Housing Successor Agency
MEETING DATE: 9/28/2016
TITLE:Title
Assignment, Assumption and Consent Agreement for the Downtown Mixed Use Project
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FROM:
Leisa A. Lukes, Economic Development Manager
RECOMMENDATION:
Recommendation
Staff recommends that the City Council as the Successor Housing Agency to the Former Redevelopment Agency, authorize the City Manager to execute an Assignment, Assumption and Consent Agreement between Saxony Living, LP and GreenSpring Capital, and the City of Cathedral City solely in its role as the Successor Housing Agency to the Former Redevelopment Agency of the City of Cathedral City.
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BACKGROUND:
The former Cathedral City Redevelopment Agency acquired an approximate two-acre site located at the southeast corner of East Palm Canyon Drive and West Buddy Rogers Avenue to meet affordable housing needs. The Successor Housing Agency to the Former Redevelopment Agency of the City of Cathedral City ("City") approved a Property Transfer Agreement ("Agreement") with Thermal Land, LLC in August 2013, to transfer this site for development of a mixed use project. Per the Agreement, the site is to be developed for housing purposes with a percentage of the units to be available to, and occupied by, moderate income households at affordable rent. The Agreement has been amended multiple times to extend the deadlines for close of escrow and completion of the project as defined in the Agreement. Council approved an Assignment of the Agreement from Thermal Land, LLC to Saxony Living, LP ("Saxony") on November 18, 2014.
DISCUSSION:
The Agreement between the City and Saxony requires that the approximate two-acre site located at the southeast corner of East Palm Canyon Drive and West Buddy Rogers Avenue be entitled, purchased and developed as a 69-residential unit mixed use project ("Project") with approximately 5,000 square feet of ground floor retail. Saxony is currently processing the Project for entitlements.
Saxony and Green...
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