HomeMy WebLinkAboutCT 88-03; Real Estate Collateral Management Company; 1998-0152407; OthereLEAS3 COMPLETE THIS INFORMATION. ,' . ..
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CITY CLERK
CITY OF CARLSBAD
1200 CARLSBAD VILLAGE DR
CARLSBAD CA 92008
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SAN DIEGO WNTY RECORDER'S OFFICE MFICIEIL RECMlDs
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AGREEMENT WITH REAL ESTATE COLLATERAL MANAGEMENT
COMPANY REGARDING ACQUISITION OF CERTAIN EASEMENTS
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AN AGREEMENT BETWEEN THE CITY OF CARLSBAD
AND REAL ESTATE COLLATERAL WAGEMENT COMPANY
FOR STREET AND OTHER PURF’OSES
REGARDING THE ACQUISITION OF CERTAIN EASEMENTS 5 8 1
AS REQUIRED FOR SUBDMSION CT 88-3
THIS AGREEMENT is made this e day of , 19% by and between the
City of Carlsbad, California, a municipal corporation (hereinafter called ‘‘Citf) and Real Estate
Collateral Management Company, a Delaware corporation (called “Subdivider”).
RECITALS
A. Subdivider is required as a condition of Resolution Number 90-258 of City Council
of the City of Carlsbad, to dedicate and provide certain improvements to wit: Condition No. 78 of
said Resolution requires half street widening of El Camino Real and off-site easements necessary for
126-foot widening along the railroad property.
B. The acquisition and development of half street El Camino Real as an off-site
improvement for the subdivision is essential to provide needed public facilities for the subdivision and
to mitigate the public facilities burdens created by the subdivision.
C. It is necess~ly that Subdivider secure said easement and install improvements thereon
and in accordance with specifications of the City of Carlsbad.
D. Subdivider has been unable to acquire by a negotiated purchase the required easements
for street and other purposes for the subdivision, and request that the City assist in the acquisition by
exercise of the City‘s power of eminent domain.
E. This Agreement is authorized by and is entered into pursuant to Section 20.16.095
of the Carlsbad Municipal Code and Section 66462.B of the Government Code.
NOW, THEREFORE, in consideration of the mutual covenants contained herein and of the
recitals, it is mutually agreed by and between the parties as follows:
1. The Ci has previously initiated an eminent domain action to quire right-of-way and
easements over the railroad property titled: City of Carlsbad vs. Northwestern Pacific Railroad
Company (San Diego Superior Court No. N71049).
2. The City, in the course of said litigation has negotiated, at the request of the owner,
a potential settlement whereby the owner is prepared to sell the entire railroad property for $210,000
in order to avoid severance and other claims.
11126196
3. City and Subdivider now wish to enter into this Agreement for Subdivider to assist
City in settling said condemnation action as follows:
3.1 RECM shall contribute up to $120,000 to the City to be used to settle the
condemnation action (“RECM’s Contribution”).
3.2 City shall contribute the balance needed to acquire the entire property free and
clear (i) of all monetary liens and prorated delinquent taxes and (ii) any other encumbrances which
interfere with the use of the property for open space and/or environmental mitigation purposes.
3.3 On or before ten (10) days following acquisition, the City shall convey the
entire property to RECM in the condition described in Section 3.2, reserving to the City any right-of-
way or other easements reasonably necessary for the Olivenhain Road and El Camino Real public
improvements. .
3.4 RECM shall secure RECM’s Contribution by establishing a deposit demand
account for the benefit ofthe City, utilizing customary terms and conditions (the “Account”), which
may be unilaterally drawn upon by the City in the went RECM does not hnd RECM’s Contribution
within ten (10) business days of City‘s written request. Said request shall be made for deposit into
an escrow or other secure arrangement to acquire fee title to the entire railroad property.
3.5 Said Account shall be established in a form reasonably acceptable to the City
within ten (10) days of the execution of this Agreement. If RECM does not establish the Account
timely, then City shall be entitled to exercise any and all remedies available to it, including, but not
limited to, withholding issuance of further final maps, grading and/or building permits. Upon receipt
of the RECM Contribution, City shall release the Account or any remaining balance thereof.
3.5 If City is required by law to do so, it shall offer and/or sell any surplus property
to another public agency prior to conveyance to RECM under Section 3.3. If such sale is made, the
amount of the RECM Contribution shall be limited to the value attributable to the El Camino Real
easements, exclusive of all attorneys’ fees.
4. As a condition precedent to the foregoing, a Phase I environmental survey must be
obtained prior to funding which shows the railroad property to be free of hazardous wastes; such
survey shall be at the sole cost and expense of RECM, and City shall obtain consent from the owner
for entry. City also agrees to (a) allow the railroad property to be annexed into the CC&Rs for CT
88-3, @) amend the existing reimbursement agreement for El Camino Real improvements to include
the RECM Contriiution, and (c) allow Corte Arboles improvements to terminate at the eastern edge
of SDG&E’s transmission line easement as a construction field change without additional plan check
fees.
2 11/26/96
5. This Agreement, if and when implemented, will substitute for any separate eminent
domain proceeding to acquire the necessary right-of-way or easements for the referenced El Camino
Red improvements mentioned above.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and
year first above written.
CITY OF WSBAD, n
ATTEST:
A,
City Clerk
APPROVED AS TO FORM:
REAL ESTATE COLLATEW MANAGEMENT
COMPANY, a Delaware corporation
3 11/:26/96
ACKNOWLEDGMENT
584
STATE OF CALIFORNIA 1
COUNTY OF SAN DIEGO ) 9s.
)
appeared James H. Jackson and Spiro 6. Kailas
zatisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within igstrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person (9) acted, executed the instrument.
On 11127196 , before me, Vivian Mae Walters, personally
ersonallv known to me (or proved to me on the basis of
WITNESS my hand and official seal.
Y%LLin!!&d Notary Public in and for said County and State [SEAL]