Report to Carson Reclamation Authority
Tuesday, July 03, 2018
Special Orders of the Day
SUBJECT:
Title
CONSIDER IMPLEMENTATION OF PROJECT AGREEMENTS WITH CAM-CARSON, LLC, A DELAWARE LIMITED LIABILITY CORPORATION AND AN AFFILIATED ENTITY OF MACERICH, FOR THE DEVELOPMENT OF A FASHION OUTLET RETAIL CENTER ON THE CELL 2 SURFACE LOT OF A 157-ACRE PARCEL, THE FORMER CAL-COMPACT LANDFILL; INCLUDING: (1) APPROVAL OF CONSENT TO TRANSFER WHEREBY MACERICH TRANSFERS 50% OF THE DEVELOPMENT ENTITY TO SI-CARSON PROPERTY GROUP OR A SUBSIDIARY; (2) APPROVAL OF AN AGREEMENT TO UNDERTAKE A VALIDATION ACTION OF THE TRANSACTION AND PROVIDE FOR REIMBURSEMENT OF CITY/AUTHORITY EXPENSES; (3) CONDUCT A PUBLIC HEARING PURSUANT TO CODE SECTION 53083; AND (4) AUTHORIZING MAYOR, CHAIRMAN, CITY MANAGER OR EXECUTIVE DIRECTOR AS THE CASE MAY BE, TO APPROVE CERTAIN IMPLEMENTING AGREEMENTS INCLUDING AN OPERATIONAL AGREEMENT, EASEMENT, DEED OF TRUST, AND OTHER IMPLEMENTING AGREEMENTS
(THIS IS A JOINT ITEM BETWEEN RECLAMATION AUTHORITY, CITY COUNCIL AND SUCCESSOR AGENCY)
Body
I. SUMMARY
The City Parties, the City and Reclamation Authority, after entering an Exclusive Negotiating Agreement ("ENA") on July 7, 2016, and pursuant thereto negotiated and on April 3, and again on April 17, acted to approve a Development Agreement, Conveyancing Agreement, and Cooperation Agreement (collectively the "Project Agreements") with CAM-CARSON, LLC, a Delaware limited liability company ("Developer"), and affiliate of The Macerich Company of Santa Monica, California for the development of a high end fashion outlet mall.
The project is approximately 41 net acres of the Surface Lot of Cell 2 and certain easement areas therein legally described in Exhibit "C-1" of the Agreement ("Cell 2 Surface Lot") which is a part of the 157 Acre Site formerly known as the Cal-Compact Site (Exhibit "A"). The Authority will also convey certain easement rights to Developer for purposes of construction, operation and use of th...
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