Agenda

Return

C. 53

To:	Board of Supervisors
From:	Maureen Toms, Oversight Board Secretary
Date:	March 26, 2019

Contra

Costa

County

Subject:

Exclusive Negotiating Agreement - City Ventures, LLC

APPROVE	OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR	RECOMMENDATION OF BOARD COMMITTEE

Action of Board On: 03/26/2019

APPROVED AS RECOMMENDED

OTHER

Clerks Notes:

VOTE OF SUPERVISORS

AYE:

John Gioia, District I Supervisor
Candace Andersen, District II Supervisor
Karen Mitchoff, District IV Supervisor
Federal D. Glover, District V Supervisor

ABSENT:

Diane Burgis, District III Supervisor

Contact:

Maureen Toms (925) 674-7878

I hereby certify that this is a true and correct copy of an action taken and entered on the minutes of the Board of Supervisors on the date shown.
ATTESTED: March 26, 2019
David Twa,

BY:	, Deputy

RECOMMENDATION(S):

APPROVE and AUTHORIZE the Conservation and Development Director, or designee, to execute an Exclusive Negotiating Agreement with City Ventures Homebuilding, LLC, a Delaware limited liability company, for the development of 24 town home units, approximately 2,000 sq. ft of commercial space, and a public plaza on three vacant parcels in Rodeo, (the Development) (APN 357-161-001, -002, and -013).

FISCAL IMPACT:

No impact to the General Fund. Staff project costs are covered by the Housing Successor budget.

CONSEQUENCE OF NEGATIVE ACTION:

Development of a Housing Successor asset will be delayed.

BACKGROUND:

The County, in its capacity as Housing Successor to the Contra Costa County Redevelopment Agency, is the owner of approximately 1.16 acres of vacant real property located at Parker Avenue, fronting Investment Street and Railroad Avenue in Rodeo, having Assessor’s Parcel Nos. 357-161-001, -002, and -013. Following a Request For Qualifications/Request for Proposals process, a committee consisting of community members and staff, with expertise from a real estate financial consultant to the County, recommended that City Ventures, LLC. be selected to carry out the Development.

The purpose of this proposed Exclusive Negotiating Agreement, attached, is twofold. First, it is intended to enable the parties to assess the feasibility of the Development. Second, if the Development is determined to be feasible, it is intended to enable the parties to negotiate a disposition and development agreement (DDA). Under the DDA, the Property would be conveyed to the Developer for construction of the Development. Because the vacant property is a housing asset of the former Redevelopment Agency, its disposition is governed by the County in its capacity as Housing Successor.