HomeMy WebLinkAboutMINUTES - 10142008 - C.70 Contra
TO: REDEVELOPMENT AGENCY
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FROM: DAVID TWA, EXECUTIVE DIRECTOR ,,,__,_- County
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DATE: October 14, 2008
SUBJECT: APPROVE PURCHASE AND SALE AGREEMENT TO PURCHASE REAL PROPERTY
LOCATED AT 1532 MARTIN DRIVE, NORTH RICHMOND, CA
SPECIFIC REQUEST(S) OR RECOMMENDATION(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
APPROVE Purchase and Sale Agreement and ACCEPT the Grant Deed from Monica Garcia
for the purchase of 1532 Martin Drive in North Richmond identified as Assessor's Parcel
Number 408-230-067 and AUTHORIZE the Redevelopment Director to execute said Purchase
and Sale Agreement on behalf of the Redevelopment Agency.
FISCAL IMPACT
None. No General Fund revenues are involved. Redevelopment Agency Housing Set-Aside
funds (Fund 289301/Org 7885) will be used to purchase the Property
C NTINUED ON ATTACHMENT: X YES SIGNATURE ov"
RECOMMENDATION OF COUNTY ADMINISTRATOR _RECOMME DATN OF B D COMMITTEE
APPROVE OTHER
SIGNATURE (S):
ACTION OF BOARD ON APPROVED AS RECO ME D OTHE
VCjTE OF SUPERVISORS ,� I HEREBY CERTIFY THAT THIS IS A TRUE AND
UNANIMOUS(ABSENT,) CORRECT COPY OF AN ACTION TAKEN AND
AYES: NOES: ENTERED ON THE MINUTES OF THE BOARD OF
ABSENT: ABSTAIN: SUPERVISORS ON THE DATE SHOWN
Contact: D'Andre Wells ATTESTED V040 J e,>l ISG. 4?"%P
(925)335-7236 DAVID TWA, CLERK OF THE BOARD OF
SUPERVISORS AND COUNTY ADMINISTRATOR
cc: CAO
County Counsel
Redevelopment Agency BY —, DEPUTY
CHDC
1532 Martin Drive
Page 2
BACKGROUND/REASONS FOR RECOMMENDATION
From 2000 through 2002, the Community Housing Development Corporation of North
Richmond sold 87 homes in the Parkway Estates development. Twenty-five of those homes,
including this Property, received Agency assistance and were sold to low income, first-time
homebuyers. In exchange for Agency assistance, homebuyers, including the Owner, signed a
Resale Requirement, Homebuyer Covenant and Option to Purchase Agreement. The purpose
of these provisions is to provide the Agency with an opportunity to maintain the affordability of
the unit for another low-income household when a unit is sold or transferred. The Resale
Restriction provides that the Agency may exercise its option to purchase the Property from the
Owner in the event the Owner provides the Agency with a written notice of intention to sell.The
restrictions also give the Agency the option to assign its right to a low income homebuyer or
eligible purchaser. The Agency intends to assign its right to 1532 Martin Drive to another low
income homebuyer by using local non profit housing developer Community Housing
Development Corporation of North Richmond (CHDC).
On August 21, 2008, Monica Garcia notified the Agency of her intent to sell her home located
1532 Martin Drive in North Richmond, CA. Pursuant to the Resale Requirement and
Homebuyer Covenant, the Agency will exercise its right to assign the property thereby
preserving the unit as affordable for another low income homebuyer. This action also enables
the Agency to continue fulfilling affordable housing goals.
The maximum restricted sales price for this home is approximately$212,000. This price may
be reduced by the value of the Wood Destroying Pests and Organisms Inspection Report which
has not been reviewed by Agency staff.