For City Council Meeting and the City of Rialto, Acting as the Successor to the Redevelopment Agency [January 26, 2021]
TO: Honorable Chair and Board Members
APPROVAL: Sean Grayson, Acting City Manager
FROM: Karen Peterson, Acting Community Development Director
Title
Request City Council, acting as the Successor Agency, to Adopt Resolution No. SA1-21 Terminating an Owner Participation Agreement By and Between the Rialto Redevelopment Agency and T.S. OPUS, LLC.
Body
BACKGROUND
On September 6, 2005 the Redevelopment Agency of the City of Rialto entered into an Owner Participation Agreement (OPA) with T.S. OPUS, LLC for purposes of redeveloping approximately 6.98 acres of real property located at the southwest corner of Alder Avenue and Walnut Avenue in the City of Rialto ("Site"). The conveyance and development of the Site occurred in two phases. The first phase ("Phase One") consisted of the Agency's sale to Participant of Lot 5 of Tract Map 16441 ("Phase One Property"), and the second phase ("Phase Two"), the Participant's option to acquire from the Agency Lots 3 and 4 of Tract Map 16441 (the "Phase Two Property").
While OPUS redeveloped the Site consistent with the OPA, they chose not to exercise the option to purchase Phase Two Property. The City of Rialto, as Successor Agency to the Redevelopment Agency of the City of Rialto, sold the Phase Two Property and subsequently approved a Tentative Parcel Map and Conditional Development Permit for consolidation of land and development of a 188,712 square foot industrial warehouse. The current owner of the Phase Two Property has requested removal of the OPA to clear title of any conflicts.
ANALYSIS/DISCUSSION
Because the Rialto Redevelopment Agency was dissolved in 2012, the City Council, acting as the Rialto Successor Agency has been tasked with the winding down of the former Redevelopment Agency's affairs. Some actions of the Successor Agency require approval of the Oversight Board (a County entity), but t...
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