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HomeMy WebLinkAbout1981-01-20; City Council; 3481-24; Plaza Camino Real Bond Saleb--- CITY OF CARLSBAD Initial: Dept.Hd. , AGENDA BILL NO. 3481 - Supplement #24 DATE : January 20, 1981 C . Atty . fir C. Mgr. DEPARTMENT : City Attorney ~ ~- ~~~~~ -~ ~~ Sub j ec t : PLAZA CAMINO REAL BOND SALE Statement of the Matter In order to complete the Plaza Camino Real Bond sale, it is necessary that Council approvq.certain agreements. -. #.(' 8. ,: I. The documentation was not ready for inclusion in the agenda packets, but will be ready for distribution on Monday, January 19, 1981. COUNCIL ACTION: , /. / /' . Council adopted Resolutions No. 6428, No. 6429, and No. 6430. Council continued Resolution No. 6431. 8 MEMORANDUM A DATE : January 1'5, 1981 TO : Mayor and City Council FROM : City Attorney SUBJECT: PLAZA CAMINO REAL BOND SALE The Parking Authority, at their meeting of January 20, 1981, will take eight separate actions toward consummation of the sale of $1,500,000 in revenue bonds. A memorandum from this office to the Parking Authority, dated January 16, 1981, outlines those actions and is attached for your information. Copies of the documents are available in our office. The Council will recall that the Basic Agreement between Plaza Camino Real and the City provides that the public parking areas will be operated and maintained by Plaza Camino Real at no cost to the City. In order to accomplish that portion of the trans- action, it is necessary that the Council adopt three resolutions, approving three separate agreements,for Plaza Camino Real to assume responsibility for the parking area. First is the Basic Operating and Maintenance Agreement. The Council has previously approved the form of that agreement as a part of the Fourth Supplement. The second is a supplement to that agreement to add the additional area acquired by the Parking Authority in the vicinity of the Oceanside Sewer Pump Station. The third is an agreement whereby Plaza Camino Real will assume all of Carlsbad's obligations under the City's lease with Oceanside of the additional parking located in that city. It is recommended that the City approving the three agreements. Council adopt Resolutions No.6428 I No- 6429 and No* 6430 I The Basic Agreement provides that the property owners adjacent to the Marron Road extension will contribute to the cost of the road when their property is developed. If any property owner does not wish to contribute, the agreement provides that the amount of the bond sale will be reduced. We have been informed that all of the adjacent property owners are agreeable to contribution. The form of the contribution agreement has resulted from lenghty negotiations between our office and the attorney for Plaza Camino Real. It is necessary for the City Council to approve the execution of the contribution agreements. As of the date of this memorandum, the executed agreements have not been received but the Plaza Camino Real's attorney has represented that they will be here prior to your January 20, 1981 meeting. It is recommended that the Council h Mayor and City Council -2- January 16, 1981 adopt Resolution No. 6431 , approving five agreements with the Grove Apartments Investment Company and one agreement with the May Centers, Inc.; Bernard Citron; Fred A. Bartman, Jr., the Marital Trusts, created under the Last Will of William S. Bartman; the Residuary Trust, created under the Last Will of William S. Bartman; and Harry J. L. Frank, Jr. If these agreements are not received in time for the January 20, 1981 meeting we will need to reschedule the matter as soon as possible in order to accommodate the bond sale. The Council will recall approving an agreement between the City and Oceanside for the lease and ultimate acquisition of an additional public parking area located in that city. As part of that agreement the Council approved the form of a lease between the City and Oceanside and authorized the Mayors of the respective cities to execute it when certain events have occurred. We will be meeting early next week with the attorneys from Oceanside to finalize the Deed from Plaza Camino Real to Oceanside and to make the necessary arrangements for the Mayors of the two cities to execute the required documents. The City's obligation to pay rent will commence upon that execution. The Plaza Camino Real has forwarded a series of documents to our office which include executed copies of the operating agreement, supplement and Oceanside operating agreement. We have undertaken to act as the escrowholder for the transaction pursuant to a set of escrow instructions. A copy of those instructions is attached for your information. Your approval of the agreements should be with the understanding that our office will proceed to use them in accordance with the escrow instructions. VFB/mla Attachment VINCENT F. BIONDO, JR. City Attorney 3 Plaza Camino Real c/o May Centers, Inc. Sixth and Olive Streets St. Louis, Missouri 63101 December 3 I , 1980 - Vincent Biondo, Esq. City Attorney City 'of Carlsbad 1200 Elm Avenue Carlsbad, California 92008 Dear Mr. Biondo: Pursuant to that certain Fourth Supplement to Agreement for Expansion of Plaza Camino Real Regional Shopping Center, dated August 3, 1978, Plaza Camino Real, a limited partnership (''PCR") hereby delivers to you, in trust and as escrowholder, the following enclosed documents which you are hereby authorized and instructed to deliver to the City of Carlsbad ("City") or the Parking Authority of the City of Carlsbad ("Parkinq Authority"), as the case may be, upon the satisfaction conditions described below: Grant Deed conveying Lots 21 and 27 to the Parking Authority; of all of the (a) Plaza Camino Real Public Parking Lot Operating Agreement ("Operating Agreement" ) ; Agreement Regarding Management, Operation and Maintenance of Plaza Camino Real Shopping Center Parking Area in Oceanside ("Oceanside Operating Agreement") ; and, Vincent Biondo, Esq. December 31 , 1980 - Page Two (a) Supplement to the Plaza Camino Real Public Parking Lot Operating Agreement ("Supplement") . The conditions which must be satisfied prior to your delivery of t.he above-described documents to the City or the Parking Authority, as the case may be, are as follows: the City and the Parking Authority shall have each duly executed that certain Lease Agreement in form and substance as set forth in Exhibit E to the Fourth Supplement to Agreement for Expansion; the City and Parking Authority shall have each duly executed the Operating Agreement, the Oceanside Operating Agreement and Supplement; the City of Oceanside and the City shall have each duly executed that certain Lease in form and substance as set forth in.Exhibit G to the Eifth Supplement to Agreement for Expansion of Plaza Camino Real Regional Shopping Center, dated November 22, 1978; all actions of the City and Parking Authority necessary and appropriate to be taken in order to authorize the issuance of the parking revenue bonds described in that certain Agreement among the City, Parking Authority and PCR, dated November 5, 1975, shall have been duly taken; and you shall nave given written notice to Michael E. Long, Executive Vice President of May Centers, Inc., Sixth and Olive Streets, St. Louis, Missouri 63101 that conditions (a) through (d), inclusive, hereof have been satisified and that you hold, for delivery to the respective parties upon recordation of the Grant Deed conveying Lots 21 and 27, duly executed copies of the documents described in conditions (a) through (c) , inclusive, hereof. Upon satisfaction of all of the conditions herein contained, you are hereby authorized to insert the date of the Lease Agreement described in condition (a) above in the Grant Deed for Lots 21 Vincent Biondo, Esq. December 31 , 1980 Page Three and 27 in the space provided on page 3 thereof, and deliver said Grant Deed to the Parking Authority for recordation in the Official Records of San Diego County. Please be advised that PCR undertakes to obtain, for the benefit of the Parking Authority, a standard owner's policy of title insurance, on CLTA form, from Title Insurance and Trust Company insuring fee title to Lots 21 and 27 in the Parking Authority subject only to (i) those exceptions set forth in that certain Preliminary Title Report issued by Title Insurance and Trust Company and dated September 22, 1980, a copy of which is attached hereto, except Items numbered 18, 34, 36, 37, 38, 39, 40, and 41, and (ii) such other exceptions as the Parking Authority may agree to in writing. . Please acknowledge your receipt of the enclosed documents and your agreement'to comply with the term's and conditions herein contained. These instructions may be amended, and the conditions herein contained may be waived by the undersigned, only by an instrument in writing execilted by the undersigned and you as to any amendment or executed only by the undersigned as to any waiver. PLAZA CAMINO REAL,,. a limited partnership By: May Centers, Inc., its general By : Pres iden t Y ACKNOWLEDGED AND AGREED: Vincent Biondo, Esq. City Attorney . - .: - I . ’- MEMOEUS.NDUM DATE : January 16, 1981 TO: Parking Authority FROM : City Attorney SUBJECT: PARKING AUTHORITY 1981 PARKING REVENUE BONDS/ PLAZA CAXINO REAL--CONVEYANCE OF PARKING AREA In order to consummate the sale by the Parking Authority of $1.5 million in parking revenue bonds, it is necessary that the Authority take eight actions at your meeting of January 20, 1981. They are as follows: 1. Resolution authorizing the issuance of bonds: This resolution has been prepared by Bond Counsel and is acceptable to all parties. 2. Resolution approving the pfeliminary official state- ment: The Parking Authority and the City Council have previously approved the retention of Bartle Wells Associ- ates to act as their financial consultant for the bond issue. In order to market the bonds, it is necessary to prepare an official statement which contains all of the necessary information about the City, the Authority, the project and the bond issue. It is necessary for the Authority to approve the preliminary official statement and authorize its distribution. It has been reviewed by the City Finance Director. 3. Resolution declaring the Authority’s intent to sell bonds with notice inviting bids: . These documents have also been prepared by Bond Counsel. 4. Resolution of the Parking Authority relating to the Lease Agreement: This is a cleanup measure which is necessary because of the timing by which the Authority will take title to the public parking area. 5. Resolution approving the operating agreement: Under the Basic Agreement, the Plaza Camino Real is obligated to assume the responsibility for the operation and mainte- nance of the parking area at no cost to the City or the Parking Authority. This is the basic document to accomplish that which has previously been approved by the Council . as part of the Fourth Supplement. Parking Authority -2- January 16, 1981 6. Resolution approving placing the additional parking area to be leased by the City from Oceanside under the same operating agreement. 7. Resolution approving a supplement to the operating agreement to include the small area of land adjacent to the Oceanside Sewer Pump Station which was previously deeded to the Parking Authority. 8. Resolution accepting the Grant Deed for the new public parking zrea: Your adoption of this resolution should be with the understanding that our office will hold the document and will not release it for recording until certain requirements and conditions are met. The Deed and various other documents have been forwarded to our office under a set of escrow instructions. Your adoption of the resolution should be with the understanding that those escrow instructions will control the disposition of the Grant Deed. A copy is attached for your information. VFB/mla Attachment . r ii 19 2c 21 22 23 24 25 26 27 28 RESOLUTION NO. 6430 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CAJLIFORNIA, APPROVING AND AUTHORIZING THE EXECUTION OF THE SUPPLEMENT TO THE PLAZA CAMINO REAL PUBLIC PARKING LOT OPERATING AGREEMENT BETWEEN THE CITY OF CARLSBAD, THE PARKING AUTHORITY, AND THE PLAZA CAMINO REAL WHICH ADDS THE ADDITIONAL LAND ACQUIRED BY-PARKING AUTHORITY. The City Council of the City of Carlsbad, California, does hereby resolve as follows: 1. That the agreement entitled "Supplement to the Plaza Camino Real Public Parking Lot Operating Agreement," dated January 20 , 19 81 I on.file with the City Clerk and incorporated by reference herein is hereby approved. 2. 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. 7. PASSED, APPROVED AND ADOPTED at a regular meeting of , the City Council of the City of Carlsbad, California, held on the 20th day Of January , 1981 by the following vote, to wit: AYES : NOES : None Council Members Packard, Casier, Anear, Lewis and Kulchin ABSENT: None RONALD C. PACKARD, Mayor .. ATTEST: (SEAL) RESOLUTION NO. 6429 A-RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA, APPROVING AND AUTHORIZING THE EXECUTION OF AN AGREEMENT BETWEEN THE CITY OF CARLSBAD, THE PARKING AUTHORITY, AND THE PLAZA CAMINO REAL PLACING THE ADDITIONAL PARKING AREA LEASED FROM OCEANSIDE UNDER THE "BASIC PUBLIC PARKING LOT OPERATING AGREEMENT". The City Council of the.City of Carlsbad, California, does hereby resolve as follows: 1. That the document entitled "Agreement Regarding Management, Operation and Maintenance' of Plaza Camino Real Shopping Center Parking Area in Oceanside", dated January 20 1 19 - 81, on file with the City Clerk and incorporated by reference herein is hereby approved. >. 2. 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. PASSED, APPROVED AND ADOPTED at a regular meeting,of the City Council of the City of Carlsbad, California, held on the 20th day Of Januarv' , 1981 by the following vote, to wit: AYES : NOES : None Council Members Packard, Casler, Anear, LewisandKulchin ABSENT: N~~~ .C fiYdd&Z!2 RONALD C. PACKARD, Mayor ATTEST : (SEAL) 1 2 3 4 5 6 7 a 9 10 11 12 L) 19 20 21 22 23 24 25 26 27 20 RESOLUTION NO. 6428 A-RESOLUTION OF THE CITY COUNCIL OF THE AND AUTHORIZING THE EXECUTION OF AN AGREEMENT BETWEEN THE CITY OF CARLSBAD, THE PARKING AUTHORITY, AND THE PLAZA CAMINO REAL FOR OPERATION AND MAINTENANCE OF THE NEW AND EXISTING PLAZA CAMINO REAL REGIONAL SHOPPING CENTER PUBLIC PARKING AREA. CITY OF CARLSBAD, CALIFORNIA APPROVING The City Council of thecity of Carlsbad, California, does hereby resolve as follows: 1. That the agreement entitled "The Plaza Camino Real Public Parking Lot Operating Agreement", dated January 20, I 19 81 , on file with the City Clerk and incorporated by reference herein is hereby approved. 2. 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. PASSED,.APPROVED AND ADOPTED at a regular meeting of the City Council of the City of Carlsbad, California, held on the 20th day of January , 1981 by the following vote, to 1 it AYES : Council Members Packard, Casler , Anear , Lewis and Kulchin NOES : None ABSENT: None * RONALD C. PACKARD, Mayor ATTEST: ALETHA L. RAUTENKRANZ, City C1.rk (SEAL)