HomeMy WebLinkAboutCC Resolution 7453 (Montecito Shopping Center)RESOLUTION NO. 7453--A
A RESOLUTION OF THE CITY COUNCIL OF THE
CiTY OF SACS RAFAE'L, AU'rHuRIZTNG THE
CI i'Y MANAGER TO EXECUTE AN AGREEMENT
CONCERNING MONTECITO SHOPPING CENTER
WHEREAS, the City of San Rafael is committed to redeveloping
the Canal Area; arid,
WHEREAS, tie City contends that a substential portion of land
at Montecito Shopping Center located at, Third and Grand Streets remains
subject to sovereign interests held by City, subject to State super-
visory and reversionary interests; and,
WHEREAS, Montecito Properties, a partnership, contends for
various reasons, that no City or State interest exists in the subject
property; and,
WHEREAS, the City wants the Montecito Shopping Center project
to corrtinue and to be completed, as such project is consistent pith the
East San Rafael Neighborhood Plan; and,
WHEREAS, it is in the best interest of all parties to eater
into a settlement agreement concerning the Montecito Shopping Center.
NOW, THEREFORE; BE IT RESOLVED, that the City Manager is
hereby authorized to execute on behalf of the City Council, following
review and approval of said Agreement by the City Attorney, an Agreement:
whereby the City :gill q.iitc aim its interest in the Trust Terminatien
Parcels to Montecito Properties, and Montecito Properties will
quitclaim; its interest in the Granted Lands Parcels to the State of
California as tide and submerged lands; will grant the City a nonex-
clusive Public Pedestrian Access Easement, and will also pay the City to
hold in trust for the State of California, the sum of One Hundred and
Three Thousand Dollars (103,000); City shall quitclaim its interest in a
Trust Termination Parcel to Standard Brar:ds; and Standard Brands will
grant to City a not:exclusive public pedestrian easement, all as more
particularly set forth in the Agreement referred to hereinabove.
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RESOLUTION 7453-A
I, PPAMEL.A J. INItOLAI, Dep,,ty Ci'cy Clerk of the City of San
Rafael, hereby certify that the foregoing resolution wi s duly made and
adopted at a Closed Sessi-on meeting of tR_ City Council of the City of
San Rafael field pursUant t4 the provisions of Government Code Section
54915-6.9(b)(11), on Monday, the Ist day of December, I9+;6, by the follow -
i ,'Ig vote, -t is w t:
AYES: COUNCILMEMBE 1: Bre i ner, Frugol i , Nave, and Mayor, Mul ryan
NOES: COUNCILMEMBERS: None
ABSENT: COUNCIL111EMBERS: Russom
�'AM'LA J. NICOI. T, '�epUty City Clerk
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PRESS RELEASE
MAYOR LAWRENCE MULRYAN ANNOUNCES FOR IMMEDIATE RELEASE
that on Tuesday, July 7, 1987, Montecito Properties, a
California General Partnership, sold Montecito Shopping
Center to Montecito Place Associates, a joint venture
including the principals of Seagate Investment Company,
River Bank Financial Group and other investors. The sale
completes an exhaustive negotiation process that included
extensive City staff input.
Montecito Market Place Associates advised Mayor Mulryan
that 3 million dollars have been budgeted to renovate
building facades, parking lots, the central atrium, Canal
area, and to develop signage and lighting programs. Mulryan
stated completion of the transaction for sale of the shopping
center is consistent with the City Council's commitment
and objectives of redeveloping the Canal area.
7-7-87
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