HomeMy WebLinkAboutMINUTES - 11171992 - 1.118 == _ - Contra
TO: REDEVELOPMENT AGENCY I Costa
FROM: Phil Batchelor County
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Executive Director ��--.- J
r� coJN'�
DATE: November 17, 1992
SUBJECT: Southern Pacific Right-of-Way - Pleasant Hill BART Station Area
SPECIFIC REQUEST(S) OR RECOMMENDATIONS (S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Authorize the payment of $400, 000 to Park & Rail, a California
partnership, to complete the purchase of Park & Rail leasehold
interests in the former Southern Pacific right-of-way.
FISCAL IMPACT
The payment will come from Redevelopment Agency funds only. The
Agency's adopted budget provides for this payment.
BACKGROUND/REASONS FOR RECOMMENDATIONS
In December, 1985 the Agency approved a Lease Termination and
Assignment Agreement with Park & Rail, a California partnership.
Helix & Associates and Samuel P. Young, Inc. were partners in Park &
Rail. The Agreement provided for the purchase of existing Park & Rail
leases for $500, 000. A $100, 000 down payment was made, with the
remaining $400, 000 due seven years from the date of the Agreement
(December 5, 1992) .
F Q�
CONTINUED ON ATTACHMENT: YES SIGNATURE:
RECOMMENDATION OF EXECUTIVE DIRECTOR RECDATION Ob AGENCY C ITTEE
APPROVE OTHER
7
SIGNATURE(S) :
ACTION OF AGENCY ON November 17, 1992 APPROVED AS RECOMMENDED X OTHER
VOTE OF COMMISSIONERS
I HEREBY CERTIFY THAT THIS IS A
X 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.
Contact: Jim Kennedy
646-4076 ATTESTED November 17 , 1992
orig: Redevelopment Agency PHIL BATCHELOR,
cc: Community Development AGENCY ,SECRETARY
CAO
County Counsel
Auditor-Controller
Public Works-Real Property
via Redevelopment Agency
Park & Rail
Helix & Associates
Samuel P. Young
0
BY4j_ , DEPUTY
sra6/parkrail.bos