HomeMy WebLinkAboutResolution - - 2012-192/SA-11 - 10/18/2012C ITY O F FR ESNO A S T HE HO US ING SUCCESS OR TO TH E
R EDEVELOPMENT A GENCY O F TH E C ITY O F FR ESNO
R ESOLUT IO N N O.2 0 12-192
C ITY OF FRESNO A S SUCCESS OR AGENCY TO TH E
R EDEVELOPMENT A GENCY O F T H E CITY OF FRESNO
R ESOLUT ION N O .SA-I I
A J OI NT R ESOLUT ION OF T HE C ITY OF FR ESNO IN ITS
CA PAC ITY AS T HE HO US ING SUCCESS OR TO TH E
R EDEVELOPMENT AG ENCY O F TH E CITY O F FR ESNO
A ND T HE C ITY OF FR ESNO A S SUCCESS OR AGENCY TO
T I-IE R EDEV ELOPMENT AG ENCY O F T HE C ITY OF
F RESN O A PPROV ING AND A UTHOR IZING A PURCHASE
AND SA LE AG REEMENT WITH BOO S DEVELOPM ENT
W EST ,LLC.,A LIMITED LIAB ILI TY C ORPORATION ,
A UTHORIZ ING EXECUT ION OF RELATED DOCUMENTS
AN D MAK ING CE RTA IN FIN DINGS
WH EREAS,o n Jan uary 26, 2 0 12,the City Co uncil adopted Resolution N o .2 012-12
e lect ing to have th e C ity o f Fresno beco me Housing Successor ("Hous ing Successor")as we ll as
the S uccessor Age ncy to t he Re d evelopm ent Age ncy o f th e City o f Fresno ("Successor A gency")
pur sua nt to A BX I 26 (T he Redevelopment Age ncy D issolution A ct);and
WH EREAS,th e Successo r A genc y wa nts to enter into a n ag reeme nt to c onvey
appro ximately 4 .08 ac res located at C aliforn ia Ave n ue between Wa ter m a n a nd Kern w ithin the
Southwe s t Fresno Ge ne ral Ne igh bo rhood Renewa l Area Proj ect Area; and
W HEREAS ,the Succes sor Age ncy finds that t he Proj ect is ex empt under Section
15332/C lass 32 of t he Ca lifornia Env iro nmenta l Qua lity Ac t (CE QA) Gu idelines as a n infill
d eve lopm ent beca use (i )the s ite is less than five acres, (ii)t he buyer w ill be req uired to deve lop
the prop erty co ns istent w ith th e ge nera l p lan, all a pplicab le genera l p lan po licies and zo ning
Date Ad opt ed :
Date Approved:
Effective Date:
10ll S/2012
I 0llS/20 12
10ll S/2012
l of 6 PURCHASEAND SALE AGREEMENT WITH
BOOS DEVELOPMENT WEST,LLC
C ity Reso lution No. 2012 -192
Successo r A ge ncy Resolutio n No . S A-I I
I.
I
des ignations and regulations ,(iii)the proj ec t s ite has no value as ha bitat for endangered,rare or
t hreatened species beca use it is surro unded by urban uses,(iv)ap proval of the project wo uld not
res ult in a ny significa nt effect s re latin g to t raffic,no ise,air q uality,or wat er quality because the
development is s urrounded by urban uses and deve lopi ng co ns istent with the general pla n and the
rele vant zo n ing is not reasonably expected to significa ntly impact traffic,noise, air quality o r water
q uality, (v)t he site can be adeq uately be ser ved by all required utilities and publ ic serv ices and (v i)
no e vidence has been identified that would create an exce ption to the exemption under Guideline
Section 153 00 .2 ;and
WHER EAS,the Succe sso r Agency a lso finds that t he project is consistent with the Plan
which was environmentally assessed under Progr am EIR N o. 03-0 I and adopted by
Co uncil!Agenc y Reso lution N o.2003-198/162;and
WH EREAS,on Octob er 3 1,20 II ,the Succes sor Agency pub lished Request for Proposa ls
for a Re tai l Co mmercial Developm ent at California Avenue between Kern and Waterman
Aven ues ;and
WHEREAS,Boos Deve lopment Gro up, LLC.,subm itted a timely respo nse w ith propo sa l
to p urc hase proper ty define d as A PN#s 4 67-24503,467-245 -04,467 -245-05 ,46 7-245 -06,467 -
245-07, 467-245-08,467-245-09,467-245-10, 467-245-11,467-245-12,467 -262-0 1,467-262-02,
467-262-03,467 -262-04,for deve lopment o f a neighborhood retai l center that will co mprise of
two national tenants with a potential th ird nationa l tenant or local retail space;and
WHEREAS ,the purc hase price o f t he S ite will not be less than the app raised fair market
va lue of the S ite at its highest a nd best use,a nd t he sa le w ill relieve the Successor Age ncy of any
liability o r maintenance o bligation ;a nd
2o f6 DEVELOPMENT RESO FOR SALE O F
CALIF-KERN
City Resolution No . 20 J2-192
Successor Agency Reso lution No .SA-I I
WHEREAS,Deve loper proposes to deve lop a minimu m of 15,000 sq uare foot co mme rcia l
reta il s pace with enhanced la ndscaping and exte rio r facade bui lding, and drou ght tolerant
landscaping that includes d ecorative co ncrete a nd bo ulders,and create new jobs for th e
neighborhood while co ntributing to the elimination of blight in the area;and
WHEREAS,the pro posed project will cause the deve lopment of under-util ized parce ls to
m ore intensive a nd ec onomica lly viable use; wi ll increase the aesthet ics a nd improve the
a ppearance of the Site and the surrounding area;a nd w ill contr ibute to the economic activ ity
with in the ne ighborhood (the "Proj ect Area"),t hereby rev ita lizing the Project Area; and
WHEREAS,the proposed proj ect will cause the development of under-u tilized parcels to
more intensi ve a nd eco nomically via ble use ; w ill increa se the aes thetics a nd imp rove the
appearance of the Site and t he s urrounding a rea; and will contribute to the econo mic activity
within the neighborhood (th e "Proj ect Area"),thereby revitalizin g the Project Area.
NOW,THEREFORE,B E IT R ESOLVED by the City Council of the City of Fresno in
its Capacity as Hou sing Successor Agency a nd T he City of Fresno as Successor A gency to the
Redeve lopment Age ncy o f the City o f Fres no as fo llows:
I.Based on the forego ing recita ls, ora l a nd wr itten testimony at the public hearing and
ot her substantial ev idence in the whole record before t hem ,the fo llow ing find ings are made:
Finding No.1.1:T he Housing Successor a nd Successor Age ncy have considered
the Project a nd the Environmental Findings a nd find that such are adequate and sat isfy the
req uirements of CEQA a nd the CEQA G uide lines.
30f6 DEVELOPMENT RESO FORSALE OF
CALIF-KERN
C ity Resolution No.2 012-192
Successor Agency Resolut ion No. SA-I I
eliminate blight by causing development of und erut ilized property within the former
Redevelopment Plan and Project Area.
F inding No.1.3:T he Ag reement is co nsistent with the former Redevelopment
Agency 's Implementation Plan for the Project Area .
F indi ng No.1.4:T he co nsideration for the Site is not less than the fa ir market
va lue of the S ite at its highest and best use under the Plan of the former Redeve lopment Age ncy
F inding No.1.5:T he Agree me nt will benefit the fonner Redevelopment Age ncy
Project A rea.
2.T he Agreemen t substa ntially in t he form pre sented to the Housing Successo r and
Successo r Age ncy is her eby approved, subje ct to such additions,deletions and ot her c hanges that
may be approved by the Succe ssor Agency 's Executive Director that are consistent w ith this
reso lution ,subject to prior approva l as to form by the City Attorne y's Office as Ex Officio Age ncy
a ttorney.
3.T he Executive Director of the Successor Age ncy is au thorized a nd directed to
exec ute the Agree ment for th e Housing Successor an d S uccessor Age ncy and then place an
o rigina l co unterpart thereof with the City Clerk who,as Ex Officio clerk of the Age ncy is
a uthorized and directe d to attest thereto and thereupon reco rd the exec uted Agreeme nt or a
Memoran dum of the Ag reement in t he Officia l Records of Fresno County .
4 . T he Housing Successor and Successor Age ncy a re author ized to convey the Site to
the Deve loper ,subject to the purchase pr ice,deed restrictions,and other ter ms contained in the
Purchase a nd Sa le Ag reeme nt and to exec ute the doc uments necessary for the co nveyance
4of6 DEVELOPMENT RESO FOR SALEOF
CALIF-KERN
C ity ResolutionNo.20 I2-I92
Successor Agency Reso lution No.SA-I I
Exhibit "A"-Purchase and Sale s Agreement
5 0f 6 D EVELOPM ENT RESO FOR S ALE OF
CA LIF-KERN
C ity Reso lut ion N o.2 0 12-192
S uccessor Agency Res olution No. S A-II
**********************
C LERK'S CE RTIFICATION
STATE OF CALIFORNIA )
COUNTY OF FR ESNO )
CITY O F FR ESNO )
I ,YVON NE SPENCE,Cit y C lerk of th e C ity of Fresno and Ex-Officio Clerk of the
Hou sing Successor and Successor Agency of the C ity of Fresno,certi fy that the Housing
Succ essor a nd Successor Agency to the Redevelopment Age ncy of the City of Fresno adopt ed the
foregoing resolution at a joint public meeting held on the 18th da y of Octob er, 2012,a nd that the
same was pa ssed b y the following vote:
A YES:
NO ES :
ABS ENT :
AB STAIN:
Baine s,Borge as,Brand ,Quintero , X iong, Oli vier
N one
Westerlund
None
YVONNE SPENCE
City Clerk and Ex-Officio C lerk
of the Successor A gency
APPROVED A S TO FORM:
JAM ES C .SANCHEZ
City Attorne y and Ex-Officio Attorn ey
to the Successor Agency
loan ,Assistant
BY :_-----,_-\------,_-----,-0.-_
Dou glas
DTS:RSIl:ns [60260ns/r eso]
6 of 6 D EVELOPMENT R ESO FOR SALE OF
CA LIF-KERN
C ity Reso lution No . 2012-192
Succe ssor Ag e ncy Resol ution No. SA-II
R EAL PROP ERTY PURCHASE AN D SALE AG REEMENT
AN D .JOINT ESC ROW INSTRUCTIO NS
T he C ity o f f resno in its capacity as Succe sso r Age ncy to t he Redeve lopmen t Agency o f t he
City of fres no and as Successo r Ho using Agency a p ublic bod y,co rporate and pol itic ("Se ller"
o r "S uccessor Housing Agency"), and Boo s Developmen t"West,LLC a f lo rida Limit ed
Liabi lity Co rporation,("B uyer"),e nter into th is Rea l Property Purchase and Sa le Ag reement and
J oint Escrow Instructions (the "Agreement"),effective as o f the d ate that t he Buyer has exec uted
it and the Age ncy Boa rd has approve d it.
RE CJTALS
A.O n J a nuary 26,2 0 12,the C ity Co uncil adopte d Resblution No .20 12-12 electing (i )to
se rve a s the Succ essor Age ncy to'the Rede velopm en t Age ncy of the City of fresno
("Succ essor A gency)a nd (ii) to retain the ho using assets and housin g functions
p re viously performed by the former Redeve lopmen t Agency of the C ity of Fres no a nd to
se rve as Successor Hou sing Age ncy"pur suant to Hea lth &Sa fet y Code Section 34 176 .
13 .T he Se ller ow ns ce rtain rea l property w it hin the Proj ect A rea,and the C ity of Fresno,
commo nly identified a s A PN#s -467 -245-03,467 -245-04,467-2 45-05 ,467-245 -06 ,
467 -245-07,467-245 -08 ,467-245-09,467-245 -10,467-245-1 1, 467-245-12 ,467-262-0 I ,
467-262-02,467 -262-03, 467 -262 -04,Fresno ,Ca lifornia 93706 ,a nd more particularly
described in Exhibit A ,a ttached,(the "Property").
C.Th e Buyer desire s t o pur chase the Property o n the term s a nd co nditions set forth in t his
A greement.
AGR EEMENT
l.P urchase an d S ale .Se lle r wi ll se ll the P rop er ty to Buyer,a nd Buyer w ill purchase t he
Property from Se ller o n the terms and cond itio ns set forth in th is Ag reement.Sa le o f t his
Property is subjec t to compliance w ith Co mmunity Rede velopme nt Law o f the Sta te
(Ca lifornia Hea lth and Safe ty Code Sections 330 00 et seq).
2 .C onditions Pr ecedent.Seller 's o bligation to pro ceed to C los ing shall be conditioned
upo n Buyer 's perfor mance of all of ob ligations in thi s Ag reement and satisfaction of t he
conditions listed in Sec tion s 2.1,2 .2,2.3 ,and 2 .4 provide d that Se ller may,in Se ller's
so le discretion ,e lect to wa ive an y suc h co ndition of Clo sing.
2 .1 Compliance with C EQA. Th e applic able lea d a gency shall have compli ed with
th e Ca lifornia Environmenta l Q ua lity Ac t w ith respect t o thi s Ag reement,as
a pplicab le. Th e Project has been e nvironmentally assesse d a nd h as been
d et ermined to b e e ligible for a Ca tegorical Exemption und er Sec tion 15332 C lass
32 of the Ca lifornia Environmental Q uality Ac t (CEQA)u pon sat isfaction of
ce rtain conditions listed in See 2.5 .
2 .2 Environme nta l Assess ment.T he p roperty is being so ld in a n "As Is"
condition. The Buyer may perform a Pha se I Enviro nmental Site
Assessment (Phase I EA) at th e Bu yer's cost prior to close o f escro w.
2.3 Deve lop ment Co ndition s.Bu ye r s hall pro v ide ass ur ance to Se ller that
upon t he C lose of Escrow, it w ill compl y wit h Develo pment Conditions as
follows:a) co nstruct a n re ta il fac ility co nsisting of a m inimum o f 12,000
squa re feet (w hich ma y b e accom plished t hrough mult iple bu ildings a nd
a n a sse mbla ge of pro perty)with a n enhanced exterior facade,m utually acceptab le
to B uyer a nd Se ller,to be built in acc ordance w ith th e approve d s ite p lans,
buildin g p lans a nd pe rmit requirement s issued by the C ity of Fres no a nd the State
of Ca lifornia ;and,b)provide land scaping o n a ll p ortion s o f th e Propert y as
mutu ally ag reed b y Buyer a nd Se ller a nd se t fort h o n site plan .T hese
De ve lopment Co nditions s h all be deemed remade as o f t he date o f Clos ing a nd
s ha ll sur vive the C los ing.
2 .4 Conc urrent A cq uisit ion:A s a furt her co ndition of clo s ing,Buyer s hall
con cu rrent ly ac quire the prop e rt y known as,A PN#4 67-246-0 1,Fresno ,C A.
2 .5 P lanning aud Z oning Co ndition:Th is a greement is c onditioned upon m eeting
ge nera l p lan and zo ning requi rement s pri or to cl osing.
3.Purchase Price.Th e pur chase pri ce for th e Property is T HREE H UNDRED FORTY
F IVE T HOUSAND N INE H UNDRED T WO DOLLAR S ($3 45,902.00). Th e Pu rchase
Price, s ubject to adju stments provided in t his Agree ment, will be pa id by Bu yer in cas h o r
by w ire transfer o f imm ed iately avai lable funds at the C losing.
4 .S elle r's Wa rra nties.Se ller represe nts a nd warrants th at: (a) Se ller o wns the Property,
free and cl ear of a ll liens,licenses,claims, e ncumbrances,ease ments,e ncroac hments o n
the Property from a djacent prop e rties,e ncroachments from the Property o nto adjacent
prop erties, a nd an y rights of way, other than those di sclosed by the p ub lic record exce pt
for a lease ag reement w ith Infinit y Outd oor,Inc . a De laware Co rporation w hich s hall
become respo nsibi lit y of Buyer; (b)Se ller has no know ledge of any pending liti gation
invol ving th e Prop e rty; (c) Se ller has n o kn ow ledge of a ny v iolations of,o r notices
co ncerning defect s o r n oncomp liance w it h a ny code,statute, reg ulation,o rdinanc e,
2
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judicia l o rder,j udi cial hol ding, o r o ther a pp licab le la w co ncern ing <h e Property; (d) Se ller .!",
has no k now ledge of a ny hazardous m ateria ls o r s ubstances (as now o r hereafter define'd
in a ny la w ,reg ulation, o r rul e) stored ,d ischarged ,or otherwise present in , o n,o r affecting
t he Property; (e) Se ller has no know ledge of a ny mat erial defects in th e Property;(f)
Property co ns ist ing o f a to ta l 14 parce ls,has one parce l w ith a vaca nt a nd un occupied
s tructure a nd th irteen clea red vacant pa rcels.(g)On e property has a n O utdoor
Adve rtising Structure a t the sout h east po rtion of th e parcel p ursuant to a lease Infini ty
O utdoor Inc ,a Delaware Co rporation held by C BS Ad vertising w h ich s ha ll become
res ponsibility of Bu yer .
Se ller's au thority to se ll t he proper ty may be s ubjec t to app roval of th e Overs ight Board
of t he S uccesso r Age ncy and/o r t he Ca l ifornia State Dep artme nt of Finance and subject
t o th e t im e lines set forth in Ca l iforn ia Health a nd Safet y C ode sec tions(s)34 170-34 191.
T he c on tinu ed acc urac y in a ll re spects o f Seller 's representa tions a nd w arra nti es s ha ll be a
co nd ition precedent t o Buye r's o bligatio n to clo se .,A ll repre se ntations a nd wa rran ties
co nta ine d in thi s Agreem e nt s ha ll be dee med rem ad e as of the da te o f C los ing a nd shall
s urv ive th e C losin g.If a ny o f th e re pre sentations a na w arranties a re not co rrec t a t th e
tim e mad e or a s of th e C los in g,Bu yer m a y terminate this A g reeme nt a nd th ere s ha ll be
n o further liability on the part o f Bu yer to Se ller .
5 .O pening Es c ro w/Esc row Deposit,Within ten (10) business d a ys a fter the
e xe c u t io n o f th is A greement by both partie s,th e partie s w ill ope n a n es crow ("Esc row ")
w ith Fir st A merican T itle Company, Attentio n :Bryan Bern ey,644 Po llasky,S uite 200 ,
C lov is,C A 9 36 12 ("Title Com pany"), o r suc h o the r t itle in suran ce c o m pany as
des ign ated b y Buy er,a nd Bu yer s ha ll de po si t into Es crow the s um o f SE VENTEEN
THOUSAN D T WO H UN DR ED N INET Y F IVE DO LL A RS ($17,295 .00)to be placed in
a n intere s t bearing ac co unt.
5.1 A g r ee m e n t a s Joint Escrow I n struction s,T his Ag reeme nt,w hen sig ned by
B uyer an d Se ller a nd depos ited int o escro w with the T itle Co mpany,w ill be t he
parties'joint es crow in structions.Buyer a nd Se ller w i ll s ign a nd de liver a ny o ther
form instru ctions the T itle Co mpany may require th at a re co ns iste nt w ith this
Agreement.
5 .2 Depos it s into Es crow ,Buyer a nd Se ller will deposit a ll ins truments,doc uments,
money, a nd ot her ite ms into escrow w it h th e T itle Co mpany tha t (i) thi s
Ag ree me nt ide nti fies o r (ii)th e Ti t le Co mpany may require that a re co nsistent
wi t h t he term s a nd purp oses of thi s Ag ree men t,a nd necessary to C losing .W ithin
t hirt y (30) days afte r th e Ove rsig ht Bo ard a nd th e S uccesso r Age ncy Board
a pproves t hi s A greement, Se lle r w ill de pos it into the escro w wit h T itle Co mpany,
o r w i ll c o nd itiona lly d e liver to Bu yer, a recordab le gra nt deed ,s ubsta nt ia lly in the
fo rm att ac hed as Ex hibit "13",d uly exec uted a nd ack now ledged be fore a notary
3
5.3 T itle.Se ller w ill convey titl e of the Prop erty to Buye r free and cl ear of a ll tit le
defect s,liens,e ncumbrance s,conditions,covenant s,restri ction s,agreement s,and
o ther adverse interests of record o r kn own to Se ller, subject onl y to tit le
e xce ptions numb ered in the p reliminary t itl e report,Escrow
No.:,e ffective as of .,which is a ttached hereto
as Exhibit "C"and inco rporated herein by r eference and subject to m atters
referenced in Paragraph 4 of thi s Agreement relatin g to Se ller 's Warrant ies.
5.4 T itle a nd C losing Costs.Se ller wi ll pay a h~co s ts o f clearing and c onveyi ng titl e
in the condition describ ed in Secti on 5.3 ,ab ove.Buyer w ill pay all other closing
co sts includin g but not l imited to a C LT A or AL TA owner 's titl e po licy insuring
Buyer 's tit le in the condition described in Sectio n 5.3,e scrow fees,c o sts to
reco rd the gra nt de ed ,broker's ccmmiss ion s,etc.,,-
5.5 C los ing.Th e escrow w ill be cons idered closed ("C losing"or "C lose"or the
"C los in g Date")on the date th at the Tit le Co mpany record s th e g rant d eed .Th e
escrow w ill be in conditio n to C lose w he n a ny c onditions to C lose a rc s at isfied or
wa ived,the Titl e Co mpanyis prepa red to issue the titl e po licy described herein,
a nd the T itle Company is o therw ise abl e to record the grant de ed. U nless
ex tendedby t he mutu al conse nt of tl£'parti es,the'escrow and th is Agreement
sha ll 'terminate if C los ing d oes not occ ur w ithin /two hundr ed and s eventy (27 0)
days fo llowin g final exe cution of thi s Ag reement (includin g atte st ation by the
C lerk) (the "O uts ide C losing Date',').,Upon termination o f the esc row ,the Titl e
Co mpany w ill return all "fund s,includin g the Depo sit,and do cument s t o the
respective depo sitor ,les s a ny tern1ilUition fee if applicable,a nd thi s Ag reement
w ill be of no furth er effec t e xce pt as her ein pro vided.Buyer sha ll h ave the right
to extend th e.Out sid e Clo si ng Date for th ree (3)additional period s o f thirty (30)
da ys each by pro viding w ritten notic e to the Se ller a lon g w ith makin g a n
addition al depo sit of $2 ,5 00 for each ex tension, such additiona l deposits to be
app licable to the Purch ase Pric e but refundabl e only in th e even t of a Seller
Default
5.6 Recordation .v'At C losing, T itle Company shall date the gra nt dee d ,a nd all other
und ated document s in esc row ,w ith the date of Closing ,and the T itle Co mpany
sha ll record the gra nt deed and a ll other document s necessar y to the C losing .
5.7 Disbursements.At C losing ,T itle Compa ny s ha ll d isb urse the Purchase Price,
less Se lle r's co sts to clear title (placing it in the con dition set forth in Section 5.3),
pro rations,a nd oth er co sts,i f any,to Se lle r ,whe n T itle Co mpany is co mmitted to
issu e a s ta ndard CLTA o r ALTA ow ner 's titl e in suran ce poli c y t o Buye r ins uring
4
5.8 R isk of loss.An y loss o r d amage,to th e Property o r a ny im provements o n it,
before C losing is a t Se lle r's risk.
5 .9 Broker.A ny c ommission owe d as a result o f the tr an saction contemplated by
thi s Agree ment is th e so le respon sibility of Bu yer.Buyer hold s Se ller harmless
a nd s hall ind emnify a nd d efend Se ller aga inst a ny elaims for co mmission.
6 De livery of Possessi on . Se ller s hall deliver p ossessio n at C losing ,su bject t o Buyer 's
respon sibilities,if a ny ,und er a pplicab le la w to re loca te a ny oc cupants .
7 Buyer's R ight to E nter a nd In spect t hc Property,Buyer s ha ll have t he r ight to e nter,
in spect ,a nd co nduct an y du e d iligence test s o n the prop er ty th at Bu yer deems ad v isable.
Se ller g rants Buyer,a nd/o r B uye r's ag ents, t he r ig ht,upo n 24 ho ur s no tic e,to e nter onto
t he Pr opert y to conduct tests a nd inv estiga tions,if allthe fo llowing oc cur:(a) Buyer
cond ucts te sts an d inv estigations a t its s o le co st a nd ex pense;(b)t he tests and
in vestigation s d o n ot unr easonabl y interfere w ith Se lle r's po ssess ion.In th e ev e nt Buyer
d etermines th at it is not in Buyer's best int erest to co ns ummat e th e tr an sa ction
co ntemp lated by thi s A greem e nt fo r a ny reas on o r for no reas on ,B uyer m ay ca ncel this
Agree m e nt b y d eliverin g notice o f s uch c lcetion to Se ller a t or pr ior to the e xp iratio n of
on e hundred t wenty (120)'da ys a fter the full executiOil of this A greeme nt (t he "Inspectio n
Period "),in w hi ch e vent the Depo s it he ld by Esc row A gent s ha ll be imme diately retu rn ed
to Buye r to ge t herwith an y intere s t a ccrued t hereon .
8 Da mage,Destruction,Condem nation.If the improvements o n the Prop erty are
de stroyed or materiall y dam aged o r i f cond e mnation proc eedings ar c co mmenced ag ainst
th e Property b etween th e date of thi s Ag reement and th e C losing ,Bu yer may terminate
thi s A greement,If Bu yer,how ever,e lects to a ccept th e Property,all proceeds o f
in surance o r c ondemnati on aw ards payable to Se ller b y reason of t he destruction,
d amage, or con demnation s hall be paid o r ass igned to Bu yer; Se ller shall a lso pay to
Bu yer th e amount of a ny d eductible an d co insurance under a ny po licy. In th e eve nt of
nonmaterial da mage to th e P roperty, w hich d amage Sell er is unwilling to repair p rior to
C losing, Buyer shall have th e r ight e ither t o terminate thi s Ag reement or a ccept t he
P roperty in it s t hen ex isting co ndition, in which case Bu yer sha ll be entitled to a
reduction in th e Purch ase Pric e to t he ex tent of th e cost o f rcpairing th e damage.If Buyer
e lects t o term inate this A g reement pur suant to t his Secti on,escrow s ha ll terminate a nd
neither party s hall have any further duti es o r respon sibilities und er thi s Ag reement.
9 Mi scellancous Provi sion s.
9 .1 F u rt her Assu rances,Eac h party w i ll s ign a nd deli ver further d ocument s , o r tak e
5
any further ac tions re quired to co mplete th e purcha se an d sa le described he rein.
9 .2 Notices.A ll n otices and other communications requi red o r permitted unde r t his
A g reem en t s h a ll be in w riting a nd sha ll be deemed deli v ered:(a) o n the da te o f
ser vice if se rv e d per sonally o n t he person to receive th e notice ,(b)o n th e date
deposit ed in t he U .S.ma il,if d e liv e red b y d ep o sitin g t he notice o r co mmunication
in th e U. S . m ail ,po st age p repaid ,a nd addresse d to t he rel e vant pa rty at th e
address set forth below ,o r (c)o n th e da te o f t ran smission if del ivered by
fac si mil e,to th e numb er pro vided below,th at pro vide s a tr an smission
co nfirmation s h ow in g the d ate a nd t ime tr an smitted .
T o S eller :
T HE C ITY OF FR ESN O IN ITS C APAC ITY AS TH E
ENT ITY ASSUM ING T HE H OUSING FUNCTIONS OF
TH EFORM ER'REDEVELOPMENT AGE NCY OF T HE
C ITY O F FRESNO '
Attel;tion:Ma rlene M urphey
Execu tive Director ""
234 4 T ulare St reet,Suite 200 "
-,Fre sno , CA 9372 1
."Ph one N o.: (55 9)621-7600 '
Fax No.:(559)498-1870
:0Buyer:.
BOOS D EVELOPMENT W EST ,LL C
A ttention :David Mor se
265 1 McC ormick Drive
C lea rwat e r,FL 337 59
Ph one N o .:(727 )669 -29 00
Fax N o.: (727)669-29 15
9 .3 Entire Agreement.Each Ex hibit re ferred t o in this Ag reement is by that
reference in corpo rated into a nd m ade a part of t his Agreement.T his Ag reement
is th e e ntire a g re e ment between th e par tie s regardin g t he p urcha se a nd sa le of th e
Propert y,and s upe rsedes a ll pri or di scussi ons ,n egotiation s,co mmitments or
und er stan ding ,wr itten or o ral.
9.4 Amendmen t 01 'C an cellation.B uye r a nd Se ller ma y a mend or canc e l thi s
6
Ag reeme nt only by mutu al writte n consent of the parties,
express ly provided herein.
9.5 Successors and Assigns. T his Ag reement is bindin g upon a nd sha ll inure to th e
benefit of eac h party,a nd eac h party 's heirs,succe ssors,ass igns,tran sferees,
agents,e mployee s o r represe ntatives.The Buyer may assign thi s agreement a nd
its rights hereunder without th e consent of Se ller.
9 .6 Time of t he Esse nce. T ime is of the essence of eac h term in this Agreement.
?
9.7 Attorneys'Fees.If any party to thi s Agreement or th e Titl e Company begin s a ny
action ,proceeding,o r arbitration arising o llt of thi s Agree ment ,then as between
Buyer and Se ller, th e prevailing party'shall be e ntitled to receive from th e other
party,beside s any oth er relief th at may be granted ,its reaso nable attorneys' fees,
costs ,and ex penses incurred in the action,proc eeding,or arbitration.
9.8 Governing Law.T his Ag reement and the legal rel ation s between the parties
shall be gove rned by alld c onstrued according to Ca lifornia law /Venue for the
filing of any ac tion to en force o r interpret thi s Agreement o r any right s a nd du ties
hereunder sha ll be in Fres no ,Ca iifornia."'0,
"".-
-""-
9.10 Waiver.If Buyer o r Se ller wa ive;a breach of a ny provision herein ,the wa iver
willnot be a c ontinuing'waiver.THe waiver will not constitute a wa iver of a ny
subsequent breach ,or a wa iver of a breach o f any other pro visi on hereof.
9 .11 Severa bility.'Th e provision s of this Agree ment are severa ble. T he invalidity o r
unenforceability of a ny provision in this Ag reement w ill not affec t the other
provisions..
9.12 I nterpretation.T his Ag reement is the result o f the combined e fforts of the
parties.If any provis ion o f this Agree ment is found ambiguous,th e ambiguity
will not be re solved by co nstruing thi s Ag reement in fav or or aga inst a ny party,
but by co nstruing the terms acco rding to their generally acce pted meaning .
9.13 Precedence of documents. If a ny conflict ex ists between the body of thi s
Agreement a nd a ny Ex hibit or Attac hment to it,the prov isions of t he body of t his
Ag reement w ill co ntrol and take precedence ove r the Ex hibit or Attac hment.
9.14 Counterparts.Th is Ag reement ma y be e xec uted in co unterparts,eac h o f which
when exec uted a nd delivered w ill be de e med a n or iginal,and a ll of which
7
together w ill co nstitute o ne inst rument.
9 .15 S urvival.A ll re presentations and wa rranties ,indemnifications, a nd other
provisions which,by their nat ure are intended to cont inue, sha ll survive C losing
a nd d elivery of the grant dee d.
9 .16 Billboard L ease. Se ller s hall no t enter into any new leases o n the P roperty or
ex tend or renew a ny c urrent leases o n the Prop erty,inclu ding but n ot limited to,
a ny billb oard lea ses
IN WITNESS WH EREOF the Se ller a nd Buyer have s igned thi s Agree ment o n the d ates set
forth below.
[Signa/ur e.\'on f ollowing page.]
8
•
B UYER:SE LLER:
M arlene Murphey, Exec utive D irector
By :_-,-__---,-_
T he City o f Fre sn o in its Ca pacity as th e Entity
Assuming th e Housin g Functions of th e For mer
Re development Age ncy o f th e Ci ty of Fres no
By :
Boos Development We st, L LC ,
a Florida Limit ed Li ability Co rporation
Datcd:, 2 0 12
Dated:,2012
B y:-- ------- - - - - -
Dat ed:, 2 012
T he C it y of Fre s no in it s Ca pacity a s th e e ntity ass uming th e Hou sin g Functions of t he
Re deve lopment Age nc yof the C ity of Fre sno has s igned thi s Agreement p urs uant to a uthority
g ranted by t he C ity Co ul1c il of the C ity of Fre s no on '_
ATTEST:
YVO NNE SPE NCE, C MC
C ity C lerk
A PPROVED A S TO FORM :
JAM ES C.SA NCHEZ
C ity A ttorney
Deputy/Sr.D eputy/Assistant
13 y__-::-_-,--,-_----:_-,-__
Deputy
13 y__-r-r-_
Dated:, 2 012 Dated:"2012
A ttachments:
Ex h i bit A: Legal De s cription
Ex hibit 13:G rant Decd
Ex hibit C : Preliminary T itle Rep011
9
EXHIBIT "A"
LEGAL DESCRII'T10N
EXH IBIT "B"
Rec ordi ng Req uested B y :
The City of Fresno as the Housing Successor
of the Former Redevelopment Agency
of the City of Fresno
No Fee-Gov'!.Code Sections
6103 and 27383
When Recorded,Mail To :
T he City of Fresno as the Housing Successor
of t he Former Redevelopment Agency of the
City of Fresno
2344 Tulare Street Suite 200
Fresno, CA. 93721-3623
G RANT D EED "
For a valuable co ns ideriitionj-receipt of whi ch is he'rebY,acknowledged ,th e C ity of
F resno as th e Housing Succes's or of th e Fo rme rRede ve lopme nt A g en cy of t he City of
F resno ,a p ublic bo dy'co rporate a nd politi c, G RANTOR, hereby GRANTS t o BOOS
Devel opment W e st,LL C a Florida Limit ed Liability Cor pora tion ,G RA NTEE,a ll th at
-'-,"-.~-"'--....,-
ce rtain real pr op erty s ituate djri th e City of Fresno ,Cou nty of Fresn o ,St at e of Ca lifornia ,
m ore pa rticularly described as foll ows :--
Leg al Descri ption of p rop erty to be entered h ere
D at ed :--,,-'-
C ITY O F FR ESNO A S T HE HOUSING S UCCESSOR O F T HE
FORMER RE DEVELOPMENT AGENCY OF TH E C ITY OF FR ESNO
By: M ar lene M urphey,Executive D irect o r
..,
EXHIBIT "e"
[Prelimin ary TtlIe Report]
JAMES C.SAN CHEZ
C it y Atto rney
November 2 ,20 12
M EMORANDUM
TO :YVO NNE SPENCE ,CMC
C ITY CLERK
RECEIVED
'28 /2HOV-2 AH/I:25
CITY CLERK .FItESNO CA
RE: Tec hnical Correct ion Resolution s Approved as Item 1:30 #2C of the October 18, 2012 ,
Reg ular Meet ing of the City of Fresno
1.)Th e item referenced above is a Joint Re so lution between t he City of Fresno as the
Housing S uccessor to t he Redevelopment Age ncy of the Cit y of Fres no and the Cit y of
Fresno as the Successor Age ncy to t he Redeve lopment Agency of the City of Fresno
approving a P urchase a nd Sa le Agre e ment with Boo s Deve lopment West,L LC for t he
Sa le of a Certa in Former Redeve lopment Agency Parcel.
2 .)T he J oint Re so lution wa s appro ve d by t he City of Fresno ,as Hous ing Succe ssor,and the
Succe ssor Agency o n October 18,20 12,but conta ined th e following tec hnical error s:
a .T he Joi nt Reso lution as origina lly a pproved wa s tec hnically deficient in that it
incorrectly stated in it s title and in its body that the Joint Reso lution was between
the Succes sor Agenc y an d the Fresno Revita lizatio n Corpo ration.
b.T he J oint Resolution as or iginally a pproved wa s a lso technicall y deficient in that
it wa s not in the proper for mat ,as required by the City Clerk 's Office.
c .T he Joint reso lution contained un necessary ex hibits.
3.) T he Joint Reso lution has been modified to correct the a bove-noted tec hnical iss ue s,
namel y correcting the names of th e ent ities approving the Joint Reso lution.
If yo u have a ny q uest ion s,please let me know .
c: Jame s C .Sanc hez ,C ity Attorney
Do ug Sloan,A ssista nt City Attorne y
RSB :ns [60316ns/rs b]
SUCCESSOR A GEN CY T O THE REDE VELOPMENT AGENCY
OF TH E C ITY OF FRESNO RESO LUTION NO.SA-ll
FRESNO REVITALIZATION CORPOR ATION R ESOLUTION NO.---r--
A RESOLUTION OF T HE C ITY OF FRESNO IN ITS CAPACIT AS THE
SU CCESSOR A GENCY TO THE REDEVELOPMENT AG El)!Y OF TH E
CITY O F FRESNO AND A S S UCCESSOR HOU SING AG N CY AND OF
THE FRESNO REV ITALIZATION CORPORAT ION APP OVING AND
A UTHORIZING A PURCHASE AND SALE AGREEM T WITH BOO S
DEVELOP MENT WEST ,LL C.,A LIM ITED L1ABILI CORPORATION ,
AUTHOR IZING EXECUTION OF RELATED DO MENTS AND MAKIN G
C ERTA IN FIND ING S
WHE REAS ,on Ja nuary 26 , 2012, th e City Coun I ad opted Resolution No .2012-
12 e lect ing t o have the C ity of Fresno becom S uccesso r Ag e ncy to the f orm er
Rede ve lopme nt Ag e ncy of th e City of Fresno ("S ccessor A gency")p urs ua nt to ABX 1 26
(Th e Redeve lop ment Age ncy Dissolution t)a nd a lso to e lecting to serve as th e
Hous ing Successor Ag ency;and
W HEREAS ,th e Suc cessor ency w ants to e nte r into an agreement t o c onvey
approx imate ly 4.0 8 acres locat a at California Av e nue between W ate rman and Kern
within th e Southwest Fresno e neral Neighborhood Renewal Area Project Area ;a nd
WHEREAS ,th e ccessor A gency f inds t hat the Project is exe mpt under Section
15332/Class 32 of t California Environmental Quality Act (CEQA) Gu idelines as an i nfill
development be use (i) t he site is less than five acre s ,(ii) th e buy er w ill be requir ed to
deve lop .thl operty consistent with the general p lan,a ll app lica ble genera l pla n policies
a nd zo'/d esignations a nd regu lation s,(iii)the project site ha s no value as habitat fo r
e ndangered,rare or t hreat ened species because it is s urrounded by ur ban uses,(iv)
approva l of the project w o uld not result in a ny significa nt effects re lati ng to tr affi c,noise,
I .
I
Successo r A gency Reso lut ion N o.SA- I I
Fresno Revitali zati on Co rp Re so lution N o._
Boos Development West,L LC
Page 2 o f6
air q ua lit y,o r wate r q ua lity because th e deve lopme nt is s u rro unded by ur ban use s and
deve lop ing consistent w ith t he ge neral pl an and t he re levant zo ning is not re sona bly
ex pected to significantly im pact t raff ic , noise,air qua lity o r water qu ality,(v he s ite ca n
be adeq uate ly be se rved by all req uired utilities and p ub lic se rv ices an (v i)no ev ide nce
has been ide ntif ied t hat wo uld c reate a n except ion t o t he exe m io n u nder Guide line
Sectio n 15300 .2 ;and
W HEREA S,t he Successo r Age ncy also f inds th the proj ect is co nsiste nt wit h
t he Pla n which was e nviro nmentally a ssessed un r P rogram EIR No .0 3-01 and
ad opted by Council/Age ncy Reso lut ion No.2003-1 8/162;a nd
W HEREAS,on October 31,2011 the ency p ublish ed Request for Proposa ls for
a Retail Comme rcial Development at Ca li o rnia A ve nue betw een Ke rn and W at erman
Ave nues;and
W HEREAS,Boo s Develop e nt Group, LLC subm itte d a t ime ly response with
proposal to pu rchase p roperty d fin ed a s APN #s -467-245 03,467-24 5-04 ,46 7-245-05,
467 -245 -06,467-245-07 ,467 45-08 ,4 67-24 5-09, 467-245-10 , 467-245-1 1, 467-24 5-12,
467 -262 -01,467 -26 2-02,7 -262-03, 467 -262-04 ,f or de ve lopment of a neighborhood
ret ai l ce nte r t hat wi ll co prise of two nat ional te nant s wit h a pote ntia l t hird national te nant
or local retail space ;nd
W HEREA ,the p urc hase price of t he Site w ill not be less than the appraised f air
ma rket value f the Site at its highest and best use,a nd the sa le wi ll re lieve t he
Success or A gency Resol ution No .S A-I I
Fresno Re v italizatio n Corp Re so lution N o._
Boo s Devel op ment West,L LC
Pag e 3 of 6
Successo r Agency of any liability or ma intenance oblig atio n;a nd
WHEREAS, Deve loper proposes to deve lop a minimum of 1 •00 sq ua re foot
co mme rcial reta il s pace with e nhanced landscaping and exterio r acade bu ildi ng,and
dr ought t olerant la ndscaping t hat includes deco rative concret and bould ers, and create
new j o bs fo r th e neighborhood w hile contributing t o t he e 'inat ion of blight in t he a rea;
and
WH EREA S,th e p ropose d project w ill ca se t he develop me nt of under-util ized
pa rcels to m ore intensive a nd eco nomically ,/able use; will increase t he aesthe tics a nd
improve the app eara nce of the Site a nd t e surrounding a rea;and w ill co ntribute t o t he
eco nomic activ ity w it hin t he ne ighborh od (the "Proje ct A rea"), t he reby revitalizing th e
Project A rea; a nd
W HEREAS,the propose d p roje ct wi ll ca use th e d evelopment of under-utilized
parcels to more inte nsive an economically viable use; w ill increase the aesthetics and
im prove the ap pearance of t he Site a nd the surro unding area ;and will co ntribute t o th e
eco nomic ac tivity w it hin he ne ighborhood (the "Project A rea"), the reby revita lizing t he
Project A rea.
I.
EFORE, BE IT RESOLVED by t he City Co uncil of t he City of Fresno
In Its Capac ity s Successor A ge ncy to t he Redeve lop ment Age ncy of t he City of Fres no
and as Succ s so r Housi ng Agency and of t he Boa rd of Directors of the Revita lizat ion-,
Corporation as fo llows :
S uccess or Agency Reso lutio n No.S A-II
Fres no Re vita lization Co r p Res olut ion No._
Boos De ve lo pme nt Wes t,LLC
Page 4 of6
1.Based on t he fo regoing recita ls,ora l and w ritt e n t estimony at t he pub 'hearing
made::
Find in g No . 1.1:The Successor A gency a Fresno Rev italization
Corporation have co ns id ered the Proje ct and the Environ enta l Findings and find that
suc h a re adequate a nd sat isfy th e requ irements of CEQ a nd the CE QA Guide lines .
Finding No .1.2:Se lling the Site pu r uant to the proposed A gree ment w ill
help e liminate blight by causing development underuti lized property with in the former
Redeve lopment Pla n and Proj ect Ar ea .
Finding No .1.3 :Th A greement is c onsistent wit h th e f ormer
Red eve lopment Age ncy 's Imple me n tion Plan for th e Project A rea .
Findin g No. 1.4.he cons ideration for the Site is not less th an the fa ir
market value of t he S ite a its highe st and best use under the Plan of t he former
Redeve lopment Agency
Finding o . 1.5.Th e Agreement w ill benefit th e form er Redev elopment
Age ncy Project Are .
2. Th e A eem ent substant ially in th e form present ed to the S uccesso r Age ncy is
hereby appro ed,s ubjec t to suc h additions,deletions and other c hanges th at may be
approved J t he S uccessor Ag e ncy's Exec ut ive Director t hat are co ns iste nt w it h this
reso lut iof s ubjec t t o prior approval as to for m by t he C ity Atto rney's Office as Ex Off ic io
Age ncy attorney.
3.Th e Executive Di rector of the S uccessor Age ncy is a utho rized and d irecte d t o
Successor Agency Reso lution No.S A-I I
Fresno Revitalization Corp Resolution No ._
Boos Deve lo pm ent West,LLC
Page 5 of6
exec ute t he A gree ment fo r t he Successo r A gency a nd t hen place an or"Ina I co unterpart
t hereof w ith th e C ity Clerk w ho ,as Ex Off icio c le rk of the Age y is a uthorized a nd
directe d t o attest thereto a nd t hereu pon record th e e cute d Ag reement or a
Memo ra ndum of t he Agreement in the Offic ial Reco rds of 17 es no Cou nty.
4.T he S uccesso r Age ncy is aut ho rized t convey the Site to th e De ve loper,
subj ect to t he p urchase p rice,deed restricti s, a nd other terms co ntained in t he
I.
Purc hase a nd Sa le Ag reeme nt a nd to ecute t he do cuments necessary f or t he
conveyance incl uding,w ithout limit at ion escrow inst ruct ions a nd t he deed t hat m ay be
necessary to f inalize or c arry 0zuthe .tent s and purposes of the A gency.
Ex hibit "A"-P urc hase and S s Agr eeme nt (SA/FRC )
Ex hibit "B"-P urchase and les Ag reeme nt (SHA)
// / / / // / /
/////////
Successo r A ge ncy Reso lution No.SA-I I
Fresno Revitali zatio n Co rp Resolution No._
Boos Deve lopment Wes t,LLC
Page 6 o f 6
********
C LERK 'S CERT IF ICATION
STATE OF CALIFORNIA )
COUNTY O F FRESNO )
CITY OF FR ESNO )
I ,YVONN E SP ENCE,City C lerk of the City of Fres no and Ex-Officio C lerk of the
Successo r A gency of the City of Fres no,cert ify t hat the Successor Age ncy t o t he
Rede ve lopment A gency of the City of Fres no a nd the Fresno Revitalization Corporat ion ,
adopted t he f oregoing resolution at a j oint public meeting he ld on t he 1 8th day of
October,2 0l~nd th at th e sa me w as pas sed by th e fo llow i ng vote:
AY ES:Ba i nes ,Borgea s,Br and, Qu i nt ero ,Xiong , Olivi er
NO ES :None
ABSENT:Westerlund
ABS TA IN:None
YVON NE S PENCE
City C lerk a nd Ex-Officio Clerk
of t he Successor Agenc y
APPR OVED AS T O FORM :
JAMES C.SA NCHEZ
City Att o rney a nd Ex-Off icio Attorne y
t o th e S uccessor Ag ency
BY .~,
~