HomeMy WebLinkAboutRDA #5 9-08-87 TO~ IIZLLIAN A. HUSTON, EXECUTIVE D%RECTOR FROM: CHRISTINE SHINGLETON, DIRECTOR OF CONNUNITY DEVELOPNENT SUBJECT: CONSENT TO TRANSFER INTEREST IN DISPOSITION AND DEYELOPHENT AGREENENT BY BURNETT-EHLIIIE . J RECOI~IENDATION It ts recommended that the Agency approve. BACKGROUND The Redevelopment Agency at a regular meeting on July 1, 1985 approved a D~sposttJon and Development Agreement (DDA) with La Fayette Partners, for development and construction of commercial/retail bui~dings with a restaurant. Eurnett-Ehline Properties, one of the general partners in La Fayette Partners has requested that the Redevelopment Agency consent to a transfer of Interest in the Agreement held by 8enta11 Properties, the other general partner in the project to 8urnett-Ehltne. Pursuant to Section 316 of the DDA, the Developer shall not astgn or transfer responstbtlt-ty under the Agreement without the prior wrttten approval of the Agency; with approval no~ to be unreasonably withheld. Attached for the Agency's consideration ts a Consent to Transfer Agreement prepared by the Ctty Attorney's Office. ~~~mJg~~pmen t CAS :per Attachment: Consent to Transfer CONSENT TO TRANSFER Pursuant to the request of Burnett-Ehline Properties and Section 316 of the Disposition and Development Agreement by and between Tustin Community Redevelopment Agency and La Fayette Partners, dated as of July 1, 1985, the Tustin Community Redevelopment Agency hereby consents and approves the transfer of interest in said Agreement of Bentall Properties, Inc., a California corporation, one of the General Partners, to Burnett- Ehline Properties, the other General Partner. TUSTIN COMMUNITY REDEVELOPMENT AGENCY Dated: By. Chairman By. Secretary (C272)