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.