HomeMy WebLinkAboutMINUTES - 12161997 - C136 -� - Contra
TO: REDEVELOPMENT AGENCY Costa
FROM: Phil Batchelor . rA c Vk J County
Executive Director
DATE: December 16, 1997
SUBJECT: Assignment Agreement for Areas 713 & 8 - Pleasant Hill BART Station Area
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
APPROVE Assignment Agreement and AUTHORIZE Deputy Director - Redevelopment to
execute said 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 Disposition and Development Agreement dated June
26, 1986 and a First Amendment to said DDA dated February 22, 1989 to said limited
partnership.
FISCAL IMPACT
None. No General Funds are involved.
BACKGROUND/REASONS FOR RECOMMENDATIONS
On June 26, 1986 the Redevelopment Agency entered into a Disposition and Development
Agreement for the development of Areas 7B and 8 at the Pleasant Hill BART Station Area.
Said DDA was subsequently amended in 1989. The DDA was assigned to Sears Development
CONTINUED ON ATTACHMENT: XX YES SIGNATURE:
RECOMMENDATION OF EXECUTIVE DIRECTOR ARE COMMEND ION OF AG Rig CY
COMMITTEE APPROVE OTHER
SIGNATURE(S):
ACTION OF AGENCY ON (o 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.
Contact: Jim Kennedy
335-1255 ATTESTED
orig: Redevelopment Agency PHIL BATCHELOR �—
cc: Community Development AGENCY SECRETARY
County Administrator
County Counsel
via Redevelopment BY , DEPUTY
Homart Development Company
Lincoln Property Company
Morrison & Foerster
J K:Ih
sra 27/phb.bos
c /36
Company (aka Homart Development) in 1989 as well. Sears Development desires to sell the property to
Lincoln Property Company No. 2314 Limited Partnership, a California limited partnership. In order to
accomplish the sale, the rights and obligations of the developer under the DDA and its First Amendment
need to be assigned to said limited partnership. Agency staff has reviewed the credentials and financial
information regarding said limited partnership and have found that they meet the minimum requirements set
forth in the DDA.