HomeMy WebLinkAboutMINUTES - 08111998 - C118 ..
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TO: REDEVELOPMENT AGENCY y /
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FROM: Phil Batchelor
Executive Director
DATE : August 11, 1998
SUBJECT; Assignment Agreement for Areas 8 Pleasant Hill BART Station Area
SPECIFIC REQUEST(S) OR RECOMMENDATIONS (S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
APPROVE AND AUTHORIZE Deputy Director -- Redevelopment to execute a
Consent and Agreement between Lincoln Property Company No. 2314
Limited Partnership, a California limited Partnership, and Main Street
Associates, LLP that will assign all rights and obligations for a
portion of the property under a Disposition and Development Agreement
dated June 26, 1986 and a First Amendment to said DDA dated
February 22, 1989, and a Second Amendment dated June 16, 1998 to said
limited partnership.
FISCAL IMPACT"
None . No General Funds are involved.
BACKGROUND/REASONS FOR RECOMMENDATIONS
On June 26, 1986 the Redevelopment Agency entered into a Disposition
and Development Agreement for the development of Areas 7B and 8 at the
Pleasant Hill BART Station Area. Said DDA was subsequent) amended
1
CONTINUED ON ATTACHMENT: XX YES SIGNATURE :
RECOMMENDATION OF EXECUTIVE DIRECTOR REC DATION OF AGENCY C TTEE
APPROVE OTHER
S I GNATURE (S) ; '✓
ACTION OF AGENCY ON Ajast 11, 1998 APPROVED AS RECOMMENDED X
VOTE OF COMMISSIONERS
I HEREBY CERTIFY THAT THIS IS A
X UNANIMOUS (ABSENT Ib ) TRUE AND CORRECT COPY OF AN
AYES: NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT; ABSTAIN: MINUTES OF THE REDEVELOPMENT
AGENCY ON THE DATE SHOWN.
Contact: Jim Kennedy
646-4076 ATTESTED
orifi: Redevelopment Agency PHIL El4TCHELOI�
Community Development AGENCY SECRETARY
County Administrator
County Counsel
via Redevelopment BY �tee 1 U� , DEPUTY
Lincoln Property Company
Main Street Associates
Goldfarb & Lipman
Morrison & Foerster
..................
in 1989 and 1998 . The DDA was assigned to Sears Development
Company (aka Homart Development) in 1989 as well . In 1997, the
property was sold and the DDA was assigned to Lincoln Property
Company No. 2314 Limited Partnership. Lincoln now desires to sell
a portion of the property (Area 8) to Main Street Associates . In
order to accomplish the sale, the rights and obligations of the
developer for the subject portion of the property, the DDA and its
First and Second Amendment need to be assigned to Main Street
Associates . Agency staff has reviewed the credentials and
financial information regarding Main Street Associates and have
found that they meet the minimum requirements set forth in the DDA.
Main Street Associates intends to submit a land use application to
the County for an office use, which is permitted by the Pleasant
Hill BART Station Area Specific Plan.
JK:sI
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