Report to Carson Reclamation Authority
Thursday, July 18, 2024
Discussion
SUBJECT:
Title
CONSIDER AUTHORIZING EXECUTIVE DIRECTOR LETTER AMENDMENT TO AMENDED AND RESTATED ENVIRONMENTAL REMEDIATION AND DEVELOPMENT MANAGEMENT AGREEMENT, DATED JUNE 20, 2019 (THE "ORIGINAL AGREEMENT"), BETWEEN THE CARSON RECLAMATION AUTHORITY ("CRA") AND RE SOLUTIONS, LLC ("RES")
Body
I. SUMMARY
The CRA and RES entered into a Settlement Agreement, dated October 31, 2022 (as subsequently amended, the "Settlement Agreement"). Part of the Settlement Agreement was tied to the CAM-Carson, LLC ("CAM") project on Cell 2 moving forward. In March 2024 CAM elected to terminate the Second Amendment to Conveyancing Agreement prior to the expiration of the due diligence period, so the previously executed Settlement Agreement between the CRA and RES has terminated pursuant to its terms. Therefore, RES and the CRA seek to into an amendment to the Original Agreement ("Letter Amendment") to establish the terms upon which the Original Agreement shall continue as contemplated by Section 2.2 of the Settlement Agreement.
Also, as of the effective date of this Letter Amendment, the parties are in negotiations regarding a potential second letter amendment to the Agreement regarding the performance of specified construction management/Development Services (if such document is approved and executed by the parties, the "CM Letter Amendment").
This Letter Amendment is presented in draft, as the Authority Counsel and RES' attorneys are still working on language related to the termination provisions. The final signed copy will be in a form acceptable to the Authority Counsel but will deviate only slightly from this draft. The scope of services is unaffected. The term shall commence on July 26 2024 and shall expire on June 1 2026, unless earlier terminated by either party.
II. RECOMMENDATION
Recommendation
1. APPROVE a Letter Amendment to Amended and Restated Environmental Remediation and Devel...
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