West March Disposition and Development Agreement, Amendment No. 2
Summary
SCH Number
2022100591
Public Agency
March Joint Powers Authority
Document Title
West March Disposition and Development Agreement, Amendment No. 2
Document Type
NOE - Notice of Exemption
Received
Posted
10/27/2022
Document Description
Since the execution of the First Amendment to the West March DDA, LNR Riverside, LLC assigned all rights and obligations under the development agreement to Meridian Park LLC “Meridian Park” on August 7th, 2015. At this time, the Authority wishes to provide an administrative clarification on the financial formula used to assess certain obligations by Meridian Park and to ensure certain financial benefits that accrue to the March JPA.
Amended Terms include the following:
Consideration Payments. All existing and future payment obligations under Article 4 or elsewhere in the Disposition and Development Agreement that may exist as of the date of this Second Amendment, or that would accrue after the date hereof based on the current terms of the Disposition and Development Agreement, are hereby terminated. In lieu of such payment obligations, Meridian Park shall pay to Authority: (1) $4,800,000 for the Authority’s General Fund and (2) the amounts set forth on the payment schedule upon the completion of each milestone identified on the Payment Schedule. For the avoidance of doubt, Meridian Park shall not have any obligation to pay any money, with the exception of the General Fund payment as outlined in this section and the expirations terms outlined in Section 2 of this Second Amendment, to Authority pursuant to the Disposition and Development Agreement unless the Milestones identified on the Payment Schedule are completed.
Deletion of Provisions. The parties agree that certain provisions under the Disposition and Development Agreement have been completed and/or are no longer applicable, and therefore the following sections or articles are hereby deleted from the Disposition and Development Agreement in their entirety: Article 4 (Approved Participation Model Matters); Article 5 (Preliminary Tasks); Section 6.14 (Project Management Fee); Section 6.15 (Audits); Section 9.05(a) (Preliminary Task Period Termination); Section 9.05(b) (Recalculation Event Termination); Section 9.06(a) (Preliminary Task Period Termination); Section 9.06(b) (Recalculation Event Termination); ; Exhibit B (Approved Participation Model); Exhibit C (Entitlement Schedule); and Exhibit E (Performance Schedule). In addition, the parties acknowledge and agree that as of the date of this Second Amendment, Meridian Park has satisfied its obligations under Section 6.02 and Section 6.03 of the Disposition and Development Agreement.
Contact Information
Name
Jeffrey Smith
Agency Name
March Joint Powers Authority
Job Title
Principal Planner
Contact Types
Lead/Public Agency
Phone
Email
Location
Cities
Unincorporated Riverside County
Counties
Riverside
Regions
Southern California
Other Location Info
March JPA - Riverside County
Notice of Exemption
Exempt Status
Other
Type, Section or Code
CEQA Guidelines, 15378, subd. (b)(2), (4), and (5)
Reasons for Exemption
The proposed DDA amendment is an administrative clarification that provides better financial certainty and clarity for the parties, particularly in view of changing economic conditions. However, the clarification does not propose or approve any changes in existing or potential future development; it does not alter or amend any binding land use plans within the March JPA planning area; and it does not entitle or otherwise commit to any changes in physical development at the March JPA. As such, the clarification is not a “project” requiring environmental review under the California Environmental Quality Act because the clarification is merely the “continuing administration” of the existing DDA; a “government fiscal activity” which does not involve any commitment to any specific project impacting the environment; and an “administrative activity by government” that will not impact the environment. (State CEQA Guidelines, 15378, subd. (b)(2), (4), and (5).)
County Clerk
Riverside
Attachments
Notice of Exemption
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