HomeMy WebLinkAbout023-95RESOLUTION NO. 23-95
A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF DANVILLE
AUTHORIZING TOWN MANAGER TO EXECUTE FIRST AMENDMENT
TO PRELIMINARY OWNER PARTICIPATION AGREEMENT AND
REAL PROPERTY SALES AGREEMENT
WHEREAS, the Town of Danville, Danville Community Development Agency, and Pacific
Union Ventures, Inc., entered into a Preliminary Owner Participation Agreement and Real
Property Sales Agreement (hereinafter "Agreement") on February 12, 1993; and
WHEREAS, the Agreement provides that Pacific Union may either provide dwelling units in
the project that are affordable to low and moderate income households or provide a monetary
contribution of $377,000.00 to the Danville Community Development Agency to enable the
Agency to develop affordable units at an alternate location; and
WHEREAS, the Agreement provides that Pacific Union shall pay $215,000.00 of the monetary
contribution at the close of escrow on the site; and
WHEREAS, Pacific Union has requested that the Agreement be amended so that the initial
contribution of $215,000.00 be paid in equal installments upon the close of escrow of each of
the first 44 residential units; and
WHEREAS, Pacific Union has agreed to increase the initial contribution to $225,000.00 to
recover any lost interest which might otherwise have accrued to the Agency's affordable
housing fund increasing the amount of the total contribution to $387,000.00; and
WHEREAS, the Agreement provides that Pacific Union may only assign its interest to another
entity in which the principals of Pacific Union have an equity interest of greater than fifty-one
percent (51%); and
WHEREAS, Pacific Union would like to assign its interest to Charlotte Wood Developers, L.P
in which the principals of Pacific Union have a'51% equity interest in the corporate general
partner; and
WHEREAS, Pacific Union has requested that the Town amend the Agreement to allow for
an assignment of Pacific Union's interest to an entity in which the principals of Pacific Union
own a 51% equity interest in the corporate general partner; and
WHEREAS, it would be in the best interests of the Town to amend the Agreement; now,
therefore, be it
KESOLVED, by the Town Council of the Town of Danville, that the Town Manager is
PAGE 1 OF RESOLUTION NO. 23-95
hereby authorized to execute the First Amendment to Preliminary Owner Participation
Agreement and Real Property Sales Agreement attached hereto as Exhibit "A."
APPROVED by the Town Council of the Town of Danville at a Regular Meeting held on
February 7, 1995, by the following vote:
AYES:
NOES:
ABSTAINED:
ABSENT:
Greenberg, Doyle, Ritchey, Shimansky, Waldo
None
None
None
C
MAYOR
APPROVED AS TO FORM:
CITY ATTORNEY
ATTEST:
;g ,, ) O.x.A,, t- ,,
CITY CLERK
i
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