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ORD 470U URGENCY ORDINANCE NO. 470U AN ORDINANCE OF THE CITY OF RANCHO PALOS VERDES APPROVING AMENDMENT NO. 4 TO THE TRUMP NATIONAL DEVELOPMENT AGREEMENT, WHICH EXTENDS THE DEVELOPMENT AGREEMENT FROM MARCH 9, 2008 THROUGH JULY 18, 2008, AND DECLARING THE URGENCY THEREOF WHEREAS, California Government Code Section 65864 et seq. authorizes cities to enter into development agreements with private property owners; and WHEREAS, the Rancho Palos Verdes City Council (the "City Council") previously adopted Ordinance No. 328 approving that certain Development Agreement (the "Development Agreement") by and between the City of Rancho Palos Verdes (the "City") and Palos Verdes Land Holdings Company, L.P., a California limited partnership, and the Zuckerman Entities (as defined in the Development Agreement), dated as of November 20, 1997, and recorded on December 8, 1997, as Instrument No. 97-1929840 in the Official Records of Los Angeles County, California; and WHEREAS, pursuant to Government Code Section 65868, development agreements may be amended; and WHEREAS, the City Council previously approved an Amendment to Ocean Trails Development Agreement (the "First Amendment"), by and between the City and Ocean Trails, L.P., the successor in interest to Palos Verdes Land Holdings Company, L.P. and the Zuckerman Entities, on September 18, 2001, and recorded on December 3, 2001 as Instrument No. 01-2301342 in the Official Records of Los Angeles County, California. Additionally, the City Council previously approved a second Amendment to the Ocean Trails Development Agreement (the "Second Amendment"), by and between the City and VH Property Corp., a Delaware corporation, on March 4, 2003, and recorded as Instrument No. 03-1139102. Furthermore, the City Council previously approved a third Amendment to the Ocean Trails Agreement (the "Third Amendment") by and between the City and VH Property Corp., a Delaware corporation, on November 20, 2007. The Development Agreement, First Amendment, Second Amendment and Third Amendments are sometimes referred to collectively herein as the "Agreement"; and WHEREAS, VH Property Corp. ("Developer") is the successor in interest to Ocean Trails, L.P; and WHEREAS, the parties wish to extend the life of the Development Agreement from March 9, 2008 through July 18, 2008; and WHEREAS, the City Council conducted a duly noticed public hearing on March 4, 2008, at which time all interested parties were given an opportunity to be heard and present evidence regarding the proposed Fourth Amendment. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RANCHO PALOS VERDES DOES HEREBY ORDAIN AS FOLLOWS: Section 1. The proposed Fourth Amendment to the Development Agreement makes a minor amendment to the Development Agreement to extend its life from March 9, 2008 through July 18, 2008. This minor change to the Development Agreement does not make any physical change to the Project or to the conditions of approval that were imposed on the Project and conforms to the maps and policies of the City's General Plan. Accordingly, the revision to the Development Agreement is consistent with all applicable provisions of the General Plan. Section 2. The proposed Fourth Amendment to the Development Agreement complies with the requirements of California Government Code Sections 65865 through 65869.5. Section 3. The proposed Fourth Amendment to the Development Agreement will not be detrimental, or cause adverse effects, to adjacent property owners, residents, or the general public, since the project will be constructed in accordance with the plans that were approved previously by the City Council, including any amendments to the plans that have been approved previously by the City Council. Section 4. The proposed Fourth Amendment to the Development Agreement does not alter the clear and substantial benefit to the residents of the City of the Project, since the proposed amendment makes no substantive changes to the Project or to the Development Agreement. Section 5. During the ten-year term of the Development Agreement a major landslide occurred on the property that is subject to the Development Agreement. The landslide delayed completion of the project for several years while the landslide was being studied and repaired. In addition, two additional landslides on the property caused geologic concerns regarding the completion of the portion of the project that is within Tentative Tract Map No. 50666. The geologic issues were not easily resolved and required a panel of three experts to be retained by the City, as requested by the Developer. Some of these issues still need to be Ordinance No. 470U Page 2 of 4 resolved before the development of the project can be completed. The failure to resolve these geologic issues in a satisfactory manner could result in additional land failures on the site, which could have an immediate and adverse impact upon the public health, safety and welfare. If the Development Agreement is not extended to July 18, 2008, the parties will not be able to revise its terms before it expires. This ordinance, therefore, is necessary for the immediate protection of the public health, safety and welfare and shall take effect immediately upon adoption as an urgency ordinance. Section 6. For the foregoing reasons, and based on the information contained in the staff reports, supporting documentation, minutes and other records of the proceedings, all of which are incorporated herein by this reference, the City Council hereby approves the proposed Fourth Amendment to the Development Agreement with VH Property Corp... which amendment is attached hereto as Exhibit "A" and incorporated herein by this reference. Section 7. The City Clerk shall cause this Urgency Ordinance to be posted in three (3) public places in the City within fifteen (15) days after its passage, in accordance with the provisions of Section 36933 of the Government Code. The City Clerk shall further certify to the adoption and posting of this Ordinance, and shall cause this Ordinance and its certification, together with proof of posting, to be entered in the Book of Ordinances of the Council of this City. Section 8. This Ordinance shall go into effect and be in full force and effect immediately upon its passage. This ordinance is effective until 11:59 p.m. on July 18, 2008, unless further extended by the City Council by the adoption of another ordinance. PASSED, APPROVED and ADOPTED this 4th day of March 2008. • At& May r ATTEST: 1, 16, /, City Clerk Ordinance No. 470U Page 3 of 4 STATE OF CALIFORNIA ) COUNTY OF LOS ANGELES )ss CITY OF RANCHO PALOS VERDES ) I, Carla Morreale, City Clerk of the City of Rancho Palos Verdes, do hereb ' certify that the whole number of members of the City Council of said City is five; that the foregoin, Ordinance No. 470U was duly and regularly adopted by the City Council of said City a a reguir meeting thereof held on March 4, 2008, and that the same was passed and adopted by the following roll call vote: AYES: Clark, Gardiner, Long, Wolowicz, and Mayor Stern NOES: None ABSENT: None ABSTAIN: None L'71 i-Wah City Clerk Ordinance No. 470U Page 4 of 4 RECORDING REQUESTED BY AND RECORDED T 0WHEN RECD D RE TURN TO.CITY CLERK CITY OF ECHO PALOS VERDES 30940 Hawthorne Boulevard Rancho Palos Verdes,CA 90275-5391 AMENDMENT NO.4 TO TRUMP NATIONAL DEVELOPMENT AGREEMENT (Pursuant to California Government Code Section 65868) THIS AMENDMENT NO. 4 TO TRUMP NATIONAL DEVELOPMENT AGREEMENT("Fourth Amendment")is entered into this 4th day of March 2008 by and between VH Property Corp., a Delaware corporation("Developer"), and the City of Rancho Palos Verdes, a municipal corporation organized under the laws of the State of California(the "City"). RECITALS A. Palos Verdes Land Holdings Company,L.P., a California limited partnership,and the Zuckerman Entities(as defined in the Agreement), as predecessors in interest to Developer, and City entered into that certain Development Agreement(the "Original Agreement")dated as of November 20, 1997,and recorded on December 8, 1997, as Instrument No. 97-1929840 in the Official Records of Los Angeles County, California,as amended by that certain Amendment to Ocean Trails Development Agreement(the"First Amendment"),dated as of September 18,2001,and recorded on December 3,2001 as Instrument No. 01-2301342 in the Official Records of Los Angeles County,California,and as further amended by that certain Amendment No. 2 to Ocean Trails Development Agreement(the "Second Amendment"),dated as of March 4,2003,and recorded as Instrument No. 03-1139102 in the Official Records of Los Angeles County,California,and as further amended by that certain Amendment No. 3 to the Ocean Trails Development Agreement(the"Third Amendment"),approved on November 20, 2007(referred to collectively with the Original Agreement, as the"Agreement"), pursuant to which Developer has certain vested rights to develop that certain real property described and/or depicted on Exhibit A attached hereto(the"Property"). Except as expressly stated to the contrary, all capitalized terms set forth herein shall have the same meaning as set forth in the Agreement. B. City previously approved Tentative Tract Map No. 50666 and Tentative Tract Map No. 50667 regarding the Property and subsequently approved certain amendments thereto. O0580461.5 Ordinance No.470U Exhibit A Page 1 of 4 C. Final Tract Map No. 50667 was previously recorded as Instrument No. 99- 1934089 in the Office of the County Recorder of Los Angeles County, California, on October 12, 1999. D. Both parties wish to extend the Development Agreement to July 18,2008. E. On March 4,2008,the City Council of City adopted Urgency Ordinance No. 470U, approving this Fourth Amendment.Developer and City desire to amend the Agreement to reflect the foregoing. AGREEMENT NOW,THEREFORE,in consideration of the foregoing recitals, and the mutual promises and agreements contained herein,and for other good and valuable consideration,the receipt and sufficiency of which is hereby acknowledged,it is agreed as follows: 1. Section 7 of the Agreement,entitled Term,is hereby amended by adding new paragraph 7.2 to the end of that Section 7 to read as follows: "7.2 Extension of Development Agreement. This Development Agreement is hereby extended from March 9,2007 through July 18,2008. Vesting Tentative Tract Map No. 50666 is hereby extended along with the term of this Development Agreement." 2. Full Force. Except as specifically set forth herein,the Agreement shall remain in full force and effect. 3. Counterparts. This Fourth Amendment may be executed in one or more counterparts, each of which shall be deemed an original,but all of which shall constitute one and the same instrument. A facsimile signature shall be deemed an original signature. 4. Authority. The persons executing this Fourth Amendment on behalf of Developer and City represent and warrant that they are duly authorized so as to fully and legally bind Developer and City,respectively. 2 Ordinance No.470U Exhibit A Page 2 of 4 IN WITNESS WHEREOF,this Fourth Amendment is executed as of the date first written above. "DEVELOPER": VH PROPERTY CORP., a Delaware corporation y ame:fr/V 'f&67 Title: 117 .P pareeo i By: a At,i�l'`r Name: :TIM �•, � Title:tel:: dirrAffirlfreM) #* ( t THE"C CITY OF ' ' OP' k I S I DES By: Mayor AT !ST: //4%t City Clerk 3 Ordinance No.470U Exhibit A Page 3 of 4 • • State of California • County I Cou y of A / f.• ,..� m • before me, O , - ' (Insert Name of N.tart'f\a, dna-6 Public and Ti e) -d\1\ ._.. 1. f &a personally app ea . p who proved to me on the bas satisfactory e vidence to be the p ers' w ose namte is 4-subscribed to the within instrument and acknowledged to me that he/she • e xecuted the same in his/he heir authorized .capacit ies , and that by . his/her ,' -eir i g nature• on the instrument the persot or the entity upon behalf of which the pers.isp acted, executed the instrument. . I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. • - tsolon"1" leitriz4���;•r'� teary Pubic-C�ornia r • � tSeal} VI, --*�, A Court S Ig n atUr. �1 My Comm Expires Apr Z. Ordinance No.470U Exhibit A Page 4 of 4 RANCHO STATE OF CALIFORNIA ) COUNTY OF LOS ANGELES ) SS AFFIDAVIT OF POSTING CITY OF RANCHO PALOS VERDES) The undersigned, being first duly sworn, deposes and says: That at all times herein mentioned, she was and now is the appointed City Clerk of the City of Rancho Palos Verdes; That on March 7, 2008, she caused to be posted the following document entitled: City of Rancho Palos Verdes, Ordinance No. 470U, a copy of which is attached hereto, in the following locations: City Hall Ladera Linda Community Center 30940 Hawthorne Blvd. 32201 Forrestal Drive Rancho Palos Verdes Rancho Palos Verdes Hesse Park 29301 Hawthorne Blvd. Rancho Palos Verdes I certify under penalty of perjury that the foregoing is a true and correct affidavit of posting. 442,_C-Thkit,eetic___ City Clerk W:\FORMS\Form 150-Affidavit of Posting Ordinance No.470U.doc