HomeMy WebLinkAboutMINUTES - 09162003 - C.53 TO. REDEVELOPMENT AGEENC s°
john Svveeten, Exec0ve Director
DATE, September 16, 2003
SUBJECT: Park Regency Apartments, Pleasant Hi ; BAR":- Station Are
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
APPROVE and AUTIHORIZE the Redeveloprnent Director to xecu;t o-urth Amendment
to -L),isoosition andv ;o r tre r,e t between Park Regencyrtn ¢ a a California
ger r € partnership, and the Contra Costa Countly Redevelopment Agency.
Te Disposition and Development Agreement makes no co rn trn nt OW ounty Genera;
funds. 1-he recommended action would obligate future P e s nt Hill BART Redevelopment
Housing funds for 1 years In exchange -or adds o al �sln a or bfl't ,
BA(1-/'KGROUNQ1REASONS FOR RECOMMENDATIONS
Park Regency Apartments is an 2m nit project located at 3110 k Road i the Pie s t
iii; BART Station. area, The ownership entity is Park n.y P rm rs. /
CONTINUED ON ATTACHMENT- X YES SIGNATURE.
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.---RECOMMENDATION OF EXECUTIVE DIRECTOR RECOMWeNDATION OF/ GENCY
MMITT .,-APPROVE OTHER
I
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SIGNATURES)
Tl GES , tad lis, 2003 � � �� � OTHER
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VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
UNANIMOUS TTRUE 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. � Kennedy
255
orifi, Redevelopment
n County AdminIstrator ATTESTED p ,e "6 2 :
County Counsel JOHN SWEETEN, AGENCY SECRETARY
J f'-- DEPUTY
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BACKGROUNDREASSQNiSo FOR RECOMMENDATIONS
in �june, 1989 the Agency entered into a Usposition and Dev6opment
Agreement (DDA)A)with Pleasant Hill Development, the predecessor party to
'ark Regency, Partners. The DDA was subsequently amended three .-Imes
throughout tie development program in August, 1989; Decembers 1992 and
� y, 1994p The DDA provided for the Agemcy to assist in land assemblage
activity, n to provideannual f€r� ci l assistance payments for 15 years to
assuret t 00% of t o J�4 affordable housing units would b affordable to
very low-income households, That 100% targeting of 134 units to very low-
income
o Rincome households would revert to 54 very-low income units and 80
m ar t -incomete-income units in 2007. The owner wN commit to a rnWrnum of 1
years f additional very-low income targeting with the "County's agreeing to
restructure its housing bonds, and the Redevelopment Agency agreeing to
extend for an additional 0 years financiai assistance p yrn nts from its
Housing SetmAside, Based on an analysis of project financial performance
and impacts, an annum financial assistance payment of $550,000 was
negotiated, The Fourth Amendment to DDA accomplishes this actiom
The Park Regency Apartments were financed n part with tax-exernot
housing bonds. A restructuring of these housing bonds to, extend the loan,
and substitute a FWA mortgage back security as the credit enha cement
for the bonds is being considered simuitaneouy with this recornmended
Redeve'opment,agency action.
Orders a d
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