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CITY COUNCIL AGENDA ITEM NO. 28

Meeting Date: September 12, 2006

Subject/Title: Adopt a Resolution approving and authorizing the City Manager to sign a Notice of Release of Agreement with Valdry Court, LLC to terminate a Deferred Facility Fee Agreement for the property located at 550 Valdry Court, Buildings A, B, C and D.

Prepared by: Brian Kelleher, Accountant II

Submitted by: Pamela Ehler, Director of Finance & Information Systems

RECOMMENDATION
Adopt a Resolution approving and authorizing the City Manager to sign a Notice of Release of Agreement with Valdry Court, LLC to terminate a Deferred Facility Fee Agreement for the property located at 550 Valdry Court, Buildings A, B, C and D.

PREVIOUS ACTION
February 8, 2000, the City of Brentwood (“City”) approved a Deferred Facility Fee Agreement with Valdry Court, LLC (“Owner”). The obligated amount of the deferred facility fee was $334,645.79.

BACKGROUND
The Owner has complied with its obligation outlined under the deferred facility fee agreement to the satisfaction of the City and now the Owner desires to be released from the obligations of the agreement and have the lien removed from the property located at 550 Valdry Court Buildings A, B, C and D.

FISCAL IMPACT
There in no fiscal impact related to approving the Notice of Release of Agreement for Valdry Court, LLC.

Attachment:
Resolution
Notice of Release of Agreement

RESOLUTION NO.

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BRENTWOOD APPROVING, AND AUTHORIZING THE CITY MANAGER TO SIGN, A NOTICE OF RELEASE OF AGREEMENT WITH VALDRY COURT, LLC TO TERMINATE A DEFERRED FACILITY FEE AGREEMENT FOR THE PROPERTY LOCATED AT 550 VALDRY COURT, BUILDINGS A, B, C AND D, BRENTWOOD, CA 94513

WHEREAS, on February 8, 2000, the City of Brentwood (“City”) approved a Deferred Facility Fee Agreement with Valdry Court, LLC (“Owner”). The obligated amount of the deferred facility fee was $334,645.79.

WHEREAS, Valdry Court, LLC (“Owner”) has fulfilled payments associated with the deferred facility amount of $334,645.79.

NOW, THEREFORE BE IT RESOLVED that the City Council of the City of Brentwood approves, and authorizes the City Manager to sign, the Notice of Release of Agreement with Valdry Court, LLC, attached hereto, subject to minor revisions approved by the City Attorney.

PASSED, APPROVED AND ADOPTED by the City Council of the City of Brentwood at a regular meeting held on the 12th day of September 2006 by the following vote:
 

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