SR-05-14-1985-5A
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Call fOt~nla
CA:RMM:rmcpla
CIty CouncIl MeetIng 5-14-85
Santa MonIca,
STAFF REPORT
S-A
MAY 2 1 \985
TO:
Mayor and CIty CounCIl
FROM:
CIty Attorney
SUBJECT:
OrdInance ApprOVIng Amendment Number 3 to
Development Agreement WIth Colorado Place
LImIted to Extend CertaIn Time PerIods
On March 25, 1985) Colorado Place LImited ("CPL"J requested
that the CIty approve amendments to the Development Agreement to
extend the tIme perIod to proceed WIth Phase II of Colorado
Place.
In response to thIS request, the CIty has negotIated ail
approprIate
amendment
to
the
Development
Agreement for
presentatIon to the CIty CounCIl.
The Development Agreement between CPL and the City
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
completed.
Phase 2 of the proJect WIll conSIst of offIce
bUIldIngs, a hotel, and a publIC 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 1, 1985,
to August 1, 1986, the
t Hue pe r 1 ad
in whIch CPL may satIsfy the condItions of a trust
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MAY 1 4 1985
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agreement provIdIng for the transfer of the Phase II property to
CPL.
2. Pdt'agraph 10(a) of the Development Agreement has been
amended to change the begHlnIng constructIon date for Phase II
from August 1 , 1985, to August 1 , 1986.
3. Paragraph 10(b) of the Development Agt'eemen t has been
changed to adJust the completIon date for Phase I and Phase I I
from eIght years to ten years after commencement of construction.
4. Paragraph 23 of the Development Agreement has been
amended to change the address to WhICh notIces are sent to
reflect the change In general partners of CPL.
Chapter 8 of ArtIcle IX of the MunICIpal Code contaIns
procedures for the proceSSIng of development agreements. Chapter
8 applIes to "(a]ll development agreements entered Into after the
effectIve date of thIS Chapter " MunICIpal Code SectIon
9800.
The proposed amendment to the Development Agreement does
not relate to the phYSIcal development of the property and does
not present plannIng or envIronmental concerns WIthIn the scope
of the PlannIng CommISSIon's JurISdIctIon. lAmendment Number 1
to the Development Agreement relatIng to parkIng was referred to
the PlannIng Commlsslon because It ralsed varIOUS parklng and
envIronmental concernsj Amendment Number 2 to the Development
Agreement relatlng to mortgagee protectlon was not referred to
the Plannlng CommIssIon.) Thus, referral to the Plannlng
CommISSIon IS unnecessary.
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RECOMMENDATION
It 1S respectfully recommended that the accompanYlng
ordInance be lntroducted for flrst readlng.
PREPARED BY:
Robert M. Myers, Clty Attorney
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