HomeMy WebLinkAboutMINUTES - 12161997 - C103 c /�3
Contra
Costa
TO: BOARD OF SUPERVISORS ^u
ntyr C U� s l�V
FROM: Dennis M. Barry, AICP
Community Development Director
DATE: December 16, 1997
SUBJECT: Development Agreement Assignment for Areas 7B & 8 - Pleasant Hill BART Station Area
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
APPROVE Assignment Agreement and AUTHORIZE the Interim Director of Community
Development, or the Deputy Director- Redevelopment, to execute an Assignment Agreement
between Sears Development Company and Lincoln Property Company No. 2314 Limited
Partnership, a California limited partnership that will assign all rights and obligations under
a Development Agreement dated February 22, 1989 to said limited partnership.
FISCAL IMPACT
None. No General Funds are involved.
BACKGROUND/REASONS FOR RECOMMENDATIONS
On February 22, 1989 the County entered into a Development Agreement for the development
of Areas 7B and 8 at the Pleasant Hill BART Station Area. Sears Development is presently
the owner of this property. The developer desired to sell the property to Lincoln Property
Company No. 2314 Limited Partnership, a California limited partnership.
CONTINUED ON ATTACHMENT: XX YES SIGNATURE: ���IC/
Cec�*
RECOMMENDATION OF COUNTY ADMINISTRATOR E bmMENDTION OF BOAD
COMMITTEE APPROVE OTHER
SIGNATURE(S):
ACTION OF BOARD ON Ig _ ita - l9g 7 APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
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 BOARD OF
SUPERVISORS ON THE DATE SHOWN.
Source: Jim Kennedy
335-1255
orig: Redevelopment Agency ATTESTED
cc: Community Development PHIL BATCHELOR, CLERK OF
County Administrator THE BOARD OF SUPERVISORS
County Counsel AND COUNTY ADMINISTRATOR
via Redevelopment
Homart Development Company
Lincoln Property Company BY DEPUTY
Morrison & Foerster
JK:Ih
sra27/spieker2.bos
♦ �3
In order to accomplish the sale, the rights and obligations of the developer under the
Development Agreement need to be assigned to Lincoln Property. Agency staff has
reviewed the credentials and financial information regarding Lincoln Property and have
found that they meet the minimum requirements set forth in the Development Agreement.