HomeMy WebLinkAboutRedevelopment Agency - 366 RESOLUTION NO. 3 6 6
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
HUNTINGTON BEACH DETERMINING THAT THE BELLA TERRA MALL
IS A FIRST-QUALITY SHOPPING MALL AND THAT THE CONSTRUCTION,
REHABILITATION AND RENOVATION REQUIRED BY THE OWNER
PARTICIPATION AGREEMENT IS COMPLETE UPON THE
RECORDATION OF PARCEL MAP 2003-163
WHEREAS, the Redevelopment Agency of the City of Huntington Beach entered into that
certain Owner Participation Agreement with Huntington Center Associates, LLC, dated October 2,
2000, which agreement was supplemented by that certain First Implementation Agreement dated
August 4, 2005 (collectively,the "OPA"); and
In August 2005, the Redevelopment Agency approved the assignment of the OPA to Bella
Terra Associates,LLC (the"Participant"); and
The OPA requires the construction, development, operation and management of a first
quality regional shopping center pursuant to plans approved by the City and meeting the design and
architectural standards of that certain Specific Plan referred to as "The Crossings" on. property
formally referred to as Huntington Center, now referred to as Bella Terra, and located at the
northwest corner of Beach Boulevard and Edinger Avenue; and
The OPA provides that, after completion of the construction of all improvements, as
reasonably determined by the Agency, the Agency shall furnish the Participant with a Release of
Construction Covenants upon written request. The Release of Construction Covenants is a
conclusive determination of satisfactory completion of the construction, rehabilitation and renovation
of the improvements required by the Scope of Development and Sections 401 and 501 (a) and (b) of
the OPA;
The Agency received a written request for the Release of Construction Covenants dated
December 11, 2006.
NOW, THEREFORE, the Redevelopment Agency of the City of Huntington Beach finds
and determines as follows:
I. Bella Terra is a first-quality regional shopping center as required by the OPA and
plans approved by the City and Agency.
2. The construction, rehabilitation and renovation required by the Scope of
Development and Sections 401 and 501 (a) and (b) of the OPA and the plans approved by the City
and Agency will be complete only upon the recordation of Parcel Map 2003-163.
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Resol' ution : No . 366
3. If, and only if, Parcel Map 2003-163 is recorded, the Executive Director is hereby
authorized to provide Participant with a Release of Construction Covenants for recordation with the
Orange County Recorder.
PASSED AND ADOPTED by the Redevelopment Agency of the City of Huntington Beach
at a regular meeting thereof held on the 18 t h day of December 200 6
Chairperso
ATTEST: APPROVED AS TO FORM:
1 Ir
Agency Clerk 2 I Agency Attorney
REVIEWED AND APPROVED: _ INITIATED AND APPROVED:
^ r,
ec tive Director Deputy Execut' e Director
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