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| C.17 |
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| COUNTYWIDE OVERSIGHT BOARD |
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| Information |
| Recommendation(s) |
| ADOPT Resolution No. 2021-17, approving the Third Amendment to the Agency Assistance Agreement dated December 19, 2005, between the Successor Agency to the Contra Costa County Redevelopment Agency, on one hand, and PHVP I, LP, and Pleasant Hill Transit Village Associates, LLC, on the other. |
| Background |
On July 2, 2004, the Board of Supervisors and the Governing Board of the Redevelopment Agency approved a Joint Exercise of Powers Agreement between the Redevelopment Agency and the Bay Area Rapid Transit District (BART), creating the Pleasant Hill BART Leasing Authority (JPA). The JPA subsequently leased a portion of the real property located at the Pleasant Hill BART Station from BART. Most of that property has been subleased to a developer, including the portion known as Block C, for the construction of a transit village. (The portion that has not been subleased, known as Block D, is subject to a disposition and development agreement with the developer.) The transit village includes commercial space and residential rental units adjacent to the BART Station.
The purpose of the Agency Assistance Agreement was to ensure that in exchange for the Redevelopment Agency providing financing for public improvements to the transit village and the BART Station, a portion of the residential rental units would remain affordable for at least 55 years.
The development plan for the transit village originally contemplated that Block C would be used for the development of for-sale townhomes. That plan was abandoned after the recession of 2008. The amendment to the Agency Assistance Agreement that is the subject of this board order substitutes “Block C” for “For Sale Property” and makes other conforming changes to reflect that Block C has not been developed with for-sale housing.
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| In The Matter Of: |
IN THE MATTER OF THE COUNTYWIDE OVERSIGHT BOARD FOR THE COUNTY OF CONTRA COSTA SUCCESSOR AGENCIES APPROVING THE THIRD AMENDMENT TO THE AGENCY ASSISTANCE AGREEMENT DATED DECEMBER 19, 2005, BETWEEN THE SUCCESSOR AGENCY TO THE CONTRA COSTA COUNTY REDEVELOPMENT AGENCY, ON ONE HAND, AND PHVP 1, LP, AND PLEASANT HILL TRANSIT VILLAGE ASSOCIATES, LLC, ON THE OTHER.
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| Body: |
WHEREAS, the California state legislature enacted Assembly Bill x1 26 (the “Dissolution Act") to dissolve redevelopment agencies formed under the Community Redevelopment Law (Health and Safety Code Section 33000 et seq.); and
WHEREAS, on January 17, 2012 and pursuant to Health and Safety Code Section 34173, the Board of Supervisors of the County of Contra Costa (the "Board of Supervisors") declared that the County of Contra Costa, a political subdivision of the State of California (the "County"), would act as successor agency (the "Successor Agency") for the dissolved Redevelopment Agency of the County of Contra Costa (the "Dissolved RDA") effective February 1, 2012; and
WHEREAS, on February 1, 2012, the RDA was dissolved pursuant to Health and Safety Code Section 34172; and
WHEREAS, the Dissolution Act provides for the appointment of an oversight board (the "Oversight Board") with specific duties to approve certain Successor Agency actions pursuant to Health and Safety Code Section 34180 and to direct the Successor Agency in certain other actions pursuant to Health and Safety Code Section 34181; and
WHEREAS, pursuant to Assembly Bill 1484 enacted June 27, 2012 to amend various provisions of the Dissolution Act, the Successor Agency is now declared to be a separate legal entity from the County of Contra Costa; and
WHEREAS, on July 18, 2013, the Department of Finance issued the Successor Agency a "finding of completion" pursuant to Health and Safety Code Section 34179.7 and as a result of the issuance of the finding of completion, pursuant to 34191.4 the Successor Agency is authorized to: (1) place loan agreements between the Dissolved RDA and the County on the Recognized Obligation Payment Schedule (“ROPS “) and (2) utilize proceeds derived from bonds issued prior to January 1, 2011, in a manner consistent with the original bond covenants; and
WHEREAS, on July 2, 2004, the Board of Supervisors and the Governing Board of the Redevelopment Agency approved a Joint Exercise of Powers Agreement between the Redevelopment Agency and the Bay Area Rapid Transit District (BART), creating the Pleasant Hill BART Leasing Authority (JPA);
WHEREAS, The JPA subsequently leased a portion of the real property located at the Pleasant Hill BART Station from BART. Most of that property has been subleased to a developer, including the portion known as Block C, for the construction of a transit village; and
WHEREAS, the purpose of the Agency Assistance Agreement was to ensure that in exchange for the Redevelopment Agency providing financing for public improvements, a portion of the residential rental units would remain affordable for at least 55 years; and
WHEREAS, the development plan for the transit village originally contemplated that Block C would be used for the development of for-sale townhomes.. The amendment to the Agency Assistance Agreement that is the subject of this board order substitutes “Block C” for “For Sale Property” and makes other conforming changes to reflect that Block C has not been developed with for-sale housing.
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| Now, Therefore, Be It Resolved: |
NOW, THEREFORE, the Countywide Oversight Board for the County of Contra Costa does hereby finds, resolves, approves,
and determines that the foregoing recitals are true and correct, and together with information provided by the Successor Agency staff and the public, form the basis for the approvals, findings, resolutions and determinations set forth below.
BE IT FURTHER RESOLVED that under Health and Safety Code Section 34180(g), the Oversight Board must approve agreements between the Successor Agency and other parties.
BE IT FURTHER RESOLVED in accordance with the Dissolution Act, the Oversight Board hereby approves the Thrid Amendment to the Agency Assistance Agreement. In connection with such approval, the Oversight Board makes the specific findings set forth.
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| Vote and Attest |
PASSED AND ADOPTED this 25th of January, 2021 by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
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ATTEST: |
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Oversight Board Secretary |
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