HomeMy WebLinkAboutAGENDA REPORT 2021 1201 CCSA REG ITEM 10GCITY OF MOORPARK,
CALIFORNIA
City Council Meeting
of December 1, 2021
ACTION APPROVED STAFF
RECOMMENDATION
BY K. Spangler.
G. (SUCCESSOR AGENCY) Consider Second Amendment to Exclusive Negotiating
Agreement with Quail Capital Investments, LLC for 15404 Princeton Avenue Property
(APN 513-0-024-105, -135). Staff Recommendation: Approve Second Amendment to
Exclusive Negotiating Agreement with Quail Capital Investments, LLC subject to final
language approval of the Executive Director, and authorize Executive Director to
execute the agreement. (Staff: Jessica Sandifer, Community Services Manager)
Item: 10.G.
SUCCESSOR AGENCYTO THE REDEVELOPMENT AGENCY OF
THE CITY OF MOORPARK
AGENDA REPORT
TO: Honorable Successor Agency Members
FROM: Jessica Sandifer, Community Services Manager
DATE: 12/01/2021 Regular Meeting
SUBJECT: Consider Second Amendment to Exclusive Negotiating Agreement
with Quail Capital Investments, LLC for 15404 Princeton Avenue
Property (APN 513-0-024-105, -135)
BACKGROUND
The Redevelopment Agency of the City of Moorpark (“Agency”) acquired the property at
15404 Princeton Avenue as a relocation site for the J.E. Clark fueling station located on
High Street. The relocation of the fueling station was not approved by the Planning
Commission and the relocation project did not move forward. Since then, the
Redevelopment Agency attempted to find development partners for the site. However,
prior to any development partners being identified for the property, the Agency was
dissolved pursuant to AB X1 26 (”Dissolution Act”), as upheld and modified by the
Supreme Court in California Redevelopment Association, et al. v. Ana Matosantos, et al.
(53 Cal.4th 231(2011)). As part of the dissolution process, the City of Moorpark elected
to become the Successor Agency of the Redevelopment Agency of the City of Moorpark
(Successor Agency). The Successor Agency was required by the Dissolution Act to
prepare a Long Range Property Management Plan (“LRPMP”) addressing the disposition
of real properties acquired by the former Redevelopment Agency. The LRPMP provides
that the Property identified in the LRPMP as Property No. 6, APN 513-0-024-105, -135
(15404 Princeton Avenue) will be retained by the City of Moorpark (“City”), provided that
the City pays compensation to the taxing entities. Subsequent to Department of Finance
approval of the LRPMP, it was determined that the property on Princeton was purchased
with the Agency’s 2006 Tax Allocation Bond (TAB) proceeds. The bond funded status of
the property does not allow the City to purchase the property and requires that any
proceeds of the sale be returned to the Bond fund or treated in accordance with the Bond
covenants.
In December 2020, the Successor Agency approved an Exclusive Negotiating Agreement
(ENA) with Quail Capital Investments to allow for negotiation of a Purchase and Sale
Agreement. On January 14, 2021, the City Manager signed the First Amendment to the
ENA to allow for a change in the escrow company associated with the transaction.
Item: 10.G.
192
Honorable Successor Agency
12/01/2021 Regular Meeting
Page 2
DISCUSSION
Staff is still negotiating a Purchase and Sale Agreement with Quail Capital Investments,
LLC. The ENA is due to expire on 12/22/2021, and staff is recommending extending the
ENA for another six months to allow for the Purchase and Sale Agreement negotiations
to be concluded, and for Oversight Board approval to be obtained.
FISCAL IMPACT
There is no fiscal impact from signing the ENA. The ENA provides that all City costs
associated with the ENA period would be reimbursed by the Developer.
COUNCIL GOAL COMPLIANCE
This action is consistent with City Council Strategy 1, Goal 1, Objective 5 (1.5):
“Dispose of applicable former Moorpark Redevelopment Agency owned properties.”
STAFF RECOMMENDATION
Approve Second Amendment to Exclusive Negotiating Agreement with Quail Capital
Investments, LLC subject to final language approval of the Executive Director, and authorize
Executive Director to execute the agreement.
Attachment: Amendment to Exclusive Negotiating Agreement
193
AMENDMENT NO. 2
EXCLUSIVE NEGOTIATING AGREEMENT
This Amendment No. 2 to the Exclusive Negotiating Agreement between the
Successor Agency of the Redevelopment Agency of the City of Moorpark, a California
Successor Agency created and existing pursuant to California Health and Safety Code
Section 34170 et seq. (the “Successor Agency” or “Seller”) and Quail Capital Investments,
LLC, a Delaware limited liability company (“Developer”), (“Agreement”), is made and
entered into on this ___ day of ____________________, 2021.
RECITALS
WHEREAS, on December 22, 2020 the Successor Agency and Developer entered
into an Exclusive Negotiating Agreement (ENA); and
WHEREAS, on January 14, 2021, the Successor Agency and Developer amended
the ENA to substitute a different title and escrow company; and
WHEREAS, the Successor Agency and Developer now desire to amend the ENA
to extend the term for six months to June 22, 2022 and document said agreement to
amend by jointly approving Amendment No. 1 to the Agreement
NOW, THEREFORE, it is mutually agreed by and between the parties to the
Agreement as follows:
I. The ENA term shall be extended from December 22, 2021 to June 22, 2022, unless
further extended by the Successor Agency Board.
III. Remaining Provisions:
Except as revised by this Amendment No. 2, all of the provisions of the Agreement
shall remain in full force and effect.
[signatures next page]
ATTACHMENT
194
Amendment No. 1 to Exclusive Negotiating Agreement
between Successor Agency and Quail Capital Investments, LLC. Page 2
In Witness Whereof, the parties hereto have caused this Amendment to be
executed the day and year first above written.
SUCCESSOR AGENCY OF THE
REDEVELOPMENT AGENCY OF THE
CITY OF MOORPARK
DEVELOPER
Quail Capital Investments, LLC
_______________________________ _______________________________
Troy Brown
Executive Director
Michelle Thrakulchavee
Vice-President
Attest:
_______________________________
Ky Spangler
Agency Secretary
195