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Resolutions
Number
47
Description
Redevelopment Agency of the City of Riverside, to authorize the Successor Agency to exercise an opti
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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 />28 <br />CITY ATTORNEYS OFFICE <br />3750 UNIVERSITY AVENUE <br />RIVERSIDE, CA 92501 <br />(951) 826-5567 <br />RESOLUTION NO. 47 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />RIVERSIDE, CALIFORNIA, AS SUCCESSOR AGENCY TO THE <br />REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE, TO <br />AUTHORIZE THE SUCCESSOR AGENCY TO EXERCISE AN OPTION <br />TO EXTEND FOR TEN (10) YEARS A LEASE AGREEMENT WITH THE <br />HISTORIC MISSION INN CORPORATION FOR ONE (1) DOLLAR AND <br />TO AUTHORIZE THE SUCCESSOR AGENCY TO EXTEND FOR TEN <br />(10) YEARS A SUBLEASE AGREEMENT WITH THE MISSION INN <br />FOUNDATION. <br />WHEREAS, on December 22, 2000, the Historic Mission Inn Corporation ("Mission Inn") <br />and the Redevelopment Agency of the City of Riverside ("Agency") entered into a Hotel Space <br />Lease ("Lease") in which Agency has leased certain premises of the Mission Inn, located at 3649 <br />Mission Inn Avenue, Riverside, California 92501; and <br />WHEREAS, pursuant to the California Redevelopment Agency Dissolution Act (California <br />Health and Safety Code, sections 34170-34190), on January 10, 2012, by City Council Resolution, <br />the City of Riverside was designated Successor Agency to the Agency ("Successor Agency"); and <br />WHEREAS, Section 1.6 of the Lease provides for a term of twenty-two (22) years and <br />Section 3.2 of the Lease provides that Successor Agency, as the tenant, has the right to extend the <br />term of the Lease "for two (2) additional ten (10) year period(s) (each, an `extension term') under the <br />same terms and conditions as the original Lease," the rent for each extension term shall be the sum <br />of one dollar ($1.00) and that such extension right may be unilaterally exercised by the Successor <br />Agency by sending written notice- to the Mission Inn; and <br />WHEREAS, on January 29, 2001, the Agency and the Mission Inn Foundation entered into a <br />Sublease Agreement for the Mission Inn Foundation's use of the certain premises of the Mission Inn <br />identified in the Lease for museum, storage, and offices; and <br />WHEREAS, the term of the Sublease Agreement is set forth and based on the term of the <br />Lease; <br />WHEREAS, the Successor Agency desires to exercise the right to extend the teen of the <br />Lease and to amend the Lease by extending the Lease for an additional ten (10) year period through <br />
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