HomeMy WebLinkAboutMINUTES - 09011998 - C169 _._.
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TO: REDEVELOPMENT AGENCY County
FROM: Phil Batchelor
Executive Director
DATE: September 1, 1998
SUBJECT: Assignment Agreement for Portion of Area 7B - Pleasant Hill BART
Station Area
SPECIFIC REQUEST(S) OR RECOMMENDATIONS (S) & BACKGROUND AND JUSTIFICATION
RECOMMEND
LTIQN
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 Homestead
Village, Inc. A Delaware corporation that will assign all rights and
obligations for a portion of the property under a Disposition and
Development Agreement dated June 26, 1986 as amended.
FISCAL IMPACT
None. No General Funds are involved.
BACKGROUND/REASONS FF' R ECOMMENDATIONS
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 w s subsequent y amended
CONTINUED ON ATTACHMENT: XX YES SIGNATURE : / r
)RECO14-1ENDATION OF EXECUTIVE DIRECTOR REC NDATION AGENCY CO ITTEE
APPROVE' OTHER
j I
SIGNATURE (S) :
X.
ACTION OF AGENCY ON q APPROVED AS RECOMMENDED
VOTE OF COMMISSIONERS
I HEREBY CERTIFY THAT THIS IS A
X UNANIMOUS (ABSENT Nene ) 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 f
335-1255 ATTESTED
orifi: Redevelopment Agency PHIL BATCHELOR -
Community Development AGENCY SECRETARY
County Administrator
County Counsel
via Redevelopment BY4 � � ,' , DEPUTY
Lincoln Property Company
Homestead Village, Inc.
Goldfarb & Lipman
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 (North portion of Area 7B) to Homestead
Village, Inc. In order to accomplish the sale, the rights and
obligations of the developer for the subject portion of the
property, the DDA as amended need to be assigned to Homestead
Village, Inc. Agency staff has reviewed the credentials and
financial information regarding Homestead Village, Inc. and have
found that they meet the minimum requirements set forth in the DDA.
Homestead Village, Inc. has secured a land use approved from the
County for a 135 room, 61, 000 square foot hotel, as permitted by
the Pleasant Hill BART Station Area Specific Plan.
JK:Si
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