HomeMy WebLinkAboutMINUTES - 02281989 - 1.95 1-095
TO: REDEVELOPMENT AGENCY Contra
C )st a
FROM: PHIL BATCHELOR,
EXECUTIVE DIRECTOR
DATE: February 13 , 1989
SUBJECT: Assignment Agreement for Area 9
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Approve agreement and authorize the Executive Director or his
designee to execute an assignment between 505 Oak Road Associates
(Jaymont) and Oak Hill Capitol Corporation that will assign all
rights ;and obligations under a Disposition and Development
Agreement dated December 20, 1985 to Oak Hill Capitol_ Corporation
from 505 Oak Road Associates.
BACKGROUND/REASONS FOR RECOMMENDATIONS
On December 2P, 1985 the Redevelopment Agency entered into a
Disposition and Development Agreement with 505 Oak Road Associates,
an Illinois Limited Partnership (Jaymont) . The Disposition and
Development Agreement provided for various rights and obligations
of the develgper and the Redevelopment Agency with respect to
development of Area 9 within the Pleasant Hill BART Station Area
Specific Plane A sale of the involved property is desired. Agency
staff has reviewed the credentials and financial background of Oak
Hill Capitol 'Corporation and has found that they meet the minimum
requirements to assume the obligations under the DDA.
CONTINUED ON ATTACHMENT: YES SIGNATURE:
RECOMMENDATION OF EXECUTIVE DIRECTOR RECOMMENDATION F AGENCY COMMIT E
APPROVE OTHER
f
SIGNATURE(S) :
ACTION OF AGENCY ON February 28, 1989 APPROVED AS RECOMMENDED x OTHER
VOTE OF COMMISSIONERS
I HEREBY CERTIFY THAT THIS IS A
X UNANIMOUS (ABSENT III ) 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.
cc: Redevelopment Director ATTESTED February 28, 1989
County Administrator PHIL BATCHELOR,
County Counsel AGENCY SECRETARY
Goldfarb & Lipman
Morrison & Forrester
Jay Mont Properties BY o DEPUTY
Oak Hill Capitol Corporation via RDA
JK/jb
jk3/AAArea9.bs
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1-096
TO: REDEVELOPMENT AGENCY �Contra
FROM: PHIL BATCHELOR, C )sla
EXECUTIVE DIRECTOR coirty
DATE: February 13 , 1989
SUBJECT: Assignment Agreement for Areas 7 & 8
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Approve Assignment "Agreement and authorize the Executive Director
or his Designee to execute said Assignment Agreement between
Taylor/Ward Properties, California General Partnership, Sonspirit
Properties, a California General Partnership, and Homart
Development Company, a Delaware Corporation that will assign all
rights and obligations under a Disposition and Development
Agreement dated June 26, 1986 and a First Amendment to said DDA
from Taylor/Ward and Sonspirit Properties to Homart Development
Company.
BACKGROUND/REASONS FOR RECOMMENDATIONS "
On June! 26, 1986 the Redevelopment Agency entered into a
Disposition and Development Agreement with Taylor/Ward Properties
and ,Sonspirit Properties. Said DDA was subsequently amended. The
developer desired to sell the property to Homart Development
Company., In order to accomplish the sale, the rights and
obligatii'ons of the developer under the DDA and its First Amendment
need to! be assigned to Homart. Agency staff has reviewed the
credentials and financial information regarding Homart and have
found that they meet the minimum requirements set forth in the DDA.
CONTINUED ON ATTACHMENT: YES SIGNATURE:
RECOMMENDATION OF EXECUTIVE DIRECTOR. RECOMMENDATION O 'AGENCY COMM T$E
APPROVE OTHER
SIGNATURE(S) :
ACTION OF AGENCY ON February 28, 1989 APPROVED AS RECOMMENDED x OTHER
VOTE OF COMMISSIONERS
I HEREBY CERTIFY THAT THIS IS A
X UNANIMOUS (ABSENT III ) 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.
cc: Redevelopment Director ATTESTED February 28, 1989
County Administrator PHIL BATCHELOR,
County Counsel AGENCY SECRETARY
Taylor/Ward Properties
Homart Development Company via RDA
McCutcheon, Doyle, Brown & Enerson BYOA. 0 , DEPUTY
JK/jb
jk3/aaarea78 .bos
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