HomeMy WebLinkAboutAcquire Property - APN 634-061-002-3PALM DESERT REDEVELOPMENT AGENCY
REQUEST:
SUBMITTED BY:
DATE:
CONTENTS:
Recommendation:
STAFF REPORT
AUTHORIZE THE ACQUISITION OF APN 634-061-002-3
JESSICA GONZALES, MANAGEMENT ANALYST
APRIL 27, 2006
CERTIFICATE OF ACCEPTANCE OF DEED
By Minute Motion,
1) Authorize the acquisition of 75-454 Wildflower Lane (APN 634-061-002-3)
for the purpose of retaining affordability covenants and resale if necessary
in anticipation of the expiration of the 60 day Right of Refusal period;
2) Approve a Silent Second Trust Deed in an amount necessary to secure an
affordable housing cost pursuant to Redevelopment Law for either a direct
sale or Agency sale; and
3) Authorize the Executive Director to execute any documents necessary to
facilitate this transaction. 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 was owned by Mr. and Mrs. Arnold Fishkind who have passed
away. Due to such circumstances, Mr and Mrs. Arnold Fishkind's heirs have notified us on April 6,
2006 through their legal representative that they intend to sell the unit once they obtain clear title.
The Agency does have the first right of refusal to purchase properties from owners in Desert Rose
who desire to sell. Staff desires to exercise the Agency's option to purchase in order to retain
affordability covenants in the event that it becomes necessary prior to the expiration of the 60-day
Right of Refusal to purchase period which will begin once the heirs have the authority to transfer
the property to the Agency. This will allow for additional time to identify a low income family to
purchase the unit.
GARDA\Patty Leon\WpdocsUessica Gonzalez%Staff Reports\Desert Rose - Acq. of Fishkind, Amold and Donnye.wpd
Staff Report
Authorize the Acquisition of APN 634-061-002-3
April 27, 2006
Page 2 of 2
Staff will endeavor to qualify a buyer and have the sale negotiated directly between the heirs and
the new qualified buyer, however due to the qualification process it is not always feasible within the
time frame required.
The home was purchased on July 30, 1997, for the sale price of $78,950.00.There has only been
one (1) owner and based on the formula for resale described in the Unit Regulatory Agreement,
the heirs may sell the home for $98,055.90 plus commissions and reasonable closing costs
calculated on March 21, 2006 once they can prove that they can provide clear title to the property
(at which time the Agency reserves the right to recalculate the resale price). The Agency has the
right to purchase the properties for the same amount as the owners are authorized to sell.
If it becomes necessary for the Agency to purchase the home to maintain affordability, a low or
moderate income family will be identified from an established waiting list and will purchase the
home directly from the Agency subject to the Public Hearing process.
In either event, it will be necessary for the Agency to provide a Second Trust Deed to a new buyer
in an amount necessary to secure an affordable housing cost 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:
Jes a Gonzales Jan t M. oore
Ma Bement Analyst Hou�uthority Administrator
Department Head:
Dave Yrig
Direct o f Redevelopment/Housing
Approval:
stin McCarthy, ACM/Red (,elopment
Carlos L. Orte , Executive Director
Paul Gibson, Director of Finance
GARDATatty Leon\WpdocsVessica GonzaleAStatf ReportsTesert Rose- Acq. ofFishkind, Amold and Donnye.%pd
A.P.N. 634-061-002-3
CERTIFICATE OF ACCEPTANCE OF DEED
(Gov. Code 27281)
THIS IS TO CERTIFY that the interest in real property conveyed by the Grant Deed
from Arnold Fishkind and Donnve Fishkind. Husband and Wife as Joint Tenants, to
THE PALM DESERT REDEVELOPMENT AGENCY, a public body, corporate and politic,
the legally described property as: Lot 65 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 75-
454 Wildflower Lane. is hereby accepted by order of the Agency Board on behalf of the
Agency pursuant to Minute Motion of the Agency Board on April 27. 2006, the Grantee
consents to the recordation thereof by its duly authorized officer.
Date: ADril 27, 2006
PALM DESERT REDEVELOPMENT AGENCY
A public body, corporate and politic
Jim Ferguson, 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), or the entity upon behalf of which
the person(s) acted, executed the instrument.
WITNESS my hand and official seal. [ Notarial Seal ]
Signature