Amendment to Agreement Related to Pleasant Hill BART Station Property
FROM:
Maureen Toms,
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.