HomeMy WebLinkAboutAG RPTS 2004 0721 RDA SPCJ ESTABLism
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NOTICE AND CALL OF A
SPECIAL MEETING OF THE REDEVELOPMENT AGENCY
OF THE CITY OF MOORPARK
TO THE MEMBERS OF THE REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK:
NOTICE IS HEREBY GIVEN that a Special Meeting of the
Redevelopment Agency of the City of Moorpark is hereby called to be
held on Wednesday, July 21, 2004, commencing at 5:50 p.m. Said
meeting will convene in the Community Center located at 799 Moorpark
Avenue, Moorpark, California.
Said Special Meeting shall be for the purpose of considering
the following:
1. CALL TO ORDER:
2. ROLL CALL:
3. PUBLIC COMMENT:
4. PRESENTATION /ACTION /DISCUSSION:
A. Consider Assumption by Mission Bell West, L.P. of Notes
Secured by Mission Bell Plaza. Staff Recommendation:
Approve assumption of notes subject to final language
approval by Executive Director and Agency Counsel and
authorize changes to execute the assumption documents.
(Staff: Joseph Montes)
5. CLOSED SESSION:
A. CONFERENCE WITH LEGAL COUNSEL - ANTICIPATED LITIGATION
Significant exposure to litigation pursuant to Subdivision
(b) of Section 54956.9 of the Government Code: (Number of
cases to be discussed - 4)
B. CONFERENCE WITH LEGAL COUNSEL - ANTICIPATED LITIGATION
Initiation of litigation pursuant to Subdivision (c) of
Section 54956.9 of the Government Code: (Number of cases
to be discussed - 4)
SPECIAL MEETING NOTICE -'Redevelopment Agency
July 21, 2004
Page 2
5. CLOSED SESSION: (continued)
C. CONFERENCE WITH REAL PROPERTY NEGOTIATOR
(Pursuant to Government Code Section 54956.8)
Property: A portion of APN 512 -0 -150 -765
Agency Negotiator: Steven Kueny, City Manager /Executive
Director
Negotiating Parties: The Moorpark Redevelopment Agency
and Creative Woodworks
Under Negotiation: Price and terms of sale
6. ADJOURNMENT:
Dated: July 19, 2004.
Deborah S. Traffenste , City Clerk
SPECIAL MEETING NOTICE - Redevelopment Agency
July 21, 2004
Page 3
Any member of the public may address the Agency during the Public Comments portion of the
Agenda, unless it is a Public Hearing or a Presentation /Action /Discussion item. Speakers
who wish to address the Agency concerning a Public Hearing or Presentations /Action/
Discussion item must do so during the Public Hearing or Presentations /Action /Discussion
portion of the Agenda for that item. Speaker cards must be received by the City Clerk for
Public Comments prior to the beginning of the Public Comments portion of the meeting and
for Presentation /Action /Discussion items prior to the beginning of the first item of the
Presentation /Action /Discussion portion of the Agenda. Speaker Cards for a Public Hearing
must be received prior to the beginning of the Public Hearing. A limitation of three
minutes shall be imposed upon each Public Comment and Presentation /Action /Discussion item
speaker. A limitation of three to five minutes shall be imposed upon each Public Hearing
item speaker. Written Statement Cards may be submitted in lieu of speaking orally for open
Public Hearings and Presentation /Action /Discussion items. Copies of each item of business
on the agenda are on file in the office of the City Clerk and are available for public
review. Any questions concerning any agenda item may be directed to the City Clerk at (805)
517 -6223.
In compliance with the Americans with Disabilities Act, if you need special assistance to
review an agenda or participate in this meeting, including auxiliary aids or services,
please contact the City Clerk's Department at (805) 517 -6223. Upon request, the agenda can
be made available in appropriate alternative formats to persons with a disability. Upon
advance notification of the need for disability- related modification or accommodation,
reasonable arrangements will be made by City staff to provide accessibility to the meeting
(28 CFR 35.102 - 35.104; ADA Title II).
STATE OF CALIFORNIA )
COUNTY OF VENTURA ) ss
CITY OF MOORPARK )
AFFIDAVIT OF POSTING
I, Maureen Benson, declare as follows:
That I am the Deputy City Clerk of the City of Moorpark and that a
notice for a Special Meeting of the Redevelopment Agency of the City
of Moorpark will be held Wednesday, July 21, 2004, commencing at
5:50 p.m. at the Moorpark Community Center, located at 799 Moorpark
Avenue, Moorpark, California.
A copy of said Notice was posted on July 19, 2004, at a conspicuous
place at the Moorpark Community Center, 799 Moorpark Avenue,
Moorpark, California.
I declare under penalty of perjury that the foregoing is true and
correct.
Executed on July 19, 2004.
Maureen Benson, Deputy City Clerk
TO:
FROM:
DATE:
RE:
ITEm 4. A.
CITY OF MOORPARK, CALIFORNIA
BURKE, WILLIAMS & SORENSEN, LLP Redevelopment Agency Meeting
of 7- A1-a0o4
MEMORANDUM ACTION: kulk(z ...
49 1A,
py:
Steven Kueny, Executive. Director CC: Joseph M. Montes,
Agency Counsel
Joseph P. Buchman, Esq.
FILE NO. 01359 -0145
July 20, 2004
Consent to Assumption of Secured Notes by Mission Bell West, L.P.
The Moorpark Redevelopment Agency has been informed that Mission Bell
Plaza Phase Il, LLC, the present owner of the Mission Bell Plaza Phase II Shopping
Center (the. "Shopping Center "), is in the process of selling the Shopping Center to a
new owner, Mission Bell West, L.P. In conjunction with its purchase of the Shopping
Center, the buyer has requested that the Agency consent to its assumption of the three
remaining Notes secured by portions of the Shopping Center (the "Promissory Notes ").
Each of the Promissory Notes contains the following language: "The Note may be
assumed by a buyer of the property securing the Note subject to Agency's consent,
which consent shall not be unreasonably withheld." These Notes are identified as
follows:
NOTES
Note Secured By Separate Parcel No. 3
Note Secured by Separate Parcel No. 6
Note Secured by Separate Parcel No. 7
REMAINING PRINCIPAL BALANCES*
$ 989,104.26
$ 80,685.52
$1,704,786.00
* Each of the Notes also has a presently accrued interest obligation which is not listed
in the principal figures listed above.
The proposed buyer, Mission Bell West, L.P., is a California Limited Partnership
formed June 30, 2004. The general partner is Safco Holding Corporation, a California
Corporation. The President of Safco Holding Corporation is John Safi. The property
manager for the Shopping Center under the buyer will be Safco Capital Corp. Attached
to this memo is a copy of the resume for Safco Capital Corp. As can be seen from this
resume, Safco Capital Corp. manages 27 shopping centers in California. Safco Capital
Corp. is wholly -owned by John Safi.
The purpose of this item is to obtain the Agency's consent to Mission Bell West,
L.P.'s assumption of Promissory Notes 3, 6 and 7 identified above in conjunction with
Steven Kueny, Executive Director
July 20, 2004
Page 2
the purchase of the Shopping Center. The assumption of the Notes will be effected
through a Loans Assumptions Agreement and related documents containing the same
terms as the Loans Assumption Agreement and related documents executed between
the Agency and Mission Bell Plaza Phase II, LLC when it acquired the Shopping Center
in 1998. The Agency's authorization for the Agency Board Chairman to execute the
loan assumption documents shall be subject to final language approval by the Executive
Director and Agency Counsel.
C SAFCO CAPITAL CORP.
CDevelopment / Investment / Management
INTRODUCTION
Safco Capital Corp. ( SAFCO), a California corporation was established in 1990 for the purpose of
acquisition, ownership, management, and development of variety of real estate
John Safi, president & 100 % shareholder of SAFCO has been extensively involved in construction,
development, management, and ownership of a wide variety of commercial real estate such as office and
medical buildings and shopping centers, acting as general partner in partnership during the past 25 years. John
Safi earned a degree in civil engineering from The Georgia Institute of Technology in 1978, professional
engineering license, general contractor license, and real estate license from the State of California in 1981.
Throughout his 25 year career, he has gained extensive experience in every aspect of real estate development
beginning with the design & planning, construction & contracting, financing & syndication and management
& leasing.
Currently SAFCO manages 27 commercial properties consist of over 3,000,000 square feet and over 500
tenants.
SAFCO is pleased to have this opportunity to introduce ourselves. We look forward to future business
relationship with you.
Very Truly Yours,
CO CAPITAL CORP.
HN SAFI, President
1850 S. Sepulveoa Blvd.. Suite 200 . Los Angeles, CA 90025 9 Tel. 310/473 -9500 . Fax 310/478 -9499
1
SAFCO and affiliated Comnanies
own and manages:
LOCATION
ACQUIRED
USE
SQ. FT.
1.
Sepulveda Office Bldg. 1988
Office
8,000
West Los Angeles, CA
2.
Ocean Park Bldg.
from Bank of America (1993)
Retail /Office
25,000
Santa Monica, CA
3.
Target Center
from Bank of America (1993)
Retail
145 000
Bakersfield, CA
'
4.
Sutter Point Plaza
from Mitsui Manufacturer's
Retail
40,800
Santa Clarita, CA
Bank (1995)
5.
Mission Plaza
from Bank of America (1995)
Retail/Office
106,500
Pomona, CA
6.
Pioneer Square
from General American
Retail
102,500
Lemoore, CA
Insurance (1995)
7.
Gateway Plaza
from Crown Life Insurance (1996)
Retail
31 900
Pico Rivera, CA
'
8.
Long Beach Plaza
from Union Bank (1997)
Retail
12,818
1840 Long Beach
9.
Pedley Square
from Connecticut Mutual Life
Retail
93,783
Riverside, CA
Insurance Co. (1997)
10.
White Lane Plaza
from Archon Group/ J.S.Roberts (1997)
Retail
105 688
Bakersfield, CA
'
11.
Bay Plaza
from Meyer C. Weiner Group (1997)
Retail
131540
National City, CA
'
12.
Mountain View Plaza
from Rancon Realty Fund (1998)
Retail
112 157
Mojave, CA
c/o Glenborough
'
13.
Oswell Plaza
from PNL Blackacre (1998)
Retail
10 000
Bakersfield, CA
'
14.
Ming & Wible
1999
Retail
35,000
Bakersfield, CA
2
15.
Lancaster Marketplace
Merrill Lynch (1999)
Retail
269,000
Lancaster, CA
16.
Lancaster Plaza
1999
Retail
29,000
Lancaster, CA
17.
Alpine Court
1999
Office
50,000
Las Vegas, NV
18.
Ridgecrest Town Center
1999
Retail
205,000
Ridgecrest, CA
19.
Glencourt Plaza
2001
Retail
31,100
Los Angeles, CA
20.
Ming Center
2002
Commercial Land
5.1 Acres
Bakersfield, CA
Proposed Retail
70,000
21.
East Hills Plaza
from Donahue Schriber
Retail
228,334
Bakersfield, CA
(2002)
22.
Alameda West
2002
Retail
222,134
Albuquerque, NM
23.
Bell Tower Village
from Lenar
Retail
166,313
Phoenix, AZ
(2002)
24.
Santa Cruz Plaza
from Donahue Schriber
Retail
271,645
Tucson, AZ
(2002)
25.
Centennial Plaza
From Pan Pacific
Retail
264,379
Hanford, CA
(2002)
26.
Barstow Road Center
From Triple Net
Retail
174,6I6
Barstow, CA
(2003)
27.
Island Pacific Plaza
Market Property
Retail
225,160
Panorama, CA
(2003)
3
PROPERTY INFORMATION
1.) Sepulveda office building, our first project, was a warehouse building which had been
remodeled and turned into an office building in 1988. This building is located in West Los
Angeles across from Sports Club L. A.
2.) Ocean Park building is a mixed office and retail building Iocated in Santa, CA, which was
acquired from Bank of America REO Department in January 1993. At the time of
purchase, the occupancy level was below 50 %, currently, we enjoy the 95% occupancy level
of the building.
3.) Target Center is a 145,000 S.F. shopping center anchored by Target located in City of
Bakersfield, CA. The in -line shops were acquired from Bank of America REO Department
in November of 1993 at 55% occupancy level. Currently the occupancy level is above 98 %.
4.) Sutter Point Plaza is a 40,800 S.F. shopping center in City of Santa Clarita, CA., purchased
in January 1995 from Mitsui Manufacturer's Bank. The occupancy level have increased
from 35% at the time of purchase to 100% currently.
5.) Mission Plaza is a 106,500 S. F. shopping center in City of Pomona, CA, anchored by
Contractor's Warehouse, Jack in the Box, County of Los Angeles, and L. A. County School
District. This assets was acquired from Bank of America REO Department in June 1995
and currently has a 94% occupancy level.
6.) Pioneer Square is a 102,500 S. F. shopping center located in Lemoore, CA. This asset was
acquired from General American Life Insurance Company in December of 1995.
7.) Gateway Plaza is a 31,900 S. F. shopping center located in Pico Rivera, CA. his property
was purchased from Crown Life Insurance Company REO Department in August of 1996
with less than 50% occupancy level. Current occupancy is above 95 %.
8.) Long Beach Plaza is a small 12,818 S.F. fully leased retail building in a very high traffic
corner of City of Long Beach, CA. We acquired the Note from Union Bank in January of
1997 and completed foreclosure in May 1997. Anchored by Mc Donalds.
9.) Pedley Square is a 93,800 S. F. shopping center located in Riverside California, was
purchased from Connecticut Mutual Life Insurance Company in April 1997. This center is
anchored by Von's Grocery Store, Carrow's Restaurant, Yum YumDonuts, GNC, and Mail
Boxes, Etc. Currently 80 % occupied and a lease is for 14,000 S. F. vacant space for Drug
Store.
10.) White Lane Plaza is a 105,688 S.F. shopping Center located in Bakersfield, CA was
purchased from Archon Group (J. E. Roberts) in September 1997. This center is anchored
by Von's Grocery Store, Long's Drug Store, KFC, Payless Shoes and Wendy's, and
Domino's Pizza.
4
11.) Bay Plaza is a 131,540 S. F. shopping center located in National City, CA. This center is
anchored by IHOP, Big Lot, Seafood City, and Pip Printing was purchased in September
1997 and has 99% occupancy level.
12.) Mountain View Plaza is a 112,157 S. F. shopping center located in Mojave, CA. This center
is anchored by Stater Brothers, Rite Aid, K -Mart, Arby's, Subway, Kern County Library,
was purchased from REIT in September 1998.
13.) Oswell Plaza is a small strip center located in a highly traffic street in Bakersfield, CA was
purchased in October 1998.
14.) Ming and Wible Center is anchored by Big 5 Sporting Goods and IHOP in the heart of
Bakersfield across from main regional mall.
15.) Lancaster Marketplace is a 269,000 S. F. of formerly factory outlet stores. This center was
purchased in April of 1999 and occupancy has improved from 35% to 75 %.
16.) Lancaster Plaza is a 29,000 S. F. strip center anchored by Auto Zone and IHOP.
17.) Alpine Court office building is a 50,000 S. F. multi unit office building in Las Vegas.
18.) Ridgecrest Town Center is a 205,000 SY shopping center located in Ridgecrest, CA was
purchased from Regency Savings Bank in December of 1999. This center is anchored by
Mervyn's, Stater Brothers, Rite Aid, Big 5, Kragen Auto, Domino's, Goodwill, Hallmarks,
Army & Navy and Arby's, currently at 96% occupancy.
19.) Glencourt is a 31,100 S.F. shopping center anchored by Carl's Jr., Kinkos, PC Club, Time
Warner Cable, Togo's, PCS Smartmart, purchased from Archon Group in December of
2001.
20.) Ming Center is a vacant commercial land in the main retail corridor in Bakersfield. Plan for
development of 70,000 S.F. retail center is approved by City.
21.) East Hills Plaza contains 228,334 S.F. anchored by Walmart, Von's, Big Lots purchased
from Donahue Schriber Company in April 2002.
22.) Alameda West contains 222,134 S. F. anchored by Albertsons, Aaron Rents, Jo -Ann
Fabrics, Verizon and Golf USA.
23.) Bell Tower Village contains 166,313 S. F. anchored by Walgreens, Tres Amigos, World
Gym, and Harbor Freights Tools.
24.) Santa Cruz Plaza contains 271,645 S. F. anchored by Fry's, Mervyns, Osco Drugs, Jo -Ann
Fabric, Hollywood Video, Wells Fargo, Subway, Payless Shoes, Radio Shack and Foot
Locker.
5
25.) Centennial Plaza is in heart of Hanford across from the Regional Mall, anchored by Walmart,
Food4-Less, Pep Boys, Jo -Ann Fabric, Dollar Tree, Payless Shoes, Radio Shack, Subway,
AT &T, Dell Taco and Chevron.
26.) Barstow Road Center is anchored by Food4-Less, Blockbuster Video, Payless Shoes, DMV
and County of San Bernardino.
27.) Island Pacific Plaza is anchored by Ralphs, 24 Hour Fitness, Rite Aid, Bank of America,
Washington Mutual and US Postal office.
D