HomeMy WebLinkAboutSPJT Minutes 1994-06-06SRRA/SRCC MINUTES (Spec.Joint) 6/6/94 Page 1
IN THE COUNCIL CHAMBERS OF THE CITY OF SAN RAFAEL, MONDAY, JUNE 6, 1994, AT 7:30 PM
Special Joint Meeting: Present: Albert J. Boro, Chairman/Mayor
San Rafael City Council/ Barbara Heller, Member/Councilmember
San Rafael Redevelopment Agency Joan Thayer, Member/Councilmember
David J. Zappetini, Member/Councilmember
Absent: Paul M. Cohen, Member/Councilmember
Also Present: Pamela J. Nicolai, Executive Director/City Manager
Gary T. Ragghianti, Agency Attorney/City Attorney
Jeanne M. Leoncini, Agency Secretary/City Clerk
1. BOYD COURT ASSIGNMENT AND ASSUMPTION AGREEMENT: (RA)
SAN RAFAEL CITY COUNCIL
RESOLUTION OF THE CITY COUNCIL APPROVING THE ASSIGNMENT TO THE SAN RAFAEL REDEVELOPMENT
AGENCY OF AN AGREEMENT RE: MODERATE INCOME HOUSING BETWEEN THE CITY, SAN RAFAEL
HOUSING GROUP AND THE MARIN HOUSING AUTHORITY - File 5-1-322 x 229 x 13-16
and
SAN RAFAEL REDEVELOPMENT AGENCY
RESOLUTION OF THE SAN RAFAEL REDEVELOPMENT AGENCY APPROVING THE ASSIGNMENT TO THE AGENCY
OF AN AGREEMENT RE: MODERATE INCOME HOUSING BETWEEN THE CITY, SAN RAFAEL HOUSING
GROUP AND THE MARIN HOUSING AUTHORITY - File R-173
Jake Ours, Assistant Executive Director of the San Rafael Redevelopment Agency, explained
that the purpose of this meeting is to assign the equity in the Boyd Court units to
the Redevelopment Agency so they can track and monitor the sales and resales.
Councilmember/Member Thayer noted that seventeen units would be sold at nine percent below
the market value, and this amount would constitute a loan payable to the City and
asked if it would be repaid at the time of resale. Mr. Ours stated that there is a
lien against the property, approximately $15,000 per unit, called a "silent second".
When the property is resold, that money is then paid back to the Agency, who would
then make the decision whether to pass it on to maintain the affordability of the
units, depending whether the purchaser qualifies. Ms. Thayer asked if it would be a
loss to the City if the property depreciates. Mr. Ours stated we have nothing to lose
since it is a paper transaction and we have no cash in the units.
Councilmember/Member Heller asked how many units have been sold and what is the price
range. Mr. Ours replied that as of this morning, 19 of the 25 have buyers, and the
prices are from $103,000 to $167,000 based on a person's income. He also announced
there will be an open house Wednesday, June 8th at 11:30 AM for invited guests and a
public open house on Saturday, June 11th.
SAN RAFAEL CITY COUNCIL
Councilmember Thayer moved and Councilmember Heller seconded, to adopt the Resolution
approving the assignment and assumption agreement for Boyd Court.
RESOLUTION NO. 9147 - RESOLUTION OF THE CITY OF SAN RAFAEL APPROVING THE ASSIGNMENT
TO THE SAN RAFAEL REDEVELOPMENT AGENCY OF AN AGREEMENT
REGARDING MODERATE INCOME HOUSING BETWEEN THE CITY, THE SAN
RAFAEL HOUSING GROUP AND THE MARIN HOUSING AUTHORITY RE BOYD
COURT CONDOMINIUMS
AYES: COUNCILMEMBERS: Heller, Thayer & Mayor Boro
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: Cohen
ABSTAINED: COUNCILMEMBERS: Zappetini (due to Conflict of Interest)
SAN RAFAEL REDEVELOPMENT AGENCY
Member Heller moved Member Thayer seconded, to adopt the Resolution approving the
assignment and assumption agreement for Boyd Court.
RESOLUTION NO. 94-21 - RESOLUTION OF THE SAN RAFAEL REDEVELOPMENT AGENCY APPROVING
THE ASSIGNMENT TO THE AGENCY OF AN AGREEMENT REGARDING
MODERATE INCOME HOUSING BETWEEN THE CITY OF SAN RAFAEL, THE
SAN RAFAEL HOUSING GROUP AND THE MARIN HOUSING AUTHORITY RE
BOYD COURT CONDOMINIUMS
AYES: MEMBERS: Heller, Thayer & Chairman Boro
NOES: MEMBERS: None
ABSENT: MEMBERS: Cohen
ABSTAINED: MEMBERS: Zappetini (due to Conflict of Interest)
SRRA/SRCC MINUTES (Spec.Joint) 6/6/94 Page 1
SRRA/SRCC MINUTES (Spec.Joint) 6/6/94 Page 2
There being no further business, the meeting was adjourned at 8:00 PM.
JEANNE M. LEONCINI, Agency Secretary/City Clerk
APPROVED THIS DAY OF , 1993
CHAIRMAN OF THE SAN RAFAEL REDEVELOPMENT AGENCY/
MAYOR OF THE CITY OF SAN RAFAEL
SRRA/SRCC MINUTES (Spec.Joint) 6/6/94 Page 2