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HomeMy WebLinkAboutAG RPTS 1993 1215 RDA REGNext Res. 93 -24 REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK AGENDA WEDNESDAY, DECEMBER 15, 1993 7:00 P.M. Moorpark Community Center 799 Moorpark Avenue 1. CALL TO ORDER: 2. ROLL CALL: 3. PUBLIC COMMENT: 4. CONSENT CALENDAR (Roll Call Vote): A. Consider Approval of Minutes of the Regular Redevelopment Agency Meeting of November 17, 1993. Consider Approval of Minutes of the Regular Redevelopment Agency Meeting of December 1, 1993. Staff Recommendation: Approve minutes as processed. 5. CLOSED SESSION: A. Negotiations for Real Property at 675 Moorpark Avenue (Moss) and 661 Moorpark Avenue (Aikens) pursuant to Government Code Section 54956.8. B. Negotiations for Real Property at 18 High Street (Abbott & Assoc., Moorpark Chamber of Commerce, Moorpark Melodrama) pursuant to Government Code Section 54956.8. C. Negotiations for Real Property on the North Side of Los Angeles Avenue contiguous to Mission Bell Plaza (Ken MacLeod). 6. ADJOURNMENT: ----------------------------------------------------------------- Any member of the public may address the Redevelopment Agency during the Public Comments portion of the Agenda, unless it is a Public Hearing or Discussion /Action item. Speakers who wish to address the Redevelopment Agency concerning a Public Hearing or Discussion /Action item must do so during the Public Hearing or Discussion /Action portion of the Agenda for that item. Speaker Cards must be received by the Secretary of the Redevelopment Agency prior to the Call to Order of the meeting. Speakers will be heard in the order that their Speaker Cards are received. A limitation of 3 minutes shall be imposed upon each speaker. AGENDA REPORT MOORPARK REDEVELOPMENT AGENCY I TO: FROM: DATE: The Honorable City Council Steven G. Hayes, Economic Development Manager December 6, 1993 (CC meeting of 12- 15 -93) SUBJECT: Purchase of First Time Home Buyer Home in Tract 3963 (Griffin) BACKGROUND: The City has received formal notification from Simi Valley Bank that foreclosure processing has been initiated on a loan to Mr. and Mrs. Woodlief in conjunction with the City's First Time Home Buyer Program in tract 3963 (Griffin). This home is one of five homes which were part of this program. DISCUSSION: In order to maintain the City's investment and to make this unit available for persons that qualify for the First Time Home Buyers Program, it is suggested that the City purchase the home directly from the Woodliefs at a cost of approximately $175,000.00, including closing and title cost, plus a cash payment to the Woodliefs in an amount not to exceed $3,000.00. The City could then make the unit available for the First Time Home Buyers Program working through Simi Valley Bank. Staff is requesting authorization to proceed with the purchase of the housing unit. FUNDING: Funds for the purchase of this unit can be allocated from the City's Affordable Housing Fund with repayment in the amount of the 1st trust deed when the home is resold to another selected buyer. An alternate funding source is that the Moorpark Redevelopment Agency could purchase this property using 1993 Bond proceeds allocated from the housing portion with the City holding the second mortgage. This property can then be resold under the First Time Home Buyers Program as before. RECOMMENDATION: 1. Purchase this unit from the City's Affordable Housing Fund with repayment in the amount of the 1st trust deed when the home is resold to another selected buyer. 2. Direct staff to proceed with selecting another buyer following similar criteria and process as previously used. MRA /SGH036 /AGN /12/07/93 City of Moorpark MEMORANDUM TO: Honorable City Council and Moorpark Redevelopment Agency FROM: Richard Hare, Deputy City Manager, DATE: December 14, 1993 1 - rr-m SUBJECT: Consider Purchase Agreement for Acquisition of Property (APN 511 -0- 080 -195, 205, 215, 245, 255, 265, 315, and 325) from Macleod Construction / Ventura Mill and Cabinet Co. The City and Agency have considered the purchase of property owned by Macleod Construction Co. and Ventura Mill and Cabinet Co. (Macleod) located adjacent to the Mission Bell Plaza, bordered by Los Angeles Avenue on the south, and Poindexter Street on the north. The southerly portion (est. 14 acres) is designated as Commercial Planned Development (CPD) 89 -1 and the northerly portion (est. 15 acres) is designated as Residential Planned Development (RPD) 89 -1. It is proposed that this property be purchased for several purposes. That portion of the property bordered by Los Angeles Avenue to the south and Lassen Street on the north would be purchased for resale and development as a commercial center. As conceived it would complement the Mission Bell Plaza. The remaining property would be split for development of affordable housing and a neighborhood park (approximately 8 acres) to serve the downtown area. Funding It is recommended that the property be purchased with cash drawing upon the fund balances of several funds established for these purposes. The owner is willing to sell the property for Five and One Half Million Dollars ($5,500,000). Three and One Half Million Dollars to be paid at closing, which is estimated to be December 22, and three installments to be paid as follows: Six Hundred, Fifty Thousand Dollars ($650,000) payable March 31, 1994; Six Hundred, Fifty Thousand Dollars ($650,000) payable June 30, 1994; and the final installment of Seven Hundred Thousand Dollars ($700,000) payable on September 30, 1994. Additionally, the City as the new owner of the property would be responsible for the assessments for public improvements associated with Assessment District 92 -1. The assessment amounts for commercial and residential property would each remain with those portions of the property. The commercial portion of this property is proposed to be purchased by Moorpark Redevelopment Agency funds. First, the Agency would have to repay previous debts to the City from the current bond proceeds totalling Two Million, Nine Hundred Forty -Six Thousand, Nine Hundred Sixty -Eight Dollars ($2,946,968). Then the Agency would have the borrowing capacity to receive a loan from the City for Three Million, Five Hundred Thousand Dollars ($3,500,000) for the purchase of the commercial property. This loan would be payable upon resale of the property or upon demand of the City. The affordable housing portion of this property would be purchased with One and a Half Million Dollars ($1,500,000) from the current Agency bond proceeds. Two acres of the affordable housing property would be used to satisfy the Quimby parkland dedication requirements. The remaining 6 acres of the total 8 acres proposed for the park can be purchased by the Central Zone portion of the Park Improvement Fund. It is recommended that Half a Million Dollars ($500,000) be appropriated from the Central Zone for the purchase of the park property. In addition to the above costs, the City /Agency will need to fund its share of typical closing costs, hazardous materials report, City Engineer review, City /Agency attorney costs for review and preparation of the documents and AD 92 -1 assessments. These costs are presently funded by the $5.5 million appropriation because of the deferred payments, however, our final costs are not known and additional appropriation will be requested. Recommendation Staff recommends the following concurrent actions by the Moorpark Redevelopment Agency and the City Council: 1. Authorize the immediate repayment of all debts owed by the Agency to the City related to public purposes not to exceed $3,000,000 and appropriating said funds from the Agency bond proceeds. 2. Authorize the purchase of the 29 acres of property owned by Macleod Construction Co. and Ventura Mill and Cabinet for $5,500,000 payable as described in the report above. 3. Authorize the Agency to enter into a loan agreement with the City and the City to loan to the Agency $3,500,000 for the purchase of the commercial portion of the property and appropriate same in the Agency budget for Fiscal Year 1993/94. 4. Appropriate $1,500,000 from the current Agency bond proceeds reserved for affordable housing purposes to purchase approximately 9 acres of the residential portion of the property. 5. Appropriate $500,000 from the Central Zone of the Park Improvement Fund for the purchase of 6 acres of the residential portion of the property that when combined with the Quimby dedication, will provide for the development of an approximate 8 acre downtown neighborhood park. 6. Authorize the Mayor /Chairman to execute all documents necessary to transact the purchase of the property as described with the City /Agency attorney and City Manager /Executive Director to approve the final language of the purchase agreement and all related documents. C: \wp51 \CC. Reports \Macleod