OBRES 2012-006 RESOLUTION NO. OB 2012 -006
A RESOLUTION OF THE OVERSIGHT BOARD OF THE
SUCCESSOR AGENCY TO LA QUINTA
REDEVELOPMENT AGENCY APPROVING A CHANGE
TO THE SCHEDULE OF PERFORMANCE TO AN OWNER
PARTICIPATION AGREEMENT BETWEEN THE FORMER
LA QUINTA REDEVELOPMENT AGENCY, MEGA
DEALER, LLC, AND ROBERT N. LA TORRE, INC., AND
AUTHORIZING THE CONTINUED ADMINISTRATION
AND IMPLEMENTATION OF THE SAME
WHEREAS, the Oversight Board of the Successor Agency to La Quinta
Redevelopment Agency ( "Oversight Board ") has been established to direct the City
of La Quinta, in its capacity as "successor agency," to take certain actions to wind
down the affairs of the former La Quinta Redevelopment Agency ( "Agency ") in
accordance with the requirements of Assembly Bill 26, also known as chapter 5,
Statutes 2011, First Extraordinary Session, which added Part 1.8 and Part 1.85 of
Division 24 of the California Health and Safety Code ( "ABx1 26 "); and
WHEREAS, on or about June 14, 2011, the former Agency entered into an
Owner Participation Agreement ( "Agreement ") with Mega Dealer, LLC and Robert
N. La Torre, Inc, pursuant to which the Agency agreed to provide financial
assistance in an amount up to One Million Five Hundred Thousand Dollars
($1,500,000) towards the costs to expand the existing Torre Nissan automobile
dealership; and
WHEREAS, the Agreement contains a Schedule of Performance (the
"Schedule ") that requires the expansion project to be completed by June 14, 2012;
and
WHEREAS, due to unanticipated delays, including, without limitation, the
uncertainty caused by the dissolution of the Agency, the developer has requested a
revision to the Schedule that would extend the project completion date until
October 14, 2012; and
WHEREAS, the City, as the Successor Agency to the former Agency, has
approved the requested revision to the Schedule; and
NOW, THEREFORE, the Oversight Board of the Successor Agency to La
Quinta Redevelopment Agency does hereby resolve as follows:
SECTION 1. The above Recitals are true and correct.
Resolution No. OB 2012 -006
Approval of Revision to Nissan OPA Schedule
Adopted: April 4, 2012
Page 2
SECTION 2. The Oversight Board approves the approval by the City, as Successor
Agency to the former Agency, of the revised Schedule, which revised Schedule is
on file with the Secretary of the Oversight Board.
SECTION 3. The City, as Successor Agency to the former Agency, has the right
and authority to continue administering and implementing the Agreement, and no
further approvals or authorizations are required by the Oversight Board with respect
to the same.
SECTION 4. The Oversight Board has determined not to terminate or renegotiate
the Agreement pursuant to its authority under Health and Safety Code Section
34181(e).
PASSED, APPROVED and ADOPTED at a regular meeting of the Oversight
Board of the Successor Agency to La Quinta Redevelopment Agency held this 4
day of April, 2012 by the following vote, to wit:
AYES: Board Members Ellis, Marshall, Maysels, McDaniel, Osborne and
Chairperson Pena
NOES: None
ABSENT: Board Member Nelson
ABSTAIN: None ^\
/ o
JOHN J
Oversight Board of the Successor Agency
to La Quinta Redevelopment Agency
ATTEST:
toss
• RI AFOND
Oversight Board S6cr =tary