HomeMy WebLinkAboutD-2 - Purchase and Sale Agreement45635.01851\29947612.1
SCHEDULED ITEM
D-2
TO: MEMBERS OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY TO
THE CITY OF AZUSA REDEVELOPMENT AGENCY
FROM: KURT CHRISTIANSEN, FAICP, DIRECTOR OF ECONOMIC AND COMMUNITY
DEVELOPMENT
DATE: July 26, 2017
SUBJECT: APPROVAL OF PURCHASE AND SALE AGREEMENT BETWEEN THE
SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF
AZUSA AND RAPHAEL GLENOAKS, LLC, FOR SALE OF REAL PROPERTY
GENERALLY LOCATED AT 975 W. FOOTHILL BLVD. (APNS 8605-019-906, 8605-
019-907)
SUMMARY:
On July 17, 2017, the Successor Agency to the Redevelopment Agency approved a Purchase and Sale Agreement
by and between the Successor Agency and Raphael Glenoaks, LLC. for the sale of 975 W. Foothill Blvd. (APNS
8605-019-906, 8605-019-907). Pursuant to those laws governing the dissolution of redevelopment agencies, the
sale of land following the approval of the Long Range Property Management Plan by the Department of Finance
requires the approval of the Oversight Board. Staff recommends that the Oversight Board approve the attached
Resolution finding that the sale pursuant to the Disposition and Development Agreement is consistent with the
Long Range Property Management Plan and ratifying the sale.
RECOMMENDATION:
Staff recommends that the Oversight Board:
1) Adopt Resolution No. 2017-OB10, including the finding that the sale is consistent with the Long Range
Property Management Plan and ratifying the sale approved by the Successor Agency pursuant to the
Purchase and Sale Agreement; and
2)Authorize the City Manager, acting as the Successor Agency Executive Director, to take all other actions
reasonably necessary to implement the Purchase and Sale Agreement and the intent of this action.
DISCUSSION:
The Successor Agency and the Developer intend for the Successor Agency to sell the Property to Developer
expeditiously and in a manner aimed at maximizing value and consistent with the Department of Financing
approved Long Range Property Management Plan. The Developer will also be entering into an agreement with
the City to ensure that Developer develops the Property consistent with the desires of the City. The City shall
enforce all rights and obligations associated with the development of the Successor Agency land after the close of
escrow to Developer.
APPROVED
7/26/2017
Purchase and Sale Agreement with Raphael Glenoaks LLC
July 26, 2017
Page 2 of 2
Pursuant to Section 34191.5(f) actions implementing the disposition of property pursuant to an approved Long
Range Property Management Plan do not require review by the Department of Finance. As such, following the
approval by the Oversight Board staff will implement the transaction consistent with the terms of the Purchase
and Sale Agreement. The Purchase and Sale Agreement provides that the Developer shall acquire the property for
One Million Two Hundred and Eighty Five Thousand Dollars ($1,285,000.00) for a project without a medical use
and One Million Eighty Five Thousand Dollars ($1,085,000.00) for a project with a medical use. These funds will
be used to pay enforceable obligations or disbursed to the taxing entities as provided for in the Long Range
Property Management Plan.
FISCAL IMPACT:
The Successor Agency will receive its share of the sale proceeds (purchase price less the proportional share of
escrow and closing costs). The purchase price is $1,285,000 (without medical use) or $1,085,000 (with medical
use). Following the sale, these funds will be used to pay enforceable obligations or disbursed to the taxing entities
as provided for in the Long Range Property Management Plan.
Prepared by:
Kurt Christiansen, FAICP
Director of Economic and Community Development
Attachments:
1) Resolution No. 2017-OB10
2) Purchase and Sale Agreement
RESOLUTION NO. 2017-OB10
A RESOLUTION OF THE OVERSIGHT BOARD TO THE
REDEVELOPMENT AGENCY OF THE CITY OF AZUSA APPROVING
THE PURCHASE AND SALE AGREEMENT BETWEEN THE SUCCESSOR
AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF
AZUSA AND GLENOAKS, LLC, FOR SALE OF REAL PROPERTY
GENERALLY LOCATED AT 975 W. FOOTHILL BOULEVARD IN AZUSA
(APNS 8605-019-906, 8605-019-907)
WHEREAS, on July 17, 2017, the Successor Agency to the Redevelopment Agency approved a
Purchase and Sale Agreement by and between the Successor Agency and Raphael Glenoaks LLC for
the sale of 975 W. Foothill Blvd. in Azusa (APNS 8605-019-906, 8605-019-907); and
WHEREAS, pursuant to those laws governing the dissolution of redevelopment agencies, the sale of
land following the approval of the Long Range Property Management Plan by the Department of
Finance requires the approval of the Oversight Board; and
WHEREAS, the Long Range Property Management Plan called for the sale of these parcel on the
open market; and
WHEREAS, Staff recommends that the Oversight Board find that the sale pursuant to the Purchase
and Sale Agreement is consistent with the Long Range Property Management Plan and ratify the
Successor Agency’s approval of the sale.
NOW, THEREFORE, THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY
OF THE REDEVELOPMENT AGENCY OF THE CITY OF AZUSA DOES HEREBY
RESOLVE AS FOLLOWS:
SECTION 1: The sale of land pursuant to the Purchase and Sale Agreement is consistent
with and does implement the disposition of property pursuant to the approved Long Range Property
Management Plan.
SECTION 2: That the Oversight Board approves the Successor Agency’s approval of the
Purchase and Sale Agreement and directs the Executive Director to take all such actions as are
necessary and appropriate to implement the transaction.
SECTION 3: This resolution shall take effect immediately upon adoption.
PASSED, APPROVED and ADOPTED this 26th day of July, 2017.
__________________________________
Robert Gonzales, Chairperson
Oversight Board
Successor Agency to the Former Redevelopment Agency
of the City of Azusa
ATTEST:
___________________________________
Jeffrey Lawrence Cornejo, Jr.
Secretary
Oversight Board
Successor Agency to the Former Redevelopment Agency
of the City of Azusa
I HEREBY CERTIFY that the foregoing Resolution No. 2017-OB10 was duly adopted by
the Board Members of the Oversight Board to the Successor Agency of the Former Redevelopment
Agency of the City of Azusa, at a regular meeting thereof held on the 26th day of July, 2017, by the
following vote of Board Members:
AYES: BOARD MEMBERS:
NOES: BOARD MEMBERS:
ABSENT: BOARD MEMBERS:
___________________________________
Jeffrey Lawrence Cornejo, Jr.
Secretary
Oversight Board
Successor Agency to the Former Redevelopment Agency
of the City of Azusa