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In 1986, the City approved a business park at the northwest comer of Valley and Bemal <br />Avenues. That business park is now known as the Bemal Corporate Park. The retail shopping <br />center portion on the business park, located at 6654 Koll Center Parkway, is called Bemal Plaza. <br />The property housing the retail center is being sold and the property owner has requested the <br />City to issue an Estoppel Certificate as to the Development Agreement and the Maintenance <br />Agreement. <br /> <br />DISCUSSION <br /> <br />Staff has reviewed the terms of the Development Agreement and the Maintenance Agreement. <br />The term of the Development Agreement was extended to October 1, 2005, pursuant to a First <br />Amendment to the Development Agreement dated July 9, 1996. The term of the Maintenance <br />Agreement is to December 31, 2035. These documents remain in full force, and staff is not <br />aware of any conditions that would cause the owner to be in default of these Agreements or the <br />CC&Rs. <br /> <br />FISCAL IMPACT <br /> <br />No fiscal impact will result from Council's approval of this Estoppel Certificate. <br /> <br />RECOMMENDATION <br /> <br />Staff recommends that the City Council approve the attached Estoppel Certificate and authorize <br />the City Manager to sign the Estoppel Certificate. <br /> Respectfully Submitted, ff~~~~ <br /> <br />Michael H. Roush Donna Decker Nelson Fialho <br />City Attomey Acting Director of Planning City Manager <br /> and Community Development <br /> <br /> Attachment <br /> <br /> SR:05:210 <br /> Page 2 <br /> <br /> <br />