HomeMy WebLinkAboutMINUTES - 02062001 - C.116 Contra
TO: REDEVELOPMENT AGENCY `, Costa
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County
FROM: Phil Batchelor: r U�'
Executive Director
DATE: February 6, 2001
SUBJECT: Assignment Agreement for Portion of Area 7B —li!I Pleasant Hill BART Station Area
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
APPROVE AND AUTHORIZE Deputy Director- Redevelopment to execute a Consent and
Agreement between Prime Hospitality Corporation, a Delaware corporation and Spieker
Properties, LP that will assign all rights and obligations for a portion of the property under
a Disposition and Development Agreement dated June 26, 1986 as amended.
FISCAL IMPACT
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None. No General Funds are involved.
CONTINUED ON ATTACHMENT: X YES SIGNATURE:
RECOMMENDATION OF EXECUTIVE DIRECTOR ' I11 RECOM ENDATION OF AGENCY
COMMITTEE APPROVE OTHER
SIGNATURE(S):
ACTION OF AGENCY ON February 6, 2001 APPROVED AS RECOMMENDED X
OTHER
VOTE OF COMMISSIONERS
I HEREBY CERTIFY"THAT THIS IS A
X UNANIMOUS (ABSENT none ) TRUE AND CORRECT COPY OF AN
AYES: NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUT;1ES OF THE REDEVELOPMENT
AGENCY ON THE DATE SHOWN.
Contact: Jim Kennedy
335-1255 ATTESTED February 6, 2001
cc: Community Development PHIL BATCHELOR, 'AGENCY SECRETARY
Redevelopment Agency
County Counsel ',
County Administrator
via Redevelopment.Agency BY 0 , DEPUTY
Spieker Property
Prime Hospitality
Goldfarb & Lipman
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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 and 1998. The DDA was assigned to Sears
Development Company(aka Homart Development) in 1989 as well. In 1997, the property was
sold and the DDA was assigned to Lincoln Property Company No. 23;114 Limited Partnership. In
1998 a portion of the property was sold to Prime Hospitality, aka Amerisuites along with an
Assignment of the DDA. Prime Hospitality has been unable to develop a financially feasible hotel,
nor have other hotel vendors been able to accomplish a feasible privately financed hotel project.
The financial difficulties have been reviewed by an independent hotel consultant to the Agency,
who have ratified Prime Hospitality's conclusions. Spieker Properties', LP, the developer of Treat
Towers (Area 10A), desires to purchase the property with the intent to develop an office project.
An office use is allowed under the Pleasant Hill BART Area Specific!Plan subject to a modified
Final Development Plan process'. The future office use,would integrate with Spieker's proposed
office building on the northern portion of this development site. In order to accomplish the sale,
the rights and obligations of the developer for the subject portion of the property, the DDA as
amended need to be assigned to Spieker Properties, LP. Agency staff has reviewed the current
credentials and financial,information regarding Spieker Properties, LP and have found that they
meet the minimum requirements set forth in the DDA.
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