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)