HomeMy WebLinkAboutMINUTES - 08052003 - C.146 (4
THE BOARD OF SUPERVISORS OF
CONTRA COSTA COUNTY, CALIFORNIA
Adopted this Carder on August 5, 2003, by the following vote:
AYES: Supervisors Gloia, Uilkema, Greenberg, Glover and DeSaulnier
ABSENT: None
ABSTAIN: done
SUBJECT: Joint Exercise of Powers Agreement for Pleasant
Hill BART Station Leasing Authority
RELISTED: September 9, 2003
1 hereby certify that this is a true and correct
copy of an action taken and entered on the
minutes of the Board of Supervisors on the
date shown.
Attested: August 5, 2003
John Sweeten, Clerk of the Board
Of Supervisors and County Administrator
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i
Deputy l 0
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TO: REDEVELOPMENT AGENCY/BOARD OF SUPERVISORS
FROM: John Sweeten, Executive Director
Dennis M. Barry, AICP, Director of Community Development
DATE: August 5, 2003
SUBJECT: Joint Exercise of Powers Agreement for Pleasant Hill BART Station Leasing Authority
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
As the Board of Supervisors and as the Governing Burd of the Redevelopment Agency APPROVE and
AUTHORIZE the Chair to execute a Joint Exercise of Powers Agreement for the Pleasant Hill BART
Station Leasing Authority by and among the County of Centra Costa, the Contra Costa County
Redevelopment Agency, and the San Francisco Bay Area Rapid Transit District.
FISCAL IMPACT
The business plan underlying the Joint Exercise of Powers Agreement for the Pleasant Hill BART
Leasing Authority results in the County General Fund receiving an annual revenue stream of ground
lease estimated at $300 million over 99 years. This revenue stream results from the investment of
Pleasant Hill BART redevelopment revenues (estimated at $35 million in today's dollars) to pay for
BART patron replacement parking,and other public improvements related to approved development on
the joint development property at Pleasant Hill BART. Funds would be contributed by the Agency
primarily from bond proceeds.
BACKGROUND/REASONS FOR RECOMMENDATIONS
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CONTINUED ON ATTACHMENT. X YES SIGNATURE: L ell
RECOMMENDATION OF EXECUTIVE DIRECTOR ECOMM DATION OF KGENCY
COMMITTEE APPROVE OTHER
SIGNATURE(S):
ACTION OF AGENCY/ON APPROVED AS RECOMMENDED OTHER
SUPERVISORS
VOTE OF COMMISSIONERSISUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
UNANIMOUS (ABSENT ) TRUE AND CORRECT COPY OF AN
AYES: NOES: ACTION TAKEN AND ENTERED ON THE.
ABSENT: ABSTAIN: MINUTES OF THE BOARD OF
.SUPERVISORS/AGENCY ON THE
Contact: Jim Kennedy DATE SHOWN.
5-1255
orifi: Redevelopment Agency
cc. County Administrator ATTESTED
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6A)
BACKGkbUND/REASONS FOR RECOMMENDATIONS
The BART property at the Pleasant Hill Station(Area 11/12)is one of the development sites
in the County adopted Pleasant Hill BART Station Area Specific Plan (the"Specific Plan").
The property is a key property in the Pleasant Hill BART Redevelopment Project. The
property is owned by the San Francisco Bay Area Rapid Transit District(BART). In 2001 the
County,the Redevelopment Agency,and BART completed a land use and design concept
for the BART properly in a major design Charrette. The results of the Charrette have been
incorporated into a November, 2002 County approval of a Rezoning and Preliminary
Development Plan(County Files R2 023116&SP 2002-02). This"Charrette Plan"provides
for a mixed-use transit village development with the following general characteristics
(estimates erased on RZ 023110):
Residential Units 274-446 units
Office 290,000—456,000 sq. ft.
Retail/Storefront 42,000 sq. ft,
Civic 7,000 sq, ft,
One of the development blocks may flex in use with either office or residential
use.
# Up to 50 units will be for-sale housing.
The development is expected to occur largely under a ground lease format
In order for the Charrette Plan to be undertaken the 1,487 surface parking spaces utilized by
BART patrons must be replaced in a structure. BART does not have revenue to construct
such a facility,nor is the private development contemplated financially feasible if required to
construct the replacement parking. The JPA Agreement provides for the County
Redevelopment Agency to mance the construction of the replacement parking facility and
other public improvements, The JPA Agreement contemplates that the private development
will occur largely under terms of ground lease(all development except the for-sale housing
component). In order to induce the Redevelopment Agency to finance the BART
replacement parking and other public improvements the JPA Agreement provides for BART
and the County to share ground lease revenues. The business structure provides that
BART, the owner of the property, lease the property to the Pleasant Hill BART Station
Leasing Authority. The Leasing Authority,which is comprised of BART,the County,and the
Redevelopment Agency, will enter into ground lease with a private developer, currently
Millennium Partners. The ground lease revenues will be shared between the County and
BART on a 75-25% basis.
The general parameters of the business structure is set forth in Exhibit A. The financial
parameters are set forth in Exhibit B. The recommended action represents a major step in
accomplishing the long desired transit village at Pleasant Hill BART,and do so in the context
of a public-private partnership that will endow the County with a long-term general fund
earning asset.
C/
EXHIBIT A
JPA BUSINESS STRUCTURE
a) Parties
1) BART
2) County of Contra Costa
3) Contra Costa County Redevelopment Agency
b) Boundaries=Specific Pian Area
c) Powers
1) Facilitate(study,plan,finance)private and public development of
BART property;
2) Contract for services;
3) Incur debt(non recourse to public agency members);and
4) Apply for and receive grantsiloans from federal/state government
d) Governance
1) 4 member Authority Board-two per public agency
• BART Board Member(2)
• Board of Supervisors Members(2)
2) Unanimous consent to all actions
3) Treasurer/Auditor=County Auditor Controller
4) Authority Staff—Co-Executive Directors
• County Redevelopment Director
• BART Manager 6f Property Development
5) Mediation to resolve disputes
6) RDA terminates as party when annexation of BART property occurs
e) Financing
1) Contributlons/advances allowed by members(nominal);
2) Hold title to funds,property,facilities acquired;
3) Receivelrepay loans;
4) Issue bonds;and
5) Receive and distribute revenues,primarily ground lease
• Stipulates percentage distribution between County/Agency
and BART—754/1t.to County,2511/6 to BART
• Pay lease administration expenses(contracted)
f) Property Disposition by Lease and Sale
1) Three year option to lease,extendable by mutual consent;
2) sale by BART to Authority of property to be developed as for-sale
housing(not to exceed 50 units);
3) Land Swap may be consideration for safe of property,I.e.,BART
receives fair market value;County&BART share equally above fair
market value;BART could purchase property of equal value;
4) Acknowledge Millennium Partners as Developer(provides for
replacement of Millennium,If necessary);
5) Unsubordinated Ground Lease;
6) Developer secures entitlements from County In conformance with
charrette plan(now RZ 023116);
7) BART provided oversight authority of activities affecting transit
facilities;and
8) Agency funds parking structure and public Improvements(type and
amount to be determined)
g) Administration
1) Financial records and audits to be kept by Treasurer;and
2) Lease administration contracted to private party with full access to
deveioperlowner's books
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