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<br />CITY COUNCIL MEETING DATE: <br /> <br /> <br />CLERK OF COUNCIL USE ONLY: <br /> <br />REQUEST FOR <br />COUNCIL ACTION <br /> <br />JUNE 9, 2006 <br /> <br />TITLE: <br />ASSIGNMENT OF CERTAIN RIGHTS, OWNERSHIP <br />AND SECURITY INTEREST IN THE COOPERATIVE <br />AGREEMENT FOR OFF-SITE IMPROVEMENTS BY <br />NEXUS DEVELOPMENT AND THE GRAND PLAN 2 <br />FOR THE NEXUS DEVELOPMENT PROJECTS AT <br />MACARTHUR PLACE SOUTH <br /> <br />APPROVED <br /> <br />o As Recommended <br />o As Amended <br />o Ordinance on 1 st Reading <br />o Ordinance on 2nd Reading <br />o Implementing Resolution <br />o Set Public Hearing For <br /> <br />O~a~- <br /> <br />CITY MANAGER <br /> <br />CONTINUED TO <br /> <br />FILE NUMBER <br /> <br />RECOMMENDED ACTION <br /> <br />Direct the City Attorney to prepare and authorize the City Manager and <br />Clerk of the Council to execute written consent approving the assignment <br />of certain rights, ownership and security interests in Cooperative <br />Agreement for Off-site Improvements by Nexus Development and The Grand <br />Plan 2 with such nonsubstantive changes as may be approved by the City <br />Manager and City Attorney as to form. <br /> <br />DISCUSSION <br /> <br />On June 20, 2005, the City/Redevelopment Agency approved a Cooperative <br />Agreement for Off-Site Improvements in conjunction with the MacArthur <br />Place South development. Parties of this agreement included the City, <br />the Redevelopment Agency, the Nexus Companies, Coastal Rim Properties and <br />the Sandpointe Neighborhood association. The agreement provided a <br />mechanism to fund various off - si te improvements wi thin the Sandpointe <br />neighborhood such as new block walls, window replacements, improvements <br />at Taft Elementary School, traffic mitigation and utility undergrounding. <br />Section 19 of the agreement also provides that either the Nexus Companies <br />or Geneva Commons may transfer or assign their respective rights granted <br />under the agreement. Such transfers or assignments require written <br />consent of the City Council. <br /> <br />The financing of the Nexus project will involve the transfer of project <br />ownership from The Grand Plan 2, LLC to NDC Skyline Associates, LLC. <br />Both companies are wholly owned Nexus subsidiaries. Further, all the <br />duties, obligations and liabilities arising from the agreement <br />(Exhibi t 1) will be assumed by NDC Skyline Associates, LLC, a Delaware <br />limited liability company. <br /> <br />1-1 <br />