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REDEVELOPMENT AGENCY AGENDA ITEM NO. 16

Meeting Date: April 11, 2006

Subject/Title: Adopt a Resolution authorizing the Executive Director or her designee to 1) accept a Grant Deed transferring ownership of the property located at the northeast corner of 2nd Street and Central Boulevard from the City to the Brentwood Redevelopment Agency, and 2) authorize the Agency to enter into negotiations and draft a disposition and development agreement with the Equus Group to develop multifamily units

Prepared by: Donald Kwong, Senior Redevelopment Analyst

Submitted by: Howard Sword, Community Development Director

RECOMMENDATION
Adopt a Resolution authorizing the Executive Director or her designee to 1) accept a Grant Deed hereby conveying real property generally identified as the northeast corner of 2nd Street and Central Boulevard, from the City, execute any other documents as may be needed to complete the transfer, and 2) authorize the Agency to enter into negotiations for a development and disposition agreement (DDA) to develop multifamily units

BACKGROUND
For the purpose of cooperating in the planning, undertaking, or operation of redevelopment projects located within a redevelopment project area, Community Redevelopment Law, Health & Safety Code Section 33220, authorizes cities to dedicate, sell or convey any of its property to a redevelopment agency. Redevelopment agencies have the legal authority to actively participate in a lease and/or sale of property for affordable housing purposes. The property located at the northeast corner of 2nd Street and Central Boulevard is located within the Brentwood (“Downtown”) Redevelopment Project Area.

Transfer of the northeast corner of 2nd Street and Central Boulevard from City ownership to Agency ownership will better facilitate the sale of 19,349 square foot vacant lot. Redevelopment staff anticipates entering into a DDA with Equus Group for the expansion of the Town Centre Commons Apartments. The DDA, and its terms and conditions, will be returned to the Council and Agency at a later date for consideration and approval.

FISCAL IMPACT
The Agency has budgeted and will fund legal costs associated with preparation of the DDA.

At this time, no funds shall be paid by the Agency to the City for the northeast corner of 2nd Street and Central Boulevard. The future sale proceeds will be shared between the City and Agency in proportions that will reimburse the Agency for its direct and indirect expenses, including staff time and administrative overhead based on the current Cost Allocation Plan.

Attachment:
Resolution
Site Map

RESOLUTION NO.

A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF BRENTWOOD AUTHORIZING THE EXECUTIVE DIRECTOR OR HER DESIGNEE TO 1) ACCEPT A GRANT DEED HEREBY CONVEYING REAL PROPERTY GENERALLY IDENTIFIED AS THE NORTHEAST CORNER OF 2ND STREET AND CENTRAL BOULEVARD, FROM THE CITY OF BRENTWOOD AND TO EXECUTE ANY OTHER DOCUMENTS AS MAY BE NEEDED TO COMPLETE THE TRANSFER, AND 2) AUTHORIZE THE AGENCY TO ENTER INTO NEGOTIATIONS AND DRAFT A DISPOSITION AND DEVELOPMENT AGREEMENT WITH THE EQUUS GROUP TO DEVELOP MULIFAMILY UNITS

WHEREAS, Community Redevelopment Law, Health & Safety Code Section 33220 authorizes cities to dedicate, sell or convey any of its property to a redevelopment agency for the purpose of cooperating in the planning, undertaking, or operation of redevelopment projects located within a redevelopment project area; and

WHEREAS, the northeast corner of 2nd Street and Central Boulevard is located within the Merged Redevelopment Project Areas; and

WHEREAS, transfer to the Agency is necessary to facilitate and participate in increasing affordable housing opportunities within the Merged Redevelopment Project Areas;

WHEREAS, a Grant Deed must be accepted and recorded to transfer ownership to the Redevelopment Agency of the City of Brentwood; and

WHEREAS, the Agency proposes to negotiate and prepare a disposition and development agreement between the Agency and the Equus Group for the development of multifamily units.

NOW, THEREFORE BE IT RESOLVED that the Redevelopment Agency of the City of Brentwood
1. authorizes the Executive Director or her designee to accept a Grant Deed hereby conveying real property generally identified as the northeast corner of 2nd Street and Central Boulevard, from the City of Brentwood and to execute any other documents as may be needed to complete the transfer;
2. authorize the Agency to enter into negotiations and draft a disposition and development agreement with the Equus Group to develop multifamily units.

PASSED, APPROVED AND ADOPTED by the Redevelopment Agency of the City of Brentwood at a regular meeting held on the 11 day of April, 2006 by the following vote:
 

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