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HomeMy WebLinkAbout1969-04-29; City Council; MinutesLI I Y wt- LAKLSBAU LWlVL .. - 0 0 "r Meeting of: Special Joint Meeting of the Carlsbad City Council & Carlsbad Parking Authority : April 29, 1969 ROLL CALL (City Counci 1 ) (Carl sbad Bui 1 ding. Authority) Present: Directors Snedeker, Cannon, Killen, Baldwin and. Daugherty Also present were City Manager Martin, City Attorney firm of O'Melveny & Myers, Attorneys at Law. Mayor Dunne announced the joint meeting was called for the purpose of considering and adopting various technical amendments to the Plaza Camino Real park- ing lot agreements and documents. [ 941 The City Attorney introduced Mr. Schreiner an suggested that he explain the purpose of the amend- ments. Mr. Schreiner stated the May Co. had made available documents to reflect certain changes in the legal description of the deed and lease agreement. Approval of the changes in the legal description was necessary at this time as the J. C. Penny Co. was under construction and the building was actually being built on other property. These legal descrip- tions were also being considered by the-title com- pany and must be approved by it before a title policy of insurance is issued. An additional agree- ment was prepared between the May Co. and J. C. Penny Co. known as a reciprocal easement. This would give the J. C. Penny Co. reciprocal rights to the parking area. According to the agreement be- ween the City and the May Co., the May Co. would take over the maintenance of the parking lot at no cost to the City. The reciprocal easement agreement would also give J. C. Penny Co. the option to take over the maintenance of the parking lot in the event the May Co. did not wish to exercise its option. Following discussion the following resolutions were presented for consideration by the Carlsbad Parking Authority members: Upon motion made by Director Cannon and seconded by Director Snedeker,the following resolution was adopted by title only and further reading waived: Resolution No. 2. RESOLUTION OF THE PARKING AUTHORITY OF THE CITY OF CARLSBAD, CALIFORNIA, APPROVING AND AUTHORIZING THE EXECUTION OF CERTAIN DOCUMENTS ENTITLED "AMENDMENT OF LEASE" AND AMENDMENT OF SUBLEASE AND AGREEMENT". Five"Ayes"and no"Noes" Upon motion made by Director Snedeker and seconded by Director Cannon the following resolution was adopted by title only and further reading waived: Wilson and Mr. Urban, Schreiner representing the Resolution No. 3. RESOLUTION OF THE PARKING AUTHORITY OF THE CITY OF CARLSBAD, CALIFORNIA ~ APPROVING THE TERMS OF THAT CERTAIN DOCUMENT EN- I TITLED "RECIPROCAL EASEMENTS AGREEMENT.(Plaza Camin0 ~ Rea1 Center)" AND AGREEING TO THE SUBORDINATION , ~ : ! . 0 0 7- LI I Y ut" CARLSBAD LWNL -2- OF THE INTERESTS OF THE AUTHORITY TO SAME. Five "Ayes" and no "Noes". The following documents were then presented for the City Council's consideration: *I Resolution No. 1608. RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA, APPROVING CERTAIN DOCUMENTS ENTITLED "GRANT D.EED:' "AMENDMENT OF LEASE" AND "AMENDMENT OF SUBLEASE AND 'AGREEMENT", was adopted by title only and further reading waived Resolution No. 16. RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA, APPROVING THE TERMS OF THAT CERTAIN DOCUMENT ENTITLED "RECIPROCAL EASEMENTS AGREEMENT (PLAZA CAMINO REAL CENTER)", was adopted by title only and further reading waived. Cost of Construction for Parking Lot. Mr. Schreiner explained since the shopping center and parking lot has been constructed, except for the J. C. Penny Co. it was now time to exercise the terms of the agree- ment. The agreement requires that certain informa- tion be made available to the Carlsbad Parking Autho ity as to the cost of construction for parking lot. Mr. Robert Getz, Vice President of the May Departmen Stores, indicated the construction cost figures for the parking lot should be available in approximately two weeks. The figures should then be audited, whic would take another six to eight weeks. The bond market has been unstable for the past few weeks; how ever he had talked with the financial consultant assigned to this matter, and he was in hopes the bonds .would be saleable due to a more stable market the past few days. Mr. Schreiner noted there was a bill before the Legislature to raise the interest rate on Parking Authority bonds from 6% to 7% and it was felt it would pass. Cmn. Neiswender made reference to action taken by th Council in 1965, whereby if the Parking Authority could not find a buyer for the bonds at 6% or less, the May Co. would assume the bonds at 6%. Mr. Schreiner. reviewed the language under Section 10 of the Lease Agreement with reference to the sale of the bonds. Mayor Dunne asked Mr. Schreiner if the Authority wer unable to sell the bonds at 6% or less, would the May Co. be obligated to buy the bonds, and Mr. Schreiner stated there was a question in his mind du to the language contained in the agreement, however, he would check into the matter more thoroughly. Crnn. Neiswender stated it was his opinion this question should be settled prior to the 7% legislati being passed, as it was the understanding of the Council at.the time they t.ook action the May Co, wou assume bonds in the event the Authority was unable to sell the bonds for 6% or less. .. .. .. , Y r- t h - e e e 0 I1 z\ \ k.[, B % Motion Absent > Ayes I 3 Motion Ayes Absent ). I 3 " ,I i .. . 0 CITY CF CAFILSBAD . /. *. - 3" u 1 In closing Mr. Schreiner informed the Council he would check into this matter further, and if agree- able with the May Co. he would prepare an amendment to the agreement. Further, Mr. Schreiner noted that title to the property would take place after the bonds are sold and the monies deposited in escrow. Adjournment. A motion was made by .Director Cannon and seconded by Director Snedeker that a tentative date be set for an adjourned meeting of the Carlsbad Parking Authority for May 21, 1969 at 5:OO P.M. By proper motion the meeting was adjourned at.5:48 Respectfully submitted, I .. .. . ..~. . -, ~ ". . ~~~ ... . .. . I .. . .. . .... . , . . ... ~ .. - .. . 0 .. .. ' *. I.