SR-410-003 (9)
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City Council Meeting 5-14-85
Santa Monlca,
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HAY 1 ( 1985
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TO:
Mayor and CIty CouncIl
FROM:
City Attorney
SUBJECT:
OrdInance Approving Amendment Number 3 to
Development Agreement with Colorado Place
Limited to Extend Certaln Tlme Perlods
On March 2S) 1985} Colorado Place Llmited ("CPt") requested
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that the City approve amendments to the Development Agreement to
extend the tIme period to proceed with Phase II of Colorado
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Place.
In response to this request, the City has negotiated an
appropriate
amendment
to
the
Development
Agreement for
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presentation to the City Council.
The Development Agreement between CPL and the City
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prOVides for a two phase development of property surrounded by
Broadway) 26th Street, Colorado Avenue} and Cloverfleld. The
physical construction of Phase I of the project has been
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completed.
Phase 2 of the project WIll consist of offIce
buildings, a hotel, and a publ1C park.
The
proposed
amendment to the Development Agreement
consists of four changes described as follows:
1. Paragraph 4 of the Development Agreement has been
amended to change from August l} 1985, to August 1, 1986} the
time perIod in which CPL may satisfy the conditIons of a trust
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MAY 1 4 1985
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