| | | | | | | | Agenda Item - 2.b.
City of Garden Grove
INTER-DEPARTMENT MEMORANDUM
| To: | Scott C. Stiles
| From: | Lisa L. Kim
| | Dept.: | Director
| Dept.: | Community & Economic Development
| | Subject: | Adoption of a Resolution approving the transfer of certain real property to New Age Brookhurst, LLC, in accordance with the Long Range Property Management Plan and Dissolution Law. (Action Item) | Date: | 9/8/2020 |
|
| | | | | | | | OBJECTIVE
The purpose of this report is to request that the City of Garden Grove as Successor Agency to the Garden Grove Agency for Community Development (“Successor Agency”) adopt a resolution approving the transfer of certain real property to New Age Brookhurst, LLC (“New Age”) in accordance with the Long Range Property Management Plan. |
| | | | | | | | BACKGROUND
The Disposition and Development Agreement (“DDA”) by and between the Garden Grove Agency for Community Development (“Former Agency”) and New Age dated November 24, 2010, contemplates the sale and subsequent development of the Brookhurst Triangle property in two phases. Specifically, Section 201 of the DDA requires conveyance of the properties to the developer in Phases.
On March 7, 2014, the Revised Long Range Property Management Plan (“LRPMP”) was approved by the State Department of Finance. The LRPMP, among other things, designates the Site (identified in lines 8 through 20 on the matrix attached to the LRPMP) (composed of “Phase I Property” and “Phase II Property.”) as an enforceable obligation and for the property to be conveyed to New Age in accordance with the DDA.
The Successor Agency conveyed all Phase I Property to New Age in accordance with the DDA and the LRPMP. New Age completed the Phase I Property development with construction of 180 new apartment Homes. |
| | | | | | | | DISCUSSION
The Successor Agency is now proposing approval, pursuant to the attached Resolution for the transfer of Phase II properties in accordance with the LRPMP shown as properties 8 through 16 and properties 19 and 20 in Subphases, as that term is defined in the DDA, with properties 15, 16, 19 and 20 closing on or before December 31, 2020 and properties 8 through 16, 19 and 20 closing on or before December 31, 2022. |
| | | | | | | | FINANCIAL IMPACT
There is no financial impact to this transaction. All taxing entities will receive proceeds in accordance with the DDA. |
| | | | | | | | RECOMMENDATION
It is recommended that the Successor Agency:
-
Adopt the Resolution approving the transfer of certain real property to New Age Brookhurst, LLC in accordance with the Disposition and Development Agreement, the Long Range Property Management Plan, and Dissolution Law; and
-
Authorize the Executive Director to execute all closing documents for phase II conveyance.
Monica L. Covarrubias
Project Manager
Office of Economic Development
|
|