HomeMy WebLinkAboutReso 96-097 - Approving the Exchange Agreement between the COR, Signature Northwest Partnership, and the Redding Redevelopment Agency & Authorize the Mayor to Sign all documents pertaining to same�
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RESOLUTION NO, 96-9�
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING
APPROVING THE EXCHANGE AGREEN9ENT BETWEEN THE CITY OF
REDDING, SIGNATUFtE l�IORTHWEST PARTNERSHIP, AND THE
REDDIiVG REDEVELOPMENT AGENCY AND AUTHORIZING THE
MAYO�t TO SIGN ALL DOCUMEiVTS PERTAINING TO SAME
�/HEREAS, as part of the Market Street Redevelopment Project, the Redding
Redevelopment Agency is wor{cing in conjunction with the City of Redding to acquire right of way
for the realignment of Railroad Avenue, including the intersection of Railroad Avenue and
Westside Road/Buenaventura Boulevard; and
W1-�EREAS, Signature Northwest Partnership is the owner of real property which is
subject to the realignment of Railroad Avenue. The easterly boundary of the property of
Signature Northwest is contiguous to the existing alignment of Railroad Avenue; and
WHEREAS, the Agency has established the Market Street Redevelopment Project Area
pursuant to the provisions of the State Community Redevelopment Law, The Railroad Avenue.
Realignment and the Railroad Avenue/Westside Road/Buenaventura Boulevard intersection
relocation is part of the Market Street Redevelopment Project; and
WHEREAS, upon completion of the realignment of Railroad Avenue and the
intersection, the Agency will own a smali remainder parcel which is contiguous to the property of
Signature Northwest; and
Wa-IEREAS, The City, Agency and Signature Northwest desire to enter into an
Agreement to facilitate the Railroad Avenue realignment portion of the Market Street
Redevelopment Project:
NOW, THEREFORE, the City Council of the City of Redding RESOLVES as
follows:
I. The above recitals are tn.�e and correct.
2. The City Council of the City of Redding hereby approves the Exchange Agreement
between the City, Agency, and Signature Northwest Partnership, a copy of which is
attached hereto.
3. The Mayor is hereby authorized and directed to sign all documents pertaining to same on ��
behalf of the City; and the City Clerk is hereby authorized and directed to attest the
signature of the Mayor. �
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1 HEREBY CERTIFY that the foregoing resolution was introduced and read at the
regular meeting of the Redding City Council on the 21 st day of May, 1996, and was duly adopted
at said meeting by the following vote:
AYES: COUNCIL MEMBERS: P. Anderson, R. Anderson, Kehoe, Murray and McGeorge
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: None
ABSTAIN: COUNCIL MEMBERS: None
, G
DAVID L OR ayor
City of Redding
ATi'EST:
CONNIE STROHMAYER, City le
FORM VED:
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W. LEONARD WIN E, City Attomey
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HI�HW AY
EXCHANGE AC�EEN�ENT
BETWEEN
CITY OF REDDING, �
PARCEL �� A�� � SIGNATURE NORTHWEST ;
PARTNERSHIP, ;
AN D
REDDING REDEVELOPMENT
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2024CRW.DWG MAY, 1996 SCALE: 1"=100'
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EXCHANGE AGREEMENT
TffiS AGREEMENT is entered into this day of April, 1996 by and between
the CITY OF REDDING, a municipal corporation(CITY herein), SIGNATURE NORTHWEST
PARTNERSHIP, a California general partnership (SIGNATURE NORTHWEST herein), and
REDDING REDEVELOPMENT AGENCY, an agency of the State of California (AGENCY
herein).
RECITALS
A. As a part of the Market Street Redevelopment Project, AGENCY is working in
conjunctian with CITY to acquire right of way for the realignment of Railroad Avenue;
including the intersection of Railroad Avenue and Westside RoadBuenaventura Boulevard.
B. SIGNATURE NORTHWEST is the owner of real property which is subject to the
realignment of Railroad Avenue. The easterly boundary of the property of SIGNATURE
NORTHWEST is contiguous to the existing alignment of Railroad Avenue.
C. AGENCY has established the Market Street Redevelopment Project Area pursuant
to the provisions of the State Communiry Redevelopment 'Law. The Railroad Avenue
realignment and the Railroad Avenue/Westside RoadBuenaventura Boulevard realignment is a
part of the Market Street Redevelopment Project.
D. ' Upon completion of the realignment of Railroad Avenue and the intersection,
AGENCY will own a small remainder parcel, identified herein as Parcel C and described in
Exhibit C attached hereto, which is contiguous to the properiy of SIGNATURE NORTHWEST.
E. The CITY, AGENCY and SIGNATURE NORTHWEST desire to enter into this
Agreement to facilitate the Railroad Avenue realignment portion of the Market Street
Redevelopment Project.
NOW THEREFORE, IT IS AGREED AS FOLLOWS:
1. Mutual Conveyances: CITY agrees to convey to SIGNATURE NORTHWEST
thac certain real property located in the City of Redding, County of Shasta, State of California
("Parcel A") and described in Exhibit A attached hereto and incorporated herein by this
reference.
SIGNATURE NORTHWEST agrees to convey to CITY that certain real property located
in the Ciry of Redding, County of Shasta, S�ate of California ("Parcei B") and described in
Exhibit B attached hereto and incorporated herein by this reference.
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AGENCY agrees to convey to SIGNATURE NORTHWEST that certain real property
located in the City of Redding, County of Shasta, State of California ("Parcel C") and described .
in Exhibit C which is attached to this Agreement and incorporated herein by this reference.
These conveyances will be for and in consideration of each other and on the terms and
conditions set forth in this Agreement. It is the intention of the parties that these mutual
conveyances will qualify as an "exchange" within the meaning of Internal Revenue Code section
1031. �
2. Exce�tion of Record:
a. CITY will convey title to Parcel A free and clear all covenants, eonditions,
restrictions, reservations, easements and liens for taxes and assessments except as follows:
Public service easements for water, gas and electric utilities, cable and telephone.
b. SIGNATURE NORTHWEST will convey title to Parcel B free and clear
of all covenants, conditions, restrictions, reservations, easements and liens for taxes and
assessments not yet payable except as follows:
Easements of Record
c. AGENCY will convey title to Parcel C free and clear of all covenants,
conditions, restrictions, reservations, easements and liens for taxes and assessments not yet
payable except as follows:
Public Service Easements
3. Valuation: For purposes of the exchange, Parcels A and C are deemed to have
a fair market value which is equal to the fair market value of Parcel B. There will be no cash
offset payable by any party.
4. Openin� of Escrow: The exchanges of Parcels A, B and C will be consummated
by means of an escrow which is to be opened with Placer Title Company, 150 E. Cypress Ave.,
Redding, California 96002 ("Escrow Holder") within five business days following the execution
of this Agreement.
5. Escrow Instructions: The Escrow Instructions given to Escrow Holder must
incorporate the terms of and must be consistent with this Agreement. Further, the Escrow
Instructions must provide that if there is any inconsistency between the terms of this Agreement
and the Escrow Instructions; the terms of this Agreement shall control.
The Escrow Instructions must also provide that Escrow Holder will concurrently record
the Grant Deeds to Parcels A, B and C when the following apply:
a. Escrow Holder can obtain the usual form CLTA standard coverage policy
of title insurance issued by Placer Title Company with liability not exceeding $50,000 showing
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title to Parcels A and C vested in SIGNATURE NORTHWEST, subject only to exceptions set
forth in paragraph 2(a) and 2(c).
b. Escrow Holder can obtain the usual form CLTA standard coverage policy
of title insurance issued by Ptacer Title Company with liability not exceeding $50,000 showing
title to Parcel B vested in CITY, subject only to the exceptions set forth in Paragraph 2(b).
6. Conditions to Closin�: The enforceability of this Agreement and the closing of
escrow provided for in this Agreement are contingent upon the following:
a. Performance by each party of all matters required to be performed by that
party under this Agreement;
b. The completion of construction of the realignment of the two lanes of
Railroad Avenue across Parcel B and adjoining parcels of real property owned by others;
c. The completion of street vacation proceedings by CITY vacating and
abandoning Parcel A except for public utility easements of record.
7. Right of Entty and Construction: Upon execution of this Agreement and prior
to close of escrow, CITY shall have the right to enter upon Parcel B for all purposes including
testing, surveying and construction of the Railroad Avenue realignment project. Escrow shall
be ready for closing with respect to this provision upon filing of the Notice of Completion of
the realignment construction project and acceptance by CITY.
Construction shall mean the paving of a road that varies in width from 26 feet on the
north to 44 feet on the south through Parcel B, including curb, gutter, sidewalk and street lights
contiguous to the parcel which will be owned by SIGNATURE NORTHWEST at the northeast
corner of the intersection after completion of the exchange of real property. A sewer line shall
also be extended northerly in Railroad Avenue beyond the SIGNATURE NORTHWEST parcel.
Development of the remainder of the street will follow normal development practice within the
City; that is, by the Public if there is a finding of need and funds are budgeted for that purpose,
or by the adjoining land owners at the time of development of their properties.
8. Pavment for Sidewalks and Streetlights: The bid prices for the sidewalks and
street lights shall be broken out and specifically identified in the responsible low bid for the
project. SIGNATURE NORTHWEST shall pay to the CITY the prices bid at the time of
payment by CITY of the progress payments which include those items. CITY shall give
SIGNATURE NORTHWEST ten (10) calendar days notice of each progress payment for those
items prior to actual payment.
9. Limited Access: Access from Buenaventura Boulevard and Railroad Avenue to
the property of SIGNATURE NORTHWEST shall be limited as shown on Exhibit D, attached
hereto and made a part hereof.
10. Street Vacation by Citv: Within 60 days following execution of this Agreement,
CITY will initiate street vacation proceedings in accordance with Streets and Highways Code
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sections 8300, et seq. CITY shall reserve from the street vacation such easements as are
necessary to preserve rights of way for existing public utilities. The street vacation resolution
shall be recorded concurrently with the recordation of the grant deeds to Parcels A, B and C.
11. Construction of Traffic Sign`: As a part of the Railroad Avenue realignment
project, four=way traffic signals shall be instal(ed at the intersection of Railroad Avenue/Westside
Road and Buenaventura Boulevard. AGENCY and SIGNATURE NORTHWEST shall share
equally in the cost of installation of the traffic signals including the corner roundings.
SIGNATURE NORTHWEST's cost is estimated to be $80,000, the actual amount to be
determined from the bid accepted by AGENCY for construction of the signal installation portion
of the realignment project. SIGNATURE NORTHWEST shall pay its share of the cost in
progress payments to AGENCY concurrently with progress payments made by AGENCY to the
contractor.
12. Soil Contamination: Each party represents to the other that there is no known soil
contamination requiring a report to the Regional Water Quality Control Board. Each party
represents that it has conducted such soil testing and analysis as it deems appropriate to assume
responsibility for remediation of any hazardous materials or contamination which may be found
during construction of the realignment project, or at any time in the future. Each party agrees
to hold the other harmless from liability for damages and expenses of remediation arising out
the discovery of hazardous materials or contamination subsequent to close of escrow.
13. Title Insurance Policies: At the close of escrow, CITY and SIGNATURE
NORTHWEST will be entitled to receive from Placer Title Company its usual form CLTA
standard coverage policy of title insurance in the amount of$50,000 for Parcel B and $50,000
for Parcels A and C showing title to Parcels A, B and C vested as set forth in paragraph 5
above.
14. Prorations: General and special real property taxes shall be prorated, establisHed
and canceled as appropriate as of the date of close of escrow.
15. Costs: The cost of escrow including preliminary title reports and updates shall
be borne equally by AGENCY and SIGNATURE NORTHWEST. AGENCY shall bear all costs
of its policy of title insurance and closing and recording costs, if any, relating to its acquisition
of Parcel B. SIGNATURE NORTHWEST shall pay its cost of the policy of title insurance,
closing and recording costs, including transfer taxes, relating to its acquisition of Parcels A and
C.
16. Brokers' Commissions: There are no brokers' commissions to be paid in this
transaction.
17. Time of Essence: Time is of the essence of this Agreement.
18. Notice: Any notice to be given or other document to be delivered to either party
to the other under this Agreement may be delivered in person or may be deposited in the United
States mail in the state of California with first class postage, prepaid, and addressed as follows:
_.. ... ... ... ... ........ .. .. ..::_..::... :....::.......
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- To Citv
Michael Warren, City Manager
City of Redding
760 Parkview Avenue
Redding, CA 96001
With copy to: �
W. Leonard Wingate, City Attorney
City of Redding
760 Parkview Avenue
Redding, CA 96001
To A eg ncv:
Philip A. Perry, Executive Director
Redding Redevelopment Agency
760 Parkview Avenue
Redding, CA 96001
With copy to:
W. Leonard Wingate, City Attorney
City of Redding
760 Parkview Avenue
Redding, CA 96001
To Signature Northwest:
Paul Edgrea
S ignature Northwest
230 Hartnell Avenue
Redding, CA 96002
Any party may, from time to time, by written notice to the other designate a different
address that will be substituted for the one specified above.
19. Assi_g,,nment: Neither this Agreement nor any interest in this Agreement will be
assignable by any party without the prior written consent of the other parties.
20. Successors in Interest: Subject to the restrictions against assignment contained
in this Agreement, this Agreement will inure to the benefit of and will be binding upon the
assigns, successors in interest, personal representatives, estates, heirs and legatees of each of the
parties.
21. Attornevs Fees: In the event of any controversy, claim or dispute between the
parties arising out of or relating to this Agreement, or the breach of this Agreement, the
prevailing party will be entitled to recover from the other party or parties responsible reasonable
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expenses, attorneys fees and costs.
22. Termination of A�reement: Unless extended by the parties by mutual written
agreement, this Agreement shall automatically terminate and have no further force or effect if
a. The construction of the realignment of two lanes of Railroad Avenue is not
advertised for bids by January 15, 1997, or
b. The AGENCY dces not acquire or initiate eminent domain proceedings
to acquire or obtain a right to construct over the necessary right of way for the realignment
project by October 15, 1996, or
c. The AGENCY dces not budget funds in the fiscal year 1996/97 AGENCY
budget for the construction of the realignment project, including the intersection and the traffic
signal.
23. Entire Agreement: This Agreement contains the entire agreement of the parties
and supersedes any prior written or oral agreements between them concerning the subject matter
contained in this Agreement. There are no representations, agreements, arrangements or
understandings, oral or written, between the parties relating to the subject matter contained in
this Agreement that are not fully expressed in this Agreement.
Executed as of at Redding, California.
ATTEST: CITY OF REDDING
By:
City Clerk David L. McGeorge, Mayor
ATTEST: REDDING REDEVELOPMENT AGENCY
By:
Secretary David A. Kehce, Chairman
Redding Redevelopment Agency
FORM APPROVED: SIGNATURE NORTHWEST,
a Gene rtnership
- �?* �" c BY�
' City Attorney �
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EXHIBIT' "A" '-
LEGAL DESCRIPTION
ALLTHAT REAL PROPERTY SITUATED IN THE CITY OF REDDING, COUNTY OF SHASTA,
STATE OF CALIFORNIA, MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE MOST NORTHERLY CORNER OF THE G.E. OAKS TRAGT AS PER
MAP FILED IN BOOK 3 OF LAND SURVEYS AT PAGE 38, OFFICIAL RECORDS OF SHASTA
COUNTY, CALIFORNIA� THENCE, NORTH 07°30' WEST 52.22 FEET; THENCE, SOUTH
42'29'30" WEST 214.80 FEET;THENCE� NORTH 07°30' WES'T 83.90 FEET TO THE POINT OF
BEGINNING OF THIS DFSCRIP'TION; AT THE INTERSECTION OF THE NORTHERLY RIGHT-
OF-WAY LINE OF BUENAVENTURA AND THE WESTERLY RIGHT-0E-WAY LINE OF
RAII1tOAD AVENUE;THENCE�RUNNING THE FOLLOWING BEARINGS AND DISTANCES:
CONTINUING NORTH 07°30' WFST,ON AND ALANG SAID RAILROAD AVENUE RIGHT-0E-
WAY LINE, 22.10 FEET; THENCE, NORTH 25`47'OS" EAST 98.00 FEET; THENCE, NORTH
09°08'33" EAST 98.52 FEET; THENCE, NORTH 07°30'00 WFST 48.87 FEET; THENCE,
LEAVING SAID RIGHT-0E-WAY LINE, SOUTH 80°56'00" EAST 50.21 FEET TO THE
WESTERLY RIGHT-0E-WAY LINE OF STATE HIGHWAY 273; THENCE, ON AND ALONG
SAID RIGHT-0E-WAY I1NE THE FOLLOWING COURSFS: SOUTH 7'30'00" EAST 86.91 FEET;
' THENCE, SOLTTH 08°53'04" WE.ST 151.91 FEEI';THENCE, SOU'TH 82'17'36" WF.ST 87.27 FEET
TO THE TRUE POINT OF BEGINNING. CONTAINING 0.37 ACRES.
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PARCEL " A" CITY OF REDDING
TO
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PARTNERSHIP
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EXHIBIT "B"
A PORTION OF THAT CERTAIN PARCEL OF LAND CONVEYED TO SIGNATURE
NORTHWEST PARTNERSHIP, BY DEED RECORDED JANUARY 3, 1992, IN VOLUME
2802 OF OFFICIAL RECOR�S, AT PAGE 444, SHASTA COUNTY RECORDS,
DESCRIBED AS FOLLOWS:
COMMENCING AT THE MOST NORTHERLY CORNER OF THE G. E. OAKS TRACT AS
PER MAP FILED IN BOOK 3 OF LAND SURVEYS AT PAGE 38 OF OFFICIAL RECORDS
OF SHASTA COUNTY, CALIFORNIA, THENCE NORTH 7°30' WEST 52.22 FEET;
THENCE, SOUTH 42°29'30" WEST 260.00 FEET; THENCE, NORTH 68°28'00" WEST
291 .01 FEET TO THE POINT OF BEGINNING OF THIS DESCRIPTION; THENCE,
RUNNING THE FOLLOWING BEARINGS AND DISTANCES: CONTINUING NORTH
68°28'00" WEST 65.78 FEET; THENCE, FROM A TANGENT BEARING NORTH
29°11 '59" EAST ON A 40.00 FOOT RADIUS CURVE TO THE LEFT THROUGH A
CENTRAL ANGLE OF 16°21'22", A DISTANCE OF 11.42 FEET; THENCE NORTH
12°50'37" EAST 66.60 FEET; THENCE, ON A 342.00 FOOT RADIUS CURVE TO THE
RIGHT THROUGH A CENTRAL ANGLE OF 33°11'49", A DISTANCE OF 198.15 FEET;
THENCE, NORTH 46°02'26" EAST 51.03 FEET TO THE NORTHERLY BOUNDARY OF
SAID PARCEL; THENCE, SOUTH 80°56'00" EAST 105.14 FEET THENCE SOUTH
46°02'26" WEST 114.27 FEET; THENCE, ON A 258.00 FOOT RADIUS CURVE TO
THE LEFT THROUGH A CENTRAL ANGLE OF 33°11'49", A DISTANCE OF 149.48
FEET; THENCE, SOUTH 12°50'37" WEST 35.66 FEET; THENCE, ON A 40.00 FOOT
RADIUS CURVE TO THE LEFT THROUGH A CENTRAL ANGLE OF 100°40'54", A
DISTANCE OF 70.29 FEET; THENCE, NORTH 87°50'17" WEST 69.21 FEET TO THE
� TRUE POINT OF BEGINNING.
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TOTAL TAKE � o - +�+� �� �
AREA6 29 103.62 S.F. ��'�f I �- �:ar ^ o
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IAOST NORTHERLY CORNER � R���
OF G.E. OAK TRACT �
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SERVICE EASEMENT. _�� - �
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FROM
SIGNATURE NORTHWEST
PARTNERSHIP
EXHIBIT B-1 To
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EXHIBIT C
Legal Description
A PARCEL OF LAND BOUNDED ON THE SOUTH BY THE NORTHERLY RIGHT-OF-
WAY LINE OF AS YET UNSURVEYED BUENAVENTURA BLVD.; BOUNDED ON THE
EAST BY THE NORTHERLY RIGHT-OF-WAY LINE OF THE PROPOSED REALIGNMENT
OF RAILROAD AVENUE AS PROPOSED BY THE REDDING REDEVELOPMENT AGENCY
FOR 1956; BOUNDED ON THE NORTH BY THE SOUTHERLY BOUNDARY OF THAT
CERTAIN PARCEL DESCRIBED IN BOOK 2802 AT PAGE 444, OFFICIAL RECORDS OF
SHASTA COUiVTY AND BOUNDED ON THE NORTHWEST BY THE NORTHERLY
BOUNDARY OF THAT CERTAIN PARCEL DESCRIBED IN BOOK 673 AT PAGE 69,
OFFICIAL RECORDS OF SHASTA COUNTY. THE FINAL BOUNDARY OF THIS
PARCEL WILL BE DETERMINED IN THE FUTURE AFTER A RECORD OF SURVEY IS
RECORDED ON THE CENTER LINE OF BUENAVENTURA BLVD. AT THAT TIME A
CORRECTION DEED WILL ACCOMPLISH THAT FACT.
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REDEVELOPMENT AGENCY
TO
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EXHIBIT C-1
PAR�TNERSHI�P� .:: _ ` ::
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HI�HwAY
_ -
O UNRESTRICTED ENTRANCE/EXIT DRIVEWAYS.
OB ONE—WAY ENTRANCE/EXIT DRIVEWAYS (RIGHT
TURN IN ac RIGHT TURN OUT ONLY).
OC NO ACCESS ALLOWED DUE TO VARIOUS TYPES
OF CONFIICTS WITH TRAFFlC FLOWS.
... ... ... .. _. ...
.. ... ... ... .... ... _. .... .
EXHIBIT D
2024SNWD.DWG APRIL, 1996 SCALE: 1"=10�`