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Home My WebLink AboutFresno Diamond Group 10181994 1st Amdt. to Disposition and Development AgmtFIRST AMENDMENT TO DISPOSITION AND DEVELOPMENT AGREEMENT DOWNTOWN SPORTS/ENTERTAINMENT STADIUM This First Armndment (heminafteq "Amendment") to Disposition and Development Agreement (hereinafter, the "Amendment") L trade as of the 31�day of October, 1994. by and among the Redevelopasou Agency of the City of Fresno, a public body, corporate and politic. (hereineher, the "Agency") the City of present, a municipal corporation (h(flreinafter, the "City") and Fresno Diamond Group, a California corporation, or its nominee (heroinaf er, the "Developer") - RECITALS A. Developer, the Agency and tlw City are in partied to the Agreement. D. The Agreenw.nr provides far the Agency and the City to acquire end sell to the Developer a specified site in downtown Fremo mt which the Developer Is the construct a stadium (dw "Stadium"). C. The tion, atoned ned for the Developer to strange necessary E ting and purchne the subject property, line proven to be iroodequate, and the parties have agreed to a time extension. D. The parties desire to nmdify the Agreement. t. Section l4g1 of the Agreement is amended m read as foHows'. (g) Closing Date. The Closing Date is the dam on which the Pmchese Price shall he paid to dna Agency and the Property will he conveyed to the Developer through the escrow established under this Agreermnt for the propose 91be Closing Date shall the April 30, 1995. uWess extended by City. Agency and Developer. 2. Section 5(U of she Agecment is mmnded to read as follows: (c) Coosrtction Schedule, The Developer shall commit to a construction schedule for completion of the Stadium. Said schedule shaft be for a Period of eighteen (18) nramlxs in duration from the tine of the issuance of the building penton for construction of de Studiat. Developer shall be rcWhed to obtain its building permit on or before the closing dates. Sold commotion schedule shag be extended by a reasonable adawance on account of delays caused by the occurrence of strikes, natural disasters, or litigation challenging MY re9llored Project approvals. Leveboper shall commence construction within twenty (20) days after the Budding Permit is issued and shaft diligently proceed to complete the Project. If the Project is not completed within the tine Hunts set forth she Agency and/or City shall base the right to take back title to rhe Project subject to any rights had by Developers lender. Except far the lander s rights. the Project shall he reefed fixe and clear of any whet Hem, charms or emwbrances. The Agreement, as hueby amemkd, reasons in full force and effect. AypEgp FRESNO DIAMOND GROUP, a Cdiforn a Cwpor u IACQI/ELME L. RYLE Ex -Officio Clerk for the By: Rcdeveloptent Agency of the City of Fresno. Tide: Byl�ltahp/LfJc-C./ Deputy APPROVED AS TO FORM: IAMBS P. LOUGH, Ex,Officio Attorney for the Redevelopment Age fthe f Fresno By REDEVP.LOPMBNT AGENCY OF THE CfPY OF FRESNO nn By: Michael A. Bierman Ex -Officio Execudse Director of the Redeveloptcnt Agency of the C ty of Fresno CITY OF FRESNO 9y. ichael A. Brennan ' `yay o FR r ESNV REPORT TO THE CITY COUNCIL October 14, 1994 FROM: MICHAEL A. BIERM d City Manager SUBJECT: APPROVE FIRST' MMENDMENT TO TH SPORTS/ENTERTAIlJ1vI STADIUM AGREEMENT TO ETFEND THE CLOS PROJECT PROPERTY BACKGROUND On April 2b, 1994, City Council and Redevelopment Agen Downtown Spons/Entemadnament Stadium Disposition and Fresno Dlmnond Group providing for the acquisition of the stodimn and related public improvements. The terms of tit acquisition and project canstmcven obligations and respon Sports/Entertalnmem Sodium Processing Agreement previa the Redevelopment Agency of the Cory of Factor .Aductig achieve project goals wolum the specified tone firers; of the has requested Ti amendment of me D&DA to provide an a November 2, 1994, closing date for acquisition of the smdi Since approval of the spotss/emirtahtment stadium redevelo Group. together with its financial, architectural. and maatur progress to finalize the stadium design. construction and fin ,lilusurn of effort var required to address design mrd cons[ public Pociliues and the resolution of antiquated [lead desip Ara by [lie Rand nominate program bl )hu Funeral Emerge utility have also including t e considerable amount of Mood Con Coity en, an indudicg the aleph ne Company Flood Con Compacta. and Pacific Bell Telephone Company. Tire D&DA provides for a closing dare of not lacer than No which the purchase price shall be paid to the .Agency acrd developer. The D&DA specifically requires the submimal o Organization precedent to the Agency's execution of the D sradinnt site to the developer. The Financing Plan shall be r�mt•s mon :^%-e:�km :jlLv P'' .r • ord E DISPOSITION ING sibidues mature Nedon rn the &DA AGENDA ITEM NO. 10/18/94 COUNCIL MEETING AleffOlEuir /ooft v DOVOITOW AND DEVELOPMENT DATE FOR CONVEYANCE OF THE cy of the City of Fresno approved the Development Agreement (D&DA) with the project site and development of the s D&D.A are consistent with the site set fish Ira the Dowrio vn usly, approved by the City Council and It substantial progress has been made m agreement. the Fresno Dimnond Group pproxunate six month extension of the um site to April 30, 1995. pment project, the Fresno Diamond consultants, have made substantial ting components. A considerable issues including the relocation of requirements imposed upon the Central ncy Management Act (FEMA). These tion &am other agencies and public pol District. Pacific Gas and Electric ember 2, 1994. which is the date on pmpesy conveyed m the stadium f a Financing Plan and a Plan of and prior to conveyance of the a binding conmactuai commivnent Loo a �•Jb�Y-a, �a-�cl [tiY October 14, 1994 pang qualified sows: or sources to provide equity and debt capital In the aggregate amount of $15,750,000 to be available to pay the purchase price for the sradimu property and the costs of stadium conswcdcn. These provisions of the D&DA we consistent with the Stadium Processing Agreement entered into between the City of Fresno, the Redevelopment Agency and the Fresno Diamond Group. The proposed amendment of the D&DA, If approved, will also be incorporated into the processing agreement by reference. The Fresno Diamond Group and its P aancid consultants have been negotiating with interested vestment groups and are in the process of resolving the remaining terms necessary to fmdiaes. an agreements. Given recent changes in the bond cannot I, ackhrould time is needed to complaint financial arrangements. In addition, the Fresno Diamond Group is continuing to pursue The acquisition of a Triple A level minor league baseball team. The Fresno Diamond Group's stadium madrethng program continues tobe successful. It has stimulabid the support of businesses and individuals from throughout the community readling in season indoor restrvatiom which exceed 50% of the Diamond Group's aldmaa goal of selling Stupid season ticker. Rased upon the substantial progress made by the Fresno Diamond Group to meet the stadium project objectives, staff has concluded that me proposed attrcndmem to the Downtown Spons/Entertuimnent Stadium Disposhion and Development Agreement (td also be incorporated into the processing Agreement by reference) is appropriate and necessary for the successful rediza mit of private finmding for the stadium's construction. FISCAL IMPACT The fiscal impact is expected to be limited dol would primarily relate to any needed enerionds of agreements for purchase options. CONCLUSION AND RECOMMENDATION In order to proceed with the development of the Downtown Spom/Enmrtawnmt Stadium it is ended that the City Council and Redcvclopmeot Agency approve The ataehed Inst :unendmenl to the Downtown Sport dpitenahuneut Stadium Disposition and Development Agreement between the Agencv of the City of Fresno, die City of Fresno, and Fresno Diamond Group extending the closing date For convevence of me project site to April 30, 1995, and to incorporate this councilmen by reference into the Downtown Spons/Enainainment Stadium processing Agreement. Amoaveno: Loners, Map First AmenEmeor 10 Downtown SpatyFuknni,menn Stadlan Dislocation and Devel,p,ant Agrzwnt % AQE rRET_} FPONTAGE PROPERT EE MAY BE ACQUAM BY 0EVUE)PO OR MAY EE CONVEYED TO OF ROPFA R AC UR M BY AGENCY T ROVGN NEGOnA= ACOVISRION INYO PROJECT WE MAP i L