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Home My WebLink AboutMINUTES - 11052002 - SD5 " TO: REDEVELOPMENT AGENCY , Centra Costa FROM: John Sweeten a County Executive Director DATE: November 5,2002 SUBJECT: Somerset Affordable Homes Property Transfer: 242 Portola Drive SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S)&, BACKGROUND AND JUSTIFICATION RECOMMENDATIONS I. AUTHORIZE the Contra Costa County Redevelopment Agency(Agency)to convey the following below market rate real property to an eligible moderate income purchaser:assessor's parcel 203-061- 03 1, 03 051- 031,pursuant to California Health and Safety Code sections 33431 and 33449, 2. AUTHORIZE the Deputy Director-Redevelopment,or his designee,to enter into the legal documents required for the transfer of title of above property from the Agency to an eligible purchaser, 3. DIRECT the Real Property Division to have the County Deed of Trust,Buyer's Resale Agreement, and other such documents as required recorded in the Office of the County Recorder. FISCAL IMPACT No Redevelopment Agency impact. This program utilizes the Affordable Housing Special Revenue Fund(Fund 111300, Org. 1590 to acquire the properties from sellers; the properties are resold to eligible buyers. The Affordable Housing Special Revenue Fund is reimbursed net of transaction costs. CONTINUED ON ATTACHMENT: X YES SIGNATURE: 4--RECOMMENDATION OF COUNTY ADMINISTRATOR REJ O ENDAT N OF BOARD COMMITTEE APPROVE OTHER I t SIGNATURE(S): ACTION OF BOARD ON 2= APPROVED AS RECOMMENDED x,OTHER VOTE OF SUPERVISORS I HEREBY CERTIFY THAT THIS IS A xx UNANIMOUS(ABSENT None ) TRUE AND CORRECT COPY OF AN AYES: NOES: ACTION TAKEN AND ENTERED ON THE ABSENT: ABSTAIN: MINUTES OF THE BOARD OF SUPERVISORS ON THE DATE SHOWN. Contact: Kara Douglas, 335-1253 ATTESTED tuber 5 2(X12 Orig: Community Development JOHN SWEETEN, CLERK cc: County Administrator OF THE BOARD OF SUPERVISORS County Counsel AND COUNTY ADMINISTRATOR Auditor-Controller BY C� ,DEPUTY BACKGROUND/REASONS FOR RECOMMENDATIONS In accordance with the terms of a Development Agreement between the County and Dame Construction Company(1993), Dame agreed to provide 23 Affordable Units in the Somerset Homes development in exchange for development approvals, including a density bonus,received from the County. As required by the Agreement,the Affordable Units were sold to qualified moderate-income households at below-market prices providing a homeownership opportunity to the purchaser. Purchasers of the affordable units were required to enter into a Buyer's Purchase Agreement which provided the County with the right of first refusal to acquire,or to assign its right to acquire the unit at a predetermined price, in the event of resale. The purpose of the resale restriction is to provide the County with an opportunity to maintain the affordability of the unit for another moderate-income household. An owner of an affordable unit in the Somerset Homes development informed the County that she wished to sell her unit. In order to preserve the affordable units for a minimum of ten years in accordance with State Density Bonus law,the County purchased the property. State law requires Counties to sell property at auction,unless below-market property is being sold to eligible buyers. The former is not practicable to maintain affordability, and the latter requires a 30-year term of affordability,which is in conflict with the Somerset program 15-year term. In order to facilitate the sale of these properties to eligible households,the County transferred the properties to the Agency. California Health and Safety Code Section 33449 allows redevelopment agencies to acquire property located outside of a project area to provide housing for persons of very-low, low or moderate income. An eligible purchaser has been identified for each of the affordable Somerset property. KD\\fs-cd%users!6\Wouglas\kdouglas\New\Board Orders\2002\prep trap RDA.doc �2 PROOF OF PUBLICATION (20115.5 C.C.P.) a�iscw a STATE OF CALIFORNIARLINA r0NT sJA� County of Contra Costa ;.NOTICE IS HEREBY GIVEN I am a citizen of the United States and a resident of the at the. Contra Coat. aunty • R evsiopme t County aforesaid; I am over the age of eighteen years, and gnct/{tha'� wld! not a party to or Interested in the above-entitled matter, h ubl'mbarG p82 at 9: m.!n tho harry I am the Principal Legal Clark of the Contra Costa Times, a bore of +a aoard•of upor: newspaper of general circulation, printed and published at my Adminlstra- 2640 Shadelands Drive in the Ci of Walnut Creek, County n St ding, eat pine City tY treat, Martinez Callfornis. of Contra Costa,94598, e hoaN may ba crontin- uad from me t mo until oom 1a Ary e n de- ! deeoN ad In s ratios, And which newspaper has been adjudged a newspaper of slNr�the o 'n' ba or in wrp n orrespon- general circulation by the Superior Court of the County of oppoorrtunlity. atfordbd that dean� daeilveren to tha Contra Costa, State of California, under the date of October hesNn . .t orprior to the 22,1934.Case Number 19764. The purpose of this hasr�r� is to consider p provai of The hearing will.be con- he gala.to n$Ii Iblo quail- ducted purzuant to the rs- The notice, of which the annexed Is a printed copy {set in dad b r sl l -tamtry -Tpnte of Section type not smaller than nonpareil), has been published in each Noma at Porto- �t 'of the Health and !a pNva Ap.N 203 oat-I31y afaty Code.Ac�v of the regular and entire issue of said newspaper and not in any in 1:7anv1 e,Gaiifornla.Said prohase and aalb agree- supplement thereof on the following dates,to-wit: rapetiywa8purohaeedfor . ents and resale Crae- �}rrc menta ars avatia at the a obi llttyy of the hemeni In ' omces of the R Ltlp Qcto er 23 30 the me t}ertsltyr o- r $e t Itlt to None nus program and will 5o re- ,N sold far th f p aq ��... i orcin z L�eittfomla, a!9 in the year of 2002 iAgreeman s ®seta and oopylri0 it e, no! r to at ost of dul- l} an t catiooXn, u her Information I cern or declare under penalty of perjury that the y person desires to aryl Is hearin ma certify ( ) p Y p �' chatSanpa in rt the a I abtsine t €rt foregoing is true and correct. p vat br condi ons of tf9e t Kara pougI mat' {e2u"} saga of the a4bleot proper- c 33a-t b hr aha writ ba I pro to Le CCTataS2 Executed at Walnut Creek,California. raising,only those ues a Pu Ilsh October 23, 34, On this."1 day of Occ p er, 2 Mat are raised at the hesr- t 2002 Signaurs Contra Costa Times P O Box 4147 Walnut Creek,CA 94596 (925)935-2525 Proof of Publication of: (attached is a copy of the legal advertisement that published)