OWNER PARTICIPATION AGREEMEN
TO PROVIDE AND PAY FOR PARKIN
_day of Ortober, 20000, by an
James M Foondos, Trustee of The Exemption Trust under the James M Foondos and Georgia Fantages Foondos Trust, Lisa D Alves, Sherri J Ponzo, Kirt D Landrus and Kevin D Landrus (collectively, "Foondos") with respect to the following facts
RECITALS
The purpose of this Agreement is to effectuate the Redevelopment Plan ("the Plan") for the Cotati Redevelopment Project by providing for the improvement of certain real perty included within the boundaries of the Project (the "Project Area") provement of the said property pursuant to this Agreement and the fulfillment gener of this Agreement are in the vital and best interests of the City of Cotati ("City") and the health, safety and welfare of its residents and in accordance with the public purposes and provisions of applicable federal, state and local laws and requirements Implementation of this Agreement will further the goals and objectives of the Plan This Agreement is subject to the provisions of the Plan which was approved and adopted by the City Council of the City on March 25, 1992, by City Council Resolution No 92-13 Said Plan, as it now exists and as it may be subsequently ! amended, is incorporated herein by this reference as though fully set forth herein e Project Area is located in the City of Cotati, California, and the ex undaries of the Prolect Area are specifically described in the Pl The parking and other improvements described herein are of benefit to the Project Area. There are not other reasonable means of financing the parking and other improvements available to the community The payment of the funds necessary to design and construct the said improvements will assist in the elimination of one or more blighting conditions inside the Project Area and is consistent with the implementation of the Plan
Young and Foondes own land which is described and depicted on Exhibit "A" attached hereto and made a part hereof On this land is currently situated certain buildings and a parking area The parking area is in need of renovation and/or reconstruction.
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OWNER PARTICIPATION AGREEMENT
TO PROVIDE AND PAY FOR PARKING
Fantages Foondos Trust, Lisa D. Alves, Sherri J Ponzo, Kirt D. Landrus and Kevin D. Landrus (collectively, "Foondos") with respect to the following facts.
RECITALS
A. The purpose of this Agreement is to effectuate the Redevelopment Plan ("the Plan") fo he Cotati Redevelopment Project by providing for the improvement of certain rea property included within the boundaries of the Project (the "Project Area"). Th improvement of the said property pursuant to this Agreement and the fulfilment generall:
of this Agreement are in the vital and best interests of the City of Cotati ("City'") and the health, safety and welfare of its residents and in accordance with the public purposes and provisions of applicable federal, state and local laws and requirements Implementation of this Agreement will further the goals and objectives of the Plan amended, is incorporated herein by this reference as though fully set forth herein. 2 e Project Area is located in the City of Cotati, California, and the ex:
undaries of the Project Area are specifically described in the Pl 3 The parking and other improvements described herein are of benefit to the Project Area, There are not other reasonable means of financing the parking and other resign an on stric the said improvements hil asi in the elimination cesar o The payment of the funds necessary t nore blighting conditions inside the Project Area and is consistent with thi mplementation of the Plan
Young and Foondes own land which is described and depicted on Exhibit "A" attached hereto and made a part hereof. On this land is currently situated certain buildings and a parking area The parking area is in need of renovation and/or reconstruction C Public/Wendy Foondos OAP wpd Page 1
ABy ApP.
general public and those who frequent the downtown area militates against the redevelopment of the downtown area within the Agency's Project Area and frustrates the accomplishment of the policies and goals of the Plan
D.
Now, therefore, the parties agree as follows.
AGREEMENT
1. The Agency shall cause the construction, installation and completion of the renovation, regrading and improved parking and drainage improvements ("Improvements") described ad described in Exhibit "A." That portion of the real property owned by Foondos up hich the Improvements are proposed to be constructed shall be called the " Foond‹
2. Popey are kay it folio imporn or and etery and Young for approval, as long as the changes do not materially affect the objective of this Agreement to provide public parking on a paved surface on the land whose location is generally shown on Exhibit "B".
3. The Agency has awarded a contract to the lowest responsible bidder to effect the Improvements pursuant to the Improvement Plans. The bid amount upon which the contract was awarded is $90,200.00. Upon execution of this Agreement, Young shall pay to the Agency $2,886 and Foondos shall pay to the Agency $12,899, receipt of which is acknowledged. The Agency shall pay 574,415 of said contract amount and all other costs C:/Karen|CotatilRodevelopmentFoondos Parking Agreement Clean, wpd 9/19/00 Page 2 associated with the design, planning, processing, bidding, constructing, administering. inspecting and approving the Improvements, including but not limited to change orders.
4. Lone ain lie arent, on or and to el sistend one to
5. specified below in exchange for which the Agency shall quitclaim to the repaying party the ency's interest in 1 ele, al in accordance ağințhe try's orphis sce which the Improvements w nonds ay and i terent are in too real quicki to
The date The percentage of $60,812.00 to be paid
October 1, 2005 100%
October 1, 2006 95%
October 1, 2007 90%
October 1, 2008 85%
October 1, 2009 80%
October 1, 2010 75%
October 1, 2011 70%
October 1, 2012 65%
October 1, 2013 60%
October 1, 2014 55%
October 1, 2015 50%
October 1, 2016 45%
October 1, 2017 40%
October 1, 2018 35%
October 1, 2019 30%
October 1, 2020 25%
October 1, 2021 20%
October 1, 2022 15%
October 1, 2023 10%
October 1, 2024 5%
October 1, 2025 0%
B. If it has not done so before, on October 1, 2025, the Agency shall quitclaim to Foondos any and all interest it may have in the Foondos Property.
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C. Young's repayment right. If on the following dates, Young pays to the Agency, in cash, the following percentages of $13,603.00 (without reduction for any amounts id for the Improvements by Young), the Agency shall quitclaim to Young a d all interest it may have in the Young Proper
The date The percentage of $13,603.00 to be paid
October 1, 2005 100%
October 1, 2006 95% i
October 1, 2007 90%
October 1, 2008 85%
October 1, 2009 80%
October 1, 2010 75%
October 1, 2011 70%
October 1, 2012 65%
October 1, 2013 50%
October 1, 2014 55%
October 1, 2015 50%
October 1, 2016 45%
October 1, 2017 40%
October 1, 2018 35%
October 1, 2019 30%
October 1, 2020 25%
October 1, 2021 20%
October 1, 2022 15%
October 1, 2023 10%
October 1, 2024 5%
October 1, 2025 0%
B. it has not done so before, on October 1, 2025, the Agency shall quitclaim ondos any and all interest it may have in the Foondos Proper
6. 7. By executing this Agreement, Foondos and Young each grant to the Agency, and it officers, employees, agents and contractors, the right to come upon the Foondos Propert und the Young Property, respectively, for the purpose of measuring, surveying anc xamining said real property and inspecting, monitoring and constructing th Improvements.
8. This agreement may only be amended or modified by a written instrument executed by the parties.
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9. In the event any action is brought in equity or in law or by way of arbitration to enforce any of the terms and conditions contained herein, the prevailing party shall be entitled to recover, in addition to other lawful costs available to it, reasonable attorneys' fees
10. 11. This agreement may be executed in counterparts, each of which shall be deemed an original and all of which constitute one agreement notwithstanding the fact that all parties are not signatories either on the same date or to the same counterpart.
12. This instrument contains the entire agreement between the parties, and any agreement or representation respecting the duties or rights of the parties in relation to the subject matte of this agreement not expressly set forth in this instrument is null and void
13. Any notice required to be given pursuant to this agreement shall be given in writing to th other party either personally or by depositing the same in the United States Mail, by first class mail, registered or certified, postage prepaid, addressed to the party at the address set out below:
TO YOUNG:
Anna Young
652 McClay Road
Novato, CA 94947
TO FOONDOS.
James M. and Georgia Foondos
420 Sierra Lane
Sacramento, CA 94864
TO AGENCY:
Colati Community Redevelopment Agency
c/o Executive Director
City of Cotati
201 West Sierra
Cotati, CA 94931-4217
This agreement shall be binding upon and inure to the parties hereto and their respective successors and assigns
15. Time is of the essence in this agreement and each of its provisions.
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16 No member, official or employee of the Agency shall have any personal interest, direct or indirect in this agreement No member, official or employee shall participate in any decision relating to the agreement which affects his/her personal interests of the interests of any corporation, partnership or association in which he or she is directly or indirectly interested. No member, official or employee of the Agency shall be personally liable to 23250
17 Agency's liability insurance policy for 51 million in coverage Upon request, the Agenc hall provide Foondos and Young certificates evidencing said coverag IN WITNESS WHEREOF, the parties hereto execute this Agreement as of the date set forth above
AGENCY:
ANNA YOUNG
CITY OF COTATI COMMUNITY
REDEVELOPMENT AGENCY THE EXEMPTION TRUST OF THE
JAMES M FOONDOS AND GEORGIA
FANTAGES FOONDOS TRUST
DALE SHADDOX, Executive Director
AMES M FOONDOS, TRUSTEE
D. Alue)
LISA D ALVES
BY
Under power of attorney dated
11 - 10 - 2000
1. Tenf
SHERRIJ PONZO
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BY_
Revu
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16. No member, official or employee of the Agency shall have any personal interest, direct or indirect in this agreement. No member, official or employee shall participate in any decision relating to the agreement which affects his/her personal interests of the interests of any corporation, partnership or association in which he or she is directly or indirectly interested No member, official or employee of the Agency shall be personally liable to Foondos or Young, or any successor in interest, in the event of any default or breach b the Agency or Foondos or Young, or for any amount which may become due to Young and/or Foondos or their successors or on any obligations under the terms of this agreement. Foondos and Young each represent and warrant that each has not paid or iven, and shall not pay or give, any or give, any third party any money or othe onsideration for obtaining this agreemen
17 The Agency shall indemnify, defend and hold Foondos and Young harmless from and against any and all claims, damages, injuries, expenses (including attorney's fees), costs and liabilities of any kind arising out of the Agency's errors or omissions occurring as a million in coverage. Until the Agency quitclaims its interests in the Young Property to Young pursuant to this Agreement, the Agency shall name Young as additional insured tr Agency's liability insurance policy for $1 million in coverage Upon request, the Agenc hall provide Foondos and Young certificates evidencing said coverage IN WITNESS WHEREOF, the parties hereto execute this Agreement as of the date set forth above.
AGENCY una Joung
NNA YOUNG
THE EXEMPTION TRUST OF THE
JAMES M FOONDOS AND GEORGIA
FANTAGES FOONDOS TRUST
By DALE SHADDOX, Executive Director
JAMES M. FOONDOS, TRUSTEE
hia D. Alver
LISA D. ALVES
BY:_ se
Under power of attorney dated
11-10 , 2000
TERRI J. PON2
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EXHIBIT A
OLD REDWOOD HIGHWAY
2 •JAV
AP# 144-263-002 Young Property R/S 332/5 HENRY
AP# 144-263-003 Foondos Property
ROBLAR
...
20 N.T.S.
191
18 APN 144-263-002
APPROXIMATE PROPERTY LINE.
APN 144-263-003 OLD REDWOOD HWY
8255
OLD REDWOOD
HWY
25 1"
33 HENRY ST.
33 - -'s- — -
HENRY ST.
EXHIBIT B'