HomeMy WebLinkAboutAG RPTS 2002 0918 RDA REGJ ESTABLISHED
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OF
Resolution No. 2002 -110
MOORPARK REDEVELOPMENT AGENCY
REGULAR MEETING AGENDA
WEDNESDAY, SEPTEMBER 18, 2002
6:30 P.M.
Moorpark Coimnunity Center 799 Moorpark Avenue
1. CALL TO ORDER:
2. ROLL CALL:
3. PUBLIC COMMENT:
4. CONSENT CALENDAR:
A. Consider Approval of Minutes of Regular Meeting of August
1, 2001.
Consider Approval of Minutes of Regular Meeting of March
6, 2002.
Consider Approval of Minutes of Regular Meeting of March
20, 2002.
Staff Recommendation: Approve minutes as processed.
B. Consider Consenting to Construction Loan Extension and
Approving 3r Amendment to Schedule of Performance for
Disposition and Development Agreement (DDA) for Cabrillo
Economic Development Corporation (CEDC) Gisler Field
Project (Mountain View) (Tract No. 5161, Residential
Planned Development No. 98 -7) . Staff Recommendation: 1)
Approve 3 rcl Amendment to the DDA; and 2) Consent to
Building Loan Agreement Extension and authorize Executive
Director to sign "Junior Lienor's Consent and
Subordination Agreement ". (Hugh Riley)
Redevelopment Agency Agenda
September 18, 2002
Page 2
5. CLOSED SESSION:
A. CONFERENCE WITH LEGAL COUNSEL - ANTICIPATED LITIGATION
Significant exposure to litigation pursuant to Subdivision
(b) of Section 54956.9 of the Government Code: (Number of
cases to be discussed - 4)
B. CONFERENCE WITH LEGAL COUNSEL - ANTICIPATED LITIGATION
Initiation of litigation pursuant to Subdivision (c) of
Section 54956.9 of the Government Code: (Number of cases
to be discussed - 4)
C. CONFERENCE WITH LEGAL COUNSEL - EXISTING LITIGATION
(Subdivision (a) of Section 54956.9)
Mission Bell Plaza Phase II, LLC, a California limited
partnership vs. Redevelopment Agency of the City of
Moorpark (Case No. SCO28906)
D. CONFERENCE WITH REAL PROPERTY NEGOTIATOR
(Pursuant to Government Code Section 54956.8)
Property: 203 E. Los Angeles Ave., Moorpark, CA 93021 and
213 E. Los Angeles Ave., Moorpark, CA 93021
Agency Negotiator: Steven Kueny, Executive Director
Negotiating Parties: The Redevelopment Agency of the City
of Moorpark and Wayne Colmer
Under Negotiation: Price and terms of payment
6. ADJOURNMENT:
Any member of the public may address the Agency during the Public Comments portion
of the Agenda, unless it is a Public Hearing or a Presentation /Action /Discussion
item. Speakers who wish to address the Agency concerning a Public Hearing or
Presentations /Action/ Discussion item must do so during the Public Hearing or
Presentations /Action /Discussion portion of the Agenda for that item. Speaker
cards must be received by the City Clerk for Public Comments prior to the
beginning of the Public Comments portion of the meeting and for
Presentation /Action /Discussion items prior to the beginning of the first item of
the Presentation /Action /Discussion portion of the Agenda. Speaker Cards for a
Public Hearing must be received prior to the beginning of the Public Hearing. A
limitation of three minutes shall be imposed upon each Public Comment and
Presentation /Action /Discussion item speaker. A limitation of three to five minutes
shall be imposed upon each Public Hearing item speaker. Written Statement Cards
may be submitted in lieu of speaking orally for open Public Hearings and
Presentation /Action /Discussion items. Copies of each .item of business on the
agenda are on file in the office of the City Clerk and are available for public
review. Any questions concerning any agenda item may be directed to the City Clerk
at (805) 517 -6223.
In compliance with the Americans with Disabilities Act, if you need assistance to
participate in this meeting, please contact the City Clerk's Department at (805)
517 -6223. Notification 48 hours prior to the meeting will enable the City to make
reasonable arrangements to ensure accessibility to this meeting (28 CFR 35.102-
35.104 ADA Title II).
CITY OF MOORPAW CALTFORNIA ,
o! Redevelopment Agency Meeting ITEM
• •
ACTION:
�EC MINUTES OF THE REDEVELOPMENT AGENCY
BY. Moorpa c; PFi ornia August 1, 2001
A Regular Meeting of the Redevelopment Agency of the City of
Moorpark was held on August 1, 2001, in the Community Center of
said City located at 799 Moorpark Avenue, Moorpark, California.
1. CALL TO ORDER:
Chair Hunter called the meeting to order at 6:58 p.m.
2. ROLL CALL:
Present: Agency Members Harper, Mikos, Millhouse,
Wozniak, and Chair Hunter.
Staff Present: Steven Kueny, Executive Director; Hugh Riley,
Assistant Executive Director; Joseph Montes,
General Counsel; and Deborah Traffenstedt,
Agency Secretary.
3. PUBLIC COMMENT:
Wanda Hough, a Moorpark resident, stated she was in support of
the city purchasing the property at 83 West High Street. She
stated she had questions regarding the plans for relocation,
buyout, where they will be moved, and how long the process
will take until the mobilehome park is closed.
4. PRESENTATION /ACTION /DISCUSSION:
A. Consider Request from the Lawrence Janss Company for
Agency Support of the Proposed Purchase and Renovation of
the Moorpark Playhouse (45 High Street). Staff
Recommendation: Direct staff as deemed appropriate.
Mr. Riley gave the staff report.
Larry Janss, 45 High Street, stated he would answer any
questions, and that he is in a due diligence process on
the property. He expressed concern regarding the amount
of parking available and required for use of the
property, and he requested assurance the City would
improve the parking for the theater and other businesses
on High Street.
In response to Agency Member Harper, Mr. Janss stated the
number of parking spaces required was a matter of zoning
formula, but that approximately 300 seats are planned in
the theater.
Minutes of the Redevelopment Agency
Moorpark, California Page 2 August 1, 2001
Mr. Riley stated 86 parking spaces are the statutory
number of spaces required for a 300 -seat theater, one
space for every 3.5 seats, and that 50 percent (500)
offsite parking is allowed. He recommended obtaining
reciprocal agreements for parking with other downtown
properties.
Agency Member Harper stated if the land is available for
parking, then the question of improvements can be
resolved. He requested that when the parking improvements
are planned, that it be done in an aesthetically pleasing
way to add to the character of the area. He suggested a
template like the city of Ojai.
Agency Member Mikos stated she is pleased with Mr. Janss'
proposal, supports the project, and agrees with Agency
Member Harper that the Agency should assist with parking
issue to help make it happen.
Agency Member Millhouse asked about the timeline of the
project and if an ad hoc committee was needed.
Mr. Kueny stated that staff had little opportunity to
fully look at the timeline, but that the due diligence
ends on August 10 for Mr. Janss. He stated Mr. Janss
should be offered an assurance that the parking
availability would be guaranteed. He stated that a
complication is that the proposed theater use has lost
its non - conforming rights, and the City will need to work
with Mr. Janss regarding this. He also stated that
technical issues can be explored with Mr. Janss and an ad
hoc committee, and then staff will come back to the
Agency with a recommendation. Mr. Kueny suggested that
Mr. Janss have access to the same theater parking at the
same rate as the prior owner and that the agreement
include a hold harmless requirement.
In response to Chair Hunter, Mr. Janss confirmed August
10 is the date the bank requires him to make a decision,
and the parking is the last issue for consideration.
Agency Member Millhouse stated his support regarding the
assistance with parking in the High Street area.
,t 0!. 2
Minutes of the Redevelopment Agency
Moorpark, California Page 3 August 1, 2001
Agency Member Harper directed staff to draft an agreement
offering the property at $1.00 per year.
Mr. Kueny questioned whether the Agency wanted to appoint
an ad hoc committee.
Chair Hunter stated he does not believe an ad hoc
committee is necessary and that staff should be empowered
to work with Mr. Janss to make sure the lot is available
and move forward with a document regarding the parking
issues.
MOTION: Agency Member Harper moved and Agency Member Millhouse
seconded a motion to authorize the Executive Director to draft
an agreement offering the parking area across the street from
the theater at $1.00 per year with a hold harmless
requirement.
Agency Member Millhouse asked that staff leave some
flexibility in the agreement language to allow the city to
shift the location of the theater parking lot to another
location within close proximity.
The motion carried by unanimous voice vote.
5. CONSENT CALENDAR:
MOTION: Chair Hunter moved and Agency Member Harper seconded a motion
to approve the Consent Calendar. The motion carried by unanimous roll
call vote.
A. Consider Approval of Minutes of Regular Meeting of May
16, 2001. Staff Recommendation: Approve minutes as processed.
B. Consider Resolution to Appropriate $1,684,500 for Property
Acquisition of 83 West High Street, Moorpark Mobile Home Park
including Related Closing And Relocation Costs. Staff
Recommendation: 1) Review the information provided in the
agenda report and make the required findings as outlined in
the report; 2) Authorize the purchase of 83 West High Street
for redevelopment at a price of $887,500 and the payment of
additional closing costs of approximately $5,000; and 3) Adopt
Resolution No. 2001 -104, amending the Agency budget
authorizing $1,684,500 from the Tax Increment Fund Balance for
the acquisition of the Moorpark Mobile Home Park at 83 West
Minutes of the Redevelopment Agency
Moorpark, California Page 4 August 1, 2001
High Street and relocation assistance for the park residents.
(ROLL CALL VOTE REQUIRED)
6. CLOSED SESSION:
None was held.
7. ADJOURNMENT:
MOTION: Agency Member Harper moved and Agency Member Mikos
seconded a motion to adjourn the meeting. The motion carried by
unanimous voice vote. The time was 7:16 p.m.
Patrick Hunter, Chair
ATTEST:
Deborah S. Traffenstedt
Agency Secretary
CITY OF MOORPARK, CALIFORNIA
Redevelopment Agency Meeting I T �
of � � '
ACTION: ''+
VI MINUTES OF THE REDEVELOPMENT AGENCY
Moorpar , California March 6, 2002
A Regular Meeting of the Redevelopment Agency of the City of
Moorpark was held on March 6, 2002, in the Community Center of
said City located at 799 Moorpark Avenue, Moorpark, California.
1. CALL TO ORDER:
Chair Hunter called the meeting to order at 7:01 p.m. and
announced that Public Hearing Item 4.A. would be jointly
considered with City Council Item 9.D.
2. ROLL CALL:
Present: Agency Members Harper, Mikos, Millhouse,
Wozniak, and Chair Hunter.
Staff Present: Steven Kueny, Executive Director; Joseph
Montes, General Counsel; Hugh Riley,
Assistant Executive Director; Nancy Burns,
Senior Management Analyst; and Deborah
Traffenstedt, Agency Secretary.
3. PUBLIC COMMENT:
None.
4. PUBLIC HEARING:
A. Consider Relocation Plan /Impact Conversion Report for
Proposed Relocation of Residents of Moorpark
Mobilehome Park. Staff Recommendation: 1) Open public
hearing and receive public testimony on the Relocation
Plan for the High Street Project; and 2) Continue
public hearing to March 20, 2002.
Ms. Burns gave the staff report.
Mayor /Chair Hunter opened the public hearing for both
City Council Item 4.A. and Agency Item 4.A.
David J. Richman, 100 W. Broadway, Long Beach,
representing Pacific Relocation Consultants, stated
that he was present to answer any questions.
In response to Mayor /Chair Hunter, Mr. Richman
clarified the conditions under which the Last Resort
Minutes of the Redevelopment Agency
Moorpark, California Page 2 March 6, 2002
Housing Assistance would be utilized. He explained
that the intent of the Relocation Plan is to allow the
displaced persons to upgrade their housing and that
the Last Resort Housing Assistance is based upon on
the individual circumstances of each one.
JOINT CITY COUNCIL /REDEVELOPMENT AGENCY MOTION:
Councilmember /Agency Member Wozniak moved and
Councilmember /Agency Member Mikos seconded a motion to
continue City Council Item 9.D. and Agency Item 4.A. to the
regular meeting of March 20, 2002, with the public hearing
to remain open. The motion carried by unanimous voice
vote.
5. PRESENTATION /ACTION /DISCUSSION:
None.
6. CONSENT CALENDAR:
None.
7. CLOSED SESSION:
None was held.
8. ADJOURNMENT:
MOTION: Agency Member Harper moved and Agency Member Mikos
seconded a motion to adjourn the meeting of the Moorpark
Redevelopment Agency. The motion carried by unanimous
voice vote. The time was 7:16 p.m.
Patrick Hunter, Chair
ATTEST:
Deborah S. Traffenstedt
Agency Secretary
C �.
Ct r
CITY OF MOORPARK, CALIFORNIA
Redevelopment Agency Meeting A
of S ITEM
ACTION:
0101 MINUTES OF THE REDEVELOPMENT AGENCY
BY:_ Moor 'k, Calif
p ornia March 20, 2002
A Regular Meeting of the Redevelopment Agency of the City of
Moorpark was held on March 20, 2002, in the Community Center of
said City located at 799 Moorpark Avenue, Moorpark, California.
1. CALL TO ORDER:
Chair Hunter called the meeting to order at 7:00 p.m. and
announced that Public Hearing Item 4.A. would be jointly
considered with City Council Item 9.A.
2. ROLL CALL:
Present: Agency Members Harper, Mikos, Millhouse,
Wozniak, and Chair Hunter.
Staff Present: Steven Kueny, Executive Director; Joseph
Montes, General Counsel; Hugh Riley,
Assistant Executive Director; Nancy Burns,
Senior Management Analyst; and Deborah
Traffenstedt, Agency Secretary.
3. PUBLIC COMMENT:
None.
4. PUBLIC HEARING:
A. Consider Relocation Plan /Impact Conversion Report for
Proposed Relocation of Residents of Moorpark
Mobilehome Park. Staff Recommendation: 1) Open
public hearing, take public testimony, and close the
public hearing; and 2) Adopt the Relocation Plan for
the High Street Project.
Ms. Burns gave the staff report.
Councilmember /Agency Member Millhouse asked if any of
the tenants have expressed concern relative to whether
or not the assistance will be adequate to meet their
needs.
Ms. Burns stated that questions have been posed as to
what the benefits will be for the relocation of the
C 0 e°
Minutes of the Redevelopment Agency
Moorpark, California Page 2 March 20, 2002
tenants and that information is currently being
developed for them.
Mayor /Chair Hunter stated that the public hearing was
open for City Council Item 9.A. and Agency Item 4.A.
Ann Abbath, 47 W. High Street, stated that she and her
family are tenants of a family member who owns the
house in which they are living. She also noted that
her son and his wife live at 51 W. High Street, which
is located on the same property. She explained that
the property is adjacent to the Moorpark Mobilehome
Park and is included in the Relocation Plan. She
stated that information has not been made available to
her regarding her family's possible relocation.
Mr. Kueny stated that the City is in the process of
performing an appraisal to acquire the property. He
further stated that staff would meet with Ms. Abbath,
since there is some information that can be related to
the tenant without divulging information that will
compromise the property negotiations with the owner.
Councilmember /Agency Member Mikos questioned if the
process is different for Ms. Abbath's family property
because it is adjacent to the Moorpark Mobilehome Park
and not part of the Park.
David J. Richman, 100 W. Broadway, Long Beach,
addressed the Council /Agency representing Pacific
Relocation Consultants as the City /Agency's consultant
on this matter. He responded that the laws that
affect tenants are the same, but the process itself is
slightly different in the establishment of the
benefits for tenants versus how it was accomplished at
the Mobilehome Park. He stated that the compensation
is based upon 42 months of rental assistance; the
inability to pay versus current rent; and that the
funds may be used to purchase a home or to continue
renting.
In response to Councilmember /Agency Member Mikos, Mr.
Richman further explained that the difference between
the benefits being made available to this adjacent
property tenant and to the Moorpark Mobilehome Park
E 1—�) Ct -3 e�jIS
Minutes of the Redevelopment Agency
Moorpark, California Page 3 March 20, 2002
tenants, is that the property occupied by this tenant
has not been given an offer of purchase and the
Moorpark Mobilehome Park has already been purchased by
the City. He clarified that the acquisition offer is
the time distinction when the benefits are established
and extended to the tenants.
Mayor /Chair Hunter closed the public hearing for City
Council Item 9.A. and Agency Item 4.A.
AGENCY MOTION: Agency Member Wozniak moved and Agency
Member Harper seconded a motion to: 1) Close the public
hearing; and 2) Adopt the Relocation Plan for the High
Street Project. The motion carried by unanimous voice
vote.
(The City Council motion for Item 9.A. is recorded in the
March 20, 2002 City Council regular meeting minutes.)
5. PRESENTATION /ACTION /DISCUSSION:
None.
6. CONSENT CALENDAR:
MOTION: Agency Member Wozniak moved and Agency Member Harper
seconded a motion to approve the consent calendar. The motion
carrier by unanimous roll call vote.
A. Consider Approval of Minutes of Special Meeting of
February 6, 2002.
Staff Recommendation: Approve minutes as processed.
B. Consider the Fiscal Year 2000/2001 Annual Financial
Statements. Staff Recommendation: Receive and file the
Agency's annual financial statements for the year
ended June 30, 2001.
Minutes of the Redevelopment Agency
Moorpark, California Page 4 March 20, 2002
7. CLOSED SESSION:
None was held.
8. ADJOURNMENT:
MOTION: Agency Member Mikos moved and Agency Member Wozniak
seconded a motion to adjourn the meeting of the Moorpark
Redevelopment Agency. The motion carried by unanimous voice
vote. The time was 7:15 p.m.
Patrick Hunter, Chair
ATTEST:
Deborah S. Traffenstedt
Agency Secretary
ITEM H • 6 •
CITY OF MOORPARK, CALIFORNIA
Redevelopment Agency Meeting
ACTION:
Re c (NTY-,rr2rt (V- \►._n.�.�
MOORPARK REDEVELOPMENT AGCY 7-
AGENDA REPORT
To: Honorable Agency Board of Directors
From: Nancy Burns, Senior Management Analyst `
Date: September 13, 2002 (MRA Meeting of September 18, 2002)
Subject: CONSIDER CONSENTING TO CONSTRUCTION LOAN EXTENSION AND
APPROVING 3' AMENDMENT TO SCHEDULE OF PERFORMANCE FOR
DISPOSITION AND DEVELOPMENT AGREEMENT (DDA) FOR
CABRILLO ECONOMIC DEVELOPMENT CORPORATION (CEDC)
GISLER FIELD PROJECT (MOUNTAIN VIEW) (TRACT NO. 5161,
RESIDENTIAL PLANNED DEVELOPMENT NO. 98 -7)
BACKGROUND
In July 1998 the Moorpark Redevelopment Agency entered into a
Disposition and Development Agreement (DDA) with Cabrillo
Economic Development Corporation (CEDC) for the construction of
fifty -nine (59) homes on the Gisler Field Site, fifteen (15) of
which are to be affordable to low and very low income
households. The Schedule of Performance of the DDA was amended
on February 17, 1999, and May 2, 2001, to extend the time
periods for the performance of certain actions.
DISCUSSION
Escrow closed on the sale of the property from the Agency to the
developer in July 2001 and a Deed of Trust in favor of the
Agency was recorded. The Agency's Deed of Trust is subordinate
to the construction financing, as provided in the DDA. Payment
for the site is to be made as each of the forty -four (44) market
rate units closes escrow (approximately $33,523 per market rate
unit). Construction began approximately October 2001 for the
twenty -six (26) units in Phase I and for certain improvements to
the site. Nineteen (19) of the units in Phase I are market rate
units.
�.�00'ij-
Honorable Agency Board of Directors
Date 09/13/02
Page 2
The developer has requested that the construction lender extend
the Building Loan Agreement for Phase I construction. In order
to honor this request, the lender requires the consent of the
Agency, as the Agency's interest is subordinate to the
Construction Deed of Trust. Provisions to extend the Building
Loan Agreement are found in Section 2.9 of that document
(Attachment "A ") . The lender advises that all conditions listed
in Section 2.9 have been met except (g) and (i) , and the lender
has agreed to waive those conditions for the extension.
The proposed extension to November 30, 2002, affects the
"Completion Date ", the date by which construction of the
improvements is to be complete, originally June 1, 2002. It
also affects the "Maturity Date ", the date the construction loan
is due, originally August 31, 2002.
The proposed extension also affects the time when payment of the
site purchase price is scheduled to begin. The DDA's 2nd Amended
Schedule of Performance calls for payment to begin in October
2002, with the sale of the market rate units. The proposed
extension changes that date to December 2002. No other date in
the Schedule of Performance is affected by the proposed
extension.
The Agency has been receiving interest on the amount of the
Promissory Note for the site purchase since April 1, 2000. This
interest, based on the interest rate paid by the Local Agency
Investment Fund ( "LAIF ") , has been accruing since April 1, 2000,
and is paid monthly by the developer, as stipulated in the Note.
The most recent quarterly LAIF rate (quarter ending June 30,
2002) was 2.75 %. Funds received from the sale of the market
rate units in this project when re- invested could be expected,
on average, to earn interest at that rate. No appreciable
fiscal impact to the Agency is anticipated from a delay in the
sale of the market rate units, as discussed in this report.
Twenty -five (25) of the units in Phase I currently are in
escrow. (The developer advises that a buyer has been identified
for the remaining unit, but escrow has not been opened. The
unit is being held to be used as a model unit, if necessary.)
..
Honorable Agency Board of Directors
Date 09/13/02
Page 3
RECOMMENDATION
1. Approve 3rd Amendment to the DDA;
2. Consent to Building Loan Agreement Extension and authorize
Executive Director to sign "Junior Lienor's Consent and
Subordination Agreement ".
Attachments
Attachment "A"
Attachment "B"
Attachment "C"
Attachment "D"
Attachment "E"
Building Loan Agreement (Section 2.9)
Extension Letter
Junior Lienor's Consent and Subordination
Agreement;
3rd Amendment to DDA
Letter of September 9, 2002, from developer
Attachment "A" 6-;ll14� �`'O � ee �'t�e�'t-
Loan No. 27850K
(e) Lender shall have received a written release satisfactory to Lender of any set aside letter,
letter of credit or other form of undertaking which Lender has issued to any surety,
governmental agency or any other party in connection with the Loan and /or the Property and
Improvements;
(f) Lender shall have received evidence satisfactory to Lender that any tax, bond or assessment,
including without limitation under the Mello -Roos Community Facilities Act of 1982, which
constitutes a lien against the Property and Improvements has been properly allocated between
the portion of the Property and Improvements to be reconveyed and the portion of the
Property and Improvements which shall remain encumbered by the Deed of Trust;
Neither the acceptance of any payment nor the issuance of any partial reconveyance by
Lender shall affect Borrower's obligation to repay all amounts owing under the Loan
Documents or under the lien of the Deed of Trust on the remainder of the Property and
Improvements which is not reconveyed.
2.8 ZERO BALANCE. If any release price received by Lender under this Agreement exceeds the then
outstanding principal balance of the Loan, the amount of such excess may, at Lender's option, be
refunded to Borrower. If such excess is refunded, the portion of the Loan which remains undisbursed
shall be permanently reduced by an amount equal to the amount of such refund. If future
disbursements are not necessary to complete construction of the Improvements, Lender shall refund
excess release price proceeds to Borrower and Lender's obligation to disburse any remaining
undisbursed portion of the Loan commitment shall terminate.
2.9 OPTION TO EXTEND. Borrower shall have the option to extend the term of the Loan from the
Maturity Date (for purposes of this Section, "Original Maturity Date "), to the Extended Maturity Date,
upon satisfaction of each of the following conditions precedent:
(a) Borrower shall provide Lender with written notice of Borrower's request to exercise the
Option to Extend not more than ninety (90) days but not less than thirty (30) days prior to the
Original Maturity Date;
(b) As of the date of Borrower's delivery of notice of request to exercise the Option to Extend,
and as of the Original Maturity Date, no Default shall have occurred and be continuing, and no
event or condition which, with the giving of notice or the passage of time or both, would
constitute a Default shall have occurred and be continuing, and Borrower shall so certify in
writing;
(c) Borrower shall execute or cause the execution of all documents reasonably required by Lender
to exercise the Option to Extend;
(d) Borrower shall provide Lender with written evidence of the Permanent Lender's, if any,
consent to any such extension, and shall represent and warrant that the Permanent Financing
Commitment is in full force and effect and that the expiration date of the Permanent
Financing Commitment is not earlier than the Extended Maturity Date;
(e) There shall have occurred no material adverse change, as determined by Lender in its sole
discretion, in the financial condition of Borrower, any Guarantor, any Indemnitor or any Non -
Borrower Trustor from that which existed as of the later of: (A) the Effective Date; (B) the
date upon which the financial condition of such party was first represented to Lender;
(f) On the Original Maturity Date, Borrower shall pay to Lender an extension fee in the amount of
one - eighth of one percent (.125 %) of the total commitment amount of the Loan (whether
disbursed or undisbursed), as determined on the Original Maturity Date;
G:'. SHAREILNADMIMREGACRA+. cacnuo +279501C+2795okbia. final. doc Page 6
WFRE80 (Rev V99) �: w
Loan No. 2785OK
(g) Borrower shall have provided Lender evidence satisfactory to Lender that not less than
twenty -two (22) Units of the Property and Improvements shall be sold and thirteen (13) Units
closed as of the Original Maturity Date;
(h) Borrower has provided evidence satisfactory to Lender that there is sufficient interest carry for
the Loan through the Extended Maturity Date;
(i) The Improvements shall be 100°x6 complete and Lender shall have received evidence of lien
free completion in form and content satisfactory to Lender.
Except as modified by this Option to Extend, the terms and conditions of this Agreement and the other
Loan Documents as modified and approved by Lender shall remain unmodified and in full force and
effect.
ARTICLE 3. DISBURSEMENT
3.1 CONDITIONS PRECEDENT. Lender's obligation to make any disbursements or take any other action
under the Loan Documents shall be subject at all times to satisfaction of each of the following
conditions precedent:
(a) There shall exist no Default, as defined in this Agreement, or Default as defined in any of the
other Loan Documents or in the Other Related Documents, or event, omission or failure of
condition which would constitute a Default after notice or lapse of time, or both; and
(b) Any undisbursed Loan funds together with all sums, if any, to be provided by Borrower as
shown in Exhibit C shall be at all times equal to or greater than the amount which Lender
from time to time determines necessary to: (i) pay, through completion, all costs of
development, construction, marketing and sale or leasing of the Property and Improvements in
accordance with the Loan Documents; (ii) pay all sums which may accrue under the Loan
Documents prior to repayment of the Loan; and (iii) enable Borrower to perform and satisfy all
of the covenants of Borrower contained in the Loan Documents. If Lender determines at any
time that the undisbursed Loan funds are insufficient for said purposes, Borrower shall deposit
the amount of such deficiency in the Borrower's Funds Account within seven (7) days of
Lender's written demand; and
(c) Lender shall have received all Loan Documents, other documents, instruments, policies, and
forms of evidence or other materials requested by Lender under the terms of this Agreement
or any of the other Loan Documents;
(d) Borrower shall have established the Cash Account, as defined in Section 9.1 1, and Lender
shall have received all documents evidencing the security of said Cash Account; and
(e) Lender shall have received and approved in form and substance satisfactory to Lender: (i) a
soils report for the Property and Improvements; (ii) an environmental questionnaire and
environmental site assessment with respect to the presence, if any, of Hazardous Materials
on the Property and Improvements; (iii) two sets of the Plans and Specifications, certified as
complete by the Architect, together with evidence of all necessary or appropriate approvals of
governmental agencies; (iv) copies of all agreements which are material to completion of the
Improvements; (v) copies of all building permits and similar permits, licenses, approvals,
development agreements and other authorizations of governmental agencies required in
connection with the development of the Property and Improvements; and (vi) copies of any
initial study, negative declaration, mitigated negative declaration, environmental impact
report, notice of determination or notice of exemption prepared, adopted, certified or filed by
or with any governmental agency in connection with the Property and Improvements.
G: 15HARE `,LNACMIMAEGACRA�cacrala�2 i 850 K',2785ok01a. tinaL lac Page 7
WFRE80 (Rev 2i99)
e ems► -►.� —�
Loan No. 27850K
"Borrower" - means CABRILLO ECONOMIC DEVELOPMENT CORPORATION, a California nonprofit
public benefit corporation.
"Borrower's Funds" - means all funds of Borrower deposited with Lender pursuant to the terms and
conditions of this Agreement.
"Borrower's Funds Account" - means the account with Lender into which all funds deposited with
Lender pursuant to this Agreement shall be placed.
"Business Day" - means a day of the week (but not a Saturday, Sunday or holiday) on which the
offices of Lender are open to the public for carrying on substantially all of Lender's business
functions. Unless specifically referenced in this Agreement as a Business Day, all references to
"days" shall be to calendar days.
"Completion Date" - means June 1, 2002, the date by which construction of the Improvements must
be complete.
"Contractor" - means Cabrillo Economic Development Corporation.
"Deed of Trust" - means that certain Construction Deed of Trust with Absolute Assignment of Leases
and Rents, Security Agreement and Fixture Filing of even date herewith executed by CABRILLO
ECONOMIC DEVELOPMENT CORPORATION, a California nonprofit public benefit corporation, as
Trustor, to American Securities Company, a California corporation, as Trustee, for the benefit of
Lender, as Beneficiary, as hereafter amended, supplemented, replaced or modified.
"Default" - shall have the meaning ascribed to such term in Section 11.1.
"Effective Date" - means the date the Deed of Trust is recorded in the Office of the County Recorder
of the county where the Property is located.
"Extended Maturity Date" - means three months beyond the Original Maturity Date.
"Guarantor" - not applicable.
"Hazardous Materials" - shall have the meaning ascribed to such term in Section 7.1 (a).
"Hazardous Materials Claims" - shall have the meaning ascribed to such term in Section 7.1 (c).
"Hazardous Materials Laws" - shall have the meaning ascribed to such term in Section 7.1 (b).
"Improvements" - shall have the meaning ascribed to such term in Recital B.
"Indemnitor" - not applicable.
"Lender" - means WELLS FARGO BANK, NATIONAL ASSOCIATION.
"Loan" - means the principal sum that Lender agrees to lend and Borrower agrees to borrow pursuant
to the terms and conditions of this Agreement: FOUR MILLION TWO HUNDRED THOUSAND AND
NO /100THS DOLLARS ($4,200,000.00).
"Loan Documents" - means those documents, as hereafter amended, supplemented, replaced or
modified, properly executed and in recordable form, if necessary, listed in Exhibit B as Loan
Documents.
"Maturity Date" - means August 31, 2002.
G: 1sHAAE1LNAOMIMREGACAAIC3or-llo '.27850K12785okbla. final.doc Page 2
WREN fRev 2/991
vvivoiuz " "" 16:11 FAX 413 614 4010
WELLS FARGO Bit —CLD
Attachment "B"
August 31, 2002
Mr. Gary Steffens
Vice President
Wells Fargo Bank, N.A.
707 Wilshire Blvd., 18th Floor
Los Angeles, CA 90017
RE: CABRILLO ECONOMIC DEVELOPMENT, a
Caiifomia nonprofit public benefit corporation ('Borrower")
$4,200,000.00 ( "Loan ")
Loan No. 27850K
Dear Gary:
Pursuant to Paragraph 2.9 of that certain Building Loan Agreement dated May 15,
2001 (the "Loan Agreement"), entered into between the undersigned and Wells Fargo
Bank, N,A. ( "Lender") in connection with the above referenced Loan, notice is hereby
given that the undersigned elects to exercise the "Option to Extend" as defined In the
Loan Agreement. This letter shall hereinafter be referred to as the "Extension Letter".
Unless otherwise defined herein, all capitalized terms shall have the same meaning as
set forth in the Loan Documents.
The undersigned Borrower hereby represents and warrants as follows:
a} that no Default, event of Default, breach or failure of condition has occurred
or exists under the Loan Documents, or would exist after notice or passage
of time or both;
b) that there exists no material adverse change in the financial condition of
Borrower or any other person or entity in any manner obligated to Lender
under the Loan Documents; and
c) that there is sufficient interest carry for the Loan through the Extended
Maturity Date.
G: REGACRA127B5ok.ate
90 /b0 'd 'ON Xd�
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VO/Vu/02 FRI 16:12 FAX 213 614 4010
' WELLS FARGO BK -CLD
Loan No. 27850K
Page 2 of 3 pages
The undersigned hereby requests that the Original Maturity Date be extended to
November 30, 2002 ( "Extended Maturity Date "). In addition the undersigned requests
that the original Completion Date be extended to November 30, 2002 ( "Extended
Completion Date'. The undersigned agrees and affirms that the Loan Documents remain
in full force and effect in all other respects as of this date.
BORROWER:
CABRILLO ECONOMIC DEVELOPMENT CORPORATION, a
California nonprofit public benefit corporation
By: --9(a"24-
Flock
Its: Housing Development Director
GIAMACRAW850KOTE
90/90 'd 'ON Xd 4
]a 004
i6 :12 FAX 213 614 4010
DELLS FARco DK -CLD
Attachment "C"
Loan No. 27860K
Page 3 of 3 pages
JUNIOR LIENOR'S CONSENT AND SUBORDINATION AGREEMENT
NOTICE: THIS JUNIOR LIENOR CONSENT AND SUBORDINATING AGREEMENT RESULTS IN YOUR
SECURITY INTEREST IN THE PROPERTY REMAINING SUBJECT TO AND OF A LOWER PRIORITY
THAN THE LIEN OF THE DEED AND TRUST AS MODIFIED BY THE FOREGOING EXTENSION
LETTER.
The undersigned ( "Junior Lienor "), as owner and holder of a security interest ( "Junior Security
Interest ") evidenced by a Grant Deed, that certain Disposition and Development Agreement dated
June 8, 1998, as amended by that certain Amendment No. 1 Disposition and Development
Agreement dated February 17, 1999, and Amendment No, 2 Disposition and Development
Agreement dated May 2, 2001 (as a ended "ODA "), and an Agreement Containing Covenants
Affecting Real Property ( "Regulatory AgreementIr which is junior, subordinate and subject to the
terms, covenants, conditions and restrictions of the Deed of Trust, as modified by the foregoing
Extension Letter, hereby acknowledges its consent to the terms and provisions of the foregoing
Extension letter and the transactions contemplated thereby. The undersigned further reaffirms the
full force and effectiveness of the certain Subordination Agreement, dated May 16, 2001, as
recorded on July 3, 2001, and re- recorded on October 9, 2001, between the undersigned,
Borrower and lender and acknowledges that the Junior Security Interest is unconditionally junior,
subordinate and subject to the Deed of Trust, as modified by the foregoing Extension Letter.
NOTICE. THE LOAN DOCUMENTS MAY CONTAIN A PROVISION, WHICH MAY ALLOW THE
PERSON OBLIGATED ON YOUR REAL PROPERTY SECURITY TO EXPEND A PORTION OF THE
LOAN FOR OTHER PURPOSES OTHER THAN IMPROVEMENT OF THE PROPERTY.
A-qwd and Acknowledged:
Dated as of: August 31, 2002
"JUNIOR LIENOR"
THE CITY OF MOORPARK REDEVELOPMENT AGENCY,
a public body, corporate and politic
By:
Title:
GAFOACRA\27880KOTE
90/90 'd 'ON }ids
Roos
Attachment 17
AMENDMENT NO. 3
DISPOSITION AND DEVELOPMENT AGREEMENT
by and between
REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK
And
CABRILLO ECONOMIC DEVELOPMENT CORPORATION
for the
GISLER FIELD PROJECT
This Amendment No. 3 to Disposition and Development Agreement
(this "Third" Amendment) is entered into by and between the
REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK ( "Agency ") and
CABRILLO ECONOMIC DEVELOPMENT CORPORATION ( "Developer ").
For and inconsideration of the mutual covenants and
conditions set forth herein, the Agency and the Developer hereby
agree as follows:
Section 1. PURPOSE OF THIRD AMENDMENT
a. The Agency and the Developer have heretofore entered
into that certain Disposition and Development Agreement dated as
of July 8, 1998, as amended by that certain Amendment No. 1 (the
"First Amendment ") as of February 17, 1999 and as amended by
that certain Amendment No. 2 (the "Second Amendment ") as of May
2, 2001 (collectively referred to as the "DDA "), which is
incorporated herein by this reference. Any capitalized term
contained in this Third Amendment that is not otherwise defined
shall have the meaning attributed to such term in the DDA.
b. The purpose of the DDA is to effectuate the
Redevelopment Plan for the City of Moorpark Redevelopment
Project by providing, among other things, for the sale of
certain real property owned by the Agency, defined in the DDA as
the "Site" and the development of 59 single family homes thereon
by Developer, of which 15 are to be restricted to low income
households and very low income households, as provided in the
DDA (the "Project ") . The purpose of this Third Amendment is to
revise and facilitate the implementation of the DDA and the
various exhibits attached to the DDA, on the terms and
conditions more specifically set forth below.
- 1 -
c, AJ
Section 2. SCHEDULE OF PERFORMANCE
The Schedule of Performance which is attached to the DDA as
Attachment No. 4, as amended by the First and Second Amendment,
is hereby deleted in its entirety and replaced in its entirety
with the Third Amended Schedule of Performance attached to this
Third Amendment as Exhibit "A ", which is incorporated herein by
this reference.
Section 3. EFFECTUATION OF THIS THIRD AMENDMENT
The parties agree to execute such other' instruments,
agreements and amendments to documents as may be necessary or
appropriate to effectuate the DDA, as amended by this Amendment.
Section 4. AGREEMENT TO REMAIN IN EFFECT
Except as expressly provided otherwise in this Third
Amendment, the DDA remains in full force and effect, enforceable
in accordance with its terms.
Section 5. DATE OF THIS THIRD AMENDMENT
This Third Amendment is executed in five (5) duplicate
originals, each of which is deemed to be an original.
This Third Amendment shall be dated for reference purposes
as of September 18, 2002, but shall become effective on the date
this Third Amendment shall have been executed on behalf of the
Agency.
Section 6. TIME FOR ACCEPTANCE OF THIRD AMENDMENT
This Third Amendment, when executed by Developer and
delivered to the Agency, must be authorized, executed and
delivered by the Agency within thirty (30) days after such
delivery to the Agency, or this Third Amendment may be
terminated by the Developer upon written notice to the Agency.
EXHIBIT "A" Third Amended Schedule of Performance
- 2 -
IN WITNESS WHEREOF,
executed this Agreement.
Dated:
ATTEST:
Deborah S. Traffenstedt,
Agency Secretary
the Agency and the Developer have
- 3 -
REDEVELOPMENT AGENCY OF THE CITY
OF MOORPARK
Patrick Hunter
Chair
CABRILLO ECONOMIC
CORPORATION,
By:
Rodney Fernandez
President
E0 S 11 0ffL0) '1:)44y
C a 1 D 2
EXHIBIT "A" TO AMENDMENT NO. 3
THIRD AMENDED SCHEDULE OF.PERFORMANCE
1. Schedule of Performance by Developer
Unless extended as a result of an enforced delay, as provided for
in Section 13.04 of the Agreement, or otherwise agreed to by
Agency, Developer shall be required to perform in accordance with
the following schedule. Failure to perform shall result in
assessment of penalties as provided for in Section 04.08 of the
Agreement, and may, at the option of the Agency, result in a
default of the Agreement.
June 1998 Good faith payment due
July 1998 Disposition and Development Agreement executed
August 1998 Submittal of basic concept and schematic
drawings for Agency approval (Sec. 04.02)
September 1998 Agency approval of concept and schematic
drawings (Sec. 04.05)
November 1998 Submittal of waiver requests
December 1998 Application for entitlements submitted (Sec.
04.07)
March 1999 Application submitted to Planning Commission
and /or Council for review and action
April 1999 Entitlements approved
April 1999 Begin final engineering and architectural
design
June, 2000 Civil engineering plans submitted to
engineering
June, 2000 Grading plans submitted to engineering
June, 2000 Building plans submitted for plan check
May, 2001 Civil engineering plans approved
Page 1 of 2
May, 2001
July, 2001
April, 2001
October, 1999
May, 2001
October, 1999
April 1, 2000
May, 2001
July, 2001
April, 2000
April, 2001
June, 2001
June, 2001
Building plans approved
Other government agencies' approval obtained
Submit proof of financing (Sec. 03.14)
Escrow Opened (Sec. 03.02)
Submit copy of Developer's executed contract
documents (Sec. 03.14)
Promissory Note prepared for Agency review
(Sec. 03.07)
Interest begins to accrue
Final Map recorded
HOA recorded (if needed)
Construction Loan commitment and documents
submitted for review (Sec. 03.04)
Evidence of financing submitted
Escrow closes within 30 days of recordation,
title conveyed to CEDC (Sec. 03.03)
Construction loan closes
July, 2001 Interest payments begin
July, 2001 Phase One construction to begin
April 1, 2000 Interest begins to accrue if Final Map not
yet recorded
September, 2000 Marketing begins
Decemberoetelaer, 2002 Payment of Site Purchase Price begins
with sale of market value units
December, 2002 Phase Two construction begins
December, 2002 Sales completed, Phase One
June, 2003 Phase Three construction begins
February, 2004 Sales completed, Phase Two
February, 2004 Full construction of new Public Street
completed
October, 2004 Sales completed, Phase Three
Page 2 of 2
• - Attachment "E"
Cqm x Cabrillo Economic Development Corporation
11011 Azahaf St., Saticoy, CA 93004 (805) 659 -3791 Fax(805)659-3195
BOARD OF DIRECTORS
PRESIDENT
MICHAEL MoGUIRE
Alfiniry Bank
Ventura
VICE PRESIDENT
DENNIS MITCHEM
Morrison Homes
Camarillo
SECOND VICE PRESIDENT
ZEEDA DANIELE
Fannie Mae
Los Angeles
TREASURER
KENNETH MERIDETH
Soares, Sandall, Bernacchi
d Petrovich Oxnard
SECRETARY
JESSICA MURRAY
Community Representative
Montgomery Oaks, Inc., Ojai
HUMAN RESOURCES
DEAN PALIUS
Peepte Helping People
Santa Ynez Valley
Santa Barbara
PAST PRESIDENT
DAVID SASEDRA
First California Bank
Camarillo
RICHARD FRANCIS
Attorney at Law
Oxnard
ROY JASSO
Wells Fargo Bank
Los Angeles
MICHELLE GASCON
Community Representative
Fillmore
NAOMI ONTIVEROS
Community Representative
Oxnard
DAVID RODRIGUEZ
League of United Latin
American Citizens
Ventura
N C L s
�o
ZO 'd
September 9, 2002
Hugh Riley
Assistant City Manager
City of Moorpark
799 Moorpark Avenue
Moorpark, CA 93021
Re: Mountain View Homes
Dear Hugh:
The following is additional information regarding the schedule for Mountain View
Homes in Moorpark. As I understand it, the issue relates to the Agency amending
the DDA schedule before signing the Junior Lienor's Consent Form to the Loan
Extension with Wells Fargo.
In fact, if we have timely review of the wall plans now submitted we may in fact be
able to begin closing of sales in October consistent with the DDA schedule.
The construction loan documents are dated May 15, 2001 and recorded
approximately July 3, 2001. Revisions were made to the wall plan along Poindexter
because of the problem identified that there was not in fact a typical 15 foot setback
from curb to wall but only a typical 10 foot setback. The revisions were approved in
mid July and wall plans were submitted into plan check. Wall plans were not
approved until the first week of October when construction started on the perimeter
wall. Although it is not called out in the project approvals, we discovered that the
city policy is not to allow any grading except that necessary for the wall construction
until the perimeter wall is constructed. Grading was allowed to proceed after the
western wall was completed. Recently, we have been delayed because of other wall
approval issues. When we submitted plans for property line walls for zone clearance
before plan check, changes were requested affecting walls along Gisler by staff
which needed to be processed by a minor modification. The administrative hearing
is scheduled for 9/12/02. This issue has caused the loss of a month or more in the
schedule. Recently, working with staff, we have been able to identify how to prevent
the loss of some additional slippage in the schedule. Staff has allowed us to process
the plans for property line walls not affected by the minor modification separately,
and to process the plans for property line wall affected by the minor modification at
our risk of having the minor modification not approved. Timely approval of wall
to
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09/09/02
Page 2
plans would actually allow us to meet the original October date for starting to close
sales.
As I had previously advised Nand, 25 of 26 homes in Phase 1 are in escrow. We
have a buyer identified for the 26' home, but are not entering into escrow at this
time.
I do not believe that the Agency is damaged by this relatively minor adjustment in
the date for the first closings of sales and starting to payoff the Agency loan. The
CEDC continues to pay interest on the land loan. The CEDC is anxious to complete
and sell Phase 1 and to initiate the balance of the development, as I know the Agency
and the City are, but city issues need to be dealt with appropriately.
Please call me if you have any questions at (805) 659 -3791 x 26 or e -mail at
kflock @cabrilloedc.org.
Sincerely
Karen Flock
Housing Development Director
via fax 529.8270 (2 pages)
cc: Nancy Burns via fax 529.8270
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