HomeMy WebLinkAbout2005-09-06; City Council; 18269; Amendment 1 Agreement Faraday Av-Melrose Dr Community Facilities District 37
B# 18,269
ITG. 9/6/2005
EPT. ENG
TITLE: - AMENDMENT NO. 1 TO WAIVER AND CONSENT
COMMUNITY FACILITIES DISTRICT NO. 3 IN CONJUNCTION
AGREEMENT FOR THE FARADAY AVENUE-MELROSE DRIVE
WITH CT 97-13, CT 98-10 AND CT 99-06
RECOMMENDED ACTION:
+f DEPT. HD.
Adopt Resolution No. approving Amendment No. 1 to Waiver and Consent
Agreements for the Faraday Avenue-Melrose Drive Community Facilities District No. 3 (CFD #3) for
CT 97-1 3, CT 98-1 0, and CT 99-06.
2005-275
ITEM EXPLANATION:
Conditions of approval for CT 97-13 Carlsbad Oaks North, CT 98-10 Fenton Raceway LLC and CT
99-06 Palomar Forum Associates L.P. required that prior to recordation of the Final Maps of these
three projects a financial guarantee for the construction of Faraday Avenue and Melrose Drive be
provided to the satisfaction of the City Council. Community Facility District No. 3 (CFD #3) was
recognized by all parties to be the ultimate financial guarantee. In the absence of final approval of
CFD #3 the Council accepted the execution of Waiver and Consent Agreements by each
development pledging support for the CFD and committing to paying their prorated share of Faraday
Avenue or Melrose Drive.
Under the provisions of each agreement the developer was to post cash or a Letter of Credit in the
amount of the full-designated share at first building permit or transfer of property whichever occurs
first.
All subdivisions have currently recorded their Final Maps, all rights of way have been dedicated, all
applicable permits have been obtained and both Faraday Avenue and Melrose Drive are fully
secured with bonds and Subdivision Agreements. Both roadways are under construction. The
original roadway guarantees are no longer required. The CFD #3 is in process and should be
formed and ready for bond sales at the beginning of 2006.
Based on the current status of project development it is being requested that the Waiver and
Consent Agreements be amended to eliminate the need to post fair share cash or a Letter of Credit
at first property transfer or building permit. The proposed amendments eliminates that requirement
and substitutes language requiring that the fair share be posted within 90 days of demand by the
Finance Director. If the amount is not paid it becomes a lien on the property. The agreement will be
recorded and being binding on all-subsequent buyer of the property.
Given the current CFD schedule it is not likely that the payment of fair-share funds will be required.
ENVIRONMENTAL REVIEW:
Each development completed its environmental review as a part of the project approvals. No further
environmental review is required.
FISCAL IMPACT:
The amendments have no fiscal impact on the City.
18,269 Page 2 of Agenda Bill
EXHIBITS:
approving Amendment No. 1 to Waiver and Consent
Agreements for the Formation of Community Facilities District (CFD) No. 3 for Carlsbad Tracts
CT 97-1 3, 98-1 0 and 99-06.
2005-275 1. Resolution No.
2. Amendment No. 1 to Waiver and Consent to Creation of the Community Facilities District (CT
97-1 3), Carlsbad Oaks North Partners.
3. Amendment No. 1 to Waiver and Consent to Creation of the Community Facilities District (CT
98-1 0), Fenton Raceway LLC.
4. Amendment No. 1 to Wavier and Consent to Creation of the Community Facilities, (CT 99-06),
Palomar Forum Associates.
DEPARTMENT CONTACT: Lloyd Hubbs, 760-602-2730, Ihubb@ci.carlsbad.ca.us
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2005-275 RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD,
CALIFORNIA, APPROVING AMENDMENT NO.l TO WAIVER AND
CONSENT AGREEMENTS FOR THE FORMATION OF COMMUNITY
FACILITIES DISTRICT (CFD) N0.3 FOR CARLSBAD TRACTS (CT) 97-1 3,
98-1 0 AND 99-06.
WHEREAS, the City of Carlsbad entered into Waiver and Consent Agreements with
Carlsbad Oaks North Partners, L.P. (CT 97-13), Fenton Raceway LLC (CT 98-10), Palomar
Forum Associates L.P. (CT 99-06); and
WHEREAS, Section 4(b) of the Original Agreements requires Property Owners to
deposit with the City fair share contributions for specified roadway segments; and
WHEREAS, since execution of the Original Agreement, all of the right of way for
Faraday Avenue and Melrose Drive have been dedicated, all resource agency permits have
been obtained and performance bonds for both roadways have been provided to secure
construction; and
WHEREAS, the property owners in the proposed CFD continue to cooperate and
work diligently towards its formation which is expected to occur within the year but after the
sale of the first commercial lot.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Carlsbad,
California, as follows:
1. That the above recitations are true and correct.
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2. That Amendment No. 1 to the Waiver and Consent to the Community
Facilities District Agreements for CT 97-13, 98-10 and 99-06 are hereby approved and the
Mayor authorized to execute the agreements and the City Clerk is hereby authorized to
cause the original agreements to be recorded in the office of the County Recorder of San
Diego County, State of California.
PASSED, APPROVED AND ADOPTED at a regular meeting of the Carlsbad City
Council held on the 6th day of SEPTEMBER , 2005 by the
following vote, to wit:
AYES: Council Members Lewis Kulchin Packard, Sigaf oose
NOES: None
ATTEST
(SEAL)
DOC # 2005-096481 9
RECORDING REQUESTED BY:
Carlsbad City Clerk’s Office
WHEN RECORDED MAIL TO:
City Clerk
City of Carlsbad
1200 Carlsbad Village Drive
Carlsbad, CA 92008
I llllllll Ill IIIII lllll Ill11 11111 lllll11111llll1 Ill11 lllll IIIII 1111 Ill1
NDV 04,2005 4:33 PM
OFFICIAL RECORDS
GREGURY J SMITH, COUNTY RECORDER
FEES 22 uo 6 PAGES
SAN DIEGO COUNTY RECORDER’S OFFICE
SPACE ABOVE THIS LINE FOR RECORDER’S USE
Amendment No. 1 to Waiver and Consent to Creation of the
Community Facilities District (CT 97-13)
Carlsbad Oaks North Partners, L.P.
Recorded oriqinal agreement December 15,2004 as Document No. 2004-
1 180069
9-(4-05
Ked %€&‘275
fie* w,2 h9
:\County RecorderRecorder Cover Sheet.doc
Amendment No. 1 to Waiver and Consent to Creation of the
Community Facilities District(CT 97-13)
WHEREAS, the City of Carlsbad (“City”) and Carlsbad Oaks North Partners, L.P. (“Property
Owner”) entered into that certain “Waiver and Consent to Creation of a Community Facilities
District and Agreement to Pay Fair Share Cost of CT 97-13” recorded December 15, 2004 as
Document No. 2004-1 180069; and
WHEREAS, Section 4(b) of the Original Agreement requires, among other things, that Property
Owner deposit with the City a letter of credit or cash (the “Deposit”) equal to Property Owner’s
fair share of the cost of the extension of Melrose Drive from Palomar Airport Road to Vista City
limits (the “Melrose Drive Extension”) prior to the transfer of a fee simple interest in all or any
portion of CT 97-13 or issuance of a building permit for the first commercial structure to be
constructed within CT 97-13; and
WHEREAS, since execution of the Original Agreement, all of the right-of-way for the Melrose
Drive Extension has been dedicated to the City, all resource agency permits required for the
Melrose Drive Extension have been obtained by the City and performance bonds have been
provided for completion of the Melrose Drive Extension; and
WHEREAS, all of the participating property owners in the Community Facilities District (the
“CFD’) proposed to finance the Melrose Drive Extension, among other improvements, have
executed agreements like the Original Agreement consenting to the formation of the CFD to
finance their fair share of the costs of the Melrose Drive Extension; and
WHEREAS, the Property Owners in the proposed CFD continue to cooperate and work
diligently toward its formation which is expected to occur soon and within the year but after the
sale of the first commercial lot; and
WHEREAS, this amendment shall be recorded to, among other things, insure that prospective
purchasers are aware of this contingent obligation; and
WHEREAS, Property Owner has commenced construction of the Faraday Avenue
Improvements required by the approvals for CT 97-13 pursuant to the Original Agreement and
applicable subdivision improvement agreements.
NOW, THEREFORE, in consideration of proceeding with the formation of the CFD, the
processing of CT 97- 13 and commencement of the Faraday Avenue Improvements, the Property
Owner and City hereby agree to the following:
1. Section 4(b) of the Original Agreement shall be amended as follows:
Property Owner’s payment of its Fair Share of Melrose Drive
Extension, initially estimated to be in an amount not to exceed
$2,066,223, shall be secured by the posting of cash or a letter of
credit with the City of Carlsbad, in a form and from a financial
WaivedConsent Amendment
16466-3/2100660.1
8/22/05
institution acceptable to the Finance Director, within ninety (90)
days of a demand to the owner by the Finance Director. If not paid
or an extension of the demand for payment is made by the City
Council, the Property owner and its successors in interest agree
that the obligation shall become a lien on all parcels with the
subdivision and shall be entitled to enforcement, collection and
priority as a tax lien.
2. Except as modified herein the Original Agreement shall remain in full force and
effect.
Executed this Enday of September, 20C5
CARLSBAD OAKS NORTH PARTNERS
L.P., a California limited partnership
By: SUN TECH INVESTMENTS COW.,
a California corporation,
ATTEST:
Its: General
By:
Title: President
By:
Name: Theodore Tchan
Title: Vice President
Title:
WaiverIConsent Amendment
16466-312 100660.1
2 8/22/05
-VED AS TO FORM: -
Title: City Attorney
WaivedConsent Amendment
16466-312100660.1
3 8/22/05
CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT
'1 State of California 1 ss. Countyof San Diego
On September 9,2005 , before me, Susan E. Eubank, Notarv Public
Date Name and Title of Ofiicer (e.g.. "Jane Doe, Notary Public")
personally appeared Paul K. Tchann and Theodore Tchang
Name@) of Signer@)
Kl personally known to me 0 proved to me on the basis of satisfactory
evidence
to be the person(s) whose name(s) Mare
subscribed to the within instrument and
acknowledged to me that bdeklthey executed
the same in kirlhryltheir authorized
capacity(ies), and that by hislherltheir
signature(s) on the instrument the person(s), or
the entity upon behalf of which the person(s)
acted, executed the instrument.
Place Notary Seal Above
Though the information below is not required by law, it may prove valuable to persons relying on the document
and could prevent fraudulent removal and reattachment of this form to another document.
Description of Attached Document
Title or Type of Document: sent No. 1 to Waiver and Consent to CrPU
Document Date: Number of Pages:
of the Community Facilities District (CT97-13)
Signerts) Other Than Named Above:
Capacity(ies) Claimed by Signer
Signer's Name: Paill K. and Theodore Tchang
0 Individual
E3 Corporate Officer - Title(s):
partner - 0 Limited 0 General
0 Attorney in Fact
0 Trustee
0 Guardian or Conservator
0 Other:
Signer Is Representing:
Sun Tech Investments Corp.and
T Pmicient YT1-
0 1999 National Notary Assxiation - 9350 Do Solo Ave., P.O. Box 2402 * Chalswonh, CA 91313-2402 * www.nationalnotan/org Prod. No. 5907 Reorder Call Toll-Free 1-800-876-6827
CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT
a } SS.
State of California
Countyof SA0 DIE@ 1 I State of California
Countyof 1 ss. SA0 DIE@
On 9 -16- &bo5 , before me, Tsk6- Name and Title of JDUlm Officer (e g , "Jane Doe, Notary Public")
personally appeared
Date CCmm A- CaLVs fiMP K&&AJ p. KtrNvp 7-z
Name@) of Slgner(s)
personally known to me % proved to me on the basis of satisfactory
evidence
Place Notary Seal Above
to be the person(s) whose name(s) *are
subscribed to the within instrument and
acknowledged to me thatbkhelthey executed
the same in hidbedtheir authorized
capacity(ies), and that by hislherltheir
signature(s) on the instrument the person(s), or
the entity upon behalf of which the person(s)
acted, executed the instrument.
WITNESS my hand and official seal.
(u2UAkLu Signaturaf Notary Public Pi! u
OPTIONAL
Though the information be/ow is not required by /aw, it may prove va/uab/e to persons relying on the document
and could prevent fraudulent removal and reattachment of this form to another document.
Description of Attached Document
Title or Type of Document:
Number of Pages: Document Date:
Signer(s) Other Than Named Above:
Capacity(ies) Claimed by Signer
Signer's Name:
0 Individual
0 Corporate Officer - Title(s):
Partner - Limited General
0 Attorney in Fact
0 Trustee
0 Guardian or Conservator
0 Other:
Signer Is Representing: u
0 1997 National Notary Association - 9350 De Soto Ave.. P.O. Box 2402 Chatsworth. CA 91313-2402 Prod No. 5907 Reorder. Call Toll-Free 1-800-876-6827
Techbilt Construction Corp.
3575 Kenyon St.
San Diego, CA 92110
Telephone (619) 223-1663
Mailing Address
P.O. Box 80036
San Diego, CA 92138
September 8,2005
FAX (619) 223-2865
Isabelle Paulsen
City ClerWRecords Management Dept.
City of Carlsbad
1200 Carlsbad Village Drive
Carlsbad, CA 92008
RE: Carlsbad Oaks North Amended Waiver and Consent
Dear Ms. Paulsen:
Enclosed for your use is a signed and notarized Amended Waiver and Consent for
If you have any questions, please give me a call.
Carlsbad Oaks North.
Sincerely,
TECHBILT CONSTRUCTION CORP.
Ted Tchang, Vice President
TT: tt
Enclosure
RECORDING REQUESTED BY:
Carlsbad City Clerk’s Office
WHEN RECORDED MAIL TO:
City Clerk
City of Carlsbad
1200 Carlsbad Village Drive
Carlsbad, CA 92008
DOC # 2005-0964620
NOV 04,2005 4:33 PM
OFFICIAL RECORDS Sm4N DIEGO COUNTY RECORDER’S OFFICE GREGURYJ SMITH, COUNTY RECORDER
FEES 1900 5 PAGES
~
SPACE ABOVE THIS LINE FOR RECORDER’S USE
Amendment No. 1 to Waiver and Consent to Creation of the
Communitv Facilities District (CT 98-1 0)
Fenton Raceway LLC
Recorded original May 3, 2005 as Document No. 2005-0371021.
&? \%J 2bq 94- 09
:\County Recorderkecorder Cover Sheet.doc
Amendment No. 1 to Waiver and Consent to Creation of the
Community Facilities District (CT 98-10)
WHEREAS, the City of Carlsbad (“City”) and Fenton Raceway LLC (“Property Owner”)
entered into that certain “Waiver and Consent to Creation of a Community Facilities District and
Agreement to Pay Fair Share Cost of CT 98-10” dated October, 2004 (the “Original
Agreement”); and
WHEREAS, Section 4(b) of the Original Agreement requires, among other things, that Property
Owner deposit with the City a letter of credit or cash (the “Deposit”) equal to Property Owner’s
fair share of the cost of the extension of Faraday Avenue between Orion Way and Melrose Drive
(the “Faraday Avenue Extension”) prior to the transfer of a fee simple interest in all or any
portion of CT 98-10 or issuance of a building permit for the first commercial structure to be
constructed within CT 98- 10; and
WHEREAS, since execution of the Original Agreement, all of the right-of-way for the Faraday
Avenue Extension has been dedicated to the City, all resource agency permits required for the
Faraday Avenue Extension have been obtained by the City and performance bonds have been
provided for completion of the Faraday Avenue Extension; and
WHEREAS, all of the participating property owners in the Community Facilities District (the
“CFD’) proposed to finance the Faraday Avenue Extension, among other improvements, have
executed agreements like the Original Agreement consenting to the formation of the CFD to
finance their fair share of the costs of the Faraday Avenue Extension; and
WHEREAS, the Property Owners in the proposed CFD continue to cooperate and work
diligently toward its formation which is expected to occur soon and within the year but after the
sale of the first commercial lot; and WHEREAS this amendment shall be recorded to, among
other things, insure that prospective purchasers are aware of this contingent obligation; and
WHEREAS, Property Owner has commenced construction of the Melrose Improvements
required by the approvals for CT 98-10 pursuant to the Original Agreement and applicable
subdivision improvement agreements.
NOW, THEREFORE7 in consideration of proceeding with the formation of the CFD, the
processing of CT 98-10 and commencement of the Melrose Improvements, the Property Owner
and City hereby agree to the following:
1. Section 4(b) of the Original Agreement shall be amended as follows:
Property Owner’s payment of its Fair Share, initially estimated to be in an amount not
to exceed $3,362,713, shall be secured by the posting of cash or a letter of credit with
the City of Carlsbad, in a form and from a financial institution acceptable to the
Finance Director, within ninety (90) days of a demand to the owner by the Finance
Director. If not paid or an extension of the demand for payment is made by the City
Council, the Property owner and its successors in interest agree that the obligation
shall become a lien on all parcels within the subdivision and shall be entitled to
enforcement, collection and priority as a tax lien.
8/16/05 4083.3
H&O: #25864 vl
2.
and effect.
Except as modified herein the Original Agreement shall remain in full force
16w Executed this - day of September, 2005
FENTON RACEWAY LLC, a California limited
liability company
By: H.G. FENTON COMPANY, a California
By:
Title: \
CITY OF CARLSBAD, a munici
the S
By:
Title: Mayor
ATTEST:
Title Assistant-Cityuerk
APPROVED AS TO FORM:
Name: RONALD R. BALL 9.
Title: City Attorney
8/16/05 4083.3
H&O: #25864 vl
CALIFO'RNIA ALL-PURPOSE ACKNOWLEDGMENT
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO
On September 12, 2005 before me, Clare Chavez, Notarv Public ,
personally appeared , personally known to me 7
to be the person(s) whose name(s) Mare subscribed to the within
Allen M. Jones and Kari Prevost
instrument and acknowledged to me that 4ekMthey executed the same in Wtheir authorized
capacity(ies), and that by hishedtheir signature(s) on the instrument the person(s), or the entity upon
behalf of which the person@) acted, executed the instrument.
WITNESS my hand and official seal. b Signature of Notary Public
(SEAL)
OPTIONAL
Though the data below is not required by law, it may prove valuable to persons relying on the document and could prevent
fraudulent removal and reattachment of this form to another document
DESCRIPTION OF ATTACHED DOCUMENT:
Title or Type of Document:
Date of Document:
Number of Pages:
Signer(s) Other than Named Above:
CAPACITY(IES) CLAIMED BY SIGNER:
Signer's Name: Signer's Name:
0 Individual
0 Corporate Officer:
Title(s):
0 Partner: -- 0 Limited 0 Individual
0 Attorney-in-Fact
0 Trustee
0 Guardian or Conservator 0 Other:
Signer is Representing:
0 Individual
0 Corporate Officer:
Title(s):
0 Partner: -- 0 Limited 0 Individual
0 Attorney-in-Fact 0 Trustee
0 Guardian or Conservator
0 Other:
Signer is Representing:
4
I.
CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT
a } SS.
State of California
County of SA0 3rE &-a
On 4- /6-2005 , before me, xs#beu TDUIfl /?h&i.&F fib ,
Date Name and XUe of Officer (e g ,“Jane Doe, Notary Pubbc”)
personally appeared A. hlS Am U&L/m j!! . /&ua-rZ ,
Name@) of Signer@)
personally known to me 8- proved to me on the basis of satisfactory
evidence
to be the person(s) whose name(s) Ware
subscribed to the within instrument and
acknowledged to me that-kefekelthey executed
the same in -/their authorized
capacity(ies), and that by +i&ter/their
signature(s) on the instrument the person(s), or
the entity upon behalf of which the person(s)
acted, executed the instrument.
c
Place Notary Seal Above
WITNESS my hand and official sed
I - Signatueof Notary Public
0 PTlONAL
Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document.
Description of Attached Document
Title or Type of Document:
Document Date: Number of Pages:
Signer(s) Other Than Named Above:
Capacity(ies) Claimed by Signer ~~ .. . Signer’s Name:
Individual
Corporate Officer - Title(s):
Partner - 0 Limited 0 General
Attorney in Fact
0 Trustee
0 Guardian or Conservator
0 Other:
Signer Is Representing:
0 1997 National Notary Association * 9350 De Soto Ave.. P.O. Box 2402 * Chatsworth, CA 9131 3-2402 Prod. No. 5907 Reorder. Call Toll-Free 1-800-876-6827
(61 9) 400-01 20
(619)400-0111 FAX
August 24,2005
Mr. Lloyd Hubbs
Public Works Director
City of Carlsbad
1635 Faraday Avenue
Carlsbad, CA 92008
Re: Amendment No. 1 to Waiver and Consent to Creation of Community Facilities District
Dear Mr. Hubbs:
Attached is Amendment No. 1 to the Waiver and Consent, which addresses the Carlsbad
Raceway property.
Please docket and present this amendment to the City Council for consideration at its September
6,2005 meeting.
Please call me at 619-400-0134 if you have any questions.
Thank you.
Sincerely,
7577 Mission Valley Road, Suite 200
San Diego, CA 92108
11 H.G. FENTON COMPANY 11
(619) 400-0120
(619) 400-0111 FAX
Ms. Belinda R. Guzman
Administrative Secretary
City of Carlsbad
163 5 Faraday Avenue
Carlsbad, CA 92008-73 14
Re: Notarization of Amendment No. 1 to Waiver and Consent to Creation of
Community Facilities District for Carlsbad Raceway property
Dear Ms. Guzman:
Enclosed is “Amendment No. 1 to Waiver and Consent to Creation of the Community
Facilities District” for the Carlsbad Raceway property, duly notarized as per your request.
If you have any questions, please do not hesitate to call.
Thank you.
Sincerely,
U Clare Chavez
Real Estate Assistant
lcc
Enclosure
7577 Mission Valley Road, Suite 200
San Diego, CA 921 08
RECORDING REQUESTED BY:
Carlsbad City Clerk‘s Office
WHEN RECORDED MAIL TO:
City Clerk
City of Carlsbad
1200 Carlsbad Village Drive
Carlsbad, CA 92008
DOC # 2005-0964621 I llllllll Ill IIIII 11111 111ll111ll111111lll1 Ill11 Ill11 Ill11 11111 1111 1111
NOV 04,2005 4:33 PM
OFFICIAL RECORDS
SP.N DIEGO COUNTY RECORDER’S OFFICE
GREGORY J SMITH, CUUNTY RECORDER
FEES: 19.00 PAGES: 5
I 111111 Ill11 11111 Ylll11111 Ill11 Ill11 1111 Ill11 Ill11 1111 Ill11 Ill11 1111 Ill1 1111
SPACE ABOVE THIS LINE FOR RECORDER’S USE
Amendment No, 1 to Waiver and Consent to Creation
of the Community Facilities District (CT 99-06)
Palomar Forum Associates L.P.
Recorded original June 9, 2004 as Document No. 2004-0538024.
\b,2U
9-L-05
\County RecorderRecorder Cover Sheet.doc
Amendment No. 1 to Waiver and Consent to Creation of the
Community Facilities District(CT 99-06)
WHEREAS, the City of Carlsbad (“City”) and Palomar Forum Associates L.P., a California
limited partnership (“Property Owner”) entered into that certain “Waiver and Consent to
Creation of a Community Facilities District and Agreement to Pay Fair Share Cost of CT 99-06”
dated June 4,2004 (the “Original Agreement”); and
WHEREAS, Section 4(b) of the Original Agreement requires, among other things, that Property
Owner deposit with the City a letter of credit or cash (the “Deposit”) equal to Property Owner’s
fair share of the cost of the extension of Faraday Avenue between Orion Way and Melrose Drive
(the “Faraday Avenue Extension”) prior to the transfer of a fee simple interest in all or any
portion of CT 99-06 or issuance of a building permit for the first commercial structure to be
constructed within CT 99-06; and
WHEREAS, since execution of the Original Agreement, all of the right-of-way for the Faraday
Avenue Extension has been dedicated to the City, all resource agency permits required for the
Faraday Avenue Extension have been obtained by the City and performance bonds have been
provided for completion of the Faraday Avenue Extension; and
Whereas, the Property Owners in the proposed CFD continue to cooperate and work diligently
toward its formation which is expected to occur soon and within the year, but after the sale of the
first commercial lot; and Whereas, this amendment shall be recorded to, among other things,
insure that prospective purchasers are aware of the contingent obligation; and
WHEREAS, all of the participating property owners in the Community Facilities District (the
“CFD”) proposed to finance the Faraday Avenue Extension, among other improvements, have
executed agreements like the Original Agreement consenting to the formation of the CFD to
finance their fair share of the costs of the Faraday Avenue Extension; and
WHEREAS, Property Owner has completed the widening of Palomar Airport Road required by
the approvals for CT 99-06 pursuant to the Original Agreement and applicable subdivision
improvement agreements.
NOW, THEREFORE, in consideration of proceeding with the formation of the CFD and the
processing of CT 99-06 and completion of the Palomar Airport Road widening, the Property
Owner and City hereby agree to the following:
1. Section 4(b) of the Original Agreement shall be amended as follows:
Property Owner’s payment of its Fair Share, initially estimated to be in an amount not
to exceed $2,003,805, shall be secured by the posting of cash or a letter of credit with
the City of Carlsbad, in a form and from a financial institution acceptable to the
Finance Director, within ninety(90) days of a demand to the owner by the Finance
Director. If not paid or an extension of the demand for payment is made by the City
Council, the Property owner and its successors in interest agree that the obligation
shall become a lien on all parcels with the subdivision and shall be entitled to
enforcement, collection and priority as a tax lien.
8/16/05 4083.3
H&O: #25864 vl
2. Except as modified herein the Original Agreement shall remain in full force and
effecExecuted this/&day of September, 2005
PALOMAR FORUM ASSOCIATES L.P.,
a California limited partnership
CITY OF CARLSBAD, a municipal corporation of
Title: Mayor
ATTEST:
APPROVED AS TO FORM:
c N~~RONALD R. BALL 9
Title: City Attorney
8/16/05 4083.3 H&O: #25864 VI
CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT
State of California 1 } ss. .- - 11 I
. _- -
Name ana\Title offlfficer (e.g., "Jane Doe, Notary Public") On % Dale I q!. m65, before me, d.
Place Notary Seal Above
donally known to me
0 proved to me on the basis of satisfactory evidence
to be the personwwhose name@ls/aesubscribed
to the within instrument and acknowledged to me that
he/s+tdtky executed the same in his/h&hk
authorized capacity@$ and that by his/kerHlteir
signaturewon the instrument the person(8): or the
entity upon behalf of which the person(# acted,
executed the instrument.
WITNESS rnv hand and official seal.
Signature of Notary Public / 1 W OPTlONAL
Though the information below is not required by law, it may prove valuable to persons relying on the document
and could prevent fraudulent removal and reattachment of this form to another document.
Description of Attached Document
Title or Type of Document:
Document Date: Number of Pages:
Signer(s) Other Than Named Above:
Capacity(ies) Claimed by Signer@)
Signer's Name:
Individual
0 Corporate Officer - Title(s):
0 Partner - 0 Limited 0 General
0 Attorney in Fact
0 Trustee I I 0 Guardian or Conservator Other:
Signer Is Representing: I
Signer's Name:
0 Individual
0 Corporate Officer - Title(s):
0 Partner - 0 Limited 0 General
0 Attorney in Fact
0 Trustee
0 Guardian or Conservator
Other: I I Signer Is Representing:
0 2004 National Notary Association 9350 De Soto Ave., P.O. Box 2402 Chatsworlh, CA 91 313-2402 Item No. 5907 Reorder: Call Toll-Free 1-800-876-6827
CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT
} SS.
State of California
County of StW 31 Phil
On c;Z-16 - 200.5 , before me, z&?&t!L.E & VlH p At.rcseAJ
personally appeared edbDgA.b,5 mn hpD7-L ,
,
Date Name and Title of Officer (e g , "Jane Doe, Notary Public")
Name@) of Signer@)
wpersonally known to me
0 proved to me on the basis of satisfactory
evidence
to be the person(s) whose name(s) Mare
subscribed to the within instrument and
acknowledged to me that+rekbe/they executed
the same in li+#tm/their authorized
capacity(ies), and that by -hidbedtheir
signature(s) on the instrument the person(s), or
the entity upon behalf of which the person(s)
acted, executed the instrument.
Place Notary Seal Above
WITNESS my hand and official seal.
Signatwe of Notary Public
OPTIONAL
Though the information below is not required by law, it may prove valuable to persons relying on the document
and could prevent fraudulent removal and reattachment of this form to another document.
Description of Attached Document
Title or Type of Document:
Document Date: Number of Pages:
1 Signer(s) Other Than Named Above:
Capacity(ies) Claimed by Signer ~- -. . Signer's Name: fi
0 Individual
0 Corporate Officer - Title(s):
Partner -U Limited General
Attorney in Fact
Trustee
0 Guardian or Conservator
0 Other:
Signer Is Representing: u
0 1997 National Notary Associatlon 9350 De Soto Ave , P.0 Box 2402 - Chatsworth, CA 91313-2402 Prod No. 5907 Reorder Call Toll-Free 1-800-876-682
L I >I IT E 1) L 1 A B I L 1 T Y c 0 A4 PA N Y
August 23,2005
Mr. Lloyd Hubbs
Public Works Director
City Of Carlsbad
1635 Faraday
Carlsbad, CA 92008
DAVIS P!NERS
RECEIVE
Re: Amendment to Waiver and Consent
Dear Lloyd:
Attached to this letter is an executed copy of the amendment to our Waiver and Consent
document dated June 4,2004 that we have been discussing the last few weeks. This will
be our formal request of City Council to approve this at their September 6,2005 meeting.
Sincerely yours,
Principal
Enclosure
cc:
Mr. Ted Tchang
Mr. Allen M. Jones
Jchn Yeagcr, Esq.
. . __
1420 BRISTOL STREET NORTH * SUITE 100 - NEWPORT BEACH - CA 92660
EL: 949.752.2066 . FAX: 949.752.8776