TITLE
FIRST AMENDMENT TO DEVELOPMENT AGREEMENT FOR CITY CENTER AIRPARK
body
RECOMMENDATION:
ADOPT RESOLUTION NO. 14-1661 APPROVING AND AUTHORIZING EXECUTION OF FIRST AMENDMENT TO DEVELOPMENT AGREEMENT FOR CITY CENTER AIRPARK ("AMENDMENT 1"); APPROVING AND AUTHORIZING ACCEPTANCE AND EXECUTION OF THREE SPECIAL WARRANTY DEEDS FOR PORTIONS OF BULLARD WASH; AUTHORIZING BUDGET TRANSFERS; PROVIDING AUTHORIZATION FOR CORRECTION OF SCRIVENERS ERRORS AND NON-SUBSTANTIVE CHANGES TO DOCUMENTS; PROVIDING AUTHORIZATION AND DIRECTION TO CARRY OUT INTENT OF RESOLUTION AND AMENDMENT 1; AND PROVIDING FOR AN EFFECTIVE DATE.
PURPOSE:
Resolution No. 14-1661 approves Amendment 1 to the Development Agreement for City Center Airpark ("Amendment 1"), which provides for the reimbursement of funds owed to the City for work that was previously completed; accounts for infrastructure improvements that have been completed and dedications that have been made by modifying the City Center Airpark Agreement ("Airpark Agreement") to reflect the parties' satisfactions of such obligations and identifying the parties remaining obligations; and to provide releases for the prior agreements. In addition, Resolution No. 14-1661 also authorizes the acceptance of the conveyance documents identified in Amendment 1 and provides for budget transfers of the funds that are to be received pursuant to Amendment 1 to allow the City to undertake the work it is required to complete under the terms of Amendment 1, another agreement between the City and Sun MP, and the Ballpark Settlement Agreement. (Sarah Chilton, Asst. City Attorney)
Recommended Action
ADOPT RESOLUTION NO. 14-1661 APPROVING AND AUTHORIZING EXECUTION OF FIRST AMENDMENT TO DEVELOPMENT AGREEMENT FOR CITY CENTER AIRPARK ("AMENDMENT 1"); APPROVING AND AUTHORIZING ACCEPTANCE AND EXECUTION OF THREE SPECIAL WARRANTY DEEDS FOR PORTIONS OF BULLARD WASH; AUTHORIZING BUDGET TRANSFERS; PROVIDING AUTHORIZATION FOR CORRECTION OF SCRIVENERS ERRORS A...
Click here for full text