2000 AGN APR 04 I14 - Laserfiche WebLink

Browse Search

TO: APPROVAL: FROM: SUBJECT: DATE: Background REDEVELOPMENT AGENCY FOR THE CITY OF COLTON For the City Council Meeting of April 4, 2000 Honorable Mayor and Ci Counailmembers Henry Garcia, City Mar� Robb Steel, Redevelopment Direct � / r Consideration and Approval of a`Resolution approving' entering into that Parking Lease and Disposition Agreement by and between the City of Colton and Highpoint Properties, LP, a California Limited Partnership. March 22, 2000 In July of 1999, Highpoint Properties L.P. ("HighpoinY') acquired the Plaza Las Glorias shopping center located at 1051-1159 North. Mt Vernon Avenue. Prior and subsequent to the acquisition of the Plaza Las Glorias Shopping Center, Agency staff met with Mr. Jack Nourafshan, who is the general partner of Highpoint and President of Reliable Properties, the new management company for the Shopping Center. Agency staff met with Mr. Nourafshan to discuss and clarify various provisions of the Plaza Las Glorias Owner Participation Agreement ("OPA") and resolve several unresolved issues relating to the OPA, including the purchase or transfer of the parking lot to Highpoint once the Mello-Roos bonds are fully paid. Please refer to copy of letter from Reliable Properties dated August 10, 1999 attached to the staff report as Exhibit "A". When the Agency entered into the Plaza Las Glorias OPA on August 16, 1990, the agreement provided that City would establish a Mello-Roos district to issue bonds for the acquisition of the parking lot. This would facilitate the project by providing tax exempt financing for a portion of the project financing. Additionally, the OPA provided that the Agency would use its best efforts to have the City of Colton enter into a parking lot lease agreement with the Participant for a period of 99 years, with an option to purchase the parking lot once the bonds were repaid. Please refer to Section 504 of the OPA attached to the staff report as Exhibit "B". Agency staff has reviewed and researched City and Agency files for a copy of lease agreement pertaining to the Plaza Las Glorias Parking Lot or any other documents that discussed the purchase or transfer of the Parking to the ParticipanUShopping Center owner. However, no agreements could be found. On October 20, 1999, Mr. Nourafshan sent a proposed parking lot transfer agreement to the Agency for consideration by the City of Colton. To commence the negotiation of a real property transfer agreement, Agency staff presented the proposed agreement to the City Council/Agency ltem #14