HomeMy WebLinkAboutRDA 05 FORD FAM TRUST 05-04-98AGENDA
DATE:
MAY 4, 1998
P. RDA NO. 5
5-4-98
I n t e r- C o m
TO'
FROM:
SUBJECT:
WILLIAM A. HUSTON, EXECUTIVE DIRECTOR
REDEVELOPMENT STAFF
EXTENSION OF EXCLUSIVE AGREEMENT TO NEGOTIATE: FORD
FAMILY TRUST PROPERTY LOCATED IN THE VICINITY OF SIXTH
STREET AND EL CAMINO REAL
SUMMAR Y: Agency approval is requested to authorize the extension of exclusive negotiations
with DeBeikes Investment Company.
RECOMMENDATION
It is recommended that the Agency authorize the Assistant City Manager to sign a 90-day
extension for the period of negotiations under the Exclusive Agreement to Negotiate with
DeBeikes Investment Company.
FISCAL IMPACT
This action will have no direct fiscal impact on the Redevelopment Agency. If the negotiations
result in an Disposition and Development Agreement (DDA), the fiscal impact of such an
agreement will be discussed in the future.
BACKGROUND AND DISCUSSION
On December 23, 1997, the Agency authorized the Executive Director to execute an Exclusive
Agreement to Negotiate for a site located in the Town Center Project Area. On January 16,
1998, the Tustin Community Redevelopment Agency and DeBeikes Investment Company
entered into an Exclusive Agreement to Negotiate the terms of a Disposition and Development
Agreement (DDA) for the redevelopment of site comprised of the existing 56-unit multiple
family' improvements known as the Tustin Meadows Apartments and the rehabilitation of the
commercial uses on the adjacent site. The Parties agreed to negotiate for a period of ninety (90)
days with such period to be extended by mutual written agreement of' the Parties.
The Agency desires to extend the period of negotiations with DeBeikes Investment Company for
an additional 90-day period from April 16, 1998 to July 16, 1998 under the same terms and
conditions as provided in the Exclusive Agreement to Negotiate dated January 16, 1998. The
extension of the period of negotiations under the Exclusive Agreement to Negotiate will allow
the developer to proceed in completing a purchase contract with the current property owner and
to conclude its due-diligence analysis and planning for the proposed project.
William A. Huston
May 4, 1998
Page 2
If financial assistance is provided for this project through a DDA, Agency staff will prepare and
present for City Council and Agency consideration a resolution making the required legal
findings.
Christine A. Sh~l~m~~~
Assistant City Manager
:fames ~rf. Draug~
Senior Project Manager
Attachment
Community Redevelopment Agency
April 24, 1998
Mr. Richard DeBeikes
DeBeikes Investment Company
5289 Alton Parkway
Irvine, CA 92714
City of Tustin
300 Centennial Way
Tustin, CA 92780
Administration (714) 573-3107
Development (714) 573-3121
Housing (714) 573-3128
MCAS-Tustin (714) 573-3116
(714) 573-3124
FAX (714) 573-3113
RE: EXTENSION OF EXCLUSIVE AGREEMENT TO NEGOTIATE PER/OD
Dear Mr. DeBeikes:
On January 16, 1998, the Tustin Community Redevelopment Agency and DeBeikes
Investment Company entered into an Exclusive Agreement to Negotiate the terms of a
Disposition and Development Agreement (DDA) for the redevelopment of site comprised
of the existing 56-unit multiple family improvements known as the Tustin Meadows
Apartments and the rehabilitation of the commercial uses on the adjacent site. The
Parties agreed to negotiate for a period of ninety (90) days with such period to be
extended by mutual written agreement of the Parties.
The Agency desires to extend the period of negotiations with DeBeikes Investment
Company for an additional 90-day period from April 16, 1998 to July 16, 1998 under the
same terms and conditions as provided in the Exclusive Agreement to Negotiate dated
January 16, 1998.
Please indicate your acceptance by signing as provided below.
Sincerely,
Christine Shingleton,
Assistant City Manager
ACCEPTED AND AGREED TO:
DeBeikes Investment Company.
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