HomeMy WebLinkAboutAcquisition 75416 Orange Blossom Lane APN 634-060-011 - Certificate of AcceptancePALM DESERT REDEVELOPMENT AGENCY
REQUEST:
SUBMITTED BY:
DATE:
CONTENTS:
Recommendation:
STAFF REPORT
AUTHORIZE THE ACQUISITION OF APN 634-060-011
JANET M. MOORE, HOUSING AUTHORITY ADMINISTRATOR
JANUARY 27, 2005
CERTIFICATE OF ACCEPTANCE OF DEED
By Minute Motion,
1) authorize the acquisition of 75-416 Orange Blossom Lane (APN 634-060-
011) for the purpose of retaining affordability covenants and resale; and
2) authorize the Executive Director to execute any documents necessary to
facilitate this acquisition. Funds are available in the Housing Set -Aside
Fund.
Executive Summarv:
The Agency has the first right of refusal to purchase resales at Desert Rose in order to maintain
affordability covenants and resell the unit to another qualified buyer. If the Agency fails to execute
its option to purchase within a 60-day period, the homeowner can sell the house to a non -qualified
buyer and the Agency would lose its covenants on the property.
Discussion:
The above -referenced property is owned by Karen Miller who is selling the property. The Agency
has the first right of refusal to purchase the properties. Staff desires to exercise the Agency's
option to purchase in order to retain affordability covenants in anticipation of the expiration of the
60-day Right of Refusal to purchase period to allow for additional time to identify a low income
family to purchase the unit.
The home was purchased in February 26, 1998, for the sale price of $89,950.00. Based on the
formula for resale described in the Unit Regulatory Agreement, the seller is authorized to sell the
home for $105,034.00 plus commissions and reasonable closing costs. The Agency has the right
to purchase the properties for the same amount as the sellers are authorized to sell.
G \RDAU'atty LeonMpdocsUN0&staff reportWiller Acquisitionmpd
Staff Report
Authorize the Acquisition of 75-416 Orange Blossom Lane
January 27, 2005
Page 2
With proper authorization, a low or moderate income family will be identified from an established
waiting list and will purchase the home directly from the Agency. It will be necessary for the
Agency to rollover the Second Trust Deed to a new buyer in order for them to qualify to purchase
the home. The new buyer will be required to sign anew Unit Regulatory Agreement for a covenant
period of 30 years as prescribed in the Desert Rose Unit Regulatory Agreement.
Monies are available in the Agency's Housing Set -Aside Fund.
Submitted by:
J n M. Moore
Housing Authority Administrator
JMM: pl
Approval:
arlll(�
Carlos L. Ortegag:�fe<ecutive Director
G:\RDA\Patty Leon\WpdocsVMM\staff report\Miller Acquisition wpd
Department Head:
Dave Yng
Directo Redevelopment and Housing
0 �
Paul Gibson, Director of Finance
A.P.N. 634-060-011
CERTIFICATE OF ACCEPTANCE OF DEED
(Gov. Code 27281)
THIS IS TO CERTIFY that the interest in real property conveyed by the Grant Deed
from Karen Miller, to THE PALM DESERT REDEVELOPMENT AGENCY, a public body,
corporate and politic, the legally described property as: Lot 97 of Tract Map No. 27546,
in the City of Palm Desert, County of Riverside, State of California, as per map recorded
in book 249 of maps, pages(s) 63 through 68 inclusive, of the official records of Riverside
County,also known as 75-416 Oranae Blossom Lane. is hereby accepted by order of the
Agency Board on behalf of the Agency pursuant to Minute Motion of the Agency Board on
January 27.2005, the Grantee consents to the recordation thereof by its duly authorized
officer.
Date: January 27. 2005
PALM DESERT REDEVELOPMENT AGENCY
A public body, corporate and politic
By:
Buford A. Crites, Chairman
State of California }SS
County of }
On , 20 , before me, , a Notary Public,
personally appeared , personally
known to me (or proved to me on the basis of satisfactory evidence) to be the person(s)
whose name(s) is/are subscribed to the within instrument and acknowledged to me that
he/she/they executed the same in his/her/their authorized capacity(ies), and that by
his/her/their signatures) on the instrument the person(s), orthe entity upon behalf of which
the person(s) acted, executed the instrument.
WITNESS my hand and official seal. [ Notarial Seal ]
Signature