Report to Carson Reclamation Authority
Monday, May 01, 2023
Consent
SUBJECT:
Title
CONSIDER SECOND AMENDMENT TO OPTION AGREEMENT BETWEEN THE CARSON RECLAMATION AUTHORITY AND CARSON GOOSE OWNER, LLC FOR CELLS 3, 4, AND 5 OF THE FORMER CAL COMPACT LANDFILL, 20400 SOUTH MAIN STREET, CARSON
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I. SUMMARY
The proposed Second Amendment would extend the term of the Option Agreement (Agreement) for an additional seven (7) months, to a new expiration date of January 10, 2024. As part of the consideration for the extension to the term under the Option Agreement, the Developer has agreed to pay the amount of $300,000, which is to be used by the Authority to pay Antieri & Associates Consulting Engineers, Inc. for the designs and planning for the dry-utilities and electrical work necessary to serve the 157 Acre Site (the "Initial Dry-Utility Planning"), as described further below.
II. RECOMMENDATION
Recommendation
1. APPROVE the Second Amendment to Option Agreement and Joint Escrow Instructions (Amendment) between the Carson Reclamation Authority and Carson Goose Owner, LLC; and
2. AUTHORIZE the Board Chair to execute the Amendment and all related documents.
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III. ALTERNATIVES
TAKE another action the Board deems appropriate.
IV. BACKGROUND
The proposed Second Amendment is between the Carson Reclamation Authority ("CRA") and Carson Goose Owner, LLC, a Delaware limited liability company ("Developer"). The Option Agreement was previously amended in October, 2022, to add an additional six months to the term.
The CRA and Faring Capital, LLC ("Faring") previously entered into an Option Agreement ("Agreement") on December 17, 2020. As was allowed under the terms of the Agreement, Faring assigned all its rights and obligations under the Agreement to the Developer, and Developer assumed those rights and obligations pursuant to an Assignment of Option Agreement and Joint Escrow Instructions, dated January 15, 2021, between Faring and Developer (the "Assig...
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