REQUEST FOR CITY COUNCIL AND
CORONA HOUSING AUTHORITY ACTION
DATE: 10/04/2023
TO: Honorable Mayor and City Council Members
Honorable Chairman and Board of Commissioners
FROM: Economic Development Department
SUBJECT:
Title
THIRD AMENDED AND RESTATED DISPOSITION AND DEVELOPMENT AGREEMENT AMONG THE CITY, CORONA HOUSING AUTHORITY, REST AREA, LLC. AND SUN CIRCLE, LLC. AND AMENDED AND RESTATED LICENSE AGREEMENT WITH REST AREA, LLC.
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EXECUTIVE SUMMARY:
This staff report asks the City Council and Corona Housing Authority to consider a Third Amended and Restated Disposition and Development Agreement among the City, Corona Housing Authority, Rest Area, LLC., and Sun Circle, LLC. for the bifurcation of the North and South Corona Mall projects. It also asks the City Council to approve a First Amended and Restated License Agreement, removing the City's obligation to reimburse up to $200,000 in tenant improvement costs at the South Mall.
RECOMMENDED ACTION:
Recommended action
That the City Council:
a. Approve and authorize the City Manager to execute the Third Amended and Restated Disposition and Development Agreement among the City, Corona Housing Authority, Rest Area, LLC., and Sun Circle, LLC., contingent upon receipt by City of the properly executed grant deed for the North Mall Property.
b. Approve and authorize the City Manager to execute the First Amended and Restated License Agreement with Rest Area, LLC to remove the $200,000 Tenant Improvement Credit.
That the Corona Housing Authority approve and authorize the Executive Director to execute the Third Amended and Restated Disposition and Development Agreement among the City, Corona Housing Authority, Rest Area, LLC. and Sun Circle, LLC., contingent upon receipt by Authority of the properly executed grant deed for the North Mall Property.
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BACKGROUND & HISTORY:
On May 17, 2017, the City and the Housing Authority entered into a Disposition and Development Agreement ("DDA") with Lab Ho...
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