Amendment No 2 to 2000 Community Redevelopment Relocation Settlement and Release Agreement (Nickelodeon Pizza)

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APPROVED BY CITY C!1N IL Date.34 41 Item #- AMENDMENT NO. 2 TO 2000 COMMUNITY REDEVELOPMENT RELOCATION SETTLEMENT AND RELEASE AGREEMENT (Nickelodeon Pizza) THIS AMENDMENT NO. 2 is entered into this 3rd day of September, 2002 by and between the Redevelopment Agency for the City of Colton (the "Agency") and Roaring 20's Family Pizza Parlors, Inc., a California corporation, doing business as Nickelodeon Pizza (the "Owner"). WHEREAS, the Agency and the Owner previously entered into that certain 2000 Community Redevelopment Relocation Settlement and Release Agreement (Nickelodeon Pizza) dated as of March 1, 2000 (the "2000 Relocation Settlement and Release Agreement"), pertaining to, among other things, the redevelopment and rehabilitation improvements of the commercial business premises which the Owner operates at 234 Valley Boulevard, Colton, California (the "Downtown Business"); and WHEREAS, pursuant to the 2000 Relocation Settlement and Release Agreement, the Agency promised, among other things, to (i) pay to the Owner an amount not to exceed Seventy Five Thousand Dollars ($75,000.00) for third -party expenses associated with the capital improvement of the Downtown Business (the "Capital Improvements") and (ii) assume the obligation of the Owner to pay the City of Colton when due the building development fees and public facility charges associated with issuance by the City of Colton of building permits for the construction and installation of the Capital Improvements at the Downtown Business (the "City Permit Costs"); and WHEREAS, pursuant to the 2000 Relocation Settlement and Release Agreement, the Owner agreed to exercise best efforts to cause the installation of the Capital Improvements to be commenced within six (6) months following the date of execution of the 2000 Relocation Settlement and Release Agreement (subject to the issuance by the City of Colton of all necessary approvals and permits) and to be completed within twelve (12) months following the date of execution of the 2000 Relocation Settlement and Release Agreement; and WHEREAS, the 2000 Relocation Settlement and Release Agreement further provided that the Agency would have no obligation to pay any sum to the Owner for the cost of Capital Improvements to the Downtown Business nor to assume the City Permit Costs associated with the installation of the Capital Improvements on or after the first (1') anniversary of the date of execution of the 2000 Relocation Settlement and Release Agreement; and WHEREAS, the installation of the Capital Improvements was not completed within the period of time set forth in the 2000 Relocation Settlement and Release Agreement; and WHEREAS, the Owner requested that the 2000 Relocation Settlement and Release Agreement be amended to provide that the Agency would continue through August 1, 2002, to be obligated to pay to the Owner an amount not to exceed Seventy Five Thousand Dollars ($75,000.00) SB2002:28305.1