HomeMy WebLinkAboutJacobsen Family Holdings-2011-26 •
AGREEMENT TO TERMINATE DISPOSITION AND
DEVELOPMENT AGREEMENT
This Agreement is hereby made and entered into by and between the City of Grand
Terrace Redevelopment Agency, a California public and body, corporate and politic, (hereinafter
"Agency"), and Jacobsen Family Holdings, LLC, a California Limited Liability Corporation
(hereinafter"Jacobsen"),jointly the parties (hereinafter"Parties") as follows:
RECITALS
A. The Parties have heretofore entered into a Disposition and Development
Agreement, (the "DDA") dated January 27, 2005, which Agreement was intended to facilitate
the disposition and development of property within the Barton Road Specific Plan.
B. Jacobsen has transferred its ownership interest a portion of the property subject to
the DDA to Stater Bros. Markets, a California Corporation, (hereinafter "Stater"), specifically,
APN's 1167-231-08 and 1167-231-04.
C. That portion of the property subject to the DDA owned by the Agency,
specifically APN's 1167-231-01 and 1167-311-01, will be retained by the Agency.
D. The Agency, the City of Grand Terrace (hereinafter "City") and Stater have
subsequently entered into an Economic Development Agreement, dated September 1, 2010, and
Stater has completed construction of the Market.
E. As a result of the foregoing,the Parties to the DDA wish to terminate said DDA.
NOW, THEREFORE,THE PARTIES DO HEREBY AGREE AS FOLLOWS:
1. The foregoing recitals are true and correct and incorporated hereat as if set forth
in full.
2. Effective on 09/13 , 2011,the Disposition and Development Agreement
between the Parties and dated January 27, 2005 and all amendments are hereby terminated.
Date:September 132011 AGENCY
CITY OF GRAND TERRACE
REDEVELOPMENT AGENCY,
a alifornia p blic body, corporate and politic
By:
Walt Stanckwwitz
Its: Chairman
Date: Sloi 2 , 2011 JACOBS/ENN ir OLDINGS,LLC
By: —/"%
Approved' as to Form:\
mA
John R. Harper, and Agency Attorney
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