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HomeMy WebLinkAbout1978-08-01; City Council; 3481-16; Plaza Camino Real ExpansionCITY OF CARLSBAD AGENDA BILL NO. 3WL - DATE: August 1, 1978 Initial: Dept . Hd. C, Atty. v,d DEPARTMENT: City Attorney C, Mgr, Subject: PLAZA CAMINO REAL EXPANSIOPJ -- EXCHANGE AGREEMENT AND ESCROW INSTRUCT IONS Statement of the Matter The basic agreement, dated November 5, 1975, as amended, between the City, Parking Authority and Plaza Camino Real, provides for a property exchange for the Bullock's Store site. A memorandum from the City Attorney, dated July 26, 1978, explaining this matter in detail is attached. The documents necessary to effect the Bullock's land exchange have been prepared and are on file with the City Clerk and are incorporated by reference herein. The resolution approving the documents is attached. Exhibits I 1. The Exchange Agreement and Escrow Instructions is on file in the office of the City Clerk. 2. Resolution No. 5<& P* 3. City Attorney's memorandum to Mayor and City Council, dated July 26, 1978. Recommendation If the City Council concurs and wishes to approve the Bullock's land exchange, your action is to addpt Resolution No. 55db . Council action 8-1-78 The matter was continued to an adjourned meeting to be held August 3, 1978. 8-3-78 Resolution #5500 was adopted, approving the Bullock's land exchange. / ;." r 1 I 1: 2c 27 22 22 24 25 26 27 28 RESOLUTION NO. 5500 A RESOLU'j'ION OF THE CITY COtJNCIL OF THE CITY OF CARLSBAD, CALIFORNIA APPROVING AND AUTHOR1 ZING THE EXECUTION OF AN EXCHANGE AGREEMENT AND ESCROW INSTRUCTIONS AND ALL RELATED DOCUMENTS MADE EXHIBITS THERETO BETWEEN THE CITY OF CARLSBAD, THE PARKING AUTHORITY AND THE PLAZA CAMINO REAL TO EFFECT THE BULLOCK'S LAND EXCHAVGE. - WHEREAS, the Agreement, dated 5 November 1975, as amended, by and between the City of Carlsbad, Parking Authority and Plaza Camino Real, provides for the expansion of the Plaza Camino Real Regional Shopping Center; and WHEREAS, Section 2.8 of said Agreement provides for an exchange of land between the parties to create a site which will accommodate the Bullock's Store; and WHEREAS, an Exchange Agreement and Escrow Instructions has been prepared which is acceptable to all parties and which will carry out. the contemplated land exchange; NOW, THEmFORE, BE IT RESOLVED by the City Council of the City of Carlsbad as follows: 1. That the above recitationsare true and correct. 2. That the Exchange Agreement and Escrow Instructions between the City of Carlsbad, Parking Authority and Plaza Camino Real,,which is on file with the City Clerk and incorporated by reference herein, is hereby approved. 3. That the Mayor of the City of Carlsbad is hereby authorized and directed to execute said agreement for and on behalf of the City of Carlsbad. 4. That the Mayor of the City of Carlsbad is hereby a 2 3 4 5 6 7 8 9 10 11 19 20 21 22 23 24 25 26 27 28 authorized and directed to execute the Amendment to Lease Agreement and Amendment to Plaza Camino Real Public Parking Lot Operaking Agreement, attached as Exhibits "D" and 'IF" respectively to the Exchange Agreement: and Escrow Instructions, for and on behalf of the City of Carlsbad. an adjourned PASSED, APPROVED AND ADOPTED at / regular meeting of the City Council of the City of Carlsbad, California, held on the 3rd day of Auqu~t , 1978 by the following vote to Wit: AYES : Councilmen Packard, Skotnicki, Lewis and Anear NOES : None -- ABSENT: Councilwoman Casler ATTEST : W (SEAL) 2. MEMORANDUM DATE : July 26, 1978 TO : Mayor and City Council FROM : City Attorney SUBJECT: BULLOCK ' S LAND EXCHANGE As the Council may recall, the site for the Bullock's Store as proposed will be partially located on land that is presently a part of the existing public parking lot. The City Council dealt with this problem in Section 2.8 of the basic Agreement between the City, Parking Authority and Plaza Camino Real for the Center expansion. Section 2.8 provides, in pertinent part: "Before construction is commenced on the Bullock's Store, arrangements acceptable to the City and the Parking Authority must be made to convey such land to Developer. As a condition precedent to such conveyance, Developer shall convey to the Parking Authority by Grant Deed the equivalent acreage else- where in the Center as shown on the Site Plan. Said acreage shall be at least equal in area to the land conveyed by the Parking Authority and shall be improved by Developer in the same manner as the land conveyed by the Parking Authority and! shall be of at least equal value and utility for parking purposes." Your Attorney, Bond Counsel and the Developer's Attorney have completed negotiations on those documents necessary to carry Section 2.8 into effect. That agreement is set out in the document entitled "Exchange Agreement and Escrow Instructions". In my opinion, that document carries out the parties' intent as expressed in the basic Agreement for the Bullock's land exchange. Attached to the document as exhibits are the other documents which must also be executed and approved in order to effect the land exchange. They include the following: Exhibit "C" : Grant Deed from the Parking Authority to Plaza Camino Real (Developer) Exhibit 'I D" : Amendment to the Lease Agreement between the Parking Authority and the City Exhibit "E" : Grant Deed from the Plaza Camino Real (Developer) to the Parking Authority Exhibit "F" : Amendment to the Plaza Camino Public Parking Lot Operating Agreement Mayor and City Council -2- July 26, 1978 In adopting the resolution approving the Exchange Agreement and Escrow Instructions, the Council is also approving and authorizing the execution of all of those documents. If the Council has any questions about the terms of these documents, it is my intention to respond to them at the Council's meeting of August 1, 1978. VINCENT F. BIONDO, JR. City Attorney VFB/mla