HomeMy WebLinkAboutMINUTES - 10242006 - C.88 E L
TO: ' l REDEVELOPMENT AGENCY ��'=� --0�' Contra
BOARD OF COMMISSIONERS
Costa
FROM: James Kennedy '
,40
Director, Contra Costa County �o - County
Redevelopment Agency SrA ���
DATE: October 24, 2006
SUBJECT: Intent to Exercise Agency Purchase Option — Bay Point rev
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
RECOMMENDATION:
1. AUTHORIZE the Redevelopment Director to execute a Purchase Agreement for the
purchase of 96 Enes Avenue, Bay Point.
2. FIND that this project is exempt from the California Environmental Quality Act pursuant to
CEQA Guidelines Section 15061(b)(3)
3. DIRECT the Redevelopment Director, or designee, to file a Notice of Exemption for this
project with the County Clerk.
4. DIRECT the Redevelopment Director, or designee,to arrange for payment of the $25
handling fee to the County Clerk for filing such Notice of Exemption
FINANCIAL IMPACT: None. No General Fund revenues are involved. Redevelopment
Agency Housing Set-Aside funds (Fund 289301/Org 7885) will be used to purchase, hold, and
resale this home. It is anticipated that most, if not all, of these funds will be repaid by the home
sale to a new eligible purchaser.
BACKGROUND: In September of 1993, the Governing Board approved a First-Time .
Homebuyers Program in the Bay Point Redevelopment Project Area. In exchange for Agency
assistance, participating homebuyers signed a Resale Restriction Agreement and Option to
Purchase.("Agreement"). The purpose of the Agreement is to provide the Agency with an
opportunity to maintain the affordability of the unit for another low-income household w n the
unit is sold or transferred.
CONTINUED ON ATTACHMENT: YES NO SIGNATURE:
❑ ®
❑ RECOMMENDATION OF COUNTY ADMINISTRATOR ❑ RECOM ND TION OF BOAR COMMITTEE
]—] APPROVE ❑ OTHER
SIGNATURE(S):
ACTION OF COMMISSIONERS ON tse' 24. 2.tr�G
APPROVED AS RECOMMENDED 60T}lER ❑
VOTE OF COMMISSIONERS: I HEREBY CERTIFY THAT THIS IS A TRUE AND
CORRECT COPY OF AN ACTION TAKEN AND
\ UNANIMOUS(ABSENT t'l'nLe---' ) ENTERED ON THE MINUTES OF THE BOARD OF
COMMISSIONERS ON THE DATE SHOWN.
AYES: NOES:
ABSENT: ABSTAIN: ATTESTED
Contact: Kara Douglas (5-7223) JOHN CULLEN, CLERK OF THE BOARD OF
COMMISSIONERS AND COUNTY
cc: CAO ADMINISTRATOR
County Counsel
Redevelopment Agency
Community Development By: �� Deputy
Y P tY
96 Enes Avenue Purchase
October 24, 2006
Page 2
The owner of an Agency assisted home at 96 Enes Avenue, Bay Point has notified the Agency
that he wishes to sell his home. The Agreement allows the home to be sold at fair market
value after the initial period of 10 years. The owners have lived in the home for 11 years. The
Agreement allows the home to be sold at fair market value after the initial period of 10 years.
The owners have lived in the home for 11 years. The fair market value of the home may be
established either through an appraisal, or by agreement between the owners and the Agency.
The fair market value may be approximately $350,000. The homeowners also received a
deferred payment, interest accruing loan from the Agency at the time of purchase. This loan
now totals over $100,000 and is due to the Agency upon transfer of the property.
It is the Agency's policy to keep the affordable units in its program in order to satisfy
Redevelopment law affordable housing production requirements. Therefore, the Agency
intends to exercise its right of first refusal to acquire the unit or to assign its right to acquire the
property to an income eligible homebuyer. A subsequent recommendation will be made to the
Board of Commissioners when a buyer has been identified, and a price set.