Report to City Council and Successor Agency
Tuesday, November 05, 2019
Consent
SUBJECT:
Title
CONSIDER APPROVAL OF ACKNOWLEDGEMENT OF SATISFACTION OF CERTAIN OBLIGATIONS UNDER DECLARATIONS OF COVENANTS, CONDITIONS, AND RESTRICTIONS AND ASSIGNMENT WITH CRVI SBP LLC
(THIS IS A JOINT ITEM BETWEEN CITY COUNCIL AND SUCCESSOR AGENCY)
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I. SUMMARY
CRVI SBP LLC ("CRVI") is the current owner of South Bay Pavilion ("Mall"), and is requesting City of Carson and Carson Successor Agency to remove a 2006 Declarations of Covenants, Conditions, and Restrictions and Assignment ("CC&Rs"). CVRI's request is based addressing outstanding issues relating to property's various documents including the Title Insurance Policy. Aside from keeping existing documents up-to-date, this request could also make the due diligence process more streamlined in the event the property is offered for sale. Instead of termination of the CC&Rs, staff and the City Attorney's office are recommending approval of the Acknowledgement of Satisfaction of Certain Obligations under Declarations of Covenants, Conditions, and Restrictions and Assignment ("Declaration") document. This Declaration does not change any existing obligations of the CC&Rs. Instead, the document provides clarity and confirmation of the remaining obligations under the CC&Rs between the parties. CRVI has agreed to the proposed Declaration, and is requesting approval from the City Council and Successor Agency Board.
II. RECOMMENDATION
Recommendation
TAKE the following actions:
1. APPROVE the Acknowledgement of Satisfaction of Certain Obligations under Declarations of Covenants, Conditions, and Restrictions and Assignment ("Declaration") with CRVI SBP LLC.; and
2. AUTHORIZE the Mayor and Chairman to execute the Declaration with CRVI SBP LLC, following approval as to form by the City Attorney and Successor Agency Counsel.
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III. ALTERNATIVES
TAKE any other action the City Council and Successor Agency Board deems appropr...
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