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TO: REDEVELOPMENT AGENCY
FROM: PHIL BATCHELOR,
EXECUTIVE DIRECTOR
DATE: May 5 , 1989 Ccnl+}
ra
SUBJECT: Approval of Purchase Agreement and Promissory Note Costa
with A.T.A.P. International, Inc. for the sale of Cour-V,
land in the North Richmond Redevelopment Project
Area and authorization for the Executive Director or his designee
to execute the Purchase Agreement, Grant Deed and Promissory Note.
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Approve a Purchase Agreeement and Promissory Note with A.T.A.P.
International, Inc. for the sale of land in the North Richmond
Redevelopment Project Area and authorize the Executive Director or
his designee to execute a _Purchase Agreement, Grant Deed and
Promissory Note.
FISCAL IMPACT
None.
BACKGROUND/REASONS FOR RECOMMENDATIONS
The Redevelopment Agency has entered into a Disposition and
Development Agreement (DDA) with A.T.A.P. International, Inc.
(Developer) for the development of 7 affordable housing units in
the North Richmond Redevelopment Project Area. The DDA was
approved by the Agency following a public hearing on February 28,
1988 . Under the terms of the DDA, the Agency is to convey title of
the land, described in Exhibit A and shown on Exhibit B, attached
hereto and made a part hereof, to the Developer after certain
preconditions have been met relating to financing, marketing and
construction plans. These preconditions have been satisfactorily
met at this time.
The DDA requires the Developer to execute a Promissory Note and
Deed of Trust as security for the land.
The Agency will release the Developer from portions of the
obligation and will partially reconvey the Deed of Trust to exclude
each parcel as it is sold to a lower income household. In this
way, title to each parcel will be passed to the Purchaser who
assumes the financial obligation for the parcel, and the Developer
will be released from financial obligation. The DDA contains
provisions that protect the Agency should the Develope f ' 1 to
perform under the terms of the DDA.
CONTINUED ON ATTACHMENT: YES SIGNATURE.-
RECOMMENDATION
IGNATURE.RECOMMENDATION OF EXECUTIVE DIRECTOR _RECOMMENDATION O AGEN -007VFrEE
APPROVE OTHER
SIGNATURE(S) :
ACTION OF AGENCY ON June .6, 1989. 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.
cc: Redevelopment Director ATTESTED June 6,. 1989.
CAO PHIL BATCHELOR,
Community Development .Dept. AG CY SECRETARY
BY DEPUTY
gr10/jb/pnatap.bos
Contra Costa County
Redevelopnent Agency
North Richmond
E7 UMT "A"
The parcel of lanai in the unincorporated area of the County of Contra Costa,
State of California, described as follows:
All of Lots 7, 81 9, 10, 11, 12, 13, 27, 28, 29, 30, 31 and 32 and the
southerly 12.40 feet of Lots 1, 2, 3 and 4 in Block 10 as shown on the Map
of North Richmond Land and Ferry Ccupany Tract No. 1 filed July 11, 1910 in
Book 3 of Maps at page 59, Contra Costa County Records
Excepting therefrom, a strip of land, five feet in width, being the
southerly five feet of Lot 13, Block 10, Map of North Richnond Land and
Ferry company, Tract No. 1, filed July 11, 1910, in Book 3 of Maps at page
59, Contra Costa County Records.
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EXHIBIT "B"
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