to the Term of
the Development Agreement, as it pertains to Parkway Business Centre, Unit 1, which five-
year extension shall expire on December 5, 2003.
PASSED, ADOPTED and APPROVED by the City Council of the City of Poway at a
regular meeting thereof this 19th day of December 2000.
Mich~yor
ATTEST:
'L-'~r~,nne Peoples~ City IClerk
STATE Of CALIFORNIA )
) SS,
COUNTY OF SAN DIEGO )
I, Lori Anne Peoples, City Clerk of the City of Poway, do hereby certify under the
penalty of perjury that the foregoing Resolution, No. 00-120 was duly adopted by the City
Council at a meeting of said City Council held on the 19th day of December, 2000, and that
it was so adopted by the following vote:
AYES: EMERY,
NOES: NONE
ABSTAIN: NONE
ABSENT: NONE
GOLDBY,
HIGGINSON, REXFORD, CAFAGNA
Lor{ Anne 15eoples, City (~lerk -
City of Poway
C: \My Documents\park~ayres.doc