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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />7R <br />RESOLUTION NO. 31 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RIVERSIDE, <br />CALIFORNIA, AS SUCCESSOR AGENCY TO THE REDEVELOPMENT <br />AGENCY OF THE CITY OF RIVERSIDE APPROVING THE FIRST <br />AMENDMENT TO THE UNIVERSITY VILLAGE CENTER EIGHTH <br />IMPLEMENTATION AND AMENDMENT AGREEMENT REGARDING <br />UNIVERSITY VILLAGE DEVELOPMENT FOR BUILDING "K" TO <br />INCLUDE AN EXTENDED STAY HOTEL PROJECT AS AN OPTION. <br />WHEREAS, pursuant to Resolution No. 22322, adopted by the City Council of the City of <br />Riverside ("City") on January 10, 2012, the City of Riverside agreed to serve as the Successor <br />Agency ("Successor Agency") to the Redevelopment Agency of the City of Riverside <br />("Redevelopment Agency") commencing upon dissolution of the Redevelopment Agency on <br />February 1, 2012 pursuant to Assembly Bill xl 26 ("AB 26"); and <br />WHEREAS, Health and Safety Code Section 34177 (i) provides that a successor agency is <br />required to continue to oversee development of properties until the contracted work has been <br />completed or the contractual obligations of the former redevelopment agency can be transferred to <br />other parties; and <br />WHEREAS, the Former Agency was a party to that certain University Village Center <br />Eighth Implementation and Amendment Agreement Re University Village Development <br />("Agreement"), shown in Attachment "A", attached hereto and incorporated herein by this reference, <br />providing for the development of University Village; and <br />WHEREAS, the Agreement allows for the remaining undeveloped parcel known as Pad K <br />to be developed with a retail office or residential project; and <br />WHEREAS, the Successor Agency and the other parties to the Agreement desire to <br />amend the Agreement to revise the scope of development to include an extended stay hotel <br />project as a third option, all as shown in the First Amendment to University Village Center <br />Eighth Implementation and Amendment Agreement Re University Village Development, <br />substantially in the form shown in Attachment "B", attached hereto and incorporated herein by this <br />reference; and <br />