HomeMy WebLinkAbout1992-12-15; City Council; Resolution 92-361Y
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RESOLUTION NO. 92-361
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD,
CALIFORNIA,APPROVlNGTHE REASSIGNMENT OF RIGHTS UNDERTHE
AGREEMENT FOR REIMBURSEMENT OF THE COST OF ENGINEERING
AND CONSTRUCTION OF EL CAMINO REAL MEDIAN.
WHEREAS, the City of Carlsbad and DavisIWalterslGADCO - Carlsbad Gatev
hereinafter referred to as "Developer", did on May 6th 1988, enter into a reimbursem
agreement entitled "Agreement for Reimbursement of Cost of Engineering i
Construction of El Camino Real Median" hereinafter referred to as "Reimburserr
Agreement"; and,
WHEREAS, the developer now wishes to reassign its rights and entitlements ur
the reimbursement agreement to one of its constituent general partners, Great Ameri
Development Company, a California corporation; and,
WHEREAS, Sections 3 and 4.6 of the Reimbursement Agreement require that
reassignment be receive the written consent of the City.
NOW THEREFORE BE IT RESOLVED, in accordance with the terms and conditi
of the Reimbursement Agreement, the City Council does hereby :
1. Consent to the reassignment of the rights and entitlement provided
Developer within said Reimbursement Agreement to Great American Developrr
Company, a California Corporation.
2. Direct the Finance Director to make payable to Great Ameri
Development Company in accordance with the terms and conditions of
Reimbursement Agreement any and all funds collected by the City pursuant to said
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Reimbursement Agreement. Said payments shall be mailed to Great Americ
Development Company at the following mailing address:
Great American Development Company
6795 Flanders Drive, MC 5480
San Diego, CA 92121
PASSED, APPROVED AND ADOPTED at a regular meeting of the Carlsbad (
Council held on the 15th day of December, 1992 by the following vote, to wit:
AYES: Council Members Lewis, Stanton, Kulchin, Nygaard a]
NOES: None
ABSENT: None
Finnila
ATTEST:
A
h%L 2 I..i,G.dd A ALETHA L. RAUTENKRANZ, City Clerk
(SEAL)