HomeMy WebLinkAbout00170C - CENTER BELARDO PIROZZI TEXACO 395 NPC OPA PA1B2 r�p�:' i'ae 4J� • _.
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FREE RECORDING REQUESTED BY
AND WHEN RECORDED MAIL TO:
THE COMMUNITY REDEVELOPMENT SEP 181997
AGENCY OF THE CITY OF PALM SPRINGS
3200 E. Tahquitz Canyon Way R.s.d.d,n ororam aeso,ds
Riverside County
Palm Springs, CA 92262 RecorderJ
Attn: City Clerk Fooe$ ) G
i
SPACE ABOVE LINE FOR RECORDER' S USE
TERMINATION OF OWNER PARTICIPATION AGREEMENT
THIS TERMINATION OF OWNER PARTICIPATION AGREEMENT
( "Agreement" ) is made as of this � day of o _ , 1997,
between THE COMMUNITY REDEVELOPMENT AGENCY 09 THE CITY. OF PALM
SPRINGS ( "Agency" ) and VINCENT J. PIROZZI and KAREN M. PIROZZI,
TRUSTEES OF THE PIROZZI FAMILY TRUST ESTABLISHED NOVEMBER 30, 1992
( "The Pirozzi Trust" ) .
R E C I T A L S
A. Agency and Center Belardo Company, a limited partnership
( "Center Belardo" ) entered into that certain Owner Participation
Agreement dated August 5, 1987 and recorded September 18, 1987, as
Instrument No. 271031 of Official Records of Riverside County,
California ( "OPA" ) concerning that certain real property described
in Exhibit "A" attached hereto and hereby incorporated by
reference.
B. The Pirozzi Trust is Center Belardo' s successor in
interest to the subject property.
C. Agency and The Pirozzi Trust desire to terminate the OPA.
NOW, THEREFORE, in consideration of the mutual covenants and
conditions contained herein, Agency and The Pirozzi Trust agree as
follows :
1 . Termination of OPA. The OPA shall absolutely terminate
as of the recordation of this Agreement (the "Termination Date" ) .
The OPA shall be terminated and cancelled and the term thereof
brought to an end as of the Termination Date, with the same force
and effect as if the term of the OPA was, by its own terms, fixed
to expire on the Termination Date and not as provided in the OPA.
2 . Time is of the Essence. Time is hereby expressly made of
the essence in this Agreement and each and every term and condition
contained in this Agreement .
526/014094-000613099301.1 O8/25/97
341774
3 . Integration. This Agreement and other documents express-
ly incorporated herein by reference contain the entire and exclu-
sive understanding and agreement between the parties relating to
the matters contemplated hereby and all prior or contemporaneous
negotiations, agreements, understandings, representations and
statements, oral or written, are merged in this Agreement and shall
be of no further force or effect.
4 . Modifications . Any alteration, change or modification of
or to this Agreement, in order to become effective, shall be in
writing and executed on behalf of each party to this Agreement.
5 . Governing Law. This Agreement shall be construed in
accordance with the laws of the State of California in effect at
the time of the execution of this Agreement.
6 . Counterparts. This Agreement may be executed in
counterparts which, when taken together, shall constitute one
executed document as though all signatures appeared on one copy.
IN WITNESS WHEREOF, the parties hereto have executed this
Termination of Owner Participation Agreement as of the date and
year first above written.
ATTEST: THE COMMUNITY REDEVELOPMENT AGENCY
OF TkIEICITY OF ALM SPRINGS
lL ..
Assistant Secretary Its - Chairman
"Agency"
i
n
VINCENT J. PIROZZI, Trustee of the
Pirozzi Family Trust Established November
30, 1992
KAREN M. PIROZZI e Mrustee of the
Pirozzi Family Trust Established November
30, 1992
"The Pirozzi Trust"
526/014094-0006/3099301.1 .08/25/97 -2-
• •
STATE OF CALIFORNIA )
// ss .
COUNTY OF
On . l/ ,-/�f,� S /�/4 before me, r��ir J �, Ci�fJ �,k�n?JJ. NdTAF�j z3�eJ
personally appearea .7e7 ,
personally known to me (-e-r—proved—to--me—on—the -basi-s-of -satisfac
.-to--r-y—evidence) to be the personc(jDwhose nameQ:@b isV(are subscribed
to the within instrument and acknowledged to me that he/she they j
executed the same ir} his/her,/the authorized capacitylj4sT` and
that by his/heretheir signature ('.) on the instrument the person r�
or the entity upon behalf of which the persont�0 acted, executed
the instrument.
Witness my hand and official seal .
j ELAINE L.W D-KIND
CUVIM. Notary Public /
Notary Public—Califomia 5
RIVERSIDE COUNTY
"Y COMM EPlroc FEB 3,1999
[SEAL]
STATE OF CALIFORNIA )
Ss .
COUNTY OFetr c � )
`y, �c
On � 27': ^✓ f// f , before me, �'Liaiie�� �. to/tdE.k i,cr� cc%+-✓C, ,
personall appeared /�/l/.me > l,< it 11� J� ra. AL
personally known to me (-ems prn<ra t �mP n rro _sasfczc=
tory—ev�idenee) to be the person (sy whose name is are'subs cri d,
to the within instrument and ackngwledged to me that he/she the
executed the sam in his/her their) authorized capacity ices)), and
that by his/her their signatur s, on the instrument the person �)
or the entity up ehalf of which the persont'O acted, executed
the instrument.
Witness my hand and official seal .
ELAINE L.ihrEDE{:IND ✓ a.[� C
CON1iVi.L%1048357
NofaryPubiir.—Califarnla Notary Public
RIVERSIDE COUNTY
My Cor,
m.E:�alro�FE6 9,1999
[SEAL]
526/014094-0006/3099301.1 .09/25/97 -3-
EXHIBIT "A"
DESCRIPTION OF PROPERTY
Parcel 1: (513-082-020)
The westerly one-half of Lot 5 in Block 23 of Palm
Springs, as shown by map on file in Book 9, page 432 of
Maps, Records of San Diego County, California. Said
property is also shown on Record of Survey on file in
Book 10, page 95 of Records of Survey, - Records of
Riverside County, California.'
Parcel 2 : (513-082-014)
The easterly one-half of Lot 5 in Block 23 of Palm
Springs, as shown by map on file in Book 9 , page 432 of Maps,
Records of San Diego County, California. Said property is
also shown on Record of Survey on file in Book 10, page 95 of
Records of Survey, Records of Riverside County, California.
Parcel 3 : (513-082-035)
The parcel currently owned by the General Telephone
Company.
EXHIBIT "A" TO
5261014094-000613099301.1 -080MMINATION OF OWNER PARTICIPATION AGREEMENT
1 CITI( OOFPAL GS w x 14-
P.O.BOX 2743 RESOLUTION NO. 873 M �j m
PALM SPRINGS,CALIFORNIA 92263-2743 a N
OFTHE COMMUNITY REDEVELOPMENT AGENCY U. Q
OF THE CITY OF PALM SPRINGS, CALIFORNIA, q Q Z c
QZ APPROVING THE TERMINATION OF THE OWNER W co ct
CO PARTICIPATION AGREEMENT AND LEASE W d
AGREEMENT BETWEEN CENTER BELARDO U
Q COMPANY AND THE COMMUNITY
REDEVELOPMENT AGENCY.
'I -----------------------
WHEREAS, the Community Redevelopment Agency (Agency) and Center Belardo Company
(CBC) entered into an Owner Participation Agreement on August 5, 1987 and a Lease
Agreement on June 15, 1988; and
WHEREAS, the purpose and intent of both agreements was for the development by CBC of
386 North Belardo and 395 North Palm Canyon Drive as a retail/restaurant/office complex and
related improvements; and
WHEREAS, CBC is in default of Section C-Lease and/or Purchase of Parcel 2 and of the OPA
and Article 1-Term and Article 3-C-Construction Schedule/Default of the Lease Agreement;
and
WHEREAS, CBC has agreed to pay the sum of 01,300 upon the execution of the Termination
Agreement; and
i
WHEREAS, the Agency desires to terminate both agreements and improve the Agency-owned
Palm Canyon site with parking and a green belt area; and
NOW, THEREFORE, BE IT RESOLVED by the Community Redevelopment Agency of the City
of Palm Springs, California, as follows:
SECTION 1. The Agency approves the termination of the Owner Participation
Agreement dated August 5, 1987 and the Lease Agreement dated June
15, 1988.
i
SECTION 2. The Agency approves the termination of the Lease Agreement dated
June 15, 1988. Agency approves execution of term agreement by
Executive Director in a form approved by Agency Counsel, mutually
releasing the parties from all claims.
SECTION 3. The Agency accepts consideration by CBC in the amount of $1,300
payable upon execution of the Termination Agreement in the form of a
cashier's check.
SECTION 4. This Resolution shall take effect from and after the data of its passage
and adoption.
ADOPTED this 16th day of December 1992.
AYES: tlembers Hodges, Lyons, Reller-Spurgin, Schlendorf and Chairman Maryanov
NOES: None
ABSENT: None
ATTEST: 1 COMMUNITY REDEVELOPMENT AGENCY
CITY OF PALM SPRINGS, CALIFORNIA
By \ / � �� 0&,4,7�
Assistanf Secretary Chai man
I11LULi1Y CI-Arril'I TWAT 11'11E FOIILG0Ir4G Id A��'M C06
REVIEWED & APPROVED
—�OF7RESOLUTION NO. ��T--� —DULY ADOP1`F,A DY
THE COMMUNITY REDEVELOPMENT'AGENCY OF TIM CITY OF
PALM SPRINGS IN A MEETING THEREOF HELD ON THE
DAY OF
DATED AT PALDI SPRINGS, GALIFORNIA
nAY OF`t--7
/SST ��.,e,Erf7�.�aCa'.�1R' RFDP:vN.l.upmun'r
i
Center Belardo Company
Terminatio OPA & Lease
AGREEMENT i79G
1 R873, 12-16-92 Related
TERMINATION OF OWNER PARTICIPATION AGREE6ffsa-vni�a - - '
THIS TERMINATION OF OWNER PARTICIPATION AGREEMENT AND LEASE
( "Termination") is entered into this L day of December, 1992, by
and between the COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALM
SPRINGS, a public body, corporate and politic ( "Agency") , and
CENTER BELARDO COMPANY, a California limited partnership
( "Belardo 11)
R E C I T A L S
A. On August 5, 1987 the parties hereto entered into that
certain Owner Participation Agreement ( 11OPA11 ) with respect to that
certain real property owned by Belardo commonly known as 386 North
Belardo Road, Palm Springs, California and more particularly
described therein ( "Property") .
B. Pursuant to the terms of the OPA, Agency and Belardo
entered into that certain Lease Agreement dated June 15, 1988
( "Lease11 ) pursuant to which Agency leased to Belardo and Belardo
leased from Agency that certain real property commonly known as 395
North Palm Canyon Drive, Palm Springs, California and more
particularly described therein ( "Demised Premises") .
C. The parties desire to terminate the OPA and the Lease so
that Agency and Belardo can be released and discharged from further
performance of the OPA and the Lease provisions .
TERMS AND CONDITIONS
NOW, THEREFORE, the parties hereto agree as follows:
1. Termination of OPA and Lease. As of the date this
Termination is executed ( "Termination Date") , the OPA and the Lease
(including the option to purchase the Demised Premises set forth in
Article VI of the Lease) shall be fully and finally terminated and
Belardo waives any and all right, title and interest it may have
therein or in the Demised Premises .
2 . Consideration by Belardo. Upon the execution of this
Termination, Belardo shall pay Agency the sum of One Thousand Three
Hundred Dollars ($1,300 . 00) by way of a cashier' s check issued by
a bank insured by the Federal Deposit Insurance Corporation with
offices located in Riverside County, California.
3 . Condition of Demised Premises . Belardo represents that
notwithstanding the aforementioned Lease, Belardo has not taken
possession of the Demised Premises and, to its best knowledge,
F51139310140940006U4354.1 12/15/92
there has been no change in the condition of the Demised Premises
from the date of the Lease to the present date.
4 . Release of Liability. Agency and Belardo are hereby fully
and unconditionally released and discharged from their respective
duties and obligations arising from or connected with the
provisions of the OPA and the Lease; provided that each party
performs their respective obligations hereunder. This Termination
shall fully and finally settle all demands, charges, claims,
accounts or causes of action of any nature, including, without
limitation, both known and unknown claims and causes of action that
arise out of or in connection with the OPA and/or the Lease and
shall constitute a mutual release with respect to the OPA and the
Lease. The parties hereby waive the provisions of California Civil
Code Section 1542, which provides :
A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE
CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR
AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY
HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE
DEBTOR.
5 . Representations of the Parties . Agency and Belardo
represent and warrant to the other that said party has not made any
assignment, sublease, transfer, conveyance or other disposition of
the OPA or the Lease or any interest in the OPA or the Lease or any
claim, demand, obligation, liability, action or cause of action
arising from the OPA or the Lease to any third party.
6 . Miscellaneous .
a. Voluntary Agreement. The parties have read this
Termination and the mutual release contained herein and have freely
and voluntarily entered into it.
b. Attorneys' Fees. If either Agency or Belardo
commences an action against the other arising out of or in
connection with this Termination, the OPA or the Lease, the
prevailing party shall be entitled to recover from the losing party
reasonable attorneys' fees and costs, including fees and costs
incurred on appeal.
C. Successors and Assigns . This Termination shall be
binding on and inure to the benefit of the parties hereto and their
respective heirs, successors and assigns .
PSIUM014094-0006U4354.1 12/15/92 -2
\7"
IN WITNESS WHEREOF, this Termination of Lease was entered into
as of the date first written above.
ATTEST: COMMUNITY 32aEVELOPMENT AGENCY OF
THE C OF PALM NGS, a public
body corporate and is
By:
Ass ' ant Secretary Execu re ecto
"AGENCY"
APPROVED AS TO FORM
RUTAN & TUCKER
By:
David J. leshire, Esq.
Agency Counsel
CENTER BELARDO COMPANY, a California
limited partnership
B
Robert Sil n
General Partner
"BELARDO"
APPROVE{ EYTF+E �-.
BY RCS, NO.
P?�3c
FS113E31014 08 4 0 0 0 U4354.1 12/15/92 -3-
RETURN TO: �
CITY CLERK
CITY OF PALM SPRINGS
BOX 1786 Center Belardo Co.-owner part
ci PALM SPRINGS, CA. 92263 ,% � agr for acq & dev of prop at
395 NPC,formerly Texaco,PA1B2
AGREEMENT #170
Resolution 484, B-5-87
COMliIUNITY REDEVELOPMENT AGENCY
OF THE CITY OF PAL14 SPRINGS
OWNER PARTICIPATION AGREEMENT r ,
THIS AGREEMENT, made and entered into this 5ih day of
August , 1967 , by and between the COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS (hereinafter
referred to as the "Agency" ) and Center Belardo Company, a
limited partnership (hereinafter referred to as the
"Participant" ) .
This agreement is entered into with reference to the following
facts:
(a) The Palm Springs Central Business District
Rede:velonment Project Area has been selected and designated
as an area which required development in the interest of the
Health , Safety, and General Welfare of the Cite of Palm
Springs and the State of California and in accordance with
Sections 33000 through 33600 of the California Health and
Safety Code .
(b) The Redevelopment Plan for the Palm Springs Central
Business District Redevelopment Project Area was prepared
and approved by the Agency . On July 11 , 1973 , the Plan was
adopted by the Palm Springs City Council upon the passage of
Ordinance No. 952, following a joint Public Hearing of the
Agency and the City Council.
(c) The parties hereto recognize and agree that the
Redevelopment Plan is a plan for the improvement of real
properties within the project area and for the prevention of
further blight therein.
(d) The Redevelopment Plan provides for the participation
of owners of parcels of property therein, if the owners of
such property agree to participate in the redevelopment in
conformity with the Plan, by entering into an agreement with
N the Agency to effectuate improvement of such property.
(e) The Participant is the owner of property at 386 North
Belardo Road (hereinafter referred to as Parcel 1) and the
Agency is the owner of property at 395 North Palm Canyon
Drive (hereinafter referred to as Parcel 2) . By this
Agreement the Participant proposes to acquire Parcel 2. All
Parcels described herein, are shown on Exhibit 1 attached
hereto.
(f) The General Telephone Company , the owner of Parcel 3
(see Exhibit 1) , has expressed an interest in the renovation
of its property for commercial use and toward that end will
consider cooperation with the Participant in development of
access and parking .
(9) Successful redevelopment of the total Project Area
would benefit the Participant ' s property by the elimination
of old and nonconforming buildings and by the replacement
thereof with modern, well planned , attractively designed
buildings and related improvements .
NOI1 THEREFORE , the Agency and the Participant (for the
consideration and under the conditions herein set forth) for the
benefit of themselves , do understand and agree for themselves and
their assigns , successors and future owners of said real property
and of all owners of real property in the Project Area as
follows :
I . PARTIES TO THE AGREEMENT
A. The Agency
The Agency is a public body, corporate and politic ,
exercising governmental functions and powers and organized and
existing under the Community Redevelopment Law of the State of
California. The office of the Agency is located as part of the
City of Palm Springs, at the Palm Springs City Hall , 3200
Tahquitz-McCallum Way, Palm Springs, California 92262.
B. The Participant
The Participant is a Limited Partnership of which
limited partners Robert E. Silberman with offices at 9255 West
Third Street , Beverly Hills, California 90210 , telephone number
(213) 859-4747 is the General Partner and manager of the
partnership. The Participant may bring into this Agreement an
-2- lei 1, .
c�
a
additional partner (s) who shall be named in an addendum to this
Agreement, pursuant to which said partner (s) shall be fully bound
to the terms and obligations hereof . The partners are listed in
Exhibit 2 attached hereto.
II . PROPERTY DESCRIPTION
Parcel 1: (513-082-020)
The westerly one-half of Lot 5 in Block 23 of Palm
Springs is owned in fee by the Participant and is, as shown by
map on file in Book 9 , page 432 of Maps, Records of San Diego
County, California . Said property is also shown on Record of
Survey on file in Book 10 , page 95 of Records of Survey, Records
of Riverside County, California.
Parcel 2 (513-082-014)
The easterly one-half of Lot 5 in Block 23 of Palm
Springs is owned in fee by the Agency and is , as shown by map on
file in Book 9 , page 432 of Maps, Records of San Diego County,
California. Said property is also shown on Record of Survey .on
file in Book 10 , page 95 of Records of Survey, Records of
Riverside County, California.
Parcel 3: (513-082-035)
That parcel currently owned by the General Telephone
Company
III . USE OF THE PROPERTY: COVENANTS AND RESTRICTIONS
Participant covenants and agrees for itself , its successors , its
assigns and every successor in interest to the property or any
part hereof , that:
A. Participant , such successors and assigns, shall
devote the property to uses specified in the Redevelopment Plan,
as it now exists or is hereafter amended consistent with the
provisions of this agreement.
B. There shall be no discrimination against or
segregation of any person, group of persons , on account of race,
sex , color , religion , national origin or ancestry in the sAle ,
lease , sublease , transfer , use occupancy, tenure , or enjoyment of
the property, nor shall the Participant itself nor any person
claiming under or through it establish or permit any such
practice or practices of discrimination or segregation with
-3-
ri
reference to the selection, location , number , use or occupancy of
tenants, lessees, subtenants, sublessees, or vendees of the
property.
C. Participant agrees to submit plans to the Agency
for its review and approval pursuant to the Redevelopment Plan
and at such appropriate times as to give the Agency reasonable
time to approve or disapprove such plans. Reasons must be stated
for disapproval and if disapproved , the parties shall work
cooperatively to attain a mutually agreeable solution. The plans
shall be reviewed by the Agency prior to their submittal to the
Palm Springs City Planning Department.
D. The provisions of this agreement do not limit the
right of obligees of Participant to foreclose or otherwise
enforce any mortgage , deed of trust or other encumbrance upon the
property, or the right of obligees to pursue any remedies for the
enforcement of any pledge or lien upon the property; except that
such action shall only affect the leasehold interest of the
Participant in the property owned by the Agency and not impair
the Agency' s underlying fee interest in Parcel 2; and provided ,
that in the event of a foreclosure sale under any such mortgage ,
deed of trust, or other lien or encumbrance , or sale pursuant to
any power of sale contained in any such mortgage or deed of
trust, the purchaser or purchasers and their successors and
assigns , and such property, shall be and shall continue to be
subject to all the conditions , restrictions and covenants herein
provided for . The Agency will cooperate with any construction or
permanent lender to extent reasonably necessary to modify the
provisions of this agreement to meet the requirements of such
lender (s) , provided that such changes do not impair the Agency' s
underlying fee interest in the property of the Agency.
IV. TERMS AND CONDITIONS OF THE AGREEMENT
A. Assignment and Sale
The Participant may transfer or sell the property
consistent with the Redevelopment Plan and City ordinances but
may not assign this Agreement to a third party without the
approval of the Agency, which the Agency shall not unreasonably
withhold , and provided that such purchaser shall be bound in
writing by all of the terms and conditions of this Agreement, and
upon such transfer Participant shall be relieved of any further
responsibility under this Agreement with respect to such
transferred property. Participant shall promptly notify the
Agency of any proposed transfer or sale of the property and shall
advise any prospective purchaser or transferee of the terms of
this Agreement. This restriction shall be applicable only so long as the
V4 Agency shall retain title to Parcel 2. After purchase of the underlying
fee interest in the property of the Agency by the Participant, Participant
r4 may transfer or sell the property without approval of the Agency.
B. Description of Development
The Participant agrees to develop a new commercial complex, which
may include retail , restaurant, and office uses on Parcel 1 and 2.
The Participant further agrees to provide parking for the development
which meets or exceeds the present requirements of the City of Palm Springs
Zoning Ordinance. To the extent feasible, this parking shall be developed
in conjunction with the parking required for Parcel 3 and other parcels as
agreed by the Participant and Agency. The Agency shall seek to obtain access
from Palm Canyon Drive to the Participant' s parking lot through an easement
over Parcel 3.
The Participant may place a leasing sign on the Agency' s property
which is consistent with the City's sign ordinance and approved by Agency
staff.
C. Lease and/or Purchase of Parcel 2
The Agency agrees to lease Parcel 2 to the Participant on the
following terms and conditions:
(a) The lease term shall be for a term of 55 years with two successive
twenty year options to extend said term.
(b) The lease term shall commence on the first day of the month in
which the building permit for the project is issued to Participant by
the City, but in no case shall the lease term commence later than July 31,
1988.
(c) The lease for the first three years of the term shall be paid in
monthly installments of $2,632. 50.
At the start of the fourth, fifth and sixth years, the monthly
installments shall be adjusted to an amount equal to the base rate plus
the percentage increase in the Consumer Price Index for the Los Angeles/Long
Beach area, since the start of the lease term, but in no case shall
said increase exceed fifteen percent at the start of the fourth year,
-5-
twenty percent for the fifth year, and twenty five percent for the sixth
` 4 year.
C�
r4 VOL At the start of the sixth year the lease rate shall be paid in
r e monthly installments of $5,500.00.
Thereafter, the lease rate shall be adjusted on an annual basis
by the full percentage increase in the Consumer Price Index for the
Los Angeles/Long Beach area for the prior twelve month period.
The Participant shall have the right to defer any lease payment
during construction. The deferred amount shall accrue interest at the
rate of nine percent per annum and the total deferred lease payment
and earned interest shall be paid when the Certificate of Occupancy
is issued by the City of Palm Springs. In no case shall payments be
deferred beyond July 31, 1989.
(d) The Participant shall have an option to purchase Parcel 2 for
the sum of $351,000.00 during the initial five years of the lease term.
Thereafter, the purchase price for exercising the option to purchase
shall be established by an appraiser having MAI qualifications.
D. Time of Performance
The Participant agrees to submit plans for the proposed project
to the Planning Commission prior to December 31, 1987, and commence construction
prior to July 31, 1988. If either performance date is missed, this agreement
will be terminated and any deferred lease payment, including interest, will
be due and payable. The Participant will provide a cash bond of $17,550.00
or letter of credit upon approval of this agreement to assure the timely
performance and will be refunded by the Agency upon commencement of construction
r"
if such construction proceeds on or before July 31, 1988. Prior to August 30,
1987, the Participant further agrees to demolish the existing structure and
other improvements, on Parcel 1, and to maintain orderly condition. If construction
has not commenced by January 1, 1988, the property shall be improved with
E� a ryegrass lawn or other groundcover as may be mutually agreed upon.
!� The Agency shall continue to maintain Parcel 2 until the start
of construction.
E. Termination by Agency
The Agency reserves the right to terminate this Agreement if the
Participant fails to fulfill the requirements of Section IV above by the
dates stated therein.
F. Termination by Participant
Participant shall have the right to terminate its obligations
under this Agreement at any time prior to the approval of a lease on the
property between the Agency and Participant.
-6-
G. Purchase of Participant ' s Property by Agency
Should the Participant fail to commence construction on
or before July 31 , 1988 , the Participant agrees to sell its
property, Parcel 1 , to the Agency at a price determined by
Eminent Domain proceedings and final determination of such
proceedings.
H. Supplemental Agreements
Within ninety (90 ) days from the date of this
Agreement, and based on Participant ' s approved preliminary plans
for the property, the Agency and Participant shall enter into
supplemental agreements as necessary to implement this Agreement .
Said supplemental agreements shall be consistent with the terms
of this agreement and include:
(a) The listing of any additional partners to the
Participant up to the above date.
(b) The exact timing and amount of the in-lieu contribution
required to meet Palm Springs Parking requirements if
necessary as per Agency ' s letter dated May 28, 1987 ,
addressed to Ken Simons, a copy of which is attached .
(c) The lease required under Section IV (C) .
(d ) Such other matters as necessary to implement this
Agreement .
If such supplemental agreements are not entered into
within said ninety (90) day period , subject to such extensions as
may be mutually agreed to by the parties, then either party for a
period of thirty (30) days thereafter may terminate this
agreement upon written notice to the other .
V. GENERAL PROVISIONS
A. Agency Employees, Members
No member , official, or employee of the Agency shall
have any personal interest, direct or indirect , in this
Agreement , nor shall any such member , official, or employee
participate in any decision relating to the Agreement , which
affects his personal interests or the interests of any
corporation, partnership, or association in which he is, directly
or indirectly, interested . No member , official, or employee of
the Agency shall be personally liable to Participant or any
F�
-7-
c�C
L1t successor in interest in the event of any default or breach by
the Agency or for any amount which may become due to Participant
or successor or any obligations under the terms of this
Agreement.
B . Right to Enter
The employees and agents of the Agency shall , at all
reasonable times, have access to the property for the purposes of
making such inspection, surveys and examinations of the same as
may be reasonable and necessary in the performance of its
obligations to carry out the redevelopment in accordance with the
Redevelopment Plan.
C . Acquisition of Other Public Agency
Upon the acquisition of the property by any other
governmental entity through Eminent Domain proceedings , this
Agreement and all obligations and duties of the parties hereunder
shall terminate.
D. Time is of the Essence
Time is of the essence hereof; provided , however , that
any time limitation set forth herein may be extended by the
Agency , in its sole discretion , upon the receipt of written
request therefor from Participant.
E. Binding Effect of Agreement
This Agreement shall be binding upon and shall inure to
the benefit of the parties hereto, their legal representatives,
successors and assigns. This Agreement shall likewise be binding
upon and obligate the property and the successors in interest,
owner or owners thereof , and all of the tenants , lessees,
sublessees and occupants of such property.
F. Effect and Duration of Covenants
The covenants established in this Agreement , shall ,
without regard to technical classification and designation, be
binding on the Participant and any successor in interest to the
Site or any part thereof for �the benefit and in favor of the
Agency , its successors and assigns, and the City. Except as set
forth in the following sentence , the covenants contained in this
Agreement shall remain in effect for the term of the
lease , whichever comes later , unless this
Agreement provides for their earlier termination . the covenants
against discrimination shall remain in perpetuity.
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the date first above written.
CENTER_ BELAR-0 ,CO.MPAIN,Y �
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� I�`�' I� BY: � �'�����2r.rt
Dame Robert
Managing Partner
ATTEST: COMMUNITY REDEVELOPMENT AGENCY
CITY OF PALM SPGS; CALIF-DRNIA
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As-ss-to-n-t• Se retary Chairman
REVIEWED AND APPROVED:
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LIST OF PARTNERS
C'?O CENTER BELARDO COMPANY
A LIMITED PARTNERSHIP
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Robert E.Silberman
Phylis Silberman
Bruce S. Silberman
Steven J. Silberman
Arnold B. Siegel
Herbert Citrin
G.B.S. Investments
Allen & Fasman Investments
EXHIBIT 2
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RESOLUTION NO. 484
� O W d o e„w�i}.• t
OF THE COMMUNITY REDEVELOPMENT AGENC IC
OF THE CITY OF PALM SPRINGS, CALIFORNIA,
APPROVING OWNER PARTICIPATION AGREEMENT
WITH THE CENTER BELARDO COMPANY TO
ACQUIRE AGENCY OWNED PROPERTY AT 395
NORTH PALM CANYON DRIVE IN THE CENTRAL
BUSINESS DISTRICT REDEVELOPMENT PROJECT
AREA TO DEVELOP A RESTAURANT/RETAIL
COMPLEX. (PA N1)
. I
- - - - - - - - - -
WHEREAS the Community Redevelopment Agency has acquired said property to
eliminate a non-conformance land use; and
WHEREAS the Participant owns adjacent land which is intended to be combined
with said parcel for the development of a retail restaurant complex;
NOW THEREFORE it is hereby resolved by the Community Redevelopment Agency
of the City of Palm Springs that the Executive Director of the Agency is
authorized to enter into a participation agreement, which is on file in
the office of the City Clerk, for certain real property located at 395 N.
Palm Canyon Drive to the Center Belardo Company in accordance with all appli-
cable laws.
ADOPTED this 5th day of August 1987.
AYES: Members Apfelbaum, Birer, Foster, Smith and Chairman Bogert
NOES: None
ABSENT: None
ATTEST: COMMUNITY REDEVELOPMENT AGENCY
CITY OF PALM SaPRINGS, CALIFORNIA
By
Assistant Secretary Chairman
REVIEWED AND APPROVED:
I _HEREBY CERTIFY THAT THE FOREGOING IS A TRUE COPY OF RESOLUTION NO. 484
( DULY ADOPTED BY THE CITY COUNCIL OF THE CITY OF PALM SPRINGS IN A MEETING
:THERtOF )H,ELD ON THE 5TH DAY OF AUGUST, 1987.
. �' DATED-A, PAJ_MjSP�NGS, CALIFORNIA, THIS 15TH DAY OF SEPTEMBER, 1987.
CLG�e
DEPUTY CITY CLERK
.M1
CJ`TY OF PALM SPRINGS, CALIFORNIA
CITY OF PALM SPRINGS, CALIFORNIA 23990
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DEPARTMENT OF FINANCE
(619)323-8229
TREASURER'S RECEIPT
DATE _ 2--17_93 AMOUNT 1309.09
13elaxdo C f.dJa <.er Inc.
RECEIVED FROM
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IN PAYMEN�T,OF ___- _._-. ACCOUNT AMOUNT o z
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RECEIVED BY: / _ TOTAL $ 1300�00
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