HomeMy WebLinkAboutMINUTES - 12171991 - 1.147 TO: REDEVELOPMENT AGENCY
Contra
FROM: Phil Batchelor S Costa
Executive Director y ,ramE Wu
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DATE: December 17, 1991 Sr"`°"a
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SUBJECT: Purchase and Sale Agreement - Glenfed Development Ventures
Corporation ;
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Approve Purchase and Sale Agreement with Glenfed Development Ventures
Corporation and authorize the Director of Redevelopment or his
Designee to execute said agreement.
FISCAL IMPACT
The total cost to acquire the subject properties is $1.5 million. The
Agency is making a down payment of $300, 000. Glenfed Development
Ventures is carrying the remainder of the amount on terms. The Agency
is pre-paying two years of interest, totaling $189,984 in order to
avoid annual payments for the first two years.
BACKGROUND/REASONS FOR RECOMMENDATIONS '
On December 31, 1991 the Redevelopment Agency approved a report and
recommendations regarding actions necessary to complete the assemblage
of Development Area 4 at the Pleasant Hill BART Station Area.
Included in the recommendations was acceptance of a tender of
properties to the Redevelopment Agency by Glenfed Development Ventures
Corporation as provided for herein.
CONTINUED ON ATTACHMENT: YES SIGNATURE: Z
RECOMMENDATION OF EXECUTIVE DIRECTOR RECOMMEND N OF AG ` CY COMMI TEE
APPROVE OTHER
SIGNATURE(S) :
ACTION OF AGENCY ON t} G .99 APPROVED AS RECOMMENDED OTHER
VOTE OF COMMISSIONERS
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 REDEVELOPMENT
AGENCY ON THE DATE SHOWN.
cc: Community Development
County Administrator ATTESTED
County Counsel PHIL BATCHELOR,
Auditor-Controller AGENCY SECRETARY
via Redevelopment Agency
Goldfarb & Lipman OA.- c b.D
SRA20/jb/glenfed.bos
BY , DEPUTY