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Home My WebLink AboutAD 86-01; Carltas Company; 86-349359; Reimbursement Agreement/Releaseessz a 06 34935 B v. City Clerk rGarlsbad, CA 92008 1200 Elm Avenue REIMBURSEMENT AGREEMENT 886 A& f4 p& 2: VEf?A L. LYLE COUNT 'Y kES&gj& THIS AGREEMENT is made by and between the CITY OF CARLSBAD 1-e ity"), corporation, and CARLTAS CO. ("Owner"), a Cal iforni a corporation. RECITALS ------e- l. The City Council of the City has initiated proceedings for the formation special assessment district, pursuant to the terms and provisions 01 "Municipal Improvement Act of 1913", being Division 12 of the Street( Highways Code of the State of California, for the construction of certain F works of improvement, together with appurtenances and appurtenant work, assessment district to be known and designated as (PALOMAR AIRPORT ROAD) ASSESSMENT DISTRICT NO. 86-1 (hereinafter referred to as the "Assessment District"). 2. The public works of improvement proposed to be constructed pursuant tc Assessment District include street improvements to Palomar Airport Road, improvements, drainage improvements, uti1 ity installation and acquisitic r i gh t -of -w ay . 3. Owner is the owner of certain real property'located in the City of Carlsba identified as Assessor's Parcel No. 211-021-19 (the "Property"). Property is more particularly described in txhibit "A", which is attached h and by this reference made a part hereof. 4. The Property is currently included within the proposed boundaries of Assessment District and accordingly to the "Investigation Report" prepare, the City pursuant to the "Special Assessment Investigation, Limitation Majority Protest Act of 1931", the Property would be subject to assessment. 5. Pursuant to the proceedings of the "Special Assessment Investigation, Limit and Majority Protest Act of 1931", Owner has filed a written protest perta to the formation of the! Assessment District and the levy of the proposed as ment against the Property. Owner's protest is based upon Owner's belief tha Property does not benefit from the proposed public works of improvement result of limitations on development placed upon the Property under the cu Local Coastal Plan and other land use restrictions. 6. Owner has agreed to withdraw its protest to the formation of the Asses District if the City agrees to contribute to the Assessment District a sum 1 to the assessment against the Property and to modify the Assessment Dis proceedings to eliminate any proposed assessment against the Property. 7. 'City is willing to contribute the sum specified herein if the Owner agrec reimburse the City for such contribution plus interest as specified herein and if the Local Coastal Plan restrictions on development of the Propert? other 1 and use restrictions are el iminated. B 0 c 658-3 8. Owner is willing to agree to reimburse the City for monies advanced, prl that the terms and conditions hereinafter have a reasonable time limit ar obligation is not perpetual. NOW, THEREFORE, upon the terms and conditions and for the consideration set hereinafter, the parties agree ds follows: 1. City agrees that it will contribute a sum not to exceed $ $747-nhi 9 represents the current proposed assessment against the Property, and appr change and modification in the Assessment District proceedings so that confirmation of assessments within the Assessment District no assessment WOI levied against the Property. 2. Prior to the close of the protest hearing conducted pursuant to the "Mun Improvement Act of 1913", Owner agrees to file with the City Clerk a w' withdrawal of Owner's protest to the formation of the District and @mer thereafter not to file a protest to such formation. 3. When and if the Local Coastal Plan and other land use restrictions are so fied as to permit development of the Property and the City's General concurrently permits development of the Property and Owner requests a pern allow development on said land either through a use permit, building PC grading permit or subdivision or parcel map, Owner shall then imnediatc obligated to either (a) reimburse the City for the principal amount of the contribution to the Assessment District, plus interest, as set forth here (b) execute a promissory note and deed of trust pursuant to the term conditions as set forth hereinafter. For purposes of this Agret "development" means the division( of land, grading or original construction improvement to the Property, which division of land, grading or constructi of the type normally associated with urban development as opposed to agricu' activity and which is capable of receiving and utilizing the special ber accruing to the Property from the construction of the public works of impro\ pursuant to the Assessment District. In lieu of paying the principal and interest upon development, the Property may, at its option, elect to pay all sums necessary to bring current the ( as if an assessment had been levied, and then to pay the balance due o period of years, said period being the balance of the term for the issuar bonds. ?his obligation to pay over a period of years shall be evidenced note and deed of trust in form satisfactory to the City Attorney, and said l may be prepaid at any time without penalty. 5. ?he Reimbursement Agreement and obligation shall be in full force and effec thirty (30) years, and the Property Owner's obligation and paynent shall i interest at the rate of eight and one-quarter percent (8.25%) per annum frc date of issuance of the bonds for the Assessment District for a period of fl k' (15) years. 6. Upon execution of this Agreement, the City shall cause a copy of this Agrc to be recorded in the Office of the County Recorder of the County of San Oic 4. 1) 0 I. . n bss4 7. This Agreement constitutes the entire agreement between the parties per to the subject matter contained herein, and supercedes all pric contemporaneous agreements, representations and understandings of the p No supplement, modification or amendment of this Agreement shall be I unless executed in writing by all the parties. No waiver of any provisions of this Agreement shall be deemed or shall constitute a waiver other provision, whether or not similar, nor shall any waiver consti continuing waiver. No waiver shall be binding unless executed in writing parties making the waiver. 8. This Agreement shall be binding upon and inure to the benefit of the res1 heirs, personal representatives, successors and assigns of the parties her 9. A1 1 warranties, representations, covenants, obligations and agreement; cor in this Agreement shall survive the execution and delivery of this Agreemc any and all performances in accordance with thio Agreement. 10. In the event that judicial or other legal action is initiated pertaining enforcement of this Agreement, the prevailing party in such action sh entitled to reasonable attorney's fees and costs. 11. Any notice, request, demand or other communication to be given to either hereunder shall be in writing and shall be sent by registered or certifiec as follows: TO CITY: City of Carl sbad 1200 Elm Avenue Carl sbad, CA 92008 Attention: City Manager TO OWNER: Carltas Co. . Christopher Calkins P. 0. Box 488 Encinitas, CA 92024 Notice shall have been deemed to be given forty-eight (48) hours after th has been deposited in the United States mail post office box in the St which the notice is addressed, or seventy-two (72) hours after deposited such post office box other than the State in which the notice is addr postage prepaid, addressed as set forth above. The addresses and addresse the purpose of this paragraph may be changed by giving of written notice c change in the manner provided herein for giving notice. Unless and unti notice is received, the last address and addressee stated by written n shall be deemed to continue in effect for all purposes hereunder. IN WITNESS WHEREOF, the parties hereto have executed this Reimbursement Agreem the date and year set forth below. e 0 . ' E585 August 9 1s EXECUTED at Carlsbad . , California, this _~th day of "C ITY 'I CITY OF CARLSBAD By:% c(. 6!2&-&L MARY H. C LER, Mayor By: lzt%k& 2 ALETHA L. RAUTENK /* 19 EXECUTED at &&C,&/TH? , California, this /&a day of JOL~ ent 0 G 6586 e .. b CERTIFICATION STATE OF CALIFORNIA) COUNTY OF SAN DIEGO) ss. I, KAREN R. mZ, ~eputy, City Clerk of the City of Carlsbad, County of San Diego, State of California, hereby certify that I have compared the foregoing copy of the Reimbursement Agreement with Carltas Co, which original copy is on file in the City Clerk's Office , of the City of Carlsbad; that the same contains a true and correct transcript therefrom. WITNZSS my hand and the seal of said City of Carlsbad, this 11th day of August , 1986 . I Depy CitP1ep.k 4 (SEAT,)