HomeMy WebLinkAboutAcquisition 75405 Wildflower Lane APN 634-062-020 - Certificate of AcceptancePALM DESERT REDEVELOPMENT AGENCY
REQUEST:
SUBMITTED BY:
DATE:
CONTENTS:
Recommendation:
STAFF REPORT
AUTHORIZE THE ACQUISITION OF APN 634-062-020
JANET M. MOORE, HOUSING AUTHORITY ADMINISTRATOR
JANUARY 27, 2005
CERTIFICATE OF ACCEPTANCE OF DEED
By Minute Motion,
1) authorize the acquisition of 75-405 Wildflower Lane (APN 634-062-020) 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 Summary:
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 Molly Cummings and Christopher Duthaler who are
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 May 1, 1997, for the sale price of $83,950. Based on the formula for
resale described in the Unit Regulatory Agreement, the seller is authorized to sell the home for
$101,756 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.
GARDATatty Leon\WpdocsVN M\staff report\Cummings Acquistion.wpd
Staff Report
Authorize the Acquisition of 75-405 Wildflower 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 a new 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:
Department Head:
Jan?agAuthoritvy
ore -wave Yrigdye
Administrator Director o velo ment and Housing
HoAd p 9
JMM: pl
Approval:
11
ti McCarthAy,ACMO a elopment
Carlos *Oegexecutive Director
GARDATatty Leon\WpdocsUNMstaff report\Cummings Acquistion.wpd
Paul Gibson, Director of Finance
A.P.N. 634-062-020
CERTIFICATE OF ACCEPTANCE OF DEED
(Gov. Code 27281)
THIS IS TO CERTIFY that the interest in real property conveyed by the Grant Deed
from Molly Cumminas and Christopher Duthaler, to THE PALM DESERT
REDEVELOPMENT AGENCY, a public body, corporate and politic, the legally described
property as: Lot 106 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 75-405
Wildlfower 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. 2005the 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 signature(s) on the instrument the person(s), or the entity upon behalf of which
the person(s) acted, executed the instrument.
WITNESS my hand and official seal. [ Notarial Seal ]
Signature