Report to Mayor and City Council
Monday, August 01, 2022
Discussion
SUBJECT:
Title
CONSIDER AMENDMENT NO. 1 TO A COOPERATION AGREEMENT BETWEEN THE CITY OF CARSON AND THE CARSON RECLAMATION AUTHORITY FOR THE REIMBURSEMENT OF SALES TAXES TO FUND PUBLIC INFRASTRUCTURE AND SITE DEVELOPMENT COSTS FOR THE DEVELOPMENT OF A FASHION OUTLET RETAIL CENTER ON THE CELL 2 SURFACE LOT OF THE 157-ACRE SITE OWNED BY THE CARSON RECLAMATION AUTHORITY, KNOWN AS THE FORMER CAL-COMPACT LANDFILL
Body
I. SUMMARY
The City Council is asked to consider Amendment No. 1 to the Cooperation Agreement between the Carson Reclamation Authority ("Authority") and the City of Carson ("City") (Exhibit 1) to provide for the construction of site infrastructure and the reimbursement to the Developer for certain Site Development Costs. By separate action on the Regular City Council Agenda, the City Council is asked to introduce an Ordinance approving a First Amendment to Development Agreement ("DA Amendment") between the City of Carson and CAM-Carson, LLC.
City and Authority are parties to a Cooperation Agreement, dated September 6, 2018 ("Cooperation Agreement"). Developer and the City are parties to a Development Agreement also dated September 6, 2018 ("Development Agreement").
The Conveyancing Agreement between the Developer and the Authority, the Cooperation Agreement, and the Development Agreement are referred to as the "Project Agreements". The City, Authority, and Developer have agreed to restructure and amend the Project Agreements in a manner that will allow the Project to proceed after years of delay.
The Project Agreement Amendments provide that the Project Agreements be restructured as described above to enable CAM-Carson to be repaid for the Offsite Advances, the Embankment Lot Improvements, and any costs required for the completion of the Remaining Horizontal Work over and above the $32.5M contribution from the Authority through a share of the sales taxes received by the City ...
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