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HomeMy WebLinkAboutEstoppel Certificates for Development Agreement 07-03 and Development Agreement 07-04 for El Paseo Village and Gardens on El Paseo Public Parking - The Taubman Realty GroupCITY OF PALM DESERT DEPARTMENT OF COMMUNITY DEVELOPMENT STAFF REPORT REQUEST: Approve Estoppel Certificates for Development Agreements 07-03 and 07-04 and for the El Paseo Village Public Parking Easement Agreement SUBMITTED BY: Lauri Aylaian APPLICANT: (Property Owner / Representative info) DATE: 10 November 2011 CONTENTS: Estoppel Certificate / Development Agreement 07-03 Estoppel Certificate / Development Agreement 07-04 Estoppel Certificate / El Paseo Village Public Parking Easement Agreement Recommendation By Minute Motion authorize the City Manager to execute estoppel agreements for Development Agreements 07-03 and 07-04 (both regarding the development of El Paseo Village) and for the El Paseo Village Public Parking Easement. Background The City Council approved Development Agreements 07-03 and 07-04 on June 12, 2008, and amended them on June 13, 2009. These agreements were between the City and El Paseo Land Company, LLC, and the City and Gardens SPE II, LLC, respectively. They provided the entitlements under which El Paseo Village was developed in 2009 and 2010. Davis Street Land Company has now sold The Gardens on El Paseo and El Paseo Village to The Taubman Realty Group Limited Partnership, El Paseo Village LLC, and requests approval of the subject estoppels. The estoppel certificates represent that the agreements are still in full force and effect, that they have not been modified beyond the amendments named on the certificate, and that the requesting party is not in default under the agreements. Such approval prevents the City from making claims against the new owners for issues that have arisen under the previous ownership. Taubman Realty Estoppel Certificates 10 November 2011 Page 2 of 2 A review of the records with the Public Works, Finance, Building & Safety, and Community Development Departments reveal no unresolved issues or current violations of the Palm Desert Municipal Code. The development agreements require that the City execute and sign estoppels within 30 days of receipt. Therefore, staff recommends that the City Council authorize the City Manager to execute the estoppels certificates. Fiscal Analysis There is no financial impact to the City associated with approval of the staff recommendation. Submitted by: Lauri Aylaian Director of Community Development M. Wohlmuth, City Manager CITY COUNCILAC,�'ION APPROVED ✓✓ DENIED RECEIVED OTHER AYES: r NOES: ABSENT: AIQ I ABSTAIN: VERIFIED BY: Original on File with City rk's Office gAplanning\lauri aylaian\staff reports\gardens on el paseo estoppel - 11-10-11.docx ESTOPPEL CERTIFICATE The undersigned, CITY OF PALM DESERT, CALIFORNIA, a municipal corporation organized and existing under the laws of the State of California (the "City"), hereby certifies to THE TAUBMAN REALTY GROUP LIMITED PARTNERSHIP, EL PASEO VILLAGE LLC AND THEIR SUCCESSORS AND ASSIGNS, AND THEIR LENDERS (collectively, the "Purchaser") with respect to that certain El Paseo Village Public Parking Easement Agreement dated September 8,2008, as amended by that First Amendment to El Paseo Village Public Parking Easement Agreement (the "Agreement") between the City and EL PASEO LAND COMPANY, L.L.C., a Delaware limited liability company (the "Developer"), as follows: 1. City's Warranties. City represents and warrants that, as of the date hereof, (a) attached hereto is a true, correct and complete copy of the Agreement; (b) the Agreement is and remains in full force and effect, and (c) to the City's knowledge, no default exists on the part of the City or the Developer under the Agreement, nor has any event occurred which, with the giving of notice, or the passage of time, or both, would constitute a default. 2. Assignment._ The City hereby acknowledges that the Developer has assigned or will assign to the Purchaser all of the Developer's rights under the Agreement. The City has executed this Estoppel Certificate as of the day of , 2011. CITY: THE CITY OF PALM DESERT, CALIFORNIA, A municipal corporation organized and existing under the laws of the State of California By: Name: Its: 2177688-1 ESTOPPEL CERTIFICATE The undersigned, CITY OF PALM DESERT, CALIFORNIA, a municipal corporation organized and existing under the laws of the State of California (the "City"), hereby certifies to THE TAUBMAN REALTY GROUP LIMITED PARTNERSHIP, EL PASEO VILLAGE LLC AND THEIR SUCCESSORS AND ASSIGNS, AND THEIR LENDERS (collectively, the "Purchaser") with respect to that certain Development Agreement 07-03 dated June 12,2008, as amended by that First Amendment to Development Agreement 07-03 dated June 11, 2009 (the "Agreement") between the City and EL PASEO LAND COMPANY, L.L.C., a Delaware limited liability company (the "Developer"), as follows: 1. City's Warranties. City represents and warrants that, as of the date hereof, (a) attached hereto is a true, correct and complete copy of the Agreement; (b) the Agreement is and remains in full force and effect, and (c) to the City's knowledge, no default exists on the part of the City or the Developer under the Agreement, nor has any event occurred which, with the giving of notice, or the passage of time, or both, would constitute a default. 2. Assignment. The City hereby acknowledges that the Developer has assigned or will assign to the Purchaser all of the Developer's rights under the Agreement. The City has executed this Estoppel Certificate as of the day of , 2011. CITY: THE CITY OF PALM DESERT, CALIFORNIA, A municipal corporation organized and existing under the laws of the State of California By:_ Name: Its: 2174202-4 ESTOPPEL CERTIFICATE The undersigned, CITY OF PALM DESERT, CALIFORNIA, a municipal corporation organized and existing under the laws of the State of California (the "City"), hereby certifies to THE TAUBMAN REALTY GROUP LIMITED PARTNERSHIP, THE GARDENS ON EL PASEO LLC AND THEIR SUCCESSORS AND ASSIGNS, AND THEIR LENDERS (collectively, the "Purchaser") with respect to that certain Development Agreement 07-04 dated June 12,2008, as amended by that First Amendment to Development Agreement 07-04 dated June 11, 2009 (the "Agreement") between the City and GARDENS SPE II, L.L.C., a Delaware limited liability company (the "Developer"), as follows: 1. City's Warranties. City represents and warrants that, as of the date hereof, (a) attached hereto is a true, correct and complete copy of the Agreement; (b) the Agreement is and remains in full force and effect, and (c) to the City's knowledge, no default exists on the part of the City or the Developer under the Agreement, nor has any event occurred which, with the giving of notice, or the passage of time, or both, would constitute a default. 2. Assignment. The City hereby acknowledges that the Developer has assigned or will assign to the Purchaser all of the Developer's rights under the Agreement. The City hereby consents to such collateral assignment and agrees to recognize Purchaser as the successor in interest to the Developer for all purposes under the Agreement so long as the Purchaser complies with the applicable terms of the Agreement. The City has executed this Estoppel Certificate as of the day of , 2011. CITY: THE CITY OF PALM DESERT, CALIFORNIA, A municipal corporation organized and existing under the laws of the State of California By:_ Name: Its: 2174203-4