Report to Carson Reclamation Authority
Monday, September 11, 2023
Consent
SUBJECT:
Title
CONSIDER THIRD AMENDMENT TO OPTION AGREEMENT WITH CARSON GOOSE OWNER, LLC FOR THE DEVELOPMENT OF CELLS 3, 4, AND 5 ON THE FORMER CAL COMPACT LANDFILL
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I. SUMMARY
The proposed Third Amendment to Option Agreement ("Third Amendment") would make certain changes to the payments required from the developer, Carson Goose Owner, LLC ("CGO" / "Developer"), to the Carson Reclamation Authority ("CRA") at the closing and transfer of the Cells 3, 4, and 5 portion of the former Cal-Compact Landfill (known and referred to as the "157 Acre Site"), and makes certain changes to the closing conditions to enable the transfer of Cells 3, 4, and 5 to the Developer, among other things, in order to facilitate the closing of the transaction as early as November 2023. The proposed Third Amendment is an amendment to the original Option Agreement, which was entered into on December 17, 2020, and was subsequently amended in October 2022, and again in May 2023.
II. RECOMMENDATION
Recommendation
1. APPROVE the Third Amendment to Option Agreement and Joint Escrow Instructions ("Third Amendment") between the Carson Reclamation Authority and Carson Goose Owner, LLC; and
2. AUTHORIZE the Board Chair to execute the Third Amendment and all related documents.
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III. ALTERNATIVES
TAKE another action the Authority Bard deems appropriate.
IV. BACKGROUND
CRA and Faring Capital, LLC ("Faring") previously entered into that certain Option Agreement and Joint Escrow Instructions, dated as of December 17, 2020 (the "Original Option Agreement"). Faring assigned all its rights and obligations under the Original Option Agreement to Developer, and Developer assumed the same pursuant to that certain Assignment of Option Agreement and Joint Escrow Instructions, dated January 15, 2021, between Faring and Developer (the "Assignment"). Subsequently, Developer and the CRA entered into that certain Amen...
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