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CITY COUNCIL AGENDA ITEM NO. 3
Meeting Date: July 11, 2000
Subject/Title: Assignment of Certain Rights from K & B Northern California and others to K & B South Bay Provided In a Development Agreement, Subdivision 8199 and 8342
Submitted by: Dennis Beougher, City Attorney
Approved by: Jon Elam, City Manager
Authorize the City Manager to execute the attached Assignment of certain rights provided in a Development Agreement, dated 5/25/99, from Kaufman & Broad of Northern California, Frank Sciortino, and the Estate of Theodore Sciortino to Kaufman & Broad South Bay.
The City previously approved a Development Agreement, dated 5/25/99, with Kaufman & Broad Northern California, Frank Sciortino, and the Estate of Theodore Sciortino for approximately 89 acres, generally located on the west side of Walnut Boulevard and south of Continente Avenue.
Kaufman & Broad has recently completed an area reorganization. Kaufman & Broad South Bay will assume operations within Contra Costa County from Kaufman & Broad Northern California. As a result, Kaufman & Broad Northern California has requested pursuant to the Development Agreement, Section 7 to assign certain rights and obligations, as specified in the attached Assignment to Kaufman & Broad South Bay.
Development Agreement, Section 7.1(a) provides as follows:
Kaufman & Broad South Bay has a proven record of both experience and financial resources to complete the subdivisions' improvements. K & B South Bay has provided the attached Assignment that has approved as to form by the City Attorney.
K & B of Northern California will continue to build California Grove and complete the warranty work in California Spirit and Glory subdivisions, as required by provisions of the Development Agreement. K & B South Bay will build out the Sciortino project and all subsequent K & B projects in Brentwood. All major terms and conditions of the Development Agreement will remain in effect and there will be no modification of the Development Agreement, except adding K & B South Bay as a responsible party.
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