HomeMy WebLinkAboutPCDC Resolution 2011-03 02/07/2011RESOLUTION NO. 2011 -03
PETALUMA COMMUNITY DEVELOPMENT COMMISSION
RESOLUTION APPROVING A PURCHASE AND SALE AGREEMENT AND A COMMERCIAL
LEASE AGREEMENT BY AND BETWEEN THE PETALUMA COMMUNITY DEVELOPMENT
COMMISSION AND PEP HOUSING FOR THE PURCHASE AND LEASEBACK OF REAL
PROPERTY LOCATED AT 951 PETALUMA BOULEVARD SOUTH AND AUTHORIZING THE
EXECUTION OF DOCUMENTS AND FURTHER ACTIONS IN CONNECTION THEREWITH
WHEREAS, the Petaluma Community Development Commission ( "PCDC ") is a
redevelopment agency existing pursuant to the Community Redevelopment Law, California
Health and Safety Code Section 33000 et seq., ( "CRL "), and pursuant to the authority granted
thereunder has the responsibility to carry out the Redevelopment Plan ( "Redevelopment Plan ")
for the Petaluma Community Development Project Area ( "Project Area "); and,
WHEREAS, Petaluma Ecumenical Properties, a California nonprofit public benefit
corporation ( "PEP "), is the owner of real property in Sonoma County, California located at 951
Petaluma Boulevard South in the City of Petaluma, and more particularly identified as Assessor's
Parcel No. 008 - 530 -007 (the "Property "); and,
WHEREAS, PEP desires to sell the Property and the PCDC desires to acquire the Property to
facilitate development of affordable housing, and in the interim to lease the Property back to
PEP for a term not to exceed four years; and,
WHEREAS, the PCDC and PEP have negotiated a purchase and sale agreement
( "Purchase and Sale Agreement ") substantially in the form on file with the City Clerk, for the
purchase of the Property for $965,976, which price is supported by market data; and,
WHEREAS, the PCDC has funds available from its Low and Moderate Income Housing
Fund for the purchase; and,
WHEREAS, the PCDC and PEP have also negotiated a Commercial Lease Agreement
( "Lease ") pursuant to which PEP can retain its administrative office on the Property for a term not
to exceed four years, pending development of affordable housing; and,
WHEREAS, the Property is located in the Project Area, and the purchase and leaseback
of the Property as provided for in the Purchase and Sale Agreement and in the Lease are
PCDC Resolution No. 2011 -03 Page 1
consistent with and further the goals and objectives of the Redevelopment Plan and the current
Implementation Plan.
NOW, THEREFORE, BE IT RESOLVED THAT the Petaluma Community Development
Commission hereby approves the Purchase and Sale Agreement and the Lease, attached as
Exhibit A, and authorizes the City Manager or his designee to execute the Purchase and Sale
Agreement and the Lease, and to make such changes, with the advice of counsel, which do
not materially or substantially increase the PCDC's obligations thereunder, to sign all documents,
to make all approvals and to take all actions necessary or appropriate to implement the
Purchase and Sale Agreement and the Lease and the PCDC's responsibilities thereunder.
ADOPTED this 7th day of February, 2011 by the following vote:
Commissioner
Aye
No
Absent
Abstain
Albertson
X
Barrett
X
Chair Glass
X
Harris
X
Vice Chair Healy
X
Renee
X
David Glass, air
ATTEST:
Claire Cooper, CMC, RecorCW9 Secretary
APPROVED
Eric W. Danly, GeXral Counsel
PCDC Resolution No. 2011 -03 Page 2