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HomeMy WebLinkAboutOceanside Properties LLC - 2016-08-31RECORDING REQUESTED BY WHEN RECORDED MAIL TO: City of Huntington Beach Office of Business Development 2000 Main Street Huntington Beach, CA 92648 Recorded in Official Records, Orange County wlml Ii1iI+IIII�I�Ili011RWeIIIIIIIIYIi1I Illilll NO FE p,��i,�as;aaa`.m ��,1,6 63 406 Al2 6 0.00 0.00 0.00 0.00 15.00 0.00 0.00 0.00 Space Above this line for Recorder's Use This doax.m. Is afty for Im afAcW hmmm d tha city d MfuM VIM G'' as °0"la"plMed undw Oov«mot Code sac. 6103 and IN -LIEU PARKING FEE AGREEMENT should b P rocordad bw d cheme. 122-124 Main Street This In -Lieu Parking Fee Agreement ("Agreement") is entered into as of Augi,Gr 31 , 2016 by and between the CITY OF HUNTINGTON BEACH, a municipal corporation ("City"), and OCEANSIDE PROPERTIES LLC ("Oceanside"). RECITALS A. Oceanside is the owner of 122-124 Main Street, in the City of Huntington Beach, California, ("Property"). The Property is shown and legally described on the attached Exhibit A which exhibit is incorporated herein by reference. B. Oceanside has applied to the City pursuant to the City's Zoning and Subdivision Ordinance for permission to partially demolish existing historical buildings, rehabilitate and relocate historic storefront facades, and construct a three-story mixed use building on the Property. As a condition of approval for these improvements, which were approved as part of Conditional Use Permit No. 12-011 approved by the City Council on January 20, 2015, City will require Oceanside to provide seventeen (17) on -Property parking spaces or pay an in -lieu parking fee as a condition of approval for CUP No. 12-011. NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Oceanside agrees as follows: TERMS 1. Payment of Fee: Oceanside, in lieu of providing seventeen (17) on -site parking spaces at 124 Main Street, hereby covenants and agrees to pay to City, a fee equal to Twenty -Seven Thousand One Hundred Seventy -Four Dollars and Seventy- seven Cents ($27,174.77) per parking space, for a total of Four Hundred Sixty - One Thousand Nine Hundred Seventy -One Dollars and Ten Cents ($461,971.10). 16-5233/135820 RECORDING REQUESTED BY WHEN RECORDED MAIL TO City of Huntington Beach Office of Business Development 2000 Main Street Huntington Beach, CA 92648 Space Above this line for Recorder's Use This dwnslent Is so* for the of kW buWnew of the City of Hondo eaeO, as underconWrnplabd Gommmnt IN -LIEU PARKING FEE AGREEMENT shwid bb rex� fte of a. 122-124 Main Street This In -Lieu Parking Fee Agreement ("Agreement") is entered into as of August 31 , 2016 by and between the CITY OF HUNTINGTON BEACH, a municipal corporation ("City"), and OCEANSIDE PROPERTIES LLC ("Oceanside"). RECITALS A. Oceanside is the owner of 122-124 Main Street, in the City of Huntington Beach, California, ("Property"). The Property is shown and legally described on the attached Exhibit A which exhibit is incorporated herein by reference. B. Oceanside has applied to the City pursuant to the City's Zoning and Subdivision Ordinance for permission to partially demolish existing historical buildings, rehabilitate and relocate historic storefront facades, and construct a three-story mixed use building on the Property. As a condition of approval for these improvements, which were approved as part of Conditional Use Permit No. 12-011 approved by the City Council on January 20, 2015, City will require Oceanside to provide seventeen (17) on -Property parking spaces or pay an in -lieu parking fee as a condition of approval for CUP No. 12-011. NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Oceanside agrees as follows: TERMS 1. Payment of Fee: Oceanside, in lieu of providing seventeen (17) on -site parking spaces at 124 Main Street, hereby covenants and agrees to pay to City, a fee equal to Twenty -Seven Thousand One Hundred Seventy -Four Dollars and Seventy- seven Cents ($27,174.77) per parking space, for a total of Four Hundred Sixty - One Thousand Nine Hundred Seventy -One Dollars and Ten Cents ($461,971.10). 16-5233/135820 1 2. Amount and Manner of Payment: Oceanside hereby covenants and agrees to pay the In -Lieu Fee described in Paragraph 1 as follows: Payment over ten years at the applicable interest rate with the first payment to be paid prior to issuance of Certificate of Occupancy or Final Building Permit inspection. Each ensuing payment will be made annually, on or before the anniversary date of the first payment, as set forth in the attached Exhibit B, incorporated herein by this reference. 3. Security Interest: As security for the performance of the obligations of Oceanside stated herein, both parties stipulate that this agreement shall constitute a lien against the Property under California Civil Code Section 2881 in the amount of Four Hundred Sixty -One Thousand Nine Hundred Seventy -One Dollars and Ten Cents ($461,971.10) on the Property and shall be subordinate to existing encumbrance against the property, but shall have priority over any other liens or encumbrances recorded on the Property. Such lien shall be extinguished upon payment in full of Four Hundred Sixty -One Thousand Nine Hundred Seventy - One Dollars and Ten Cents ($461,971.10). This covenant shall run with the land and be binding upon all successors in interest. Oceanside may substitute collateral of equal value to secure the payment of the in -lieu fee with the express written permission of the City, which shall be given provided the collateral is deemed by the City Council to be of equal value. 4. Effect of Default on CUP No. 12-011: Failure to pay in a timely manner may result in revocation of Conditional Use Permit No. 12-011, or other penalties. 5 No Cancellation: No breach of any provision of this Agreement shall entitle Oceanside to cancel, rescind, or otherwise terminate this Agreement or the obligations created thereby. 6. Partial Invalidity: Should any provision of this Agreement be held by a court of competent jurisdiction to be either invalid, void, or unenforceable, the remaining provisions of the Agreement shall remain in full force and effect unimpaired by the holding. 7. Governing Law: This Agreement shall be construed, interpreted, and enforced under and in accordance with and governed by the laws of the State of California. 8. Amendments: This Agreement may be amended, modified, and/or supplemented only by the written agreement of the Oceanside and the City, which amendment, modification, and/or supplement shall be effective and binding upon Oceanside. 9. Rights and Remedies Are Cumulative: The rights and remedies of the parties and the City are cumulative, and the exercise by either party or the City, of one or more of such rights or remedies shall not preclude the exercise by it, at the same 16-5233/135820 2 or different times, of any other rights or remedies for the same default or any other default by any party. 10. Interpretation of Agreement: This Agreement has been negotiated at arm's length and between persons sophisticated and knowledgeable in the matters addressed in this Agreement. In addition, each party has been given the opportunity to consult with experienced and knowledgeable legal counsel. Accordingly, any rule of law (including Civil Code section 1654) or legal decision that would require interpretation of any ambiguities in this Agreement against the party that has drafted it is not applicable and is waived. The provisions of this Agreement shall be interpreted in a reasonable manner to effect the purpose and intent of the parties to this Agreement. 1 l . Time of the Essence: Time is of the essence of this Agreement. 12, Further Assurances: The parties agree to execute such other documents and to take such other action as may be reasonably necessary to further the purposes of this Agreement. I3. Binding on Successors: This Agreement shall be binding upon and shall inure to the benefit of the City and Oceanside and their respective successors and assigns and to the successors and assigns of Oceanside or any portion thereof. 14. Recordation. When this agreement has been approved and executed by all parties. City will cause this Agreement to be recorded in the Office of the Orange County_ Recorder at its sole cost and expense. IN WITNESS WHEREOF, Oceanside has executed this Agreement as of the date first written herein above. REVIEWED AND APPROVED AS TO FORM AND CONTENT IM OCEANSIDE PROPERTIES LLC By City Attorney suant to City Council Resolution 2010-49) i# Print Name INI:J /TE ND APPROVED: fAy I / )ire tor' of Community Development Director of Business Development V 16-5233/135820 3 or different times, of any other rights or remedies for the same default or any other default by any parry. 10. Interpretation of Agreement: This Agreement has been negotiated at arm's length and between persons sophisticated and knowledgeable in the matters addressed in this Agreement. In addition, each part), has been given the opportunity to consult with experienced and knowledgeable legal counsel. Accordingly. any rule of law (including Civil Code section 1654) or legal decision that would require interpretation of any ambiguities in this Agreement against the party that has drafted it is not applicable and is waived. The provisions of this Agreement shall be interpreted in a reasonable manner to effect the purpose and intent of the parties to this Agreement. 11. Time of the Essence: Time is of the essence of this Agreement. 12. Further Assurances: The parties agree to execute such other documents and to take such other action as may be reasonably necessary to further the purposes of this A17reement. 13. Binding on Successors: This Agreement shall be binding upon and shall inure to the benefit of the City and Oceanside and their respective successors and assigns and to the successors and assigns of Oceanside or any portion thereof. 14. Recordation. When this agreement has been approved and executed by all parties. City will cause this Agreement to be recorded in the Office of the Orange Counn, Recorder at its sole cost and expense. IN WITNESS WHEREOF. Oceanside has executed this Agreement as of the date first written herein above. REVIEWED AND APPROVED AS TO OCEANSIDE PROPERTIES LLC FORM AND CONTENT MM By b Print Name INIPROVED: ire for of Community Development Director oBusiness Development 16-5233/135820 3 State of California County of On ' C 1,�} ��I P before me kt)L C4ix., / �j t.v , 1 i (Insert Name of Notary Public and Title) ' personally appeared �Ol l," k m' who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. Signature lit, G (Seal) SUHEE CHOE NOTARY PUBLIC - CAIIFORNLi LOS ANGELES COUNTY COMMISSION S 2141793 MY COMM. EXPIRES JAN. 24, 2020 ACK PkPA. -TOP 05108) Exhibit "A" Legal Description LOTS 22 AND 24 IN BLOCK 103 OF HUNTINGTON BEACH, AS SHOWN ON A MAP THEREOF RECORDED IN BOOK 30, PAGE 36 OF MISCELLANEOUS MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF ORANGE COUNTY, CA. 122-124 MAIN STREET IN -LIEU PARKING PAYMENT SCHEDULE - 10 Years ASSUMPTIONS: Proposed In -Lieu Fee Spaces: 17 Per Applicant's Plan Submittal $ 461,971.10 Fee per Space: $27,175 Per4-1-16 update calculation Fed Fund Fees + 500 basis pts. 1: 0.62% Prat# Due !?ate �,�: PrIncipal'[11Dj FedFund'Rafe. ryTotal P,yayme�t Rerrrarnng=Prr'recrpal balance;;: .: 1 Prior to C of O or Bldg Permit $ 46,197.11 $ 2,864.22 $ 49,061.33 $ 415,773.99 2 Payment'257,7.60 $. 48,7741��$. rar�i118fSaiy'C7.1st 3 Anniversary of 1st Payment $ 46,197.11 $ 2,291.38 „e $ 48,488,49 $ 323,379.77 1Y I13f1 Ts' F" y..�t�7 ti off .. x.3�-. /� 4 An'trersary of 1st �FllFil '2Lrt.V 1£i 5'iat�t1�d I Kl A /�7 -#QaLi ii�/'j . t` �i'{I lj�p'i� f �! rt l.. p ,iM'.+..y,. i�t i�l.�fl l�airM [�'77j�IV2,�V .... y .:. ...; ,.::..:,.. stn,, ,s 5 Anniversary ofIstPayment uuv +i .. Pi�3£ $ 46,197,11 $ 1,718,53 }$� 47,915.64 .. Y $ 230,985.55 nn�yer�sareaf�st?ayren,3, 46,'187 11.g 1432 11;$`.47,&29. 2 $ 184 7$8 44 .. 7 Anniversary of 1 st Payment $ 46,197,11 $ 1,145.69 $ 47,342.80 f. s... $ 138,591,33 ryryyy = Anniversa of 1 st ?`„l aq ;I �I , 9 Anniversary of 1 st Payment $ 46,197.11 $ 572.84 $ 46,769.95 $ 46,197.11 Note. 1 Annual FED Fund Rate is set on October 1st each year (may be higher or lower based upon annual verification) "EXHIBIT B"