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HomeMy WebLinkAboutMINUTES - 04281998 - C77 _ __. ......... ......... ......... ......... ......... ......... ......... ......... . .. ....._.... ......... .............................. .. ........ ....... ......... ......... ......... ......... ......... ............_.. _... _.__..._.. ......... ........... ...... ......... O y Contra TO: REDEVELOPMENT AGENCY • -�'"r' Costa .R.w FROM: Phil Batchelor County Executive Director ` DATE: April 28, 1998 SUBJECT: Assignment Agreement for Areas 7B & 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 Lincoln Property Company No. 2314 Limited Partnership, a California limited partnership, and Browntrout Investment, Ltd., a Massachusetts corporation, that will assign all rights and obligations for a portion of the property 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 DIRECTORR tOMMEJ ATION OF �OtNCY COMMITTEE APPROVE OTHER .7i SIGNATURE(S): ACTION OF AGENCY ON n �Q �- � _ APPROVED AS RECOMMENDED OTHER VOTE OF COMMISSIONERS f I HEREBY CERTIFY THAT THIS IS A �t 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 QW_a.iT� orifi: Redevelopment Agency PHIL BATCHELOR cc: Community Development AGENCY SECRETARY County Administrator County Counsel --� via Redevelopment BY�' - DEPUTY Lincoln Property Company Amerisuites Goldfarb & Lipman JK lh-0498/phbZbos Company (aka Homart Development) in 1989 as well. In 1997 the property was sold and the DDA was assigned to Lincoln PropertyCompany No. 2314 Limited Partnership. Lincoln now desires to sell a portion of the property to Browntrout'Investment, Ltd., a Massachusetts corporation (aka Amerisuites). In order to accomplish the sale, the rights and obligations of the developer for the subject portion of the property, the DDA and its First Amendment need to be assigned to Amerisuites. Agency staff has reviewed the credentials and financial information regarding Amerisuites and have found'that they meet the minimum requirements set'forth in the DDA.