HomeMy WebLinkAboutProperty Acquisition APN 634-241-051 - Desert RosePALM DESERT REDEVELOPMENT AGENCY
REQUEST:
SUBMITTED BY:
DATE:
CONTENTS:
Recommendation:
STAFF REPORT
AUTHORIZE THE ACQUISITION OF APN 634-241-051
JANET M. MOORE, DIRECTOR OF HOUSING
JESSICA GONZALES, MANAGEMENT ANALYST - HOUSING
JUNE 25, 2009
CERTIFICATE OF ACCEPTANCE OF DEED
By Minute Motion,
1) Authorize the acquisition of 75356 Kelsey Circle North (APN 634-241-051)
forthe 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 recommends exercising 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.
Staff Report
Authorize the Acquisition of 634-241 -051
June 26, 2009
Page 2
The home was purchased on July 7, 1998, for the sale price of $85,950.00. Based on the formula
for resale described in the Unit Regulatory Agreement, the owner is authorized to sell the home for
$119,221.00 plus commissions and reasonable closing costs. The Agency has the right to
purchase the properties for the same amount as the owners ae 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 subjectto 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 ensure 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 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:
Jessica G nzales
Manage ent Analyst - Ho ng
Department Head:
Janet W Moore
Director of Housing
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Approval:
Paul Gibson
Director of Finance
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Director Redevelopment/Housing
BY RDA
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VERIFIED BY
Original on file with City lerk's Office
Wohlmuth
itive Director
G \rdaTatty LeonVMM\staff report\ACQUISITIONS\Ismail, Khalil.doc
A.P.N. 634-241-051
CERTIFICATE OF ACCEPTANCE OF DEED
(Gov. Code 27281)
THIS IS TO CERTIFY that the interest in real property conveyed by the Grant
Deed from Khalil Ismail and Daisv Ismail, to THE PALM DESERT
REDEVELOPMENT AGENCY, a public body, corporate and politic, the legally
described property as: Lot 51 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 43840 Blueberry Lane, is hereby accepted by order of the Agency Board on behalf
of the Agency pursuant to Minute Motion of the Agency Board on June 25, 2009, the
Grantee consents to the recordation thereof by its duly authorized officer.
Date:
PALM DESERT REDEVELOPMENT AGENCY
A public body, corporate and politic
By:
Robert A. Spiegel, Chairman
State of California )
SS.
County of Riverside )
On , 2009, before me, M. Gloria Martinez, a Notary Public, personally
appeared Robert A. Spiegel, 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
Signature
Wrda\Patty LeonUMM\staff report\ACQUISITIONS\Ismail, Khalil.doc