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CITY COUNCIL AGENDA ITEM NO. 16

Meeting Date: March 25, 2008

Subject/Title: Adopt a Resolution approving and authorizing the City Manager to consent to Assignment Agreements between Barrington Estates, LLC/Standard Pacific Corporation, and Barrington Investors, LLC assigning the Reimbursement Agreement, Property Acquisition Agreement and CIFP Funding and Acquisition Agreement and partially assigning the Development Agreement to Barrington Investors, LLC with respect to Tentative Subdivision Map No. 8548, located south of Sunset Road, immediately west of the current City limits and north of Jennifer Street.

Prepared by: Debra Galey, Management Analyst
Casey McCann, Assistant Community Development Director

Submitted by: Bailey Grewal, Director of Public Works/City Engineer
Howard Sword, Director of Community Development


RECOMMENDATION
Adopt a Resolution approving and authorizing the City Manager to consent to Assignment Agreements between Barrington Estates, LLC/Standard Pacific Corporation, and Barrington Investors, LLC assigning the Reimbursement Agreement, Property Acquisition Agreement and CIFP Funding and Acquisition Agreement and partially assigning the Development Agreement to Barrington Investors, LLC with respect to Tentative Subdivision Map No. 8548, located south of Sunset Road, immediately west of the current City limits and north of Jennifer Street.

PREVIOUS ACTION
On July 19, 2005, Planning Commission adopted Planning Commission Resolution No. 05-45 and 05-47 recommending that the City Council approve a zoning amendment for PD-46 (RZ 04-14) to include specific development standards, modify the density transition policy, approve Tentative Subdivision Map No. 8548, with conditions and approve the Development Agreement (DA 04-03) regarding the subdivision commonly known as “Barrington Estates.”

On September 13, 2005, City Council adopted Resolution No. 2005-226, approving Tentative Subdivision Map (TSM) No. 8548, with conditions and approving the Development Agreement (DA 04-03).

On September 27, 2005, City Council waived second reading and adopted Ordinance No. 810 approving the zoning amendment to PD-46.

On July 11, 2006, City Council authorized the execution of a Capital Improvement Financing Plan Funding and Acquisition Agreement (“CIFP Funding and Acquisition Agreement”) between the City and Barrington Estates, LLC regarding the construction of public infrastructure by municipal bond funds.

On April 24, 2007, the City Council authorized the execution of a Reimbursement Agreement between the City and Barrington Estates, LLC regarding costs associated with Master Plan Facility Improvements.

On April 24, 2007, the City Council authorized the execution of an Agreement between the City of Brentwood and Standard Pacific Corporation Regarding the Acquisition of Certain Property for Street and Other Public Purposes Required for Sand Creek Extension (“Property Acquisition Agreement”).

BACKGROUND
Barrington Estates, TSM No. 8548 is located south of Sunset Road, immediately west of the current City limits, north of the Jennifer Street and consists of 494 lots. The prior owner, Barrington Estates, LLC (“Assignor”), has sold the property to Barrington Investors, LLC (“Assignee”). The Assignor and Assignee have contacted the City to obtain the City’s consent to the assignment of various obligations for project completion including subdivision improvements, right-of-way, reimbursements for over-sized improvements and affordable housing. The previously approved agreements between the City and the Assignor require written consent of the City prior to assigning these agreement obligations to another party.

Through section 2.2.10 of the Signature Policy and section 16.166.010 of the Brentwood Municipal Code, the City Manager has the authorization to provide written consent for assignment of the Subdivision Improvement Agreements and the Affordable Housing Agreement. The previously approved Development Agreement, Reimbursement Agreement, Property Acquisition Agreement and CIFP Funding and Acquisition Agreement also include assignment provisions requiring City consent, though the provisions of the agreements do not expressly include staff authorization.

The Assignee and Assignor have proposed fully assigning the rights and obligations under the Affordable Housing Agreement, Reimbursement Agreement, Property Acquisition Agreement and CIFP Funding and Acquisition Agreement, while partially assigning the Development Agreement and Subdivision Improvement Agreements with both parties remaining obligated and liable for the construction of the required public improvements. Assignor’s bonds guaranteeing completion of public improvements will remain in place, which has been confirmed in communications with the surety. The City Attorney’s office and City staff have been working with the Assignor and Assignee on the agreements and consent language.

FISCAL IMPACT
The assignment of the Reimbursement Agreement will assign the following facility fee credits for oversized construction to be divided equally over all lots and applied at building permit issuance: Water $807,227.96; Parks and Trails $2,706,315.27; Wastewater $232,665.54; and Roadway $2,993,204.61. The CIFP Funding and Acquisition Agreement provides $2,088,750.00 in bond funding for construction of public roadway improvements. Property and administrative costs for right-of-way acquisition are covered by the Assignee per the agreement.

Attachments:
Resolution

RESOLUTION NO.

A RESOLUTION APPROVING AND AUTHORIZING THE CITY MANAGER TO CONSENT TO ASSIGNMENT AGREEMENTS BETWEEN BARRINGTON ESTATES, LLC/STANDARD PACIFIC CORPORATION, AND BARRINGTON INVESTORS, LLC ASSIGNING THE REIMBURSEMENT AGREEMENT, PROPERTY ACQUISITION AGREEMENT AND CIFP FUNDING AND ACQUISITION AGREEMENT AND PARTIALLY ASSIGNING THE DEVELOPMENT AGREEMENT TO BARRINGTON INVESTORS, LLC WITH RESPECT TO TENTATIVE SUBDIVISION MAP NO. 8548, LOCATED SOUTH OF SUNSET ROAD, IMMEDIATELY WEST OF THE CURRENT CITY LIMITS AND NORTH OF JENNIFER STREET

WHEREAS, on July 19, 2005, the Planning Commission adopted Planning Commission Resolution No. 05-45 and 05-47 recommending that the City Council approve a zoning amendment for PD-46 (RZ 04-14) to include specific development standards, modify the density transition policy, approve Tentative Subdivision Map No. 8548, with conditions and approve the Development Agreement (DA 04-03) regarding the subdivision commonly known as “Barrington Estates;” and

WHEREAS, on September 13, 2005, the City Council adopted Resolution No. 2005-226, approving Tentative Subdivision Map (TSM) No. 8548, with conditions and approving the Development Agreement (DA 04-03); and

WHEREAS, on July 11, 2006, the City Council authorized the execution of a Capital Improvement Financing Plan Funding and Acquisition Agreement (“CIFP Funding and Acquisition Agreement”) between the City and Barrington Estates, LLC, regarding the construction of public infrastructure by municipal bond funds; and

WHEREAS, on April 24, 2007, the City Council authorized the execution of a Reimbursement Agreement between the City and Barrington Estates, LLC regarding costs associated with Master Plan Facility Improvements; and

WHEREAS, on April 24, 2007, the City Council authorized the execution of an Agreement between the City of Brentwood and Standard Pacific Corporation Regarding the Acquisition of Certain Property for Street and Other Public Purposes Required for Sand Creek Extension (“Property Acquisition Agreement”); and

WHEREAS, written consent by the City is required prior to assignment of the previously approved Development Agreement, Reimbursement Agreement, Property Acquisition Agreement and CIFP Funding and Acquisition Agreement from Barrington Estates, LLC to another party; and

NOW, THEREFORE BE IT RESOLVED that the City Council of the City of Brentwood does hereby approve and authorize the City Manager to consent to Assignment Agreements between Barrington Estates, LLC/Standard Pacific Corporation, and Barrington Investors, LLC assigning the Reimbursement Agreement, Property Acquisition Agreement and CIFP Funding and Acquisition Agreement and partially assigning the Development Agreement to Barrington Investors, LLC, with respect to Tentative Subdivision Map No. 8548, located south of Sunset Road, immediately west of the current City limits and north of Jennifer Street, and to execute such consents, in forms approved by the City Manager and the City Attorney, or their designees.

PASSED, APPROVED AND ADOPTED by the City Council of the City of Brentwood at a regular meeting on the 25th day of March 2008 by the following vote:
 
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