HomeMy WebLinkAboutRES NO 208-02RESOLUTION NO.
208°02
RESOLUTION APPROVING FORM AND SUBSTANCE OF ADDENDUM
TO ACQUISITION AND DISCLOSURE AGREEMENT AND AUTHORIZING
CHANGES THERETO AND EXECUTION THEREOF
CITY OF BAKERSFIELD
ASSESSMENT DISTRICT NO. 02-1
(AVALON/BELSERA/MONTARA/THE WOODS)
WHEREAS, by its Resolution No. 129-02, adopted by this City Council (this
"Council") on July 31, 2002, this Council has previously approved an Acquisition and Disclosure
Agreement between the City of Bakersfield (the "City") m~d Bakersfield Avalon, LLC
("Bakersfield Avalon"), which agreement has since been executed by both parties as Agreement
No. 02-244 ("Agrccment No. 02-244"); and
WHEREAS, the parties now wish to amend Agreement No. 02-244 to provide (a)
that a prescribed portion of the moneys which become payable to Bakersfield Avalon pursuant to
Agrccmcnt No. 02-244 (the "Withheld Funds") will be withheld until Bakersfield Avalon has
exercised its option to purchase a significant parcel of land (the "Option Parcel") pertaining to
their dcvclopmcnt projcct and (b) if said option is not exercised by a prescribed deadline, that the
City shall utilize the Withheld Funds to prepay Assessment No. 1 of Assessment District No. 02-
1 (Avalon/Belser~Montara/The Woods) (thc "Assessment District"), which assessment is
secured by a lien upon the Option Parcel; and
WHEREAS, there havc bccn filed with the City Clerk of the City of Bakersfield
(the "City") a fom~ of addendum to Agreement No. 02-244 (thc "Addendum") which has been
prepared by Orrick, Herrington & Sutcliffe LLP, as bond counsel to the City for the Assessment
District ("Bond Counsel"), and reviewed and approved as to form by the City Attorney; and
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WHEREAS, this City Council wishes to approve the Addendum and to authorize
the execution thereof;
NOW, THEREFORE, THE CITY COUNCIL HEREBY FINDS, DETERMINES
AND RESOLVES as follows:
1. This City Council approves the Addendum.
2. The Mayor is authorizcd to sign the Addendum, the Finance Director is
authorizcd to countersign the Addendum as signed by the Mayor, and all other officers and
representatives of the City and Bond Counsel are authorized to execute ~vhere indicated.
3. This resolution shall become effective immediately upon adoption.
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I HEREBY CERTIFY that the foregoing resolution was passed and adopted by
the Council of the City of Bakersfield at a regular meeting thereof held on December 11, 2002,
by the following votc:
ABSTAIN:
ABSI!N [:
('ARSON, BINIIAM, MAGGARD, COUCII, IIANSON, SUllIVAN, SALVAGGIO
Councilmember s~Z>} ~
City Clerk and Ex Officio
Clerk of the Council of the
City of Bakersfield
APPROVED this 1 lth day of December, 2002
HARVEY L. HALL f
Mayor o f lh~-~ of Baker~eld !
APPROVED AS TO FORM:
ORRICK, HERRINGTON & SUTCLIFFE LLP
APPROVED AS TO FORM:
BART J. THILTGEN
City Attorney
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