HomeMy WebLinkAboutResolution - 2325 STATE OF CALIFORNIA ) RESOLUTION NO. 2325
COUNTY OF RIVERSIDE)ss
CITY OF SAN JACINTO )
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"), and incorporated by reference herein; and
WHEREAS, the Development Agreement will expire by its own terms on
February 19, 2002; 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 have 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 Development Agreement by extending the expiration date of the
Development Agreement to one hundred and twenty (120) days fallowing
February 19, 2002. Except as expressly modified hereby all other terms,
conditions and obligations of the Development Agreement shall remain in
*4'"'' full force and effect.
SECTION 2 This Resolution shall become effective immediately upon its
adoption by the City Council.
PASSED, APPROVED AND ADOPTED, this 17th day of January
2002.
Vote:
Ayes: Ayres, Carlson-Buydos, Conner, Good
Nays: None
Absent: Williams
Abstain: None
If
City of San Jacinto
By Patrick A. Williams, Mayor
Nw
ATTEST:
(Dorothy L. houinard, City Clerk