HomeMy WebLinkAboutSR - Acquisition - 75446 Wildflower Lane - APN 634-061-011PALM DESERT REDEVELOPMENT AGENCY
STAFF REPORT
REQUEST: AUTHORIZE THE ACQUISITION OF APN 634-061-011
SUBMITTED BY: JANET M. MOORE, HOUSING AUTHORITY ADMINISTRATOR
DATE: APRIL 24, 2008
CONTENTS: CERTIFICATE OF ACCEPTANCE OF DEED
Recommendation:
By Minute Motion,
1) Authorize the acquisition of 75446 Wildflower Lane (APN 634-061-011) 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 Agency has 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. This will allow for additional time to identify a low income family
to purchase the unit.
Staff will endeavor to qualify a buyer and have the sale negotiated directly between the seller and
new qualified buyer, however due to the qualification process it is not always feasible within the time
frame required.
G \RUAV'AITY LP.OMIMM\STAFF RGPORTTACQUISITIONS\SILVA LISA (MACDONALD) 4-24-08 DOC
Staff Report
Authorize the Acquisition of634-061-011
April 24, 2008
Page 2
The home was purchased on October 29, 1997, for the sale price of $81,950.00. There has been
two owner(s) and based on the formula for resale described in the Unit Regulatory Agreement, the
owner is authorized to sell the home for $113,418.80 plus commissions and reasonable closing
costs. 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 anew Unit Regulatory Agreement for a covenant
period of up to forty-five (45) years as prescribed in the Desert Rose Unit Regulatory Agreement.
Monies are available in the Agencys Housing Set -Aside Fund.
Submitted by: Department Head:
an t M. Moore
Director of Housing
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Approval:
Carlos L. Ortega,`f�xecutive Director
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Dave Yrigoy n
Director of development/Housing
P Gibson, Director of Finance
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ON
VERIFIED BY
Werk's
Original on file with City Office
GARDA\PATTY LEONUMM\STAFF REPOR"MCQUISITIONS\SILVA LISA (MACDONALD) 4-24-08.DOC
A.P.N. 634-061-011
CERTIFICATE OF ACCEPTANCE OF DEED
(Gov. Code 27281)
THIS IS TO CERTIFY that the interest in real property conveyed by the Grant
Deed from Lisa Silva, to THE PALM DESERT REDEVELOPMENT AGENCY, a public
body, corporate and politic, the legally described property as: Lot 64 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, page(s) 63 through 68 inclusive, of the official records
of Riverside County, also known as 75446 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 24, 2008 , the Grantee consents to the recordation thereof by
its duly authorized officer.
Date:
PALM DESERT REDEVELOPMENT AGENCY
A public body, corporate and politic
By:
Jean M. Benson, Chairman
State of California )
SS.
County of Riverside )
On 2008, before me, M. Gloria Martinez, a Notary Public, personally
appeared Jean M. Benson and Rachelle D. Klassen, who proved to me on the basis of
satisfactory evidence to be the person(s) whose (names(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 persons(s) acted,
executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that
the foregoing paragraph is true and correct
WITNESS my hand and official seal. (Seal)
Signature
O'.RDATAT1 N' LEO\^JM.\1'S PA1T REPORTACQGISIl10NS\SILVA LISA (MACDONALD) 4-24-08 DOC