HomeMy WebLinkAboutMINUTES - 09232008 - C.78 TO: REDEVELOPMENT AGENCY -- Contra
FROM: David Twa, Executive Directoris Costa
/340
DATE: September 23, 2008 °�sra_:::-----"`� County
eo�K
SUBJECT: APPROVE PURCHASE AND SALE AGREEMENT TO PURCHASE REAL PROPERTY
LOCATED AT 231 RUBY AVENUE,NORTH RICHMOND, CA.
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
Recommended Action: rev
APPROVE Purchase and Sale Agreement and ACCEPT the Grant Deed from Ricky Jackson and Lori-Broom
Jackson for the purchase of 231 Ruby Avenue in North Richmond identified as Assessor's Parcel Number 408-
230-079 and AUTHORIZE the Redevelopment Director to execute said Purchase and Sale Agreement on behalf of
the Redevelopment Agency.
CONTINUED ON ATTACHMENT: ® YES SIGNATURE:
RECOMMENDATION OF EXECUTIVE DIRECTOR ❑ R CO MENDATION F AGENCY COMMITT E
APPROVE ❑ OTHER
I
O"r7SIGNATURE(S):
ACTION OF AGENCY ON
APPROVED AS RECOMMENDED VO�ER ❑
Attachment: NOE
VOTE OF COMMISSIONERS: I HEREBY CERTIFY THAT THIS IS A TRUE AND
,CORRECT COPY OF AN ACTION TAKEN AND
V UNANIMOUS(ABSENT ) ENTERED ON THE MINUTES OF THE
REDEVELOPMENT AGENCY ON THE DATE SHOWN.
AYES: NOES:
ABSENT: ABSTAIN: ATTESTED t ,-„ [.w �3, i
Contact: D'Andre Wells(335-7236) DAVID TWA,AGENCY SECRETARY
Orig: Redevelopment Agency
cc: CAO
County Counsel
Redevelopment Agency By: Deputy
CHDC
SUBJECT: APPROVE ASSIGNMENT OPTION TO PURCHASE REAL PROPERTY LOCATED AT
231 RUBY AVENUE,NORTH RICHMOND, CA.
DATE: September 23, 2008
PAGE: 2
Fiscal Impact:
None. No General Fund revenues are involved. Redevelopment Agency Housing Set-Aside funds (Fund
289301/Org 7885) will be used to purchase the Property.
Reasons for Recommendations and Background:
From 2000 through 2002,the Community Housing Development Corporation of North Richmond sold 87 homes in
the Parkway Estates development. Twenty-five of those homes,including this Property,received Agency assistance
and were sold to low income,first-time homebuyers. In exchange for Agency assistance,homebuyers,including the
Owners, signed a Resale Requirement,Homebuyer Covenant and Option to Purchase Agreement. The purpose of
these provisions is to provide the Agency with an opportunity to maintain the affordability of the unit for another
low-income household when a unit is sold or transferred. The Resale Restriction provides that the Agency may
exercise its option to purchase the Property from the Owners in the event the Owners provide the Agency with a
written notice of intention to sell.The restrictions also give the Agency the option to assign its right to a low income
homebuyer or eligible purchaser. The Agency intends to assign its right to 231 Ruby Avenue to another low income
homebuyer by using local non profit housing developer Community Housing Development Corporation of North
Richmond (CHDC).
On June 28, 2008, Ricky Jackson and Lori Broom-Jackson notified the Agency of their intent to sell their home
located 231 Ruby Avenue in North Richmond,CA. Pursuant to the Resale Requirement and Homebuyer Covenant,
the Agency will exercise its right to assign the property thereby preserving the unit as affordable for another low
income homebuyer. This action also enables the Agency to continue fulfilling affordable housing goals.
The maximum restricted sales price for this home is approximately$234,000. This price may be reduced by the
value of deferred maintenance. The Owners have not submitted any documentation of improvements.CHDC,along
with County Building Inspection Department,will inspect and determine the amount of deferred maintenance.The
Owner is also required to submit a Wood Destroying Pests and Organisms Inspection Report for review by Agency
staff.
Consequences of Negative Action:
The Agency will not be able to keep affordable units in its program in order to satisfy Redevelopment law affordable
housing production requirements.