ATTACHMENT 1 – PAGE 1
RESOLUTION NO. ________
A RESOLUTION OF THE COUNCIL OF THE CITY
OF BURBANK CONSENTING TO THE TRANSFER
OF THE RANCH LOT DEVELOPMENT AGREEMENT
FROM WARNER BROS. ENTERTAINMENT INC.
TO RANCH LOT STUDIOS OWNER, LLC FOR
THE WARNER BROTHERS RANCH LOT AT
3701 OAK STREET.
THE COUNCIL OF THE CITY OF BURBANK FINDS:
A. On November 27, 1995, the City entered into a development agreement (PD 94-8) with WARNER BROS. ENTERTAINMENT INC., a Delaware corporation (fka WARNER BROS. INC) (“Developer”) in conjunction with a twenty -year planned development pertaining to the development of certain real property located at 3701 Oak Street, Burbank, California (the “Development Agreement” or “Master Plan”).
B. On April 26, 2011, the Council approved the First Amendment to the Development Agreement between the City and Developer, extending the term by an additional 15 years until November 25, 2030.
C. Section 1.4 of the Development Agreement permits a transfer to a third party of the entirety of its interests, rights, or obligations under the Development Agreement, with the express written consent of the City.
D. Developer has requested that the City consent to the transfer of the Development Agreement to Ranch Lot Studios Owner, LLC, a Delaware limited liability company (“Transferee”).
E. Section 1.4 of the Development Agreement requires the City to consent to such transfer if “both the financial condition and credit of the proposed assignee or transferee are reasonably satisfactory to the City and the Developer is not in default under the [Development] Agreement.”
F. City staff reviewed and found the Transferee’s financial condition and credit to be reasonably satisfactory.
G. In response to a request dated July 25, 2023, the City provided the Developer with an estoppel certificate in accordance with Section 7.15 of the Development Agreement , which stated among other things that Developer is not in default in the performance of its obligations under the Agreement. Under the terms of that section, the City was administratively required to provide such certificate within fifteen days of the receipt of such request.
ATTACHMENT 1 – PAGE 2
THE COUNCIL OF THE CITY OF BURBANK RESOLVES:
1. The assignment of Developer’s interest s, rights, and obligations, in their entirety, under the Development Agreement to the Transferee is approved. The City Manager or its designee is authorized to execute any documents approved as to form by the City Attorney and necessary to effectuate the assignment, and to evidence the City’s consent to such assignment.
PASSED and ADOPTED this ____ day of August, 2023.
__________________________
Konstantine Anthony
Mayor
Approved as to Form
Attest: Office of the City Attorney
_________________________ By: _______________________ Kimberley Clark, City Clerk Iain MacMillan
Senior Assistant City Attorney
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF BURBANK )
I, Kimberley Clark, City Clerk of the City of Burbank, do hereby certify that the foregoing Resolution was duly and regularly passed and adopted by the Council of the City of Burbank at its regular meeting held on the ____day of August, 2023, by the following vote:
AYES:
NOES:
ABSENT:
____________________________
Kimberley Clark, City Clerk