HomeMy WebLinkAboutResolution - 2317 RESOLUTION NO. 2317
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SAN JACINTO, CALIFORNIA, MODIFYING
THAT CERTAIN DEVELOPMENT AGREEMENT
DATED SEPTEMBER 19, 1989 BY AND BETWEEN
THE CITY OF SAN JACINTO AND PR EQUITIES,
LTD.
WHEREAS, the City of San Jacinto (the "City") and PR Equities
("Developer") have entered into that certain Development Agreement dated
September 19, 1989 and effective as of October 19, 1989 (the "Development
Agreement"), attached hereto as Exhibit "A" and incorporated by reference
herein; and
WHEREAS, the Development Agreement will expire by its own
terms on October 19, 2001; and
WHEREAS, Section 7.1 of the Development Agreement provides
that the City may modify the Development Agreement for any failure of the
Developer to perform any material duty or obligation of the Developer under the
Development Agreement; and
WHEREAS, the City has evidence that the Developer may has
failed to perform one or more material duties or obligations of the Developer
under the Development Agreement; and
WHEREAS, the City desires to modify the Development Agreement
by extending the term of the Development Agreement by one hundred and
twenty (120) days from the date of the Expiration Date of October 19, 2001 in
order to determine the full nature and extent of the Developer's failure to perform
one or more of the material duties or obligations under the Development
Agreement and to deal with such failures as the City later determines to be
appropriate: and
WHEREAS, all other legal prerequisites to the adoption of this
Resolution have occurred.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SAN
JACINTO RESOLVES AS FOLLOWS:
SECTION 1. The Development Agreement dated September 19,
1989 by and between the City of San Jacinto and PR Equities, Ltd. (the
"Development Agreement") is hereby modified pursuant to section 7.1 of the
ā¯‘evelopment Agreement by extending the expiration date of the Development
Agreement to one hundred and twenty (120) days following October 19, 2001 .
Except as expressly modified hereby all other terms, conditions and obligations
of the Development Agreement shall remain in full force and effect.
SECTION 2. This Resolution shall become effective immediately
upon its adoption by the City Council.
PASSED, APPROVED AND ADOPTED, this 18th day of October
2001.
Vote:
Ayes: Ayres, Carlson-Ruydos , Conner, 'rood
Noes: 'Done
Abstain: None
Absent: Williarls
m Ayres ice Mayor
ATTEST:
Susan Matthew, CMC, City Clerk