CITY COUNCIL AGENDA ITEM NO.
Meeting Date: January 8, 2002
Subject/Title: Approve the Assignment Agreement concerning Reimbursement Agreement For DeNova Homes
Submitted by: Dennis Beougher, City Attorney
Approved by: John Stevenson, City Manager
Approve the attached agreement (Consent and Agreement with City) concerning the assignment of rights to the reimbursement agreement with DeNova Homes to WFHAI Housing Fund, L.P.(“Lender”) for certain oversized and off-site improvements, including the Sunset Road Extension improvements.
The City approved a Reimbursement Agreement with DeNova Homes for certain oversized off- site improvements, including the Sunset Road Extension improvements, as part of Subdivision No. 8416 Vesting Tentative Map. DeNova Homes was required by its lender to assign DeNova Homes interest in any repayments to the lender.
The City will have to notify the borrower of any payments made under the previously approved Reimbursement Agreement. There is no change in responsibilities to do the work. The Reimbursement Agreement requires the City to approve of any assignment if the assignment does not harm the City’s position. As the agreement does not cause the City any increased liability, staff recommends its approval.
Consent and Agreement of City
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BRENTWOOD APPROVING THE AGREEMENT TO ASSIGN PAYMENT TO REIMBURSEMENT AGREEMENT WITH DENOVA HOMES
WHEREAS, DeNova Homes, dba Sunset Crossing Brentwood, LLC, has executed a Reimbursement Agreement for repayment for the construction costs of certain off-site improvements, including Sunset Road Extension, as a result of the City’s approval of Subdivision 8416 Vesting Tentative Map;
WHEREAS, the borrower requires Sunset Crossing Brentwood, LLC to assigns its interest for repayment to the borrower;
WHEREAS, the Reimbursement Agreement between City and DeNova Homes requires the City’s approval of any such assignment of rights.
NOW, THEREFORE BE IT RESOLVED the City Council approves the assignment agreement (Consent and Agreement of City), attached hereto as Exhibit A, and authorizes the City Manager to execute the agreement.
PASSED, APPROVED AND ADOPTED by the City Council of the City of Brentwood at a regular meeting held on the 8th day of January, 2002 by the following vote:
Karen Diaz, CMC