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HomeMy WebLinkAboutSASSOUNIAN CAPITAL VENTURES, INC. - 1999-02-01 <, • T - V RECORDING REQUESTED BY: ) AND WHEN RECORDED MAIL TO: ) Recorded in Official Records,County of Orange Gary Granville,Clerk-Recorder Connie Brockway,Agency Clerk ) ,I{!1�11 ';!!f'.�1.`If �S.�ll1 �l NO FEE Redevelopment Agency of the City 20010708410 09.29am 10109101 of Iluntington Beach 114 3 C16 S P. 0. Box 190-2000 Main Street 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Iluntington Beach,CA 92648 ) (,Space above for Recorder's Use) _ -- This document is exempt from the payment of a recording fee pursuant to Government Code §6103 THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACII By- Ray Mer, Executive Director Dated: /a� , 2001 CERTIFICATE OF COMPLETION FOR CONSTRUCTION AND DEVEI.OPMENT A. On or about July 19, 1993, the REDEVELOPMENT AGENCY OF T1IE CITY OF HUNTINGTON BEACH,a public body,corporate and politic,hereinafter referred to as "Agency," entered into a Disposition and Development Agreement,as amended on February 1, 1999,(the "Agreement")with SASSOUNIAN CAPITAL VENTURES, INC.,a California corporation(the "Developer"),which Agreement provides, inter alia, for the acquisition and disposition of certain real estate property(the "Agency Parcels" and "Encyclopedia Lots No. 1 and 2")and the development of certain real property(the "Site")situated in the City of I Iuntin}gton Beach,California,and more particularly described on Exhibit "A"attachcd hereto and made a part hereof by this reference. B. As required in the Agreement and as referenced in the Grant Deeds recorded on February 24, 1994 as Instrument No. 94-0137068,and August 25, 1999 as Instrument No. 19990618219 and the Memorandum of Agreement recorded on January 3, 1994 as Instrument No. 94-0001007 of the Official Records of Orange County,California, the Agency shall furnish the Developer with a Certificate of Completion for the Site upon completion of construction of the Improvements required by the Agreement,which Certificate shall be in such form as to permit it to be recorded in the Recorder's Office of Orange County. C. The Agency has conclusively determined that the_construction-otithe.-Site.described 'xreinabove required by th=Agreement and the Grant &ed has-been satisfactorily completed. NOW,THEREFORE,the parties hereto certify as follows: 1. As provided in the Agreement, the Agency does hereby certify that the construction of the Improvements on the Site has been fully and satisfactory performed and completed. pdi'T60cen co"1 1015'Ol 1 2. The conditions and all rights and obligations under the Agreement as pertains to the Improvements are terminated, except as set forth or referenced in the Grant Deeds and Memorandum of Agreement referred to in Recital B herein. 3. Nothing contained in this instrument shall modify in any other way any other provisions of the Grant Deeds or the Memorandum of Agreement. 4. After recordation of this Certificate of Completion,any person or entity then owning or thereafter purchasing, leasing,or otherwise acquiring any interest in the Improvements will not(because of such ownership,purchase,lease, or acquisition)incur any obligation or liability under the Agreement, the Grant Deeds or the Memorandum of Agreement,except that such party shall be bound by any and all of the covenants,conditions,and restrictions which survive such recordation. S. This Certificate of Completion shall not constitute evidence of compliance with or satisfaction of any obligation of the Developer to any holder of a mortgage,or any insurer of a mortgage securing money loaned to finance the improvements to the Property, nor any part thereof. This Certificate of Completion is not notice of completion as referred to in Section 3093 of the California Civil Code. G. The Recitals above are incorporated in full as part of the substantive text of this Certificate of Completion. IN WITNESS WHEREOF,the Agency has executed this Certificate this—!��--day of 2001. Developer hereby consents to the recording of THE REDEVELOPh1ENT AGENCY OF THE this Certificate of Completion. CITY OF HUNTINGTON BEACH,a public body corporate and politic SASSOUNIAN CAPITAL VENTURES, INC., a California corporation By -- Ra aver, Executive Director By: {> 1 Sohrab Sa Iia President TNITI4TED AND APP OVED: B d y -- �a ass unian,Seery Deputy Executive Director ATTE T: -• . APPROVED AS TO FORM: 'Agency Clerk Agency General Counsel �lt1�b� pda/mis/cm compM17/01 2 Legal Description of Property Exhibit A Legal Description of Property Tract 14928 in the City of Huntington Beach, County of Orange as per map recorded in Book 706 pages 39, 40, and 41 of Miscellaneous Maps in the Office of the County Recorder of said county. Tract 14829 in the City of Huntington Beach, County of Orange as per map recorded in Book_ 792 pages 49 and 50 of Miscellaneous Maps in the Office- of the County Recorder of said county. C.NTOM LEGAL RESCRIMONSDOC STATE OF CALIFORNIA ) ) s5. COUNTY OF C)r0 4e. ) On L& M aCO before me, 1QLe�_ 63&lVi4a (name, title e.g. , ".lane Doe, NotaryPublic ' ) , perso ally appeared S&SSoW1i4Qn1 ovyA ru.6,S6SS1b'trda_r'1 (name(s) of signer(s) ), personally known to me -- OR -- proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) 1=�/are subscribed to the within instrument and acknowledged to me that 1 /they executed the. same in �/their authorized capacity(ies) , and that by �/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. 0 &_ CWm.Exp.Nay.'15.2M1- 8renda M.Mcken j Comm.#1161647 — "0Ti` &_j& o Mxi oo �"_`(07 (Signature of Notary) il— CAPACITY CLAIMED BY SIGNER: Individual ` � � ✓Corporate Officer(s) : PM$,% � C� Title(s) _ Partner(s) : Limited General Attorney-in-Fact Trustee(s) Guardian/Conservator Other: SIGNER IS REPRESENTING: Name of Person(s) or Entity(ies) sasow las) C -4�.�VQ� ,� r►c ATTENTION NOTARY: Although the information requested below is OPTIONAL, -it could prevent fraudulent attachment of this certificate to another document. -THIS GERTIFICAm- --- Title -or-Typ of Do ume t CVA_P_ MUST- BE ATTACHED DIN TO THE DOCUMENT Number of Pages q_ DESCRIBED Date of Document CA-Ig-pi AT RIGHT: Signer(s) Other Than Named Above• v_e�`��'•t�tat�ot<w.�.�► of CX 1\B. 05/21/S33 0757u/2460/42 i. STyTE OF CALIFORNIA } } ss. COUNTY OF } On —61 iber A4,SOD 1 _ -- _ -• before me, (name, title, e.g. , "Jane Doe, otary Publ c pers nally appeared (name(s) of signer(s) ) , personally known to me -- OR -- proved to me on the basis of satisfactory evidence to be the person(s) -whose name(s) i</ar.e subscribed to the-- within instrument and aclmowledged to me that be/sWe/they executed the. same in bi s/}7r--r/their authorized capacity(ies) , and that by bi-s/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 an official seal. CtIRtMW AAWMM y (Signature of Notary) M1+ 6�k CbWdobn CAPACITY CLAIMED BY SIGNER: ofty Mdc-Cdt mk3 Oe 98 Coate Individual ��� Corporate Officer(s) : Title(s) . Partner(s) : Limited General Attorney-in-Fact Trustee(s) Guardian/Conservatof� Other: f��111 SIGNER IS REPRESENTING: Name of Person s) or Entity(ies) ATTENTION NOTARY: Although the information requested below is OPTIONAL, it could prevent fraudulent attachment of this certificate to another document. - THIS CERTIFICATE----Ti e-or-Type--of-Document MUST BE ATTACHEDep TO THE DOCUMENT Number of Pages _ DESCRIBED Date of Document AT RIGHT: Si er(s) Other Than Named Above: '/11Zrl t /ill/7 05/21/93 0757u/2460/42 i City of Huntington Beach MW MAIN STREET CALIFORNIA 82648 DEPARTMENT OF ECONOMIC DEVELOPMENT Director 7141536-5582 Redevelopment 714/536-5582 FAX 7141375-SH7 Housing 7141536-5542 October 10,2001 Bijan Sassounian 21190 Beach Blvd. Huntington Beach. CA 92648 Dear Bijan: The purpose of this letter is to provide you wifi a copy of a Certificate of Completion for Construction and Development regarding the Disposition and Development Agreement that Sassounian Capital Ventures Incorporated entered into with the Redevelopment Agency of the City of Huntington Beach in 1993 and amended in 1999. The completion of your project,which included twenty two (22)condominiums and ten (10)detached single family homes,has made available a significant number of quality dwelling units here in the City of Huntington Beach. Congratulations for a job well done. Best wishes for continued success. �n David C. Biggs Economic Development Director r v CORDING REQUESTED BY: } AND WHEN RECORDED MAIL TO: } Retarded in official Records.County of Orange Gary Granville,Clerk-Recorder Connie Brockway,Agency Clerk �III��IIISffSIli1�ti4� �.I� �� 1��.��;Q�!i NO FEE Redevelopment Agency of the City ) 20010708410 09:293m 10109101 of Huntington Beach } 114 3 C16 6 P.O.Box 190-2000 Main Street } 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Huntington Beach,CA 92649 ) r r ) (.Space above for Recorder's Use) This document is exempt from the payment of recording fee pursuant to Government Code§6103 THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH By:.� -Q Ray 10ver,Executive Director Dated: a 92001 CERTIFICATE OF C MPLETION FOR CONSTRt JCTION AND DEVELOPMENT A. On or about July 19, 1993,the REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH,a public body,corporate and politic,hereinafter referred to as "Agency," entered into a Disposition and Development Agreement,as amended on February 1, 1999,(the "Agreement")with SASSOUNIAN CAPITAL VENTURES,INC.,a California corporation(the "Developer"),which Agreement provides, inter alia, for the acquisition and disposition of certain real estate property(the"Agency Parcels" and "Encyclopedia Lots No. I and 2")and the development of certain real property(the"Site")situated in the City of Huntington Beach,California,and more particularly described on Exhibit"A" attached hereto and made a part hereof by this reference. B. As required in the Agreement and as referenced in the Grant Deeds recorded on February 24, 1994 as Instrument No. 94-0137068,and August 25, 1999 as Instrument No. 19990618219 and the Memorandum of Agreement recorded on January 3, 1994 as Instrument No.94-0001007 of the Official Records of Orange County,California,the Agency shall furnish the Developer with a Certificate of Completion for the Site upon completion of construction of the Improvements required by the Agreement,which Certificate shall be in such form as to permit it to be recorded in the Recorder's Office of Orange County. C. The Agency has conclusively determined that the construction on the Site described hereinabove required by the Agreement and the Grant Deed has been satisfactorily completed. NOW,THEREFORE, the parties hereto certify as follows: I. As provided in the Agreement, the Agency does hereby certify that the construction of the Improvements on the Site has been fully and satisfactory performed and completed. pda'mi vent compll 1 Ur5,01 I 2. The conditions and all rights and obligations under the Agreement as pertains to the Improvements are terminated,except as set forth or referenced in the Grant Deeds and Memorandum of Agreement referred to in Recital B herein. 3. Nothing contained in this instrument shall modify in any other way any other provisions of the Grant Deeds or the Memorandum of Agreement. 4. After recordation of this Certificate of Completion,any person or entity then owning or thereafter purchasing,leasing,or otherwise acquiring any interest in the Improvements will not(because. of such ownership,purchase,lease,or acquisition)incur any obligation or liability under the Agreement, the Grant Deeds or the Memorandum of Agreement,except that such party shall be bound by any and all of the covenants,conditions,and restrictions which survive such recordation. 5. This Certificat..of Completion shall not constitute evidence of compliance with or satisfaction of any obligation of the Developer to any holder of a mortgage,or any insurer of a mortgage securing money loaned to finance the improvements to the Property,nor any part thereof. This Certificate of Completion is not notice of completion as referred to in Section 3093 of the California Civil Code. G. The Recitals above are incorporated in full as part of the substantive text of this Certificate of Completion. IN WITNESS WHEREOF,the Agency has executed this Certificate this_�day of � , 2001. Developer hereby consents to the recording of THE REDEVELOPMENT AGENCY OF THE this Certificate of Completion. CITY OF HUNTINGTON BEACH,a public body corporate and politic SASSOUNIAN CAPITAL VENTURES, rNC., a California corporation By: ,,, c Ra Aver,Executive Director By. Sohrab Say is President INITI TED AND APP OVED: By ja ass unian,Secretary Deputy Executive Director ATTE .:: APPROVED AS TO FORM: Agency Clerk Agency General Counsel pda/mis/cen compi Sit 7%01 2 Legal Description of Property Exhibit A Legal Description of Property Tract 14828 in the City of Huntington Beach, County of Orange as per map recorded in Book 705 pages 39, 40, and 41 of Miscellaneous Maps in the Office of the County Recorder of said county. Tract 14829 in the City of Huntington Beach, County of Orange as per.map recorded in Book 792 pages 49 and 50 of Miscellaneous Maps in the Office of the County Recorder of said county. G%7O.NCLEGAL DESCRIYTIONSAOC STATE OF CALIFORNIA } }COUNTY OF Or e. } 55. On 00 r before me, $aQ ,wC , (name, title e.g., "Jane Doe, otar Public ' ), perso ally appeared ol3,ni�dfA 0.-4 �tS'SD1Llularcl (name(s) of signer(s) ) , personally known to me -- OR -- proved to me on the basis of satisfactory evidence to be the persons) whose name(s) _t _ are subscribed to the within instrument and acknowledged to me that h=;t;�re/they executed the. same in r/their authorized capacity(ies) , and that by �/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. 0 Brenda.�11!A.Y1647 K Comm161647 0 '� NOTARY PUBLIC•NMRXA 2 ORANGECouNTY 0 (Signature of Notary) Comm.Exp.Nov.15.2001•' CAPACITY CLAIMED BY SIGNER: Individual. �1 -� .� ✓Coraorate Officers) : maw--_1 • Title(s) Partner(s) : Limited General Attorney-in-Fact Trustee(s) Guardian/Conservator Other: SIGNER IS REPRESENTING: Name of Person(s) or Entity(ies) S&0Un1a-D ATTENTION NOTARY: Although the information requested below is OPTIONAL, -It could prevent fraudulent attachment of this certificate to another document. THIS CERTIFICATE Title or Typ of Do une t 'ca� 4 T{IUST• BE ATTACHED TO THE DOCUMENT Number of Pages _ DESCRIBED Date of Document fit-%1=f)1 AT RIGHT: Signer(s) Other ThoanNamed Above g 0 05/21/93 0757u/2460/42 s STATE Or CALIFORNIA ) n ) ss. COUN'.''1' Or On before me Mr. (name, title, e.g. , "Jane Doe, 14otary Pub] c pens nally appeared • ' (name(s) of signer(s) ), personally known to me -- OR -- proved zo me on the basis of satisfactory evidence to be the person(s) whose name(s) i</are subscribed to the within instrument and aclmowledged to me that he/sl'fe/they executed the. same in bi-s/heT/their authorized capacity(ies) , and that by b� /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 an official seal. gym► s NakXY ConCal ku (Signature o6 Notary) fiM S�et]or11<�1 Dori/123047e CAPACITY CLAIMED BY SIGNER: , Matey h boc•coobmta Owe&CM* Individual WCOM OwmimiaM Corporate Officer(s) : Title(s) Partner(s) : Limited General - Attorney-in-Fact Trustee(s) Guardian/Conservato _ Other: SIGNER IS FEPRESENTING: /S� e�OP/�P- 7 6•� Name of Person(s) or Entity(ies) ATTENTION NOTARY: Although the information requested below is OPTIONAL, it could prevent fraudulent attachment of this certificate to another document. pp D THIS CERTIFICATE Ti G i&a or Type of Document JAf Gf 11Y>ln,��iG// MUST- BE ATTACHED TO THE DOCUMENT Number of Pages DESCRIBED Date of Document AT RIGHT: Si er(s) Other Than Named Above 05/21/93 0757u/2460/42 RECORDING REQUESTED BY: } AND WHEN RECORDED MAIL TO: ) Connie Brockway,Agency Clerk } Redevelopment Agency of the City } of Huntington Beach } P.0. Box 190-2000 Main Street ) Huntington Beach,CA 92648 } T (Space above jorRecorder's Use) This document is exempt from the payment of a recording fee pursuant to Government Code§6103 TIIE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH By: cm-�P Ray ver,Executive Director Dated: /a ,2001 CERTIFICATE OF COMPLETION FOR CONSTRUCTION AND DEVELOPMENT A. On or about July 19, 1993,the REDEVELOPMENT AGENCY OF THE CITY OF HUN'TINGTON BEACH,a public body,corporate and politic,hereinafter referred to as "Agency," entered into a Disposition and Development Agreement,as amended on February 1, 1999, (the "Agreement")with SASSOUNIAN CAPITAL VENTURES, INC.,a California corporation(the "Developer"),which Agreement provides,inter alia, for the acquisition and disposition of certain real estate property(the "Agency Parcels"and "Encyclopedia Lots No. 1 and 2")and the development of certain real property(the"Site")situated in the City of Huntington Beach,California,and more particularly described on Exhibit"A"attached hereto and made a part hereof by this reference. B. As required in the Agreement and as referenced it the Grant Deeds recorded on February 24, 1994 as Instrument No. 94-0137068,and August 25, 1999 as Instrument No. 19990618219 and the Memorandum of Agreement recorded on January 3, 1994 as Instrument No. 94-0001007 of the Official Records of Orange County,California,the Agency shall furnish the Developer vdth a Certificate of Completion for the Site upon completion of construction of the Improvements required by the Agreement,which Certi ficate shall be in such form as to permit it to be recorded in the Recorder's Office of Orange County. C. The Agency has conclusively determined that the construction on the Site described hereinabove required by the Agreement and the Grant Deed has been satisfactorily completed. NOW,THEREFORE,the parties hereto certify as follows: 1. As provided in the Agreement,the Agency does hereby certify that the construction of the Improvements on the Site has been fully and satisfa.-tory performed and completed. pd lnWcert comp1/1015101 I 2. The conditions and all rights and obligations under the Agreement as pertains to the Improvements are terminated, except as set forth or referenced in the Grant Deeds and Memorandum of Agreement referred to in Recital B herein. 3. Nothing contained in this instrument shall modify in any other way any other provisions of the Grant Deeds or the Memorandum of Agreement. 4. After recordation of this Certificate of Completion,any person or entity then owning or thereafter purchasing, leasing,or otherwise acquiring any interest in the Improvements will not(because of such ownership,purchase, lease,or acquisition) incur any obligation or liability under the Agreement, the Grant Deeds or the Memorandum of Agreement, except that such party shall be bound by any and all of the covenants,conditions,and restrictions which survive such recordation. 5. This Certificate of Completion shall not constitute evidence of compliance with or satisfaction of any obligation of the Developer to any holder of a mortgage,or any insurer of a mortgage securing money loaned to finance the improvements to the Property,nor any part thereof. This Certificate of Completion is not notice of completion as referred to in Section 3093 of the California Civil Code. 6. The Recitals above are incorporated in full as part of the substantive text of this Certificate of Completion. IN WITNESS WHEREOF, the Agency has executed this Certificate this__L'741 _ day of 2001. Developer hereby consents to the recording of THE REDEVELOPMENT AGENCY OF THE this Certificate of Completion. CTrY OF FILTN71NGTON BEACH,a public body corporate and politic SASSOUhTIAN CAPITAL VENTURES, INC., a California corporation By: s-44 Rayeilver, Executive Director By: Sohrab Sa iia President IN IT TED AND APP OVED: By is ass unian, Secr Lary Deputy Executive Director ATTE T: APPROVED AS TO FORM: p N Agency Clerk � � Agency General Counsel pda/miVeen compL'8r17101 2 Legal Description of Property Exhibit A Legal Description of Property Tract 14828 in the City of Huntington Beach, County of Orange as per map recorded in Book 706 pages 39, 40, and 41 of Miscellaneous Maps in the Office of the County Recorder of said county. Tract 14829 in the City of Huntington Beach, County of Orange as per map recorded in Book 792 pages 49 and 50 of Miscellaneous Maps in the Office of the County Recorder of said county. G-%TOM.LEGAL USCRIMONS.DOC STATE OF CALIFORNIA ) ss. COUNTY OF Qr e. ) On Poo! before me, jU��L '(name, title e.g. , "Jane Doe,, Motary Public ) , pe:so a13y `appeared a.L�0Ur1 O«ro�► S011I1Gtb4SS�LLttitOUry (name(s) of signer(s) ) , personally known to me -- OR -- proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) Aare subscribed to the within instrument and acknowledged to me that 2 /they executed the. same in h�/their authorized capacity(ies) , and that by /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. ,;.. Brenda M.Wickett; ����yyyy Comm.#1161647 NOTARY PURM•GALIFORNiA' oRANOECMPM 0 (Signature of Notary) Comm.Exp.Nov.i5.2001 C.J,PACITY CLAIMED BY SIGNER: Individual a ✓Corporate Officer(s) : aeuk • Title(s) Partner(s) : Limited General Attorney-in-Fact Trustee(s) Guardian/Conservator _ Other: SIGNER IS REPRESENTING: Name of Person(s) or Entity(ies) asouS110.S1 ATTENTION NOTARY: Although the information requested below Is OPTIONAL, -it could prevent fraudulent attachment of this' certificate to another document. THIS CERTIFICATE Title orTyp of Do ume t CA�.vT MUST- BE ATTACHED �tia� to TO THE DOCUMENT Number of Pages DESCRIBED Date of Document cA-11-p( I _ AT RIGHT: Signer(s)S� Other Than Named Above IAA 05/21/93 0757u/2460/42 STATE OF CALIFORNIA ) } ss. COUNTY OF ) On ���D P.1► .�, Ito/ before me, G&:ibhee (name, title, e.g. , ".7ane Doe, otary Public"), pens nally appeared , (name(s) of signers) } , LG personally known to me -- OR -- proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) i.</are subscribed to the within instrument and acknowledged to me that be/sr1Te/they executed the, same in bl s/herr/their authorized capacity(ies) , and that by b.is/ber/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 an official seal. CNRss M . Y COS (Signature oa Notary) Coftftn#12MM CAPACITY CLAIMED BY S I GNE-R: . HM"hkk-Wker tia Individual ion TUM Corporate Officer(s) : ' Title(s) Partner(s) : Limited General Attorney-in-Fact Trustee(s) Guardian/Conservato other: SIGNER IS REPRESENTING: Name of Person(s) or Entity(ies) 1eV— ATTENTION 140TARY: Although the information requested below is OPTIONAL, it could prevent -fraudulent attachment of this certificate to another document. THIS CERTIFICATE Ti a or Type of Document MUST- BE ATTACHED TO THE DOCUMENT Number of Pages sf w DESCRIBED Date of Document AT RIGHT: Si er(s) Other Than Named Above: "'L l;Lf/l 05/21/93 0757u/2460/42 RECORDING REQUESTED BY: ) AND WHEN RECORDED MAIL TO: ) } Connie Brockway,Agency Clerk } Redevelopmenfigency of the City } of Huntington Bach } P. 0. Box 190-2006 Main Street ) d Huntington Beach,CA 92648 ) (Space ab7v7e.- `., . rder's Use) This document is exempt from the payment of a r-- \ recording fee pursuant to Government Code §6103 TILE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH �By: Ray gilver, Executive Director Dated:': 10-02-01 ,2001 CERTIFICATE:OF COMPLETION FOR CONSTRUCTION AND DEVELOPMENT A. On or about July 19, 1993,the REDEVELOPMENT AGENCY OF THE CITY OF HUNI'INGTON BEACII,a public body, corporate and politic,hereinafter referred to as "Agency," entered into a Disposition and Development Agreement, as amended on February 1, 1999, (the "Agreement")with SASSOUNIAN CAPITAL VENTURES,INC.,a California corporation(the "Developer"),which Agreement provides,inter alia, for the acquisition and disposition of certain real estate property(the"Agency Parcels" and"Encyclopedi:3 Lots No. 1 and 2")and the development of certain real property(the "Site")situated in the City of Huntington Beach,California,and more particularly described on Exhibit "A" attached hereto and made a part hereof by this reference. B. As required in the Agreement and as referenced in the Grant Deeds recorded on February 24, 1994 as Instrument No. 9.1-0137068,and August 25, 1999 as Instrument No. 19990618219 and the Memorandum of Agreement recorded on January 3, 1994 as Instrument No. 94-0001007 of the Official Records of Orange County,California, the Agency shall furnish the Developer with a Certificate of Completion for the Site upon completion of construction of the Improvements required by the Agreement,which Certificate shall be in such form as to permit it to be recorded in the Recorder's Office of Orange County. \ C. The Agency has conclusively determined that the construction on the Site described hercinabove required by the Agreement and the Grant Died has been satisfactorily completed. NOW,THEREFORE,the parties hereto certify as follows: 1. As provided in the Agreement,the Agency does hereby certify that the construction of the Improvements on the Site has been fully and satisfactory performed and completed. pda`mis cep comet'&'t7 Ot l CITY OF HUNTINGTON BEACH 2000 MAIN STREET CALIFORNIA 92648 OFFICE OF THE CITY CLERK CCNNIE BROCKWAY CRY CLERK October 3, 2001 T y x1�3° Gary L Granville County Clerk-Recorder P. 0. Box 238 Santa Ana,CA 92702 Enclosed please find a Certificate of Completion for Construction and Development to be recorded and returned to the City of Huntington Eeach, Office of the City Clerk, 2000 Main Street, Huntington Beach, CA 92648. Please return a conformed copy of the Certificate of Completion when recorded to this office in the enclosed self-addressed stamped envelope. 0 Connie Brockway, CMC City Clerk Enclosures g:fonowup.'mEsc...doe Certificate of Completion-Sassourian Capital ventures, Inc.—DDA 07/93;02199 {Terephons;714463"2271 RECORDING REQUESTED BY: } AND WHEN RECORDED MAIL TO: } Connie Brockway,Agency Clerk } Redevelopment Agency of the City } of Huntington Beach P.O. Box 190-2000 Main Street } Huntington Beach,CA 92648 } (Space above for Recorder's Use) This document is exempt from the payment of a recording fee pursuant to Government Code§6103 THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH By: Ray gilver,Executive Director Dated: 10-02-01 ,2001 CERTIFICATE OF OMPLET1 N FOR CONSTRUCTION AND DEVELOPMENT A. On or about July 19, 1993,the REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH,a public body,corporate and politic,hereinafter referred to as "Agency," entered into a Disposition and Development Agreement,as amended on February 1, 1999, (the "Agreement")with SASSOUNIAN CAPITAL VENTURES, INC.,a California corporation(the "Developer"),which Agreement provides, inter alia, for the acquisition and disposition of certain real estate property(the"Agency Parcels" and "Encyclopedia Lots No. 1 and 2")and the development of certain real property(the "Site")situated in the City of Huntington Beach,California,and more particularly described on Exhibit"A"attached hereto and made a part hereof by this reference. B. As required in the Agreement and as referenced in the Grant Deeds recorded on February 24, 1994 as Instrument No. 94-0137068,and August 25, 1999 as Instrument No. 19990618219 and the memorandum of Agreement recorded on January 3, 1994 as Instrument No. 94.0001007 of the Official Records of Orange County,California,the Agency shall furnish the Developer with a Certificate of Completion for the Site upon completion of construction of the Improvements required by the Agreement,,k%-hich Certificate shall be in such form as to permit it to be recorded in the Recorder's Office of Orange County. C. The Agency has conclusively determined that the construction on the Site described hercinabove required by the Agreement and the Grant Deed has been satisfactorily completed. NOW,THEREFORE,the parties hereto certify xs follows: 1. As provided in the Agreement,the Agency does hereby certify that the construction of the Improvements on the Site has been fully and satisfactory performed and completed. pdalmisecn comp1.1/1WO1 1 4 W 2. The conditions and all rights and obligations under the Agreement as pertains to the Improvements are terminated, except as set forth or referenced in the Grant Deeds and Memorandum of Agreement referred to in Recital B herein. 3. Nothing contained in this instrument shall modify in any other way any other provisions of the Grant Deeds or the Memorandum of Agreement. 4. After recordation of this Certificate of Completion,any person or entity then owning or thereafter purchasing,leasing, or otherwise acquiring any interest in the Improvements will not(because . of such ownership,purchase,lease,or acquisition)incur any obligation or liability under the Agreement, the Grant Deeds or the Memorandum of Agreement,except that such party shall be bound by any and all of the covenants,conditions,and restrictions which survive such recordation. S. This Certificate of Completion shall not constitute evidence of compliance with or satisfaction of any obligation of the Developer to any hold:r of a mortgage,or any insurer of a mortgage securing money loaned to finance the improvements to the Property,nor any part thereof. This Certificate of Completion is not notice of completion as referred to in Section 3093 of the California Civil Code. 6. The Recitals above are incorporated in full as part of the substantive text of this Certificate of Completion. IN WITNESS WHEREOF,the Agency has execut:d this Certificate this, 7� day of 2001. Developer hereby consents to the recording of THE REDEVELOPMENT AGENCY OF THE this Certificate of Completion. CITY OF HUNTINGTON BEACH,a public body corporate and politic SASSOUNIAN CAPITAL VENTURES, INC., a California corporation By:_ 7 Ra ilver,Executive Director By: Sohrab Sa is President INITI TED AND APP OVED: By V&d fat ass unian,Secretary Deputy Executiti a Director ATTE T: APPROVED AS TO FORM: -yt-4�-rt-4 �n Agency Clerk Agency General Counsel • � t1lIb� pd3/m+sscen eompl.18%17,01 2 • Legal Description of Property Exhibit A Legal Description of Property Tract 14828 in the City of Huntington Beach, County of Orange as per map recorded in Book 706 pages 39, 40, and 41 of Miscellaneous Maps in the Office of the County Recorder of said county. Tract 14829 in the City of Huntington Beach, County of Orange as per map recorded in Book 792 pages 49 and 50 of Miscellaneous Maps in the Office of the County Recorder of said county. GITOXf LEGAL DESCRIPTIONS.DOC STATE OF CALIFORNIA ) ss. COUNTY OF On Pool before me, IC�-u (name, title e.g. , "Jane Doe, jNotary Public ' ) , perso ally appeared purv;Qh'1 Dina 56NIkCSS�LCItit (name(s) of signer(s) ), personally known to me -- OR -- proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) JJWare subscribed to the within instrument and acknowledged to me that hie/they executed the. same in ham/their authorized capacity(ies) , and that by b /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. U Brenda!d.Wicicett� Comm.#1161547 'J0T o wcEcou "u0 (Signature of Notary) Comm.Exp.Nov.15.2001 i CAPACITY CLAIMED BY SIGNER: • Individual � ✓Corporate Officers) : %&9�-t • Title(s) Partners) : Limited General Attorney-in-Fact Trustee(s) Guardian/Conservator Other: SIGNER IS REPRESENTING: Name of Person(s) or Entity(ies) 0,9,SSOLLnIa-r) ATTENTION NOTARY: Although the information requested below is OPTIONAL, it could prevent fraudulent attachment of this certificate to another document. THIS CERTIFICATE Title or Typ of Do ume t CA' ?-4 MUST• BE ATTACHED e;6Y1 oTN TO THE DOCUMENT Number of Pages - ft _ DESCRIBED Date of Document Ea-1'1-01 _ AT RIGHT: Signer(s) Other Than Named Above- v4.t' AA oar 05/21/93 0757u/2460/42 STATE OF CALIFORNIA ) . ss. COUNTY OF } On before me, (name, it le, e.g. , "Jane Doe,ZIotary Publ c ' ) , pers nally appeared • A .. (name(s) of signer(s) ), _V personally known to me -- OF -- proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) ie/are subscribed to the within instrument and aclmowledged to me that h./gKe/they executed the. same in }ems/her/their authorized capacity(ies) , and that by b s/ber/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 an official seal. C. a rm . IV Y pGOd E 13 (Signature o• Notary) A+N �lanit�l CIPARY CAPACITY CLAIMED BY SIGNER: "coyhac-CcAt "Milka atsQ&Cowty Individual Lqp"IO�t� Limit Corporate Officer(s) : • Title(s) Partner(s) : Limited General , Attorney-in-Fact Trustee(s) Guardian/Conservato Other: (f�� SIGNER IS REPRESENTING: Name of Persons) or Entity(ies) ATTENTION NOTARY: Although the information requested below is OPTIONAL, it could prevent fraudulent attachment of this certificate to another document. THIS CERTIFICATE TiT a or Type of Document � view MUST- BE ATTACHED TO THE DOCUMENT . Number of Pages DESCRIBED Date of Document �-4y-p/ AT RIGHT: Si er(s) Other Than Named Above: � 9/'ct-�i /5yl'U1�i��'1 L� Ii�• �11121�i/7 05/21/93 0757u/2a60/42 CITY OF HUNTINGTON BEACH 2000 MAIN STREET CALIFORNIA 92648 OFFICE OF THE CITY CLERK CONNIE BROCKWAY CITY CLERK LETTER OFTRANS-NIITTAL OF ITEM APPRO%T.D BY THE CITY COUNCIL! REDEVELOPiN ENT AGENCY OF THE CITY OF jMt-TL\GTON BEACH DATE:SeaIrw"G eA,) 19�; 7 TO: 6 ATTENTION: Name 3 DEPARTNIENT: s• t REGARDING: a,C,*Vr Jee•y City,State,Zip See Attached Action Agenda Item Date of Approval Enclosed For Your Records Is An Executed Copy Of The Above Referenced Agenda Item. Remarks: 004 �•�s Connie Brockway City Clerk Attacbments: Action Agenda Page Agreement Bonds Insurance RCA Deed Other CC: Name Department RCA A&regiment Insurance other Name Department RCA Apreemear Insuratce Mar Name Department RCA Araceme:t insurance other Name Department RCA AFesmear Insurance Other Risk Atanagement Dept, Insurance Received by Name-Company Name-Date G:Foliowuptcoverltr (Telephone:714 536.52271 Copy Ta 6E rouFO�e mCo ��n� �..� This document was electronically recorded by f Mb R C O N F O P lti E n C D rFirst American Title Insurance Company RECORDING REQUFf� t rod FIRST AMERICAN TITLE OM 1�,,,r Wlth Orlfiui rQti1L11ERCIALJ1NDU.STRIAL DIVIS10r[ PAN% RECORDING REQUESTED BY: 15�s Recorded in the County of Orange, California Q ) Gal L. Granville, Clerk/Recorder c AND WHEN RECORDED MAIL TO: , I:III IICalll:[if llal�llfiillll:alllllillalll 39.00 a SASSOUNIAN CAPITAL VENTURES; INC } 19990618219 1:56pm 08/25/99 o 10M BOLSA CHICA STREET 00423018420230$ HUNTINGTON BEACH CA 92649 G0212550.006.0033.000.000.000.00D.00 w 0.00 0.00 m 'o Recorded in the County of Orange, Callfornia Gary L. Granville, Clerk/Recorder lill['III:1lI�lilIN :'Ieellil;l:lll:'1'll Na Fee G004 25017705 25J230647�1J 1.44pm UJa✓07IJJ 12 04 0.00 6.00 33.00 0.00 0.@0 0.00 0.0© Kelmoo � G� 0.00 0.00 Y� ro u o > u THE REDEVELOPMENT AGENCY OF C% �' THE CITY OF HUNTINGTON BEACH ? 4. M! By: �✓ .r a k J Its: Fcv,!_;r►�« rJ�[G! c�r D.r�crlx (a w!0 U O d` Dated: 19 t <I o `� Cl GRANT DEED ro (Agency Parcels) fn oa n For valuable consideration, receipt of which is hereby acknowledged, the REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH, a public body, N aV corporate and politic, of the State of California, herein called"Grantor"acting to carry out the 0 Redevelopment Plan, herein called"Redevelopment Plan" far the Talbert-Beach Redevelopment rc .0 Project, herein called"Project," under the Community Redevelopment Law of California, hereby v < grants to SASSOUNIAN CAPITAL VENTURES, INC., a California corporation, herein called o' 0 "Grantee,"the real property her:inafter referred to as the"Property," described in Exhibit A a M attached hereto and incorporated herein, subject to the existing easements, restrictions and � covenants or record described there. tr. 4 ' •r -H c $4 1. Grantor excepts and reserves from the conveyance herein described all interest of the c a) Grantor in oil, gas, hydrocarbon substances and minerals of every kind and character lying more than 500 feet below the surface, together with the right to drill into, through, and to use and I, U occupy all parts of the Property lying lncr,. than 500 feet below the surface thereof for any and all C, 0 purposes incidental to the exploration for and production of oil, gas, hydrocarbon substances or minerals from said site or other lands, but v.i;hou: , however, any right to use either the surface of a, Page 1 of 4 Tht-dovuneent Is solefy for the 4!s:4.99Agrer:1Deed-sas Tani-Exempt-GojemmertAgancy CA":ciGi busirte�e erShy City RL599-296 CITYO�=HUNPrIM32TON BEfivH � 09;12+99 TE;,xkway.CU4Clerk r•' rit:n 'nWcn ':;'„�, ES GOntt3rrl- c: ,..::ad under Cc •.x:rrnent Code Sea. rmo3 and should be recorded s �G+)tit tree of charge. the Property or any portion thereof within 500 feet of the surface for any purpose or purposes whatsoever. 2. The Property is conveyed in accordance with and subject to the Redevelopment Plan which was approved and adopted by Ordinance No. 2577 of the City Council of the City of Huntington Beach, and a Disposition and Development Agreement, as amended, entered into between the Grantor and Seaview Village, a California general partnership dated September 10, 1993 (the"DDA'), a copy of which is on file with the Grantor at its offices as a public record and which is incorporated herein by reference. 3. . The Grantee shall devote the Property only to the development permitted and the uses specified in the applicable provisions of the Redevelopment Plan for th,:Project(or any amendments thereof approved pursuant to paragraph 9 of this Grant Deed), and this Grant Deed, whichever document is more restrictive. 4. The Property is conveyed to Grantee at a purchase price, herein called"Purchase Price," determined in accordance with the uses permitted. Therefore, Grantee hereby covenants and agrees for itself, its successors, its assigns, and every successor in interest to the Property that the Grantee, such successors and such assigns, shall develop, maintain, use and operate the Property only as follows: (a) Grantee shall develop the Property, together with certain adjacent real property owned by Grantee(collectively referred to in the DDA as the"Site") for residential housing uses, as set forth in the DDA. (b) For the period of time set forth in Section 404 of the DDA, Grantee shall maintain the improvements on the Property in conformity with the Huntington Beach Municipal Code and shall keep the Property free from any accumulation of debris or waste materials. During such period of Wne, Grantee shall also maintain the required landscaping in a healthy condition. If, at any time during the period that this maintenance covenant is in effect, Grantee fails to maintain said landscaping, and said condition is not corrected after expiration of fifteen (15)days from the date of written notice from the Grantor, either the Grantor or the City of Huntington Beach may perform the necessary maintenance and Grantee shall pay such costs as are reasonably incurred for such maintenance. (c) Prior to Grantor's issuance of the Certificate of Completion for the project to be developed on the Site pursuant to Section 322 of the DDA, Grantee shall not sell, transfer, subdivide, or convey all or any portion of its interest in the Site without the prior approval of the Grantor, except as permitted in Sections 107 and 316 of the DDA. 5. The Grantee agrees for itself and any successor in interest not to discriminate upon the basis of race, color, creed, national origin, ancestry, sex, marital status or religion, in the sale, lease, or rental or in the use or occupancy of the Property hereby conveyed or any part thereof. Grantee covenants by and for itself, its successors, and assigns, and all persons claiming under or through them that there shall be no discrimination against or segregation of, any person or group of persons on account of race, color, creed, national origin, ancestry, sex, marital status or religion Page 2 of 4 4!&A-99Agree:Decd-5as RLS 99-296 OV12.99 in the sale, lease, sublease, transfer,use, occupancy, tenure, or enjoyment of the Property, nor shall the Grantee itself or any person claiming under or through it, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, sub-tenants, sublessees, or vendees in the Property. The foregoing covenants shall run with the land. 6. No violation or breach of the covenants, conditions, restrictions, provisions or limitations contained in this Grant Deed shall defeat or render invalid or in any way impair the lien or charge of any mortgage or deed of trust or security interest permitted by paragraph 4(d)of this Grant Deed and Sections 107 and 316 of the DDA; provided, however, that any subsequent owner of the Property shall be bound by such remaining covenants, conditions, restrictions, limitations and provisions, whether such owner's title was acquired by foreclosure, deed in lieu of foreclosure, trustee's sale or otherwise. 7. All covenants contained in this Grant Deed shall be covenants running with the land. Grantee's obligation to develop the Improvements on the Property and the Site as described in the DDA and Paragraphs 2 and 4(a) hereof, and the covenants and restrictions set forth in Paragraph 4(c) hereof, shall terminate and shall become null and void upon recordation of a Certificate of Completion pursuant to Section 322 of the DDA. The covenants contained in Paragraph 4(b) shall continue in effect until July 18, 2018 (the expiration date of the Redevelopment Plan) and shall become null and void at that time; provided, that at the time Grantee conveys ownership of the common areas within the Site to the Association, the maintenance responsibility shall run with the land and Grantee shall have no further obligations with respect to such common areas. Every covenant contained in this Grant Deed against discrimination contained in paragraph 5 of this Grant Deed shall remain in effect in perpetuity. After the expiration of any of the aforesaid covenants and restrictions, as provided herein, Grantor agrees to cooperate with Grantee in causing such covenants to be removed as an encumbrance upon the Site and releasing any purchaser and encumbrancer for value from such restrictions, as otherwise consistent with the purposes of this Agreement. S. All covenants without regard to technical classification or designation shall be binding for the benefit of the Grantor, and such covenants shall run in favor of the Grantor for the entire period during which such covenants shall be in force and effect, without regard to whether the Grantor is or remains an owner of any land or interest therein to which such covenants relate. The Grantor, in the event of any breach of any such covenants, shall have the right to exercise all the rights and remedies and to maintain any actions at law or suits in equity or other proper proceedings to enforce the curing of such breach. 9. Both before and after recordation of a Certificate of Completion, both Grantor,its successors and assigns, and Grantee and the successors and assigns of Grantee in and to all or any part of the fee title to the Property shall have the right to consent and agree to changes in, or to eliminate in whole or in part, any of the covenants, easements or restrictions contained in this Grant Deed without the consent of any tenant, lesiee, easement holder, licenses, mortgages, trustee,beneficiary under a deed of trust or any other person or entity having any interest less than a fee in the Property. The covenants contained in this Grant Deed, without regard to technical classification shall not benefit or be enforceable by any owner of any other real property within or Page 3 of 4 4:a:4-99Agee:Deed-Saa R1S 99•296 0&'12'99 ORDER NO. : 9904936-12 EXHIBIT A (LEGAL) Lots 5, 6, 11, 12, 17, 18, 23, 24, 29, 30, 35, 36, 41 and 42 in Block B; Lots 1, 2, 3, 7, 8, 9, 13, 14, 15, 19, 20, 21, 25, 26, 27, 31, 32; 33, 37, 38 and 39 in Block C all of Tract No. 172, in the City of Huntington Beach, County of Orange, State of California, as shown on a map recorded in Book 12, Page 22 of Miscellaneous Maps, in the office of the County Recorder of said County. Except therefrom those portions lying within the boundaries of Tract No. 14828, as shown on a map recorded in Book 706, Pages 39, 40 and 41 of Miscellaneous Maps, in the office of the County Recorder of said County. Also except therefrom all oil, petroleum, asphaltum, gas, minerals, and other hydrocarbon si:bstances, as reserved in deed recorded August 16, 1921 in Book 401, Page 356 of Deeds, and.in various other deeds of record. outside the Project Area, or any person or entity having any interest in any other such realty. Any amendments to the Redevelopment Plan which change the uses or development permitted on the Property, or otherwise change any of the restrictions or controls that apply to the Property, shall require the written consent of Grantee or the successors and assigns of Grantee in and to all or any part of the fee title to the Property, but any such amendment shall not require the consent of any tenant, lessee, easement holder, licensee, mortgagee, trustee, beneficiary under a deed of trust or any other person or entity having any interest less than a fee in the Property. IN MTNESS WHEREOF,the Grantor and Grantee have caused this instrument to be executed on their behalf by their respective officers hereunto duly authorized, this 19th day of August 1999. THE REDEVELOPMENT AGENCY OF ATTEST: THE CITY OF HUNTINGTON BEACH, a CONNIE BROCKWAY public dy corporate and politic _ Ag:ncy Clerk By: Chairman rly H. ChrfEtinF Cleary: Degity Agency By: ., APPROVED AS TO FORM: Clerk Executi Director By: Agency Counsel pr ylq� Director of Economic evelopment ti 47-91&-0 1 i1 The undersigned Grantee accepts title subject to the covenants hereinabove set forth. SASS OUNIAN CAPITALVENTURES, INC., a California corporation By: , Its: Sohrab Sassqunian, President By. Its: Rijan Sassounian, Secretary Page 4 of 4 4!sA-99A1;rwDced•Sas RLS 99.296 OV12.'99 AI.I'.-PURPOSE ACKNOWLEDGMENT Fe err•-00rl..=MW-. Mm�-0.MMM-0.00M.-0-tea =M�0-rr0 �a %i 0-Mor6-000-0 .dw�• MWW_•.0000-• .Emu—�� State of California County or /� _ S" On �0 0'/9 q before me, Pamela D. Carroll, Notary Public - (nATel personally appeared '61�I_ 9-N �A J i Ol"n//'4 "V ��! SitNl!p1Y) • krIersonallyknown to me - OR- ❑ proved to me an the basis or satisfactory • evicle=, to be the Person(s) whose names) islire subscribed to the within instrument and • acknowledged to me that lic/she/lhey executed the same in his/her/their authorized • capacity(ies), and that by hislher/their • signature(s) on the instrument the person(s). or the entity upon behalf of which Ilic • person(s) acted, execute(] the instrument. PAMELA D. CARROLL • Comm.I195215 IA 'N - S my hand and ci fi 'al seal. • ` 1buy ROTARY PU8,1C.CALIFORNIA Comm.604ts uttth 5.2141"� • knTARY'S SIGNATUkP 0 OPTIONAL IN OTIMATION • Ilic informalion below is not required by law. Ilowcver. It en-Ild prevent fraudulent attachment or Ills acknowl- cdbment to an unauthodzed docurnent. CAPAMY CI.AI LED BY SIGNER (PRINCIPAL) 1lCSCRIPTION Or ATTACHED DOCU31ENT • �nrvrnrlAr. • ❑ C_OR110uAT1:OFFICER TITIJ.:OR TYPE OR DOCUMENT 7R11'(S) NUMBER Or PAGES A't't'0I1 N 1-y.1 N•r'A t':•1' • ❑ TRUS7'CE(s) • ❑ Ct1Al;fitANlCC1NSr;rZVA'!'nR r)ATE OF DOCUMENT • ❑ crrnr_R: - an rraz --` LP SIGNlilt 1S ltril'Ri: RIGIITTII Sr.NT1NG: . UA1nPRINT z Ot • HAMI!rip 1'CRSCIMS)Ok CNTITY(M) S IG3`1211 s 1 AI'A 5rq37 VA1.1.r:Y•SIERRA,IM-762.1369 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT X. r5c�t�.ac�rtr,�r�rrr�rr�r rr�cr�r�r�rrr�r�crrr�c ,-crrxcsr�rx�c r�r�ct�. rr�rr�zscr State ofah�w& County of _ On. "St-1 �� l�i g g before me, A. W sm G Vale Name and Tired Officer te.g.,'Jane DM.Notary P '_- personally appeared �cun`d C. ��s . hh Nar^etsl o1 Sgrw($) >Zlersonally known tome- the _to be the persor4s . whose namee subscribed to the within instrument and acknowledged to me that&she heir-executed the same in �i .%ehf!heir authorized capacity(ies},and that by a=�t#�etr signature(&)on the instrument the personN. RA A.NELSON or the entity upon behalf of which the person(b) acted, Commission# 1226066 executed the Instrument. t`Eo!ary Pubic-Cofiforrlfa CrongeCounty WITNESS my hand and official seal. my Corm-n.P„om Jul 23.2X)3 I� G� Sipvwre of Wary Pubbe O TIONAL Though the information below is not required by law,it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachmen'of this form to another document. Description of Attached Document Title or Type of Document: �� G Document Date: M4 4-L, Number of Pages: Signer(s) Other Than Named Above: .soGt 1-x.b SQS5cLcnc - f�s .✓► �Ssar+�� 1�.:.(� ''� Capacity(ies) Claimed by Signer(s) Signer's Name: Ta,,5 C- rlI 1S Signer's Name: ❑ Individual ❑ Individual ❑ Corporate Officer ❑ Corporate Officer Title(s): Title(s): ❑ Partner—❑ Limited ❑General ❑ Partner---❑ Limited ❑General ❑ Attomey-fn-Fact ❑ Attorney-in-Fact ❑ Trustee ❑ Trustee ❑ Guardian or Conservator - - ❑ Guardian or Conservator - Other: 1l rertw_�#- Top of thumb here ❑ Other: Tco of thurno he-e Signer Is Representing: Signer Is Representing: I KG 0 1935 Nat ons!Wary Association-8236 Remmet Ave..P.O.Boa 7 im-Canoga Park,CA 91309-7'61 Prod.No.5907 Reorder.COS YdFFree 1.800476-6827 C:ALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California y County of orange On before me, Laura A- Nelson, Notary Public Dal Nertv"TO@ of of tw(e.g .. Dw.Nary Pvdo7 personally appeared Ra Silver�S -------N — -- ------ ----- , IR personally known to me be the personf* whose name(e)(D r^e subscribed to the within instrument and acknowledged to me tha a executed the same I is authorized capacity(ies),and that by is tfeir signature(s)on the instrument the person(s), roe LAURA A.NELSON or the entity upon behalf of which the persons) acted. � Comrniis;on# 1226066 executed the Instrument. Notary PUbrC-C0110rnia orange county WITNESS m hand and official seal. My Corm.PYS Jul 23.20M y Strnure a Not&ry Pudic OP ZONAL Though the information below is nct required by law,it may prove va.uable to persons relying on the document and could prevent t fraudulent removal and reattachment of this form to another document. Description of Attached Document Title or Type of Document: �+'-�t✓u�- r��.c_!� Document Date: VVTI"-� Number of Pages: S Signer's) Other Than Named Above: Solt rah Sascau*-LiaA AJv.,,, -Jturid C-3t5yS Capacity(ies) Claimed by Signers) Signer's Name: W SilyEr Signer's Name: L Individual ❑ Individual G Corporate Officer C. Corporate Officer Title(s): Title(s): L Partner—❑ Limited ❑General ❑ Partner--❑ Limited Q General L'i Attorney-in-Fact ❑ Attorney-in-Fact ❑ Trustee ❑ Trustee ❑ Guardian or Conservator ❑ Guardian or ConservatorK Other. 7, 7 ❑ Other• Top of thumb NE+t3Signer Is Representing: Signer Is Representing: fi �"'� MM cf the fi city of Hx tirglmn Beach fi ING%AWd No"AsNefi on A WO( wad Am.ML fiat T14M•Cmr F@dL CA tM$l Tt$4 -I%o[Nw ow OWrrlr QM V99*R.140047648WT CALII 01UgTA ALIrI'URI'OSE ACIU-NO YLI;DGMENI.' State of fit+C' County of r on before me, �/%' � �/Z !� -llo_ta�'P m Personally appeared - 5D LI) Sr-"S'G9L'fi1'aZj n personally known to me - 411 roved to me on the basis of satisfactory evidence to be the person(s) whose name(s) islare 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. ti COMMo ; N�TITNE�my ',,nd and official seal MM xoYoaaHcecau,vWiiaru0 ) CC>i4 K EXP.APRIL 20.2 02 T Though the data below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent reattachment of MiS forrrr. CAPACITY CLAIMED BY SIG NE.R DE,SCRIPTIONOFATTACIIL"D DOCUMENT I.NDIVI'DUAL CORPORATE OFI-ICER kl�d&(Aj— =LE,(S)) Tfr"OR TYPE OF DOCMILNr NUNIDER OF PAGES: (I PARTNER(S) i] L%=D [] GENERAL DATE OF DOCUIvMNT: h) ATTORNEY-IN-FACT 1) TRUSTEE(S) (l GUARDIAN(CONSERVATOR (] OMER- SIGNEOR IS ILTI'IESENTING: NA XI PERSON(S)OR ENT=(IFS} SIGNER(S)O-MERTIIAN HAM M- ABOVE CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State off _ County of On _I�g g before me, Date / Hama and Tme d OnKsr(e q-.Jane pa.Nasty Public l fi personally appeared _ P e, ,�r�GY1 aha rT• ai l;, r7e 4(e4 /'r f rleg Na"is)of Sigs) �. �— personally known to me— to be the persor whose namejj tar re ubscribed to the within instrument g r e executed they and acknowledged to me that � same in ' . e authorized capacity,and that by -h�, �ignaturQ%)on the instrument the person • LAUtAA.KaSON or the entity upon behalf of which the persorQacted, Catnndslon it 1zwm executed the instrument. �' � l�ry►Ric-C.aiifnrraiQ � ri DarveCOLM WITNESS m hand and official seal. �G%mil­wp �s Sgnature d Notary Public OPTIONAL Though the information below is not required by law,It may prove taluable to persons relying on the document and could prevent T fraudulent removal and reattachment of this form to another document- � Description of Attached Document Title or Type of Document: Document Date: ��1 _�g _ _ Number of Pages: 5 Signer(s) Other Than Named Above:So §dl Stunned" � JaSSfsunrr�.n 8�� ! , aa.u7 e. yys, a,y S,l�cr apaclty(les) Claimed by Signer(s) Signer's Name: l��tel G►'GGf'�. Signer's Name: n• r�S •G ❑ Individual ❑ Individual ❑ Corporate Officer ❑ Corporate Officer S Title(s): Title(s): 1:1 Partner—❑ Limited ❑General ❑ Partner—❑ Limited ❑General ❑ Attorney-in-Fact ❑ Attorney-in-Fact ❑ Trustee ❑ Trustee ❑ Guardian�orl_Conservsitor t ` ❑ Guardian or Conservator r `- S )Other: ,�'1 ��TQ Top of thumb here 'L4 Other: Top of thumb here 41 Signer Is Representing: r: Signer Is Representing: �G�PG�L �rK1 c,� ne �ec�evel n tP/1 -- d�laD 0 1995 National Notary Association•$236 Remnyt My,PO.Box 7184•Canoga Pafk CA 91309.7134 Prod.No.5907 Reorder:Cats Tol�-f»e 1 WO-b76-6827 CITY OF HUNTINGTON BEACH 2000 MAIN STREET CALIFORNIA 92648 OFFICE OF THE CITY CLERK CONNIE BROCKWAY CITY CLERK August 31, 1999 Gary L. Granville, County Clerk-Recorder P. O. Box 238 Santa Ana, CA 92702 Attention: Phyllis.Johnson, Senior Examiner Enclosed please find a Grant Deeds No. 5723 to be recorded and retumed to the City of Huntington Beach, Office of the City Clerk,2000 Main Street, Huntington Beach, CA ° 92648. Also attached is the Preliminary Change of D.vnership. We have kept a copy for our records. This deed was previously recorded with the city's deed acceptance incorrectly. It is requested that it be re-recorded. Please return a conformed copy of the Grant Deed when recorded and return to this office in the enclosed self-addressed stamped envelope. Thank you for your help. Connie Brockway, CMC City Clerk Enclosures g:tfollowuptdeeditr.Grant Deed No. 5723 t G/Followvp/deedktr tTelephons:714.536-62271 This document was electrcnically recorded by ` First American Title Insurance Company i • RECORDING REQUESTED BY FIRST AMERICAN TITLE COMPANY, �P9tO.PEFIC1ALIINDUSTRIAL DIVISIOJI ?I U n PA" a REQUESTED$Y: islet Recorded in the County of Orange,California RECORDING a Q } Ga L. Gran%nlle, ClerktRecorder AND WHEN RECORDED MAM TO: 39.00 CL E. SASSOUNIAN CAPITAL VENTURES; !NC 19990618219 1:56pm 08/25/99 C� 103l3 BOLSA CHICA STREET 004 23018420 23 08 HUNTINGTON BEACH CA 92649 y G0212550.006.0033.000.000.000.000.00 fl' % 0.00 0.00 ct 0 P. s7 r ���glla The undersigned Grantor declares: v Documentary transfer tax isILI I� u $_ gin,. o � `' THE REDEVELOPMENT AGENCY OF i THE CITY OF HUNTINGTON BEACH 'y r^t By: f✓ • s°, Its: y,—m le CDf�E� it CTtx V to a U-y 1�! , el el M ,,.c, ss Dated: I 19 ri a rs GRANT DEED 4J (Agency Parcels) p ❑ For valuable consideration, receipt of which is hereby acknowledged, the 4' REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH, a public body, ro � corporate and politic, of the State of California, herein called"Grantor" acting to carry out the ,a o Redevelopment Plan, herein called "Redevelopment Plan" for the Talbert-Beach Redevelopment w -W Project,herein Called"Project,"under the Community Redevelopment Law of California, hereby grants to SASSOUNIAN CAPITAL VENTURES, INC., a California corporation, herein called °j "Grantee,"the real property her:inafter referred to as the"Property," described in Exhibit A N I attached hereto and incorporated herein, subject to the existing easements, restrictions and -H covenants or record described there. rn4 .,.,.,4 s; i 1. Grantor excepts and reserves from the conveyance herein described all interest of the •p 0 Grantor in oil, gas, hydrocarbon substances and minerals of every kind and character lying more to a) than 500 feet below the surface, together with the right to drill into,through, and to use and to 0 occupy all parts of the Property lying mcre.than 500 feet below the surface thereof for any and all 014 s purposes incidental to the explornion for and praduction of oil, gas, hydrocarbon substances or 0 minerals from said site or other ldn#4s, but i�i:ho4:, however, any right to use either the surface of 14 Page 1 of 4 "Phls do--utnent Is solely for the 4 i:4-99Agree.Dted-Sas IM-FxemM-0ovemment Agarzy cl-rc!al business of,tho City RLS99-296 CITY OF HUMTNIGTO4 BEACH r °.�u:tv:tg°c- ':.r "C'Z, es contem- 0SJ12199 a CreGkolay,City C.erk ,..�.ad under G:u�.•,:rr:rne:�►f Code Sec. C103 and should be recorded free of charge. the Property or any portion thereof within 500 feet of the surface for any purpose or purposes whatsoever. 2. The Property is conveyed in accordance with and subject to the Redevelopment Plan which was approved and adopted by Ordinanze No. 2577 of the City Council of the City of Huntington Beach, and a Disposition and Development Agreement, as amended, entered into between the Grantor and Seaview Village, a California general partnership dated September 10, 1993 (the"DDA"), a copy of which is on file with the Grantor at its offices as a public record and which is incorporated herein by reference. 3. The Grantee shall devote the Property only to the development permitted and the uses specified in the applicable provisions of the Redevelopment Plan for the Project (or any amendments thereof approved pursuant to paragraph 9 of this Grant Deed), and this Grant Deed, whichever document is more restrictive. 4. The Property is conveyed to Grantee at a purchase price, herein called"Purchase Price," determined in accordance with the uses permitted. Therefore, Grantee hereby covenants and agrees for itself, its successors, its assigns, and every successor in interest to the Property that the Grantee, such successors and such assigns, shall develop, maintain, use and operate the Property only as follows: (a) Grantee shall develop the Property, together with certain adjacent real property owned by Grantee (collectively referred to in the DDA as the"Site") for residential housing uses, as set forth in the DDA. (b) For the period of time set forth in Section 404 of the DDA, Grantee shall maintain the improvements on the Property in conformity with the Huntington Beach Municipal Code and shall keep the Property free from any accumulation of debris or waste materials. During such period of time, Grantee shall also maintain the required landscaping in a healthy condition. If, at any time during the period that this maintenance covenant is in effect, Grantee fails to maintain said landscaping, and said condition is not corrected after expiration of fifteen (15)days from the date of written notice from the Grantor, either the Grantor or the City of Huntington Beach may perform the necessary maintenance and Grantee shall pay such costs as are reasonably incurred for such maintenance. (c) Prior to Grantor's issuance of the Certificate of Completion for the project to be developed on the Site pursuant to Section 322 of the DDA, Grantee shall not sell, transfer, subdivide, or convey all or any portion of its interest in the Site without the prior approval of the Grantor, except as permitted in Sections 107 and 316 of the DDA. 5. The Grantee agrees for itself and any successor in interest not to discriminate upon the basis of race, color, creed, national origin, ancestry, sex, marital status or religion, in the sale, lease, or rental or in the use or occupancy of the Property hereby conveyed or any part thereof. Grantee covenants by and for itself, its successors, and assigns, and all persons claiming under or through them that there shall be no discrimination against or segregation of, any person or group of persons on account of race, color, creed, national origin, ancestry, sex, marital status or religion Page 2 of 4 4'i:4-99ASret:Deed-Sas RLS 99-296 08112P99 in the sale, lease, sublease, transfer, use, occupancy, tenure, or enjoyment of the Property, nor shall the Grantee itself or any person claiming under or through it, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use or occupancy of tenants, lessees, sub-tenants, sublessees, or vendees in the Property. The foregoing covenants shall run with the land. 6. No violation or breach of the covenants, conditions, restrictions, provisions or limitations contained in this Grant Deed shall defeat or render invalid or in any way impair the lien or charge of any mortgage or deed of trust or security interest permitted by paragraph 4(d) of this Grant Deed and Sections 107 and 316 of the DDA; provided, however,that any subsequent owner of the Property shall be bound by such remaining covenants, conditions, restrictions, limitations and provisions, whether such owner's title was acquired by foreclosure, deed in lieu of foreclosure, trustee's sale or otherwise. 7. All covenants contained in this Grant Deed shall be covenants running with the land. Grantee's obligation to develop the Improvements on the Property and the Site as described in the DDA and Paragraphs 2 and 4(a) hereof, and the covenants and restrictions set forth in Paragraph 4(c)hereof, shall terminate and shall become null and void upon recordation of Certificate of Completion pursuant to Section 322 of the DDA. The covenants contained in Paragraph 4(b) shall continue in effect until July 18, 2018 (the expiration date of the Redevelopment Plan) and shall become null and void at that time; provided, that at the time Grantee conveys ownership of the common areas within the Site to the Association,the maintenance responsibility shall run with the land and Grantee shall have no further obligations with respect to such common areas. Every covenant contained in this Grant Deed against discrimination contained in paragraph 5 of this Grant Deed shall remain in effect in perpetuity. After the'expiration of any of the aforesaid covenants and restrictions, as provided herein, Grantor agrees to cooperate with Grantee in causing such covenants to be removed as an encumbrance upon the Site and releasing any purchaser and encumbrancer for value from such restrictions, as otherwise consistent with the purposes of this Agreement. 8. All covenants without regard to technical classification or designation shall be binding for the benefit of the Grantor, and such covenants shall run in favor of the Grantor for the entire period during which such covenants shall be in force and effect,without regard to whether the Grantor is or remains an owner of r.ny land or interest therein to which such covenants relate. The Grantor, in the event of any breach of any such covenants, shall have the right to exercise all the rights and remedies and to maintain any actions at law or suits in equity or other proper proceedings to enforce the curing of such breach. 9. Both before and after recordation of a Certificate of Completion, both Grantor,its successors and assigns, and Grantee and the successors and assigns of Grantee in and to all or any part of the fee title to the Property shall have the right to consent and agree to changes in, or to eliminate in whole or in part, any of the covenants, easements or restrictions contained in this Grant Deed without the consent of any tenant, lessee, easement holder, licenses, mortgages, trustee,beneficiary under a deed of trust or any other person or entity having any interest less than a fee in the Property. The covenants contained in this Grant Deed,without regard to technical classification shall not benefit or be enforceable by any owner of any other real property within or Page 3 of 4!%A-99Agree:Deed-Sao RLS 99-296 OV121921 9 ORDER NO. : 9904936-12 EXHIBIT A (LEGAL) Lots 5, 6, 11, 12, 17, 18, 23, 24, 29, 30, 35, 36, 41 and 42 in Block B; Lots 1, 2, 3, 7, 8, 9, 13, 14, 15, 19, 20, 21, 25, 26, 27, 31, 32; 33, 37, 38 and 39 in Block C all of Tract No. 172, in the City of Huntington Beach, County of Orange, State of California, as shown on a map recorded in Book 12, Page 22 of Miscellaneous Maps, in the office of the County Recorder of said County. Except therefrom those portions lying within the boundaries of Tract No. 14828, as show on a nap recorded in Book 706, Pages 39, 40 and 41 of Miscellaneous Maps, in the office of the County Recorder of said County. Also except therefrom all oil, petroleum, asphaltum, gas, minerals, and other hydrocarbon substances, as reserved in deed recorded August 16, 1921 in Book 401, Page 356 of Deeds, and in various other deeds of record. outside the Project Area, or any person or entity having any interest in any other such realty. Any amendments to the Redevelopment Plan which change the uses or development permitted on the Property, or otherwise change any of the restrictions or controls that apply to the Property, shall require the written consent of Grantee or the successors and assigns of Grantee in and to all or any part of the fee title to the Property, but any such amendment shall not require the consent of any tenant, lessee, easement holder, licensee, mortgagee, trustee, beneficiary under a deed of trust or any other person or entity having any interest less than a fee in the Property. IN WITNESS WHEREOF, the Grantor and Grantee have caused this instrument to be executed on their behalf by their respective officers hereunto duly authorized, this 19th day of August , 1999. THE REDEVELOPMENT AGENCY OF ATTEST: THE CITY OF HUNTINGTON BEACH, a co�viviE BROCKwAY public dy corporate and politic _ Ag:ncy Clerk By: Chairman ti,y H. ChriFtink Cleary, De ty Agency By:— c2enrw axe:�[ APPRO'�TD AS TO FOR>44: Clerk Executi Director By: Agency Counsel �y t2.14q Director ofEconomic evelopment The undersigned Grantee accepts title subject to the covenants hereinabove set forth. SASSOUNIAN CAPITALVENTURES, INC., a California corporation By: Its: Sohrab Sassounian, President . f s By Its: Bijan Sassounian, Secretary Page 4 of 4 Cs-.4-99 AVr=Dced-Sas RLS 99-296 08/12/99 ALL-PURPOSr ACKNOWLEDGMENT Fe *State of Cali fornia Counly of On Q�"�oi ! r before me, Pamela D. Carroll, Notary Public • (DATE) (NnrA$tY) 4 personally appeared 61'If&N ,4550urVI,4 /V SIONea(S) • kpersonally known to me - OP.- ❑ proved to me on the basis of satisfactory • evidence to he the person(s) whose name(s) 1` is/are subsc:ihed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized • ca facity(ies), and that by his/her/their • signature(s) on the instrument the person(s), i or the entity upon behalf of which the fcrson(s) acted, executed the instrument. PAMELA D. CARROLL • N Comm.11175215 N - S my hand and offs ini seal. • 1 NO'.ARY PU3:I1-CAt,IFORYA N } Oli'+pe Couple • MY CIMM.Expires ttuth 5.2002 "+ I � • NOTARY'S SIGNAWKI! • 4 I OPTIONAL INFOUMILTION "Ilse infnrmalion belo-w is not rcdnired by law. Ilo vcver, it conld Prevent fratlduient attachn)cnl of this ack:inwi- edgn)ent In an unauthorized document. • CAPACITY CI.AIIIED BY SIGNER (nINCIPAI.) DESCRIPTION OF ATTACHED DOCUMENT `• IL`ltNrnvtnr�At. •! 1 ❑ r_ctt PORATt:01TIC'R f TITI-1?Olt TYPI?OF DOCUMENT 4 TIT1 r(s) ❑ PAICIM.R(S) NUhinr-R OR PACFS A•1-1-01041-Y-I N-PACT . • ❑ C-tlAur)1AN/CONSL•RVA-raft DATE Or DOCUMENT • ❑ OTI Mlt: ornirit RIGItTTtluhtnrRtNT = S1GNIirt is I1EI6 RSr.NT1N[7: .or • NA►11!rill rr:RSOMS)OR ENTI-MIRS) a APA 3JV7 VALIXY.SIrItRA.200.362-3369 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of d1 County of _6jtR�W On uS`i �� ��lg� before me, _���A. tjaSm,��1'tx- L, Date Narne er,o Tore ot OnrwrDoe.Notary personally appeared ,fS Namela)o,SQner(s) 7. personally known to me- " ,: to be the person.4L whose namee subscribed to the within instrument and acknowledged to me that&�xecuted the same i hi rseotheir authorized capacity(es),and that by rIS (&14wAheif signatures)on the instrument the personN, CAuRAtiNELSON or the entity upon behalf of which the person(§) acted, _ Commisslon 0 12260" executed the instrument. �S Notary Public-Ca.ifornia Orange County WITNESS my hand and official seal. My Corr-n.F Om Jul 23.2t)a3 S warure M Notary Pub-C r; O VTIONAL Though the information below is not required bylaw,it may prove valuable to persons retying on the document and could preve'1t fraudulent removal and reariachmen,of this form to another document. Description of Attached Document Title or Type of Document: Document Date: Number of Pages: Signer's)Other Than Named Above: SSokra.b Eiassdl ^"U* *%- 1�C �ssaun�c�.� (( "'► Capacity(ies) Claimed by Signer(s) Signer's Name: dC- S Signer's Name: Individual ❑ Individual Corporate Officer ❑ Corporate Officer Title(s): Title(s): Partner—❑ Limited ❑General ❑ Partner—❑ Limited ❑General n Attorney-in-Fact ❑ Attorney-in-Fact Trustee ❑ Trustee Guardian or Conservator - ❑ Guardian or Conservator -r �0 Other: I r Top of tnurnq here ❑ Other: Top V Mont)re•e Signer Is Representing: tr Signer Is Representing: t t - 0 1395 National No!ary A"06&tion•8276 Renvnet Aye-,P.O.Box 7164•Canoga Park.CA 81309.7184 Prod.No.5907 Reorder.Cae Toe•Free 1400.878.6627 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California Countyof Orange On6LVMFJ � 4 before me, Laura A. Nelson, Notary Public . Day Name ago Us of Ofter to 0 Jww Doe,Notary Pubis-) personally appeared , Ray Silver ---------------- __--- --------- Yamsrsl cr ypnar{s� fi rX personally known to me—OPr--r?prove-d-to -evidemeto be the personfs} fi whose name(s)(2)rre subscribed to the within instrument fi and acknowledged to me tha executed the fi same i - authorized capacity(",and that by fi is signature(s)on the instrument the person(s), Uu>zA� NELSON or the entity upon behalf of which the person(s) acted, rr Commission# 1226066 executed the instrument. Notary Public-Ca lfornia fi orange County WITNESS m hand and official seal. fi Mycor-.m.E: iresJul23,2003 y s" S-G"Iun W W4fy Putt e OP VIONAL Though the lnfomwrion below is not required bylaw,it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document. Description of Attached Document Title or Type of Document: �r Document Date: VLC1%-Z._ Number of Pages: Signer(s) Other Than Named Above: Sassa&A!&n, Sous- I.t,%,L� f: �rurid G 31 �s Capacity(ies) Claimed by Signer(s) 5 Signer's Name: Lbv Silver Signer's Name: L Individual C Individual ' E. Corporate Officer G Corporate Officer Ttle(s): Title(s): U Partner—❑ Limited ❑General ❑ Partner—❑ Limited ❑General I] Attorney-in-Fact ❑ Attorney-in-tract f' L Trustee ❑ Trustee .'• 0 Guardian or Conservator - ❑ Guardian or Conservator x Other: ToDel-thumb here ❑ Other: Too of thumb here Bgcut-ive Direct= F== Signer Is Representing: = ,. s `; :; Signer Is Representing: �S _Pcdnnjqpn2Ut Agg2Y cf the ` SCity of Hx tiro Beach i5 h ttl/6 jjWai {m*ryAroa9wkna aft 1larra- Am&,P.O.bu?"4•Cw%W Pak CA f1M-71N -hot rie off C+7eEfi..11400-� CALIMIMA ALL-PURPOSE AC"ONYLLDGMEEYr State of L - County of - Oil T Personally appeared • rlS—rr—s—&-91L/?/'a A 0 personally known to me - OR -Y-/to proved to me on the basis of satisfactory evidence 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. 10M DOLI WITNE my nd and official seal 0 NOTARYOP BLfCORANGE C /rC8A K EXP.AP Tliough the data below is not required by law, it tray prove valuable to persons relying on the docurnent and could prevent jraudulerst reattachrrrent of this jonrt. CAPACITY CLAIAIED BY SIG NER DESCRIPTIONOFATTACIIED DOCUMENT INDIVIDUAL CORPORATE 0M—- CER RAd&tom f TITLE(S)) TrrLE OR TYPE OF DOCMIEN T NUMBER OF PAGES: PARTNER(S) [] LM=-D [] GENERAL DATE OF DOCUMENT: [] ATTORNEY-IN-FACT [] TRUSTEE(S) [] GUARDIAN/CONSERVATOR [] OT ER• SIGNER IS I TPILESENTING: NAME OF PERSON(S)OR ENTITY(IFS) SIGNERS)OTHER TEIAN NAhtED ADOVE CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT �.��'�'.r�.�c.rr.�sY'���.reprrc:r�Y����'v�Y���i'.�Y'fiC',�,r�,�crrr�e•�.rrr.e,r�e�i��r�rrs�>% State of ,Qs�t fD`T!Z-CL� County of 6� e On G[.L f 1q, q g g before me, G`{ �_ �� ��s4n VgfT.r ny&b&� y( Dale Name end Tme of ORper(e 9.*Jane Dw.Notary P%M-c ay1' personally appeared fie- r�Ch an a y �rlSJSre 4 Nam (s)of S"r(l) personally known tome- o be the personal whose names ier re ubscribed to the within instrument and acknowledged to me that+e,4heCi:e executed the '�� •-•. same in+ea It a 'authorized capacit} e�,and that by • ignaturqL�Q on the instrument the persore LAURAA.NELSON or the entity upon behalf of which the persorl�s}7acted, Conxrzson r 1226D66 executed the instrument. Mary PUbUC-COrIftarrlla a= CO" WITNESS m hand and official seal. Uroar>fr>,flies 1W 23.=3 5gnm"o+w"Pubbt OPTIONAL Though the information below is not required by Jaw,it may prove valuable to persons relying on the document and ceuld prevent fra:ldulent removal and reattachment of this form to another document. Description of Attached Document �Title or Type of Document: - bg:=Lr=W Document Date: f111 _ Number of Pages: Signer's)Other Than Named Above: SQ ISozcvucwt �jt 2n.faSSnra-•� (71'Ltrr d �• 9�� � �' � Cap�ty(ies) imed by Signer(s) Slrccr Signer's Name: PktLl 6rtru i- Signer's Name: ❑ Individual ❑ Individual ❑ Corporate Officer ❑ Corporate Officer Title(s): Title(s): ❑ Partner—❑ Limited ❑General ❑ Partner—❑ Limited ❑General ❑ Attorney-in-Fact ❑ Attorney-in-Fact ❑ Trustee ❑ Trustee ❑ Guardian or Conservator ❑ Guardian or Conservator S4 other. Top of tnurno here Other: Top of tnurno here Signer Is Representing: •,, Signer Is Representing: 0 19)5 Na!kxW Notary A S$odatgn•0236 Remrnel Ave..P.O-Box 7184•Canoga Park.CA 91309.7134 Prod.No.$907 Reorder-Call Toalree 1400.676 6617 S ATE CF CALIFORNIA `5S. coum OF Mr— Personally appear roved persostaih kna«'tt to tnc(or a a ro ear the on the laasis of satisfactory ct�idcnx)to be Utc persons)whosc names) is/arc subscibcd to the tyithin instrutrent.and acknowledged to mc%113t he/she/thcv c=ted the same in Ids/her/ their nuthori7cd cspadty(ics).and that by bivItcrAheir signaturc(s)on the inunsmctt the pemon(s)or entiry upon behalf of which the pc=n(s)act,c=ned the in==cti. WITNESS my hand and official scat. SIGNATURE_ eralwaaraarrrsaararreee�aasa!lasrraryr•reelreirrrraelrlrlrlrrearrararaeearraeawraaaar GOVERNMENT CODE 27361.7 I certify under penalty that the Natary Scat an the doa=M=to whkh this star w is 2=cb cd reads as follows: NAME OF THE NOTARY: DATE COMIA SSION EXPMES: COUNTY WIMM BOND IS F M: COflrRMSION NUNMER MANUFACFURFR/VENDOR NUNg3ER PLACE OF EXECUTION: •DATE SIGNATURE: aasasearlar we see sssrrlssrleelaslaasssssss*r!!a!r!!!a!!!!!alra r aae ease aeeaalr seas a ease I cctify undx penalty of jury aad the laws of the State of California that th.:M gt'ble portion cf this document to which this sta==t is atsached t=ds as follows: � 114vt� y.t "--- �`"Q .�-I .— (Z ild' mW �� &W PLACE OF EXECUTION V ' _ _DATE�r SIGNATURE: •+*•r.•...rrwwww.rrrarwrrrrrwawwrrerwrarRwr+rwrerrrrrrr•rarrwraaarrwrwwrrwrwrwwrrrwwrr "FIElSIIEfMM' EXECUTED THE SANE IN HISIHERrMEIR A UTHORIZED CAPACITY(IES) ,AND THAT BY fIISIUER!THEIR SIGNATURE(S) ON THE INSTRUMENT TIIE PERSON(S), OR THE ENTfI'Y UPON BEHALF OF NVHICI THE PERSONS) ACTED, EXECUTED THE INSTUMENT. SBE-ASO AH 5:}P-A FROuT 5.26.94(Revised 3.13 96) BRADLEY L. JACOB S ORANGE COUNTY ASSESSOR 834-503 1 PRELIMINARY CHANGE OF OW14ERSHIP REPORT [To be completed by transferee(buyer)prior to transfer o'subject property In accordance with Section 480.3 of the Revenue and Taxation Code.)A Prel minary Change of Ownership Report �1l1-511. must be filed with each conveyance In the County Retarders office for the county where the FOR ASSESSOR'S USE ONLY property is Located;this particular form may be used in all 58 counties of California. THIS REPORT IS NOT A PUBLI;,DOCUMENT APN SELLERITRANSFEROR: City of Huntington Beach Redevelopment Agency BUYERITRANSFEREE: Sassounian Ca ital Ventures Inc. ASSESSOR'S PARCEL NUM8ER(S):�.t_����J RA Y N PROPERTY ADDRESS OR LOCATION: Aged Parcels __ inn ton Beach, Ca. MAIL TAX INFORMATION TO:Name Sassouniallj_�Ca ital Ventures, Inc. GRID MULT Address 16373 Bolsa Chica Street, Huntington Beach, ca. 92649 REC DATE PHONE NUMBER IS a.m.-5 p.m.) �'�� 7�-� �7tj_______- NOTICE: A lien for property taxes applies to your property on January 1 of each year for the taxes owing in the following fiscal year.July 1 through June 30.One-half of these faxes is due November 1.and one-half is due February 1.The first installment becomes delinquent on December 10.and the se:ond installment becomes delinquent on April 10.One tax bill is mailed t elore November t to the owner of record.IF THIS TRANSFER OCCURS AFTER JANU'ARY 1 AND ON OR BEFORE DECEI' BER 31,YOU MAY B E RESPONSIBLE FOR THE SECOND INSTALLMENT OF TAXES DUE FEBRUARY 1. The property which you acquired maybe subject to a supplemental assessment in an amount to be determined by the Orange County Assessor. For further information on your supplemental roll obligation,please call.he Orange County Assessor at(714)834-29.11. PART I: TRANSFER INFORMATION Please answer all questions. YES Nq V A. Is this transfer solely between husband and wife(Addition of a spouse,death of a spouse,divorce settlement,etc.)? ✓ B. Is this transaction only a correction of the name(s)of the person(s)holding title to the property(For example,a name Se change upon marriage)? C. Is this document recorded to create,terminate,or reconvey a lenders interest In the property? y/ D. Is this transaction recorded only as a requirement for financing purposes or to create,terminate,or reconvey a security interest(e.g..cosigner)? E. Is this document recorded to substitute a trustee under a deed of trust,mortgage,or other similar document? ✓ F. Did this transfer result in the creation of a joint tenancy it which the seller(transferor)remains as one of the joint tenants? G. Does this transfer return property to the person who created the joint tenancy(original transferor)? ✓ H. Is this transfer of property: 1. to a trust for the benelit of the grantor,or grantors spouse? 2. to a trust revocable by the transferor? 3. to a trust from which the property reverts to the grantor within 12 years? t/l. If this property Is subject to a lease,is the remaining lease term 35 years or more including written options? ✓'J. Is this a transfer from parents to children or from children to parents? K. Is this transaction to replace a principal residence by a person 55 years of age or older? Within the same county? ..Yes . _ No �•L. Is this transaction to replace a principal residence by a person who Is severely disabled as defined by Revenue and Taxation Code Section 69.57 Within the same county? i .'Yes [-1 No *If you checked yes to J,K or L,you may qualify for a property tax reassessment exclusion,which may result In lower taxes on your property.Failure to file a claim results in the reassessment of the property. Please provide any other information that would help the Assessor to 1,ndersiand the nature of the transfer. IF YOU HAVE ANSWERED'YES"TO ANY OF THE ABOVE OUESTIONS,EXCEPT J.K OR L. PLEASE SIGN AND DATE. OTHERWISE COMPLETE BALANCE OF THE FORM. PART ll: OTHER TRANSFER INFORMATION A. Date of transfer if other than recording date DPP rer-nrd ing date B. a of transfer.Please check appropriate box. VPurchase . Foreclosure . Gift Trade or Exchange Merger,Stock,or Partnership Acquisition Contract of Sale—Date of Contract Inheritance—Date of Death Other:Please explain: Creation of a Lease Assignment of a Lease Termination of a Lease Sale/Leaseback . Date lease began Original term in years(including written options) Remaining term In years(including written options) C. Was only a partial interest in the property transferred? .i Yes No If yes,indicate the percentage transferred 00 A002-213 13(RT96) 'r SBE-ASD AM 502.A BACK 5.26-94(Revised 3.13.96) • PRELIMINARY CHANGE OF OWNERSHIP REPORT Please answer,to the best of your knowledge,all applicable questions,sign and data. if a question does not apply,indicate with'NIA.* PART Ili: PURCHASE PRICE AND TERMS OF SALE A. CASH DOWN PAYMENT OR Value of Trade or Exchange(excluding closing costs) Amount S 3 czar B. FIRST DEED OF TRUST 0 — °e interest for years. PymtsJMo.=$ (Prin.& Int.only) Amount S FHA(Discount Points) Fixed Rate : New Loan Conventional Variable Rate ' i Assumed Existing Loan Balance VA(_Discount Points) All inclusive D.T.(S Wrapped) Bank or Savings& Loan Cal-Vet Loan harried by Seller Finance Company Balloon Payment Yes No Due Date Amount S C. SECOND DEED OF TRUST 0 %interest for ' years. Pymts./Mo.=$ f (Prin.& Int.only) Amount S �— Bank or Savings&Loan Fixed Rate New Loan Loan Carried by Seller Variable Rate Assumed Existing Loan Balance Balloon Payment Yes L"No Due Date Amount S - D. OTHER FINANCING:Is other financing involved not covered in(b)or(c)above? Yes VN Amount S Type o interest for � years. PymtsJMo.=$ = (Prin. &Int.only) Bank or Savings&Loan Fixed Rate New Loan Loan Carried by Seller Variable Rate Assumed Existing Loan Balance Balloon Payment Yes ✓ No Due Dale r"' Amount S E. WAS AN IMPROVEMENT BOND ASSUMED BY THE BUYER? Yes No Outstanding Balance: Amount S F. TOTAL PURCHASE PRICE(or acquisition price,it traded or exchanged,include real estate commission if paid.) Total Items A through E $ �(J7Qa0•4 G.PROPERTY PURCHASED Through a broker - Direct from se'ler ' . From a family member , : Other(explain) If purchased through a broker,provide broker's name and phone number: Pease explain any special terms,seller concessions, or financing and any other information that would help the Assessor understand the purchase price and teems of sale, PART IV: PROPERTY INFORMATION A. TYPE OF PROPERTY TRANSFERRED: Single-family residence Agricultural : Timeshare Multiple-lamily residence(no.of units: } Co-op/Own-your-own Manufactured Home CommerciaVIndustrial Cordominium X Unimproved lot Other (Description: } B. IS THIS PROPERTY INTENDED AS YOUR PRINCIPAL RESIDENCE? Yes No It yes,enter the date of occupancy / , 19 or intended occupancy , 19 MONTH DAY MONTH DAY C. IS PERSONAL.PROPERTY INCLUDED IN PURCHASE PRICE? (i_e.,furniture,farm equipment,machinery,etc.) (other than a manufactured home subject to local property tax?) ; Yes x No If yes,enter the value of the personal property included in the purchase price$ (Attach itemized list of personal property) D. IS A MANUFACTURED HOME INCLUDED IN PURCHASE PRICE? ' ' Yes ' No If yes,how much of the purchase price is allocated to the manufact-ire home?$ Is the manufactured home subject to local property tax? ' ' Yes ^No What Is the Decal Number? E. DOES THE PROPERTY PRODUCE INCOME? Yes x No - If yes, is the income from: Lease/Rent Contract Mineral Rights Other—explain: F. WHAT WAS THE CONDITION OF THE PROPERTY AT THE TIME OF SALE? Good Average K Fair :. Poor Please explain the physical condition of tl)e property and provide any other Information(such as restrictions,etc.)that would assist the Assessor in determining the value of the property. I certify t t the foregoing is true,correct and complete to the best of my knowledge and belie(. Signed .Date `" trEvi CWr EFICORP TE OFFICER Please Print Name of New Owner/Corporate Officer (NOTE: The Assessor may contact you for further information) It a document evidencing a change of ownership is presented to the recorder for recordation without the concurrent filing of a preliminary change of ownership report,the recorder may charg 9 an additional recording fee of twenty dollars (S20). CITY OF HUNTINGTON BEACH 2000 MAIN STREET CALIFORNIA 92648 OFFICE OF THE CITY CLERK CONNIE BROCKWAY CRY CLERK 06ql DEED CERTIFICATION This is to certify that the i erest in real property conveyed by the Deed dated August 19, 1999, from the edeveloprnent agency of the City of Huntington Beach a public body corporate an politic to Sassounian Capital Ventures, Inc., is hereby accepted by the undersigned fficer or agent on behalf of the Agency pursuant to the authority conferred by Resoluti No. 278 of the Agency adopted October 21, 1996 and the grantee consents to the ecordation thereof by its duly authorized officer. Dated: August 20 1999 REDEVELOPMENT AGENCY OF T CITY OF HUNTINGTON BEACH CONNIE BROCKWAY, CMC CLERK z-8 _ epuh- Clerk R - ' 17d a phone:714.E 36.62271 oilesclz r+ttrrrrtrit�r�r n iririritit a r�rttrtrir�rir�rrrrtu rt n rir a irrriiretittirrireriter a rt n rtriririririit n n rrrirtrirrrrtrtr�r n rtrr n triirrrririr 19093 Beach Boulevard • Huntington Beach, CA 92648 • (714) 843-0101 • FAX (714) 843-9G 1 ESCROW INSTRUCTIONS ESCROW OFFICER: Linda J. Campbell ESCROW NUMBER: 14407-C DATE: April 16, 1999 CONSIDERATION Paid Outside of Escrow $ Deposit through Escrow 307,000.00 First Trust Deed 0.00 Second Trust Deed 0.00 Trust Deed of Record 0.00 I TOTAL CONSIDERATION $ 307,000.00 any funds and instruments necessary for me to comply with these instructions, on or before F,ugust 12, 1999 which you are to use provided you can have issued through First American Title Insurance a CLTA standard coverage policy of title insurance with the liability for the total consideration on the following described real property in the City of Huntington Beach, County of Orange, State of California: (Agency Parcels, Huntington Beach, California) SEE LEGAL DESCRIPTION ATTACKED HERETO AND MADE A PART HEREOF AS EXHIBIT "A" . SHOWING TITLE VESTED IN: Sassounian Capital Ventures, Inc., a California Corporation SUBJECT TO: If now of record: (1) General and special district levies not delinquent; (2) covenants, conditions and reservations (including exceptions of oil, gas, minerals and hydrocarbons, without right of surface en.ry) , restrictions; rights, rights of way and easements for public utilities, districts, water companies, alley and streets; Supplemental taxes, if any, assessed pursuant to the provision of Chapter 498, Statutes of 1983 of the State of California. Make only the prorations and adjustments indicated by an "X" as of CLOSE OF ESCROW: ' (X) Taxes* ( } Fire Insurance Premium ( } Interest on Trust Deed of Record { ) F.H.A. Mortgage Insurance Premium, if any ( } Impound Account, if any { ) Rents ( ) homeowners Association *Seller and buyer are aware taxes are subject to re-assessment, in accordance with the Statutes of the State of California. Any proration of such taxes are to be handled outside this escrow. I, Seller, agree to the foregoing instructions and prior to the said date will hand you any funds and instruments necessary for me to comply therewith, provided you hold the funds and instruments deliverable to me: Pay any encumbrances necessary to place title in the condition called for. BUYER AND SELLER HAVE READ AND AGREE TO THE GENERAL PROVISIONS PRINTED ON ADDITIONAL PAGES ATTACKED HERETO AND MADE A PART HEREOF. City of Huntington Beach Redevelopment Sassounian Capital Ventures, Inc. Agency _ -- � u.�Seller: Buyer: David C. Biggs, Economic Sohrab Sassounian, President Development Director Bijan Sassounian, Secretary IPPROVED AS TO FOPMN CAIL HUTTOIL. City Attorney ,By , Deputy City Attorney r • :e• .,.. .fir. 1. EXHIBIT A (LEGAL) Lots 5, 6, 11, 12, 17, 18, 23, 24, 29, 30, 35, 36, 41 and 42 in Block B; Lots 1, 2, 3, 7, 8, 9, 13, 14, 15, 19, 20, 21, 25, 26, 27, 31, 32, 33, 37, 38 and 39 in Block C all of Tract No. 172, in the City of Huntington Beach, County of Orange, State of California, as shown on a map recorded in Book 12, Page 22 of Miscellaneous Maps, in the office of the County Recorder of said County. Except therefrom those portions lying within the boundaries of Tract No. 14828, as shown on a map recorded in Book 706, Pages 39, 40 and 41 of Miscellaneous Maps, in the office of the County Recorder of said County. Also except therefrom all oil, petroleum, asphaltum, gas, minerals, and other hydrocarbon substances, as reserved in deed recorded August 16, 1921 in Book 401, Page 356 of Deeds, and in various other deeds of record. AHERE I 0 (7) 2/01/99 -Council/Agency Agenda - Page 7 D-2. (City Council) Cancellation Of Public Nearing Regarding Issuance By California Statewide_Community Development Authority Of Multi-Family Housing Revenue Bonds—140 Unit Multi-Family Rental Housing Pro ect Bay Development Grou (Huntington Beach Studios)—sle Corner Of Beach Boulevard & Ellis Avenue—To Be Owned & Operated By Bay Development Group (330.30) Communication from the Economic Development Director informing Council of the request by Bay Development Group that the duly noticed TEFRA public hearing be cancelled as negotiations for the completion of the acquisition of the property were not consummated. Recommended Action: Motion to: Cancel the advertised public hearing. [Approved 7-0] D-3. (City Council/Redevelopment Agency) Continued Open From 1119/99)Joint Public Hearing Between City Council& Redevelopment Agency—Proposed Disposition And Development Agreement—Sassounlan Capitol Adventures, Inc.—Sale Of Property Bounded By Talbert/JoyfullHappy—Talbert—Beach Redevelopment Project Sub-Area —Agency Resolution No. 295—Council Resolution No. 99-7 (600.30) Joint public hearing between the City Council and Redevelopment Agency pursuant to the California Community Redevelopment Law(Health and Safety Code Sections 33000, et seq.) for the purpose of considering the approval of a proposed Disposition and Development Agreement") between the Agency and Sassounian Capital Ventures, Inc., ("Developer"). The Agreement provides for the sale of approximately 0.68 acre parcel of real property bounded by Talbert Street_Joyful Lane and Happy Drive (the "Site") within the City's Redevelopment Project Area, specifically the Talbert-Beach Redevelopment Project Sub-Area of the City of Huntington Beach (the "Project Area"), to Developer and the construction thereon by Developer of a single family residential development. The purpose of the joint public hearing is to consider: 1. The proposed sale of real property by the Agency to Developer. 2. The proposed terms and conditions of such sale of real property. 3. The proposed Disposition and Development Agreement. 4. All evidence and testimony for and against the approval of the Disposition and Development Agreement and the sale of real property and the terms and conditions therefor. The Agency has prepared a Summary Report in connection with the Agreement which describes and specifies: a. The cost to the Agency of the Agreement. b. The estimated value of the interest to be sold, determined (i) at the highest and best uses permitted under the Redevelopment Plan and (ii) at the use and with the conditions, covenants, and development costs required by the sale. c. The purchase price, and an explanation of why the purchase price is less than the fair market value of the interest to be conveyed, determined at the highest and best use cons*stent with the Redevelopment Plan. d. An explanation of why the sale will assist in the elimination of blight. e. Other pertinent economic analysis. Any and all persons having objections to or wishing to express support of the proposed Disposition and Development Agreement,the proposed sale of real property or the proposed terms and conditions therefor, or the regularity of any of the prior proceedings, may appear and be heard before the Agency and the City Council on the proposed r (8) 2101199 -Council/Agency Agenda -Page 8 Disposition and Development Agreement,the proposed sale of real property and the proposed terms and conditions therefor. Any persons desiring to be heard at the hearing will be afforded an opportunity to be heard. At any time not later than the hour set for hearing, any person objecting to or supporting the proposed Disposition and Development Agreement, the proposed sale of real property or the terms and conditions therefor, may file in writing with the City Clerk a statement of his or her objections thereto or support thereof. The documents referred to above are available for public inspection and copying during regular office hours at the offices of the City Clerk and Clerk of the Redevelopment Agency. 1. Staff Report 2. City Council Discussion 3. Open Public Hearing 4. Following Public Input, Close Hearing Recommended Action: Motion to: City And Redevelopment Actions: A- City Council Actions: 2. Adopt City of Huntington Beach Resolution No. 99 7 - "A Resolution of the City Council of the City of Huntington Beach Approving an Amendment to the Disposition and Development Agreement With Sassounian Capital Ventures, Inc., for the Sale of Land and the Construction Thereon of Improvements for Residential Uses.' [Adopted 6-0-1 (Sullivan abstained)] Redevelopment Agency Actions: 1. Adopt Redevelopment Agency Resolution No. 295- 'TA Resolution of the Redevelopment Agency of the City of Huntington Beach Approving an Amendment to the Disposition and Development Agreement with Sassounian Capital Ventures, Inc., for the Sale of Land and the Construction Thereon of Improvements for Residential Uses." [Adopted 6-0-1 (Sullivan abstained)] 2. Approve and authorize the execution by the Agency Chairman and Agency Clerk of the attached Amendment No. 1 To The Disposition And Development Agreement Between The Redevelopment Agency Of The City Of Huntington Beach And Sassounian Capital Ventures." [Adopted 6-0-1 (Sullivan abstained)] ffo. b CIECITY OF HUNTINGTON BEACH 2000 MAIN STREET CALIFORNIA 92648 OFFICE OF THE CITY CLERK CO.INIE B ROCKWAY CrrY CLERK August 20, 1999 Tiempo Escrow 19093 Beach Boulevard Huntington Beach, California 92648 Attention: Linda J. Campbell Escrow Pick Up No. 14407-C—Sassounian Capital Ventures, Inc. Enclosed please find Grant Deed No. 5723 to be recorded and returned to the City of Huntington Beach, Office of the City Clerk, 2000 Main Street, Huntington Beach, California 92648. Please return a conformed copy of the deed when recorded to the Office of the City Clerk. Connie Brockway, CMC City Clerk CB.jc Enclosure Re: Grant Deed 5723 —Sassounian Capital Ventures, Inc. and City of Huntington Beach Redevelopment A ency Received by Date 9 escropu.doc/Grant Dccd 5723/Sassounian:jc Mlephone:71 d-5364227) City of Huntington Beach 2000 MAIN STREET CALIFORNIA 92648 DEPARTMENT OF ECONO11IC DEVELOPMENT Director 7141536-5582 Redevelopment 7141536-5582 FAX 7141375-5087 11ousing 7141536-5542 August`20, 1999 Linda J. Campbell, Escrow Officer Tiempo Escrow Company 19093 Beach Boulevard Huntington Beach, CA 92648 Dear Linda: SUBJECT.Escrow No. 14407-C —Betiveen the Huntington Beach Redevelopment Agency and Sassounlan Capital Ventures, Inc. Transmitted with this letter are the grant deed and signed escrow instructions. Please record the deed and return two conformed copies (one for me and one for the City Clerk). I will fax the interest calculation to you today. Please call me at (714) 960-8831 if you have any questions. urs truly, GregoW. Brown Development Specialist GB:gb Enclosures Copies: Connie Brockway, City Clerk ESCROWIDOC LJCITY OF HUNTINGTON BEACH L 0- " 2000 MAIN STREET CALIEORNIA 92648 OFFICE OF THE CITY CLERK CONNIE BROCKWAY CITY CLERK August 20, 1999 Gary L. Granville, County Clerk-Recorder P. O. Box 238 Santa Ana, CA 92702 Enclosed please find a Grant Deeds No. 5723 to be recorded and returned to the City of Huntington Beach, Office of the City Clerk, 2000 Main Street, Huntington Beach, CA 92648. Please return a conformed copy of the Grant Deed when recorded and return to this office in the enclosed self-addressed stamped envelope. 4� &"Vlo� Connie Brockway, CMC City Clerk Enclosures gAfollowup\deedltr.Grant Deed No. 5723 G/Follonup/deedItr 1TNephone:714-5363227) � CITY OF HUNTINGTON BEACH 2000 MAIN STREET CALIFORNIA 92648 OFFICE OF THE CITY CLERK CONNIE BROCKWAY CRY CLERK 601, DEED CERTIFICATION This is to certify that the interest in real property conveyed by the Deed dated August 19, 1999, from the Redevelopment Agency of the City of Huntington Beach a public body corporate and politic to Sassounian Capital Ventures, Inc., is hereby accepted by the undersigned officer or agent on behalf of the Agency pursuant to the authority conferred by Resolution No. 278 of the Agency adopted October 21, 1996 and the grantee consents to the recordation thereof by its duly authorized officer. Dated'. August 201999 REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH CONNIE BROCK=Y, CMC CLERK B i • V eputy Clerk 11rdephone:7 t463"227) RECORDING REQUESTED BY: ) AND WHEN RECORDED MAIL TO: ) The Redevelopment Agency of ) the City of Huntington Beach ) 2000 Main Street ) P.O.Box 190 } Huntington Beach, CA 92648 } Attn: e,ter CUR K ) The undersigned Grantor declares: Documentary transfer tax is $ P ✓ THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH By: z Its: FS�:L/r►r;n,to &L4ePf%1GVT �ir_t CTIX Dated: 1tvllusf 19%` _GRANT DEED (Agency Parcels) For valuable consideration, receipt of which is hereby acknowledged, the REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH, a public body, corporate and politic, of the State of California, herein called"Grantor"acting to carry out the Redevelopment Plan, herein called"Redevelopment Plan" for the Talbert-Beach Redevelopment Project, herein called "Project," under the Community Redevelopment Law of California, hereby grants to SASSOUNIAN CAPITAL VENTURES, INC., a California corporation, herein tailed "Grantee," the real property hereinafter referred to as the"Property," described in Exhibit A attached hereto and incorporated herein, subject to the existing easements, restrictions and covenants or record described there. 1. Grantor excepts and reserves from the conveyance herein described all interest of the Grantor in oil, gas, hydrocarbon substances and minerals of every kind and character lying more than 500 feet below the surface, together with the right to drill into,through, and to use and occupy all parts of the Property lying mire than 500 feet below the surface thereof for any and all purposes incidental to the exploration for and production of oil, gas, hydrocarbon substances or minerals from said site or other lands, but viithout,however, any right to use either the surface of Pagel of 4 s da:umen4 Is sotety for 4.&4-99Agree:Derd-Su �-E($mpt-0o�►�;m9rdAgency This l� S RLS 99-296 CnY C»HUaIT1?'I3TOA MACH c :.c.� business o. a CRY IJ 08117J99 a Urodcway.Orr Clerk _ '3d under ao%.?-.:r.rn nt Code Sec. 6103 and should be recorder —� free of ctuvRe. the Property or any portion thereof within 500 feet of the surface for any purpose or purposes whatsoever. 2. The Property is conveyed in accordance with and subject to the Redevelopment Plan which was approved and adopted by Ordinance No. 2577 of the City Council of the City of Huntington Beach, and a Disposition and Development Agreement, as amended, entered into between the Grantor and Seaview Village, a California general partnership dated September 10, 1993 (the"DDA"), a copy of which is on file with the Grantor at its offices as a public record and which is incorporated terein by reference. 3. The Grantee shall devote the Property only to the development permitted and the uses specified in the applicable provisions of the Redevelopment Plan for the Project (or any amendments thereof approved pursuant to paragraph 9 of this Grant Deed), and this Grant Deed, whichever document is more restrictive. 4. The Property is conveyed to Grantee at a purchase price, herein called"Purchase Price," determined in accordance with the uses permitted. Therefore, Grantee hereby covenants and agrees for itself, its successors, its assigns, and every successor in interest to the Property that the Grantee, such successors and such assigns, shall develop, maintain, use and operate the Property only as follows: (a) Grantee shall develop the Property, together with certain adjacent real property owned by Grantee(collectively referred to in the DDA as the"Site") for residential housing uses, as set forth in the DDA. (b) For the period of time set forth in Section 404 of the DDA, Grantee shall maintain the improvements on the Property in conformity with the Huntington Beach Municipal Code and shall keep the Property free from any accumulation of debris or waste materials. During such period of time, Grantee shall also maintain the required landscaping in a healthy condition. If, at any time during the period that this maintenance covenant is in effect, Grantee fads to maintain said landscaping, and said condition is not corrected after expiration of fifteen (15)days from the date of written notice from the Grantor, either the Grantor or the City of Huntington Beach may perform the necessary maintenance and Grantee shall pay such costs as are reasonably incurred for such maintenance. (c) Prior to Grantor's issuance of the Certificate of Completion for the project to be developed on the Site pursuant to Section 322 of the DDA, Grantee shall not sell, transfer, subdivide, or convey all or any portion of its interest in the Site without the prior approval of the Grantor,except as permitted in Sections 107 and 316 of the DDA. 5. The Grantee agrees for itself and.any successor in interest not to discriminate upon the basis of race, color, creed,national origin, ancestry, sex, marital status or religion, in the sale, lease, or rental or in the use or occupancy of the Property hereby conveyed or any part thereof. Grantee covenants by and for itself, its successors, and assigns, and all persons claiming under or through them that there shall be no discrimination against or segregation of, any person or group of persons on account of race, color, creed,national origin, ancestry, sex, marital status or religion Page 2 of 4 4's:4-99Agree:Deed-Sas R1S 99-296 OV12.'99 in the sale, lease, sublease, transfer,use, occupancy, tenure, or enjoyment of the Property, nor shall the Grantee itself or any person claiming under or through it, establish or permit any such practice or practices of discrimination or segrega-ion with reference to the selection, location, number, use or occupancy of tenants, lessees, sub-tenants, sublessees, or vendees in the Property. The foregoing covenants shall run with the land. 6. No violation or breach of the covenants, conditions, restrictions, provisions or limitations contained in this Grant Deed shall defeat or render invalid or in any way impair the lien or charge of any mortgage or deed of trust or security interest permitted by paragraph 4(d) of this Grant Deed and Sections 107 and 316 of the DDA; provided, however,that any subsequent owner of the Property shall be bound by such remaining covenants, conditions, restrictions, limitations and provisions, whether such owner's title was acquired by foreclosure, deed in lieu of foreclosure, trustee's sale or otherwise. 7. All covenants contained in this Grant Deed shall be covenants running with the land. Grantee's obligation to develop the Improvements on the Property and the Site as described in the DDA and Paragraphs 2 and 4(a) hereof, and the covenants and restrictions set forth in Paragraph 4(c) hereof, shall terminate and shall become null and void upon recordation of Certificate of Completion pursuant to Section 322 of the DDA. The covenants contained in Paragraph 4(b) shall continue in effect until July 18, 2018 (the expiration date of the Redevelopment PIan)and shall become null and void at that time; provided, that at the time Grantee conveys ownership of the common areas within the Site to the Association, the maintenance responsibility shall run with the land and Grantee shall have no further obligations with respect to such common areas. Every covenant contained in this Grant Deed against discrimination contained in paragraph S of this Grant Deed shall remain in effect in perpetuity. After the expiration of any of the aforesaid covenants and restrictions, as provided herein, Grantor agrees to cooperate with Grantee in causing such covenants to be removed as an encumbrance upon the Site and releasing any purchaser and encumbrancer for value from such restrictions, as otherwise consistent with the purposes of this Agreement. 8. All covenants without regard to technical classification or designation shall be binding for the benefit of the Grantor, and such covenants shall run in favor of the Grantor for the entire period during which such covenants shall be in force and effect, ,%ithout regard to whether the Grantor is or remains an owner of any land or interest therein to which such covenants relate. _ The Grantor, in the event of any breach of any such covenants, shall have the right to exercise all the rights and remedies and to maintain any actions at law or suits in equity or other proper proceedings to enforce the curing of such breach. 9. Both before and after recordation of a Certificate of Completion, both Grantor,its successors and assigns, and Grantee and the successors and assigns of Grantee in and to all or any part of the fee title to the Property shall have the right to consent and agree to changes in, or to eliminate in whole or in part, any of the covenants, easements or restrictions contained in this Grant Deed without the consent of any tenant, lessee, easement holder, licenses, mortgages, trustee,beneficiary under a deed of trust or any other person or entity having any interest less than a fee in the Property. The covenants contained in this Grant Deed,without regard to technical classification shall not benefit or be enforceable by any owner of any other real property within or Page 3 of 4 4Is:4-99A greeMeed-Sas RLS 99 296 08-'12,99 ORDER NO. : 9904936-12 EXHIBIT A (LEGAL) Lots 5, 6, 11, 12, 17, 18, 23, 24, 29, 30, 35, 36, 41 and 42 in Block B; Lots 1, 2, 3, 7, 8, 9, 13, 14, 15, 19, 20, 21, 25, 26, 27. 31, 32; 33, 37, 38 and 39 in Block C all of Tract No. 172, in the City of Huntington Bea=h, County of Orange, State of California, as shown on a map recorded in Book 12, Page 22 of Miscellaneous Maps, in the office of the County Recorder of said County. Except therefrom those portions lying within the boundaries of Tract No. 14828, as shown oz a map recorded in Book 706, Pages 39, 40 and 41 of Miscellaneous Maps, in the office of the County Recorder of said County. Also except therefrom all oil, petroleum, asphaltum, gas, minerals, and other hydrocarbon substances, as reserved in deed recorded August 16, 1921 in Book 401, Page 356 of Deeds, and in various other deeds of record. f• outside the Project Area, or any person or entity having any interest in any other such realty. Any amendments to the Redevelopment Plan which change the uses or development permitted on the Property, or otherwise change any of the restrictions or controls that apply to the Property, shall require the written consent of Grantee or the successors and assigns of Grantee in and to all or any part of the fee title to the Property, but any such 2.mendment shall not require the consent of any tenant, lessee, easement holder, licensee, mortgagee, trustee, beneficiary under a deed of trust or any other person or entity having any interest less than a fee in the Property. IN WITNESS WHEREOF, the Grantor and Grantee have caused this instrument to be executed an their behalf by their respective officers hereunto duly authorized, this 19th day of August , 1999. THE REDEVELOPMENT AGENCY OF ATTEST: THE CITY OF HUNTINGTON BEACH, a public dy corporate and politic CONNIE BROCKWAY ?`,g:ncy Clerk By: Chairman H.- Christine Cleary, De ty Agency By: APPROVED AS TO FORNI: Cleric Executi Director By: Agency Counsel �t- y ylgal Director of Economic fr6velopment tr/7 The undersigned Grantee accepts title subject to the covenants hereinabove set forth. SASSOUNIAN CAPITALVENTURES, INC., a California corporation By: Its: Sohrab Sassounian, President By4- 4; Its: Bijan Sassounian, Secretary Page 4 of 4 4'sA-99ASrte:Deed•Sas _ RLS 99-296 09112/99 AI.I.-PURPOSE: ACKN0119LI;DCMENT F 0 Stale of California counly of _a,��, g� S... On / / before me, Pamela ;l. Carroll, Notary Public • InATP! IHOTAkY) — • Personally appeared N 519-5 50«AI/.14 N sltlNexlsy K—personally known to me - OR- ❑ proved to me on the basis of satisfactory • • evidence to he the person(s) whose name(s) ishre subscribed to the within instrument anti • acknowledged to me that he/she/they executed • the same in his/her/their authorized • cnpacity(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. PAMELA D. CARROII N Comm.11179415 7'M S my Hand and off, 'al seal. NU • ` ARY PJ3:Ic•CAL1F9RNIA } Onape court] • my cemm.Expiru Migh J.2002 It" % I• NO V'S SICANATUkp • f OPTIONAL INFORMATION MATION • iMic information below is not required by law, llowt;ver, it conld Prevent fraudulent aitachmcni or thus ncknowl- cclgnient If) nn un hill]iorized document. • CAPACITY CI.AiMED BY 5IGNTR (PRINCIMM DESCRIPTION OF ATTACHED DOCUMENT gIvniVIMAL ❑ CORIVIRA•ri3 nr-r•Ir_rat J TITLE:OR TYPE Or DOCUN1r NT j f1 tfrl.!'.{53 ri ❑ I•Aivrr mws) NUMBER OF PAGES A'1T01Mj.Y-IN-FAC'1• • 0 'L'Rus7 CE=tS) + ❑ rht1nRntAN/C0Nsr.RVA•1.OR DATE:OF DOCUMENT • ❑ rrrllr_Iz: (M IER -- 1 RIGIITTIIUAI(IPRINT � I• SIGNER 1S RMIRPSRNTING: OT • NAMP(P TrxSO"(5)ON EHTCTUM) SICNr_R a APA 5W VALE EY-SIL•RRA,IM362.3369 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of County of On Y It, /11 gg before me, `jlds , 130tn!�q G. Date • Na"arse Tme a Omar • Notary j l 9.'.1ana Doe. personally appeared Cull� �• r- 4a_4 Namalsl or S,�nertal h >aersonally known to me— r to be the person(s� whose name404;e subscribed to the within instrument and acknowledged to me that 61&he hey-executed the same i i -%ekheir authorized capacity(ies),and that by signature(,)on the instrument the person{, LAURAA.NELSON or the entity upon behalf of which the person% acted, Commission# 1226066 executed the instrument. Notary Pubic-Ca ifamia ,rS Orange County WITNESS my hand and official seal. r: My Corm.&pi m jut 23 2003 S.gnatura of Notay Pudic ,5 O VTIONAL r Though the information below Is not required by law,it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another dxumert. Description of Attached Document Title or Type of Document: rG ' Document Date: Number of Pages: 5 Signer(s)Other Than Named Above: sa r" StiSSdu -, �t� �asSa n�c�..,[,a..:.( ri{� (GC S Capacity(ies) Claimed by Signer(s) Signer's Name: 5 Signer's Name: ❑ Individual ❑ Individual ❑ Corporate Officer ❑ Corporate Officer Title(s): Title(s): .❑ Partner—❑ Limited ❑General ❑ Partner—❑ Limited ❑General Q Attorney-in-Fact ❑ Attorney-in-Fact ❑ Trustee ❑ Trustee ❑ Guardian or Conservator - - ❑ Guardian or Conservator _r Other i r Top Of 81umu here ❑ Other: Top o'thtxna he•e Signer Is Representing: - r Signer Is Representing: t- X a 1995 National Notary Association•8236 Rermret Aee.,P.O.Box 7154•Canoga Park.CA 913D9 7184 Prod.No.5907 Repder Cam Tdt-Free 1 4100-87t}6U7 r CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT c State of California County of orange On g_ 1�l �1 before me. Laura A. Nelson, Notary Public Name"Ttle of O er(r gO Jane Cos.Notary Pub e) personally appeared Ray Silver -------------------------------------- r{ Name($)d S�QMrys) }� �k personally known tome—Of;--3 -evidence to be the personfs} whose narne(e +s re subscribed to the within instrument and acknowledged to me that4a executed the same inqD authorized capacity(iea),and that by ,s signature(s)on the instrument the person(s), rr55� LAU AA.NWON or the entity upon behalf of which the person(s) acted, rh! commission# 1226066 executed the instrument. l No`.ary Public-Co.HOM14 h Orange mE,* ounty sM2 WITNESS my hand and official seal. 2�r P+ty Co�.m,>'wait':s lu123.2rJQ3 - S-p aluce d Notary PubiC CJ r5t OP VIONAL Though the information below is not required by law,it may prove valuable to persons retying on the document and could prevent fraudulent removal and reattachment of this lorm to another document. Description of Attached Document Title or Type of Document: G>r�l1t ►�rc.[a Document Date: VLATI�.� Number of Pages: ZG Signer(s) Other Than Named Above: Sokrah gasSm,,v!&A P24 *4, StissJlin.4�+.r► Ga.L( Capacity(ies) Claimed by Si ner(s)d G'3t55s Signer's Name: W-Sil%w Signer's Name: L individual ❑ individual C. Corporate Officer C Corporate Officer Title(s): Title(s): ?� G Partner--❑ Limited ❑General ❑ Partner---❑ Limited ❑General , ' LJ Attorney-in-Fact ❑ Attomey-in-Fact ' ❑ Trustee ❑ Trustee ❑ Guardian or Conservator ❑ Guardian or Conservator Will 5] Other: Too of rrwmb hefe ❑ Other: Top of thumb here .S Emative Di>`ect[r Signer Is Representing: Signer Is Representing. cf the �� C7ty Cf Elritsgtrn Be�1 -���' a.. O 1 Me Nr18 Nawy Amaxii4m•MS rlsffwni kw..PC.111=7001•Gnaps Pak CA fM 10Q`7f 6i Pmt ling off fhr.+r aft 14"M 1140mesrf N CALIFORNIA AL1,1'URP0SE ACICNOWLEDGhLENT State of County of on before me, o npub ic, personally appeared_ - - 0 personalty known to me - OR - U proved to me on the basis of satisfactory evidence to be t]is 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 land and official seal Though [lie data below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent reattachment of this forn. CAPACITY CLAIME,D BYSIGNER DESCRIPTIONOFATTACIIED D OC UME.NT [] INDIVIDUAL �] CORPORATE OFFICER TrrIs(S)) TTMG OR TiPI;OF DOMI Wf NUMBER OF PAGES: [] PARTNER(S) l] LIN=-D [] GENERAL DATE OF DOCUMENT: i] ATTORNEY-IN-FACT (] TRUSTEE(S) I] GUA.RDIANICONSERVATOR OTHER: SIGNLR IS IMMMSENTMG: MWE OF PERSON(S)OR ENTTIY(IES) SIONER(S)OTIERTRAN NAMED ABOVE CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT r����,�ct�,�c�,t<ezr�a��.`i'd��`S'.rrr•c.rcrrrrrcrc,c�ctcc`��`��fi�.�rr.��,ae,�rr�r.�,�rr_�,�,rxrx.r.�cr�c,a,•r- State of �if!ic�U7'i'LILt� County of �e On lg gg� me, G�lu.rr� iy�i 1V� lU L—before Data Name and Tine of Off {�y-.;lane Doe.Notary PuWK personally appeared �je_ �r Ur��h e2n9W y. �1r1S�1�'7e, G1Ca_ , Names)o1 svner(sl personally known to me- . , o be the persorW whose name( is4 re ubscribed to the within instrument and acknowledged to me thatch ie executed the • same in-4i+ �authorized capacitX0,and that by ++Yl-�3ignatur<�)on the instrument the persoreD LAURAA,NDSON or the entity upon behalf of which the persorOacted, Carrwribstati#► 1226066 executed the instrument. slur Pubr-c-Carforrila Orarv'COLtY WITNESS m hand and official seal. MVCwrm 15pkw Jut 23,MM s-rature of Notary Pubic S OPTIONAL Though the Information below Is not required by law,it may prove valuable to persons relying on the document and could prevent hh fraldulent removal and reattachment o1r this form to another document. Description of Attached Document Title or Type of Document: Document Date: Number of Pages: 5 S Signer's) Other Than Named Above: str!lSOztvr ta,�1 r3� Q rt fctSSa2 cnrczn gapacity(ies)Lf Caimed b Si nerts}Y 5 Signer's Name: �est-er 6r« Signer's Name: r ib;7& ❑ individual ❑ Individual ❑ Corporate Officer ❑ Corporate Officer Title(s): Title(s): ❑ Partner—❑ Limited ❑General ❑ Partner—❑ Limited ❑ General ❑ Attorney-in-Fact ❑ Attomey-in-Fact ❑ Trustee ❑ Trustee ❑ Guardian or Conservator - ❑ Guardian or Conservator " . - N;a)Other: ChCu r*"eZ j— Top 0l thurnD here �e_ Other: DepufL4 Top of ziurnD here ,`,..ti -tl Signer Is Representing: •',.-� Signer L-2nls Representing: ' [41elleart ,e ledd o � D D OP41E �a y{7 ✓ �jtl(� t- --�- -W 0 1995 Nalonat Notary Association•0236 Remmet Ave..P.O.Bon 7184•Canoga Park,CA 91309.71E4 Prod No.5907 Reorder.Call ToFFres 1.M4763627 e01 SCIZOWO !"ca 111111111111111111111tlI11111111111111111l11111111111111t11111111111111111111111111111111111111f1111111111111Ilflflllllllllttltllltllllllfflllillll 19093 Beach Boulevard • Huntington Beach, CA 92648 • (714) 843-0101 • FAX (714) 843-99z Date: April 16, 1999 RE: Escrow No. 14407-C f Property Address: Agency Parcels, Huntington Beach, California Page #2 I14STRUCTIONS: A.) The parties hereto acknowledge that this is an ALL CASH transaction. B.) At close of escrow, Escrow Holder is authorized and instructed to charge Buyer and charge Seller with their normal closing costs. C.) This escrow is subject to and contingent upon Buyer's approval of the Preliminary Report within 5 days of receipt of same from Escrow Holder. If Buyer fails to disapprove said report in writing within the 5 day time period, Escrow Holder is to deem matters so disclosed by said report as approved and this contingency waived. D.) The closing of this escrow is expressly contingent upon the successful and concurrent close of Escrow No. 13593-L, with Tiempo Escrow, Inc. Sellers are aware that Buyer intends to transfer concurrently herewith title to the subject property to Parkside Court, LLC., a California Limited Liability Company. E.) Buyer is to receive from Seller a credit of approximately $124,000.00, towards Offsite Improvements ($89,000.00) , Landscape Improvements ($10,000.00) and Developer's Deposit (plus accrued interest - TBD) ($25,000.00) . Prior to the close of escrow, Seller will provide the exact amount to be credited to Buyer and these instructions will be amended accordingly. F.) Escrow holder is further instructed to accept a copy of the Disposition and Development Agreement, executed by and between the parties, outside of this escrow, as aiditional instructions of the parties for the purpose of completing this transaction; however, the parties hereto acknowledge that escrow agent will assume no liability and/or responsibility for those items contained in said Agreement not directly related to escrow agent's duties and responsibilities consistent with general and practical escrow services in Southern California. G.) Seller will prepare and hand you further documentation to be recorded at the close of escrow, in accordance with that certain Disposition and Development Agreement, executed between the parties. H.) The parties further understand that escrow does not know the legal and other consequences of those provisions, outlined in that Certain Disposition and Development Agreement; and for this information, the parties should confer with their own attorneys. I.) Buyer is hereby advised that he/she will be required to file a Preliminary Change of Ownership Report (form to be furnished in escrow) concurrently with the recording of the Grant Deed wherein title is conveyed to Buyer. Failure to file such form may result in the county recorder refusing to record the documents called for herein, or the assessment of a $20.00 recording surcharge fee that must be paid by buyer at time of closing. In the event buyer does not hand you the form referred above, or if the county recorder deems said form to be unacceptable as filed by the buyer, you are authorized to charge buyers account accordingly at the close of escrow. Should this form not accompany the Deed and/or be rejected at time of recording, the county tax assessor's office will attempt to contact buyer by mail, to complete another form. Failure by buyer to respond will result in a tax lien against the property. Escrow holder in not to be held liable and/or responsible in any manner whatsoever should this occur. City of Huntington Beach Redevelopment Sassounian Capital Ventures, Inc. Agency By: BY: David e. Biggs, Economic Development Sohrab Sassounian, President Director By: Bijan Sassounian, Secretary escizow, fut". irir�riirr��rirritiririri u r u t1 a fitffl a fltttitiritititrt�rtttrttttrtttrtirftittr�a tiritiritttfrirfrtrirrririr�rtrri a tiririr a riririririrrir: 19093 Beach Boulevard • Huntington Beach, CA 92648 • (714) 843-0101 • FAX (714) 843-9, Escrow No.. 14407-C Page 83 DISCLOSURE NO. 1: Buyer(s) and seller(s) hereto acknowledge that any supplemental real property tax ausesumunt discloued on preliminary title report is to be charged to Seller(s) account and paid at the close of escrow. Escrow. [folder is not to be concerned with any supplement tax bills disclosed after the close of escrow and is relieved of any responsibility concerning same. Any assessments not disclosed in writing prior to the close of escrow by the title company and/or assessed after the close of escrow will be adjusted between Buyer(s) and Seller(s) outside of escrow. DISCLOSURE NO. 2: Pursuant to Legislation AB512 effective 111190, also known as "GOOD FUNDS LEGISLATION" you are hereby informed as follows: BUYERS/BORROWERS Closing funds: To avoid a delay in the closing of your escrow, please deposit required closing funds in one of the following forms at least two business days prior to closing: 1.) [lire transfer of your funds into escrow trust account. Contact your escrow holder to obtain the procedure for wire transfer. 2.) Cashier's check payable through a California Bank, certified checks or teller checks (also known as Bank Checks) , payable through a California Bank, payable to Tiempo Escrow, Inc. Note that personal checks, corporate checks, drafts are treated as checks and are only payable and good to close your escrow when the item is made available for withdrawal by depositors under Regulation cc adopted by Federal Reserve Board of Governors. Please verify with your bank or other financial institution now so that they will be able to provide you with proper funding when escrow calls for closing funds OR make arrangements for your deposit early enough to allow for clearance of your check prior to the closing date. IT IS YOUR RESPONSIBILITY TO DO SO. Buyer/Borrower is also aware that their new loan may fund and new lender may require additional days interest to Buyer/Borrower's account, prior to close of escrow. Sellers/Borrower are aware that Legislation. Ab512 may cause a delay in escrow disbursement which may result in additional interest on payoffs or interest loss on proceeds. DISCLOSURE NO. 3: CAL-FIRPTA (NON-CALIFORNIA. RESIDENT SELLER) The undersigned Buyer and Seller are aware that pursuant to California Revenue and Taxation Code Sections 18805 and 26131, in the event the Seller is not a resident of the State of California or does not receive a waiver from withholding from the California Franchise Tax Board, the BUYER of real property having a sales price greater than $100,000.00 is required to withhold California income taxes (at the rate of 3 1/3% of the total sales price) from proceeds accruing to Seller's account. In the event said Code sections apply to this transaction, Buyer and Seller will hand you further written instructions regarding any withhold of funds for payment to the Franchise Tax Board. HOLD OPEN FEE: If funds are held by you following the close of escrow or subject to the cancellation of this escrow, it is agreed that if, for any reason, in order to compensate you for the administration and monitoring of the escrow, you are authorized to charge and deduct from funds on deposit therein, a HOLD OPEN FEE of $30.00 per month for each month this escrow has a balance therein fallowing two months after the close of this escrow or the pending cancellation therein. Tiempo Escrow, Inc. is an independent escrow company governed by the Department of Corporations. This escrow company holds Department of Corporations Escrow License No. 963-0967. City of Huntington Beach Redevelopment Sassounian Capital Ventures, Inc. Agency By: By: David t. Biggs, Eco omic Development Sohrab Sassounian, President Director By: Bijan Sassounian, Secretary Ank rROWD AS TO L'OI:;.I: COIL ILUTTOI1.- City Att3rnc Dy:; Dvput:t City A ttarnt.y a �-a afz�jgy . ' • . ` ` ADDITIONAL ESCROW INSTRUCTIONS AND CONDITIONS 1. You aro Instructed to deposit all funds received by you with any stale or natlonat bank,state of federal savings bank,or slato or federal savings and loan assc In a trust account In Itio name of escrow holder,without any liabllity for payment of Interest.Thu funds may be withdrawn by you and disbursed according to the Insu ul the parlios.AN deposits made by personal check,cashler's check,certified check or doposit other than cash or wire transfer are subject to clearance and pays linancial Institution on which drawn.Alt disbursements era to be)fade by check of escrow holder from the trust account.Neither you nor any of your employees wilt any payee or Warantes signatures of any person or entity at arty financial insiltu(ion.Funds deposited Into escrow In the form of a chock,draft,or similar Instnurr he Identified as collected fund%when the escrow holder's financial Institution ca firms that the funds are available for disbursement. 2. Your duty to act as escrow holder does not commence and escrow shall not be deemed opened until mutual escrow instructions signed by Cl partles are rr by you.Until mutually executed escrow Instructions are received,either party may unilaterally revoke these tnsiructions by written request deltvared to you. :3 All prorations and adjustments are to be made on the basis of a thlrly[30)day month unless otherwise Instructed In writing by all ponies.For proration purpos Buyer will have ownership of iho Fast properly which is Ilia subject of this escrow for the sniff@ day,regardless of The hour of recording.The"close of escrow"with tot toproraltons,adjustments and sit purposes In this escrow shaft be the clay The lnsliuments of Conveyance are recorded or filed with the country recorder. .1. Any funds disbursed durinQ or on the close of escrow will be Issued Jointly to the parties desfgnaled its payees unless you are Instructed odtionvlse It wrlcn( dosignalod payees.The funds representing loan and/or sale proceeds w11)be disbursed Jointly to all persons who were the record owners of the real property whist iubjetl of the escrow.All disbursements of funds and/or delivery of other documents or Instruments concerning this escrow will be malled to the enlhled parties by i 'trsl-class mail,postago prepaid,at their tespoctive addresses shown on file.Ilowevor,at your discretion,you may send funds and/or other Instruments or doeume certified or registered,,rail,federal express,messenger or facslmllo machine.In which case Ilia party lot whom the delivery was made agrees to pay the costs.The pion of this paragraph Include,but are nor Ilmfted to.requests for demand statements,requests for beneficiary statements,requests for homeowners'association state or any other requests as you may doom necessary for The timely closing of this asc-ow.You are to Instruct the county recorder to malt recorded documents to The at panics al drat,rospoCtive addtpssos.You era 10 Instruct The tills company to mail the title pollcy(s)to the Londor(s)of Buyers)as appropriate. 5. As soon as Is practical after receipt of these mutually executed escrow Instructions, you are to open an order with The title company and request a pretdminat. roporl or commitment concerning Ilia subject properly. S. Tn addition to other costs and charges col forth In escrow Instructions,Soffor a•Treos to pay on demand,whether or not this escrow closes,all expenses and ch, .)tuned by you on Soltot's behalf,Including,but not Ilmilod to,charges for prenmfnary titre reports,title commitments,policies of IJlle Insurance,beneficiary stolen tione((ciary demands,ollsal statements,documentary Irarisfor lax stamps,preparation of,notarizing and recording of documents necessary In Seller's behatt,one-hap of subs-escrow fee.Sallor's escrow fee and other costs as charged.in additlon to the other costs and Charges set forth In these escrow Instructions.Buyer agrees t an demand,whether or not Ibis escrow closes,all expenses and charges Incurred by you on Buyer's behalf,Including,but not limited to,recording tees.preparatic notarizing and recording Trust dood(s)and other documents on Buyer's behalf,new kian charges,existing ban assumption Transfer teas,one-half(112)W sub-escrow Lender's policy of title Insurance,lire Insurance premiums,Buyer's escrow toe and other costs as charged. 7. tICITWITH STANDING ANY PROVISIONS TO THE CONTRARY CONTAINED IN THESE ESCROW INSTRUCTIONS On SUPPLI_MCNTS On AMENOMENTS.ESCi HOLDER SIJALL NOT BE AESPONSIBL€FOR THE SUFFICIENCY,VALIDITY OR CORRECTNESS OF ANY SIGNATURE OF ANY PRINCIPAL TO THIS ESCR04 ANY THInn PARTY TO THIS ESCROW.NOR FOR T14E SUFFICIrzNCY OR CORRECTNESS AS TO FORM,MANNER OF EXECUTION OR VALIDITY OF ANY L)OCUME DEPOSITED IN THIS ESCROW,NOR AS TO THE IDENTITY,AIJTHOR(TY,OR R GHT OF ANY PERSONS E%ECUTINO THE SAME.EITHER AS TO DOCUMENT: RECORD OR THOSE HANDLED IN THIS ESCROW.SHOULD T1-!E PARTIES DESffil:THAT YOU VERIFY THE 51flNATURt:9 ON INSTRUCTIONS RECEIVED BY THE PARTY(IES)WITHOUT FURTHER INSTRUCTIONS AUT)4OFtiZE THE PAYME,4T OF AN ESCROW FEE COMPUTED AT TWO TIMES YOUR REGULAR ESCI FEE ANC WILL DELIVER SEPARATE WRITTEN ESCROW INSTRUCTIONS SPECIFICALLY INSTRUCTING YOU TO DO SO. 6. You shall not be rasponsibto tot the foltowlrg:(1)the sufficiency or correctness as to form,manner of exocutlon at validity of any documents deposited in this esc. (2)the Ideni•ty,authority,or sight of any person executing the same,either as to documents of record or those handled in this escrow,at(3)the failure of any patty to co with any of the provisions of any agreement,contract or other Instrument filed or deposited In this escrow or referred to In Those escrow Instructions.Your duties sha Amsted IQ the safekeeping of money and documents received by you as escrow holder and for the disposition In compliance with the wtill@n Instructions accepted by In this escrow.You shall not be required to take any action regarding the collection,rnafurlly,or apparent outlaw of any obligations deposited with yarn unless other Instructed In writing. 9 Who to tho 85519nrnonT of tiny Insurance policy from S01104 to Bayer Is concotnod,Sotlof fyuaiantoos to you any Insurance policy handed you In this escrow Is a lit In force.Cho policy has not boon hypalhacalod and that ail nocossary premiums ham been paid.You are authorized to execute an behalf of the parties assignment Interest In any Insurance policy(other than title Insurance policies)called lot In this escrow,you are authorized to Ira nsmh for assignment any Insurance policy to the Insura agent tequaslirg that the Insurer consent to such assignment,to request that a loss payee clause or such other endorsements as may be required be Issued and to ion, such policy to the Lsnder(s)and entitled party(las).Your shall not be responsible lot verifying the acceptance of the request for assignment and policy of Insurance by Insurance company.The patties mutually agree that you will make no attempt to verily Ih@ recelpi of the request for assJgnmenl by The issuing Insurance company. parties are placed on notice that It the Insurance company should fall to receive The assignment.Ilia Issuing company may deny coverage for any loss suffered by Bu- 17 IS THE OOLiGATION OF TI IE INSURED Oil THE INSURED'S REPRESENTATIVE TO VERIFY THE ISSUING COMPANY'S ACCEPTANCE OF THE ASS(GNLIE OF THE POLICY. if). Yor)ate not to behold responsible In any way whatsoever for any parsental property tart which may be assessed agalost any(ortner or present ownor of the sub, property described in these escrow Instructions,nor for(tte corporation of license tax at any corpotallon as a former or present owner. IT. 3111 Js necossary,proper or convonlont for the consummation of thls escrow,you are authorized to deposit or have deposited funds w documents,or boll),hens you undof Those escrow Instructions with any duly authorized sub-ascrow agent.Including,but not limited to.any bank,trust company,title Insurance company.Vile tompr savings and loam association,or licensed escrow agent,subject to your order at or belay@ close of escrow In connection with closing this escrow.Any such doposlT s be deemed a deposil under the moaning of those escrow Instructions. 12. The parties to this escrow have satisfied Themselves outside of escrow that Vin transaction covered by this escrow Is not in violation of Iho Subdivision lVap Ac any lax regulating land division,zoning ordinances or building restrictions which may affect the(and or improvements that are the subject of this escrow.You,as esc. holder,are rolioved of atf responsibli[y and liability In connection with such laws,ordlna noes,restrictions or regulations and are not to be concerned with any of their onforcerra t3. It any lotmat Purchase Agreernont or amendment orsupplament(coftoctivory"Purchase Agreement")Is deposited In this escrow.It is understood[hat such docum *hat(be effective only as between the parties signing The Purchase Agreement.You,as escrow holder,are not to be concerned with the terms of any Purchase Agrearr and are relieved of all responsibility and liability for the enforcement Wits terms.Yonr only duly is to comply with the Instructions set forth In The escrow Instructions.1 aro nor ruspunsitdo for Irtlurproting or acting on any provision of any Pu►chasu Agrocmord an which Ilroso escrow instructions may be basud and you shall not rosy on, knowledgo or undoistatrding you may have of any such Purchase AQr@omont In eicorlatning or performing your dullos as escrow holder.)n connection with any Ii Iransacrton,you are authorized to deliver a copy of any Purchase Agreement,supplement or amendment and a copy of all escrow Instructions,supplements or arnandmet to the Lender. 14 You aro not lobe concerned with the glving of any disclosures required by loderaf or state law.Including,but not limited to,Seat Estate Sellientanl Procedures i Iiogulatton Z--Trull-In-Londing,condition of Ilia subject property or other warnings,or any other warranties,expressed or implied. l5. You shall not be rosponsible and you are r@loasod from and shall have no 11ayllily,obligation or rosponslbillly with respect to withholding of funds under §144: rho Inlet not Revenue Costa of 1954.as amendod,commonly known as the Foreign Investment In Real Property Tax Act("FIRPTA"}or Ilia California FIRPTA under§ISE at seq.of the California Rovenue S Taxation Code("CAL-FIRPTA').Advice about FIRPTA or CAL•FIRPTA Its requirements,a dolerminvIon whether the 5etfor/transft Is a foreign parson,as dohnod,or obtaining a nonforelgri affidavp or exemption train withholding or other Intormallon concerning compliance of non-compliance will the L+ivort to the parties by Ina escrow holder.The parties are advised to Book Indopendunt legal,financial and tax counsel from their respective legal,ltnandai and lax advis+ $6. You are authorized to deliver copies of all escrow htsiructions,supplements and amendments,estimatod and foal closanf)statements,preliminary title reports.; notices of cancellation,it any,to the teal estate broker(s),real estate sates agenl(s),Lender's).Lender's agent(s)and/or allorneys(s)for The parties,upon the parties'r or written toquost.You shall not Incur any 1laCllify to 110 parties for delivery of the copies. 17. You shall make no physical Inspocilon of the teal property of personal proporly described In any Instrument deposited In or which Is the subject of this escrow. have made no►epressnialions or warranties toncetnitlg any such teal property or personal property and are not to be concerned with nor[table for the condlCon of, properly or personal properly. IS. The parltos authorized the recordation of any instrument dolivered lhroug))this escrow it necessary or proper tot the Issuance of the requited policy of tale Insurer of tot the closing or Ihis escrow.Funds.Instructions or instruments received In Ih13 escrow may be delivered to,or deposited with any title Insuisnca company Or title comps Io comirly with The farms and condfllons of this escrow. 19 You are authorized to dodtrcl from Seller's net procoods or Buyer's not pmcoods any amount which either Sailor or Buyer may owe you in any other nailer Transaction.You are aulhorized to chargo and the parties agree to pay additional escrow teas for extraordinary sorvicas not wlltiln the range of customary escrow,process kicluding,but not liniited to,the verihtalion of slgnalorios to escrow lnstrucllons. 20. You aro to use your usual document forms or The usual forms of any title Insurance company or Title company and In our Instructions Insort dates and Terms on insitumtinis it incomplete when executed. 21. ))the dal@ by which Dayor's of Seller's per focmances are duo shall be othot tt.sn your togular business day.such parfo(mancas shall be due on your next suttees business day. 22. You itha[t conduct no lion or title search of personal property tagarding the saki"transfer of any personal property through this escrow.Should the panyfles)de: MOT you conduct a Ilan or title search of personal property,the parly(ies)requasiing the some shall deliver separate and specific written escrt)w I1131JU 1irx15 10 you al wills an agreamant to pay your add3lonal escrow loos. 23. You shall not be responsible In anyway whatsoever nor are you to be concerred with any quosilo dit+kUlALn Jny loan or encumbrance,whether now or of recL whicli may etlse during the processing of This escrow. HERE 24. The parties agree to deliver to you all documents,instruments,escrow instruct ons and funds requi e d fgr(tr close this escrow In accordance with Its lei t - . 25. You are Instructed to provided title to the subject real properly In the condition Identified In the escrow Instructions by the parties.You are not responsible k contents or accuracy of any beneficiary demands and/or beneficiary slatements delivered to you by the exlsting lienholders.You are not required to submit any such banal staiomoni and/or bonoficlary demand to the parties for approval before the dose cl escrow unless expressly Instructed to do so In writing.Should the party(les)des pro-opprrrva any such beneficiary statement andlor bonoliclary demand,the partypos)rogtrosttng the Sarno shall deliver separate and specific written escrow Instructions Ic 2G You are not lobe responsible In anyway whatsoever nor to be concerned wilt the terms of any now loan or the content of any loan documents obtained by any In connection with this escrow except to order such ban documents Into the escrow file,transmit the ban documents to Buyer for execution and transmit the exacutec doctumonls to landor.The parties tundorsland aril agree Ihnl yai aro not Involved ror concerned with the Approval and/or procossing of any loan or the contents and of loan documents prupauud by a Lendor. 27, Tne parties agree to complete and deliver to you a Statement of Information as required by Ilia title Insurance company or title company. 28. The parries expressly Indemnify and hold you harmless against third-party clams for any leas,costs or expenses where you have acted In good faith,with reasoi care aid prudence andlor In compliance with these escrow Instructions. 23. Tne parties agree that you have the responsibilities of an escrow holder only and there are no other legal retallonshlps established In the terms and conditions c escrow instructions.In connection with Ihls escrow:(1)you shall have no dulyor rosponsiblity of notifying any of the parties to this escrow of any sale,resale,loan,exch or ether transaction Involving any of the aubfocl real property or personal property;(2)you shall have no responsibility or duty to disclose any benefit.Including, btu limited to financial gain, realized by any person, firm or corporation Involving any of the subject real property or personal property; and (3)you shall hay responsibility or duly to disclose any profit realized by any person,firm or corporation Including,but not limited to,spy real estate brpker,real estate sales agent arc party to any other escrow.In connection therewith,although such other Iransacllon may be handled by you In this escrow or In another escrow transaction.If,howevsi are Jnviucled In writing by any party.Londor or other entitled person to disclose any sale,resale,loan,exchange or other Iransacllon Involving any of the subject real pro or personal property or any profit realized by any person.firm or corporation to any party to this escrow,you shall do so without Incurring any liability to any party.You not be list le for any Of your acts or omission done In good faith nor for any claims demands,tosses or damages made or suffered by any party to this escrow,*Kee such as may arlso through or be caused by your willful neglect or Cross miscon9ucl. 30. Your escrow holder agency shall terminate six(6)months following the data last set for close of escrow and shall be subject to earlier termination by receipt bl of mutivally executed cancellation Instructions If this escrow was not closed or cancelled within the described six(6)month period,you shalt have no further oblige as escrow holder except to dieburss funds and dooumanle pursuant to written escrow Instructions and to Inlerplead or olherwlas dispose of funds and doeumer accordance with a validly,issued and validly served order Irom a court of Competent jurisdiction.It the conditions of this escrow have not been complied with at 1he expif data In those escrow Instructions,you are Instructed to complete the conditions at the earliest possible date,unless Buyer or Seller have made wrlltsn demand upOr for the return of the lunds andfor Instruments deposited by Buyer or Seller andlor for cancellation of this escrow.Should demands be made upon you.you may wilt and stop all further procoodings In this escrow without liability tot Intorow on funds told or for damages until mutual cancellation Instructions signed by ell parties shall boon doposrtud with you.The parties,jointly and severalty,agree that If this escrow cancels or Is otherwise terminwed and not closed,the parties shell pay for any r and expanses which you have Incurred or hats become obllgalod for under those escrow Instructions,Including,but not limhod to,attorneys'foes and reasonable es laus for the services fendorod by your,the patties spree that such costs and oxporsos shall be paid and deposited In escrow before any cancellation or other lormir of this escrow Is effective.The partios agree that sold charges lot expenses,costs and fees may be apportioned between Buyer and Seller In a manner which,In your discretion,you consider equttabla,and that your decision will be binding and conclusive upon the parties.Upon receipt of mutual cancellation Instructions or a final or judrmonl of a court at eompolord Jurisdiction whh accompanying wills of execution,lovies or garnishmonls,yet are Instructed to disburse the escrow funds and Instrur In accordance wills such cancellation Instructions,order or judgmunl and accompanying writ and lids escrow shall,wllhoul further notice,be considered terminated and cane 31. The part ios shall cooporato with you In carrying out the escrow Instructions they doposll with your and completing this escrow.The perils shall deposit Into esr upon request,any addtlional funds.Instruments,documents,Instructions,authorizations,or other Items that era reasonably necessary to enable you to comply wish dam made on your by third parties.to secure policies of title Insurance,or to otherwise carry out the terms of their Instructions and close this escrow.If conflicting demanc nolicas are made or served upon you or any controversy arlsos botwoon the parties or wllh any third person arising out of or totaling to this escrow,you shall have the Abs right to withhold and slop all farther proceed ngs In, and In performance Of,this escrow until you receive written notification satisfaclory to you of the settlement o controversy by written agreement of the partios,or by the final order or Judgmonl of a court of competent jurisdiction.All of the parties to this escrow,jointly and save promise to pay promptly on demand,as well as to Indemnify you and to hold you hermleas from and against all adminlatrailve governments)Investigation,sud;l and Was.Mignilmn and Inlurplonrlor costs,damages.Iixlgornonls,attornoys'Loos,expon3os,obllgollons and liabilities of every kind(collectively"costs)which In good laid may Incur or sullor In connection with or arising out Of this escrow,whether Said COSTS Visa during the performance of or subsequent to this escrow,directly or Indir and whether at trial or on appeal.You era given a lion upon all the rlghls,titles and Interests of the parties and all escrow papers and other property and mantes depo Into this escrow to protect you rights and to Indemnify and relmburso you.If the partlos do not pay any foes,costs or expanses duo you under the escrow Insiruclio. du not pay for costs and attorneys foes Incurred In any litigation or Inlorploadoti on demand,they each agree to pay a reasonable tee lot any attorney services which be requuired to collect such Foos or expanses,whether attorneys' foes are Incurred before trial, at trial,or on appeal. 32. At 1.NOTICES,DE161ANDS AND INSTRUCTIONS MUST BE IN WRITING.No notice,demand.Instruction,smondmont,strpplamonl or modification of those asi Instructions shalt be of any effect In this escrow unlit delivered In willing to you and mulally executed by all parties.AS SET FORTH ABOVE,YOU HAVE NO DUTY TO. SHALL NOT VERIFY THE SIGNATURES OF ANY PARTIES OR NON-PARTIES UNLESS FURTHER WRITTEN ESCROW INSTRUCTIONS TO DO SO ARE RECEIVED. TI IE ADDI flO1JAI.ESCROW FEES ARE DEPOSITED.Any purported oral Instruction,amendment,supplement,modification,notice or demand deposited with you b- partios or olltror of Thom shell be Ineffective and Invalid.YOU ore to be concerned only with the directives expressly sot forth In the escrow Instructions,supplements amendments Itwroto,and are not to be concerned with nor liable for Items designated as"memorandum Items"In the escrow instructions. 33 Those escrow Instructions may be executed In counterparts,each of which shell be doomed an original rogardfoss of the data of Its execution and ds)ivory.All couulurpurt9 Icigulliul $halt eonstilutu the same doetnnont. 34. ll any check submitted to you Is dishonored upon presentment for payment,)nu are authorized to notify all parties to the within escrow,their respective real e brokor(s)and real estate agont(s)and any other person or onlily you doom In your sole discretion necessary to notify. 35, You are aulhotlzed to accept Oral Insiruct!Ons from the parties'rent estate broker(s),reel estate agenl(a).Lenders)or Lender's agents)concerning the preparalk escrow Instructions,amendments or supplements. However,you are not to act upsn any Instruction so delivered until you have received the same In writing signed t parties to this escrow. 36. In these escrow Instructions,wherever Iho context so requires,the masculine gender Includes the tominlne and/or neuter and the singular number Includes the pl 37. The parties acknowledge and understand that you,as escrow holder,are not eulhorlzod to practice Iho law nor do you give financial advice.The parties are ads. to seek legal and financial counsel and advice concerning the affect of these escrow Instructions.The parties acknowledge that no representations are made by you a The legal sullictency,legal Consequences, financial effects or tax consequences of the within escrow transaction. 3.1 Yen sro aulhorrrod to doslray or oihorwlso dispose of any and all doclurnonts, oppose,escrow Inalntctlons,ear►ospondonco and focords or other material eonstitu Of pureaining to this escrow at any time after live(5)years Irem the dale of.(1)the close of escrow;(2)Iho data of cancellation;or(3)the date of the Iasi activity wlt Iiatildy and without further notice to the parties. 37 7ire parties signal ufas on all escrow Instructions and Instruments portalnino to Ina within oscrow,Indicates their unconditional acceptance and approval of same you are entitled to rely on the parties executlon. Via.jointly and severally,acknowledge recelpl of a complete copy of the within escrow Instructions and by our signatures set lorth below, acknowledge that we have anus unrtmsland and&Uroo Io the sarno In their onllruly. SELLERS: BUYERS: I I TiCe Note s Office of the City CCerh Huntington Beach, CaCifornia 14e eov-d� --v G- kc- j� Said 94Lr� ism ' {-vrQs• S F3 .SasSc�n�a^" �,SSDJni aT �D- f • bi z Ye !�- CITY OF HUNTINGTON BEACH I:ECEI'r'EO CITY CLERK o CITY Or HUHTINGTON ci£ACH. CA To: Connie Brockway, City Clerk From: David C. Biggs, Economic Development Director Date: 8/6/99 Subject: Request for Attestation: Grant Deed Pursuant to the Amended Disposition and Development Agreement between the Redevelopment Agency and Sassounian/Seaview Village (City Council Ordinance No. 2577 dated 9/10/93) please attest:the attached Grant Deed between the Redevelopment Agency and Parkside Court, I-LC. The Council Action approving the request Is copied below. Thank you. Per Action Agenda dated 2/1/99 D-3. (City Council/Redevelopment Agency) (Continued Open From 1/19199j Joint Public Hearing Between City Council & Redevelopment Agency—Proposed Disposition And Development Agreement—Sassounian Capital Adventures. Inc.—Sale Of Propefti Bounded B TalbertfJo ful/Happy—Talbert—Beach Redevelopment Prolec_t Sub-Area--Agency Resolution No. 295--Council Resolution No. 99 7 (600.30) Joint public hearing between the City Council and Redevelopment Agency pursuant to the California Community Redevelopment Law(Health and Safety Code Sections 33000, et seq.)for the purpose of considering the approval of a proposed Disposition and Development Agreement") between the Agency and Sassounian Capital Ventures, Inc., ("Developer"). The Agreement provides for the sale of approximately 0.68 acre parcel of real property bounded by Talbert Street, Joyful Lane and Happy Drive (the"Site') - - within the City's Redevelopment Project Area, specifically the Talbert-Beach Redevelopment Project Sub-Area of the City of Huntington Beach (the "Project Area"), to Developer and the construction thereon by Developer of a single family residential development. The purpose of the joint public hearing is to consider: 1. The proposed sale of real property by the Agency to Developer. 2. The proposed terms and conditions of such sale of real property. 3. The proposed Disposition and Development Agreement, 4. All evidence and testimony for and against the approval of the Disposition and Development Agreement and the sale of real property and the terms and conditions therefor. The Agency has prepared a Summary Report in connection with the Agreement which describes and specifies: a. The cost to the Agency of the Agreement. b. The estimated value of the interest to be sold, determined (i)at the highest and best uses permitted under the Redevelopment Plan and (ii) at the use and with the conditions, covenants, and development costs required by the sale. c. The purchase price, and an explanation of why the purchase price is less than the fair market value of the interest to be conveyed, determined at the highest and best use consistent with the Redevelopment Plan. d. An explanation of why the sale will assist in the elimination of blight. e. Other pertinent economic analysis. Any and all persons having objections to or wishing to express support of the proposed Disposition and Development Agreement,the proposed sale of real property or the proposed terms and conditions therefor, or the regularity of any of the prior proceedings, may appear and be heard before the Agency and the City Council on the proposed Disposition and Development Agreement,the proposed sale of real property and the proposed terms and conditions therefor. Any persons desiring to be heard at the hearing will be afforded an opportunity to be heard. At any time not.later than the hour set for hearing, any person objecting to or supporting the proposed Disposition and Development Agreement, the proposed sale of real property or the terms and conditions therefor, may file in writing with the City Cleric a statement of his or her objections thereto or support thereof. The documents referred to above are available for public inspection and copying during regular office hours at the offices of the City Clerk and Clerk of the Redevelopment Agency. 1. Staff Report 2. City Council Discussion 3. Open Public Hearing 4. Following Public input, Close Hearing Recommended Action: Motion to: City And Redevelopment Actions: City Council Actions: 2. Adopt City of Huntington Beach Resolution No. 99.7- 'A Resolution of the City Council of the City of Huntington Beach Approving an Amendment to the Disposition and Development Agreement With Sassounian Capital Ventures, Inc., for the Sale of Land and the Construction Thereon of Improvements for Residential Uses.' [Adopted 6-0-9 (Sullivan abstained)] Redevelopment Agency Actions: 1. Adopt Redevelopment Agency Resolution No. 295- 'A Resolution of the Redevelopment Agency of the City of Huntington Beach Approving an Amendment to the Disposition and Development Agreement with Sassounian Capital Ventures, Inc., for the Sale of Land and the Construction Thereon of Improvements for Residential Uses.' [Adopted 6-0-1 (Sullivan abstained)] 2. Approve and authorize the execution by the Agency Chairman and Agency Clerk of the attached Amendment No. 1 To The Disposition And Development Agreement Between The Redevelopment Agency Of The City Of Huntington Beach And Sassounian Capital Ventures.' [Adopted 6-0-1 (Sullivan abstained)] n7/91 3EW-at bay, Council/Agency Meeting Held: P?-/- 99 �Cb•3 7Ar rredlContinued to: (V4_LXJ roved 13 Conditionally Approved O Denied _ S I ff" ' Cleric's Signature Council Meeting Date: February 1, 1999 Department ID Number. E09M7 CITY OF HUNTINGTON BEACH REQUEST FOR COUNCIUREDEVELOPMENT AGENCY ACTION SUBMITTED TO: HONORABLE MAYOR/CHAIRMAN AND CITY COUNCIL MEMBERSIRED EVELOP MENT AGENCY MEMBERS SUBMITTED BY: RAY SILVER, City Administrator/Executive DirectortV PREPARED BY: DAVID C. BIGGS, Economic Development Director `i E's SUBJECT: Approve Amendment to Disposition and Development urlZAU#17_7 Agreement—Sassounian Capital Ventures, Inc. Statement of Issue.Funding Source,Recommended Action,Alternative Action(s),Analysis,Environmental Status,Attachmentls) Statement of Issue: The proposed amendment would change the business points of the current DDA to establish the sale price of Agency land and complete redevelopment activities in the Talbert-Beach Redevelopment Sub Area. Funding Source: No expenditure required; Agency will realize a revenue from the land safe. Recommended Action: Motion to: City and Redevelopment Agency Actions: 1. Open a joint public hearing on the DDA. City Council Actions: 2. Adopt City of Huntington Beach Resolution No.q! -! approving an amendement to the Disposition and Development Agreement with Sassounian Capital Ventures, Inc. Redevelopment Agency Action: 1. Adopt Redevelopment Agency Resolution No. 415 approving an amendement to the Disposition and Development Agreement with Sassounian Capital Ventures, Inc. 2. Approve and authorize the execution by the Agency Chairman and Agency Clerk of the attached amendment to the Disposition and Development Agreement (DDA) between the Redevelopment Agency of the City of Huntington Beach and Sassounian Capital Ventures, Inc. Alternative Actions : Do not approve the amendment. i REQUEST FOR COUNCIL/REDEVELOPMENT AGENCY ACTION MEETING DATE: February 1, 1999 DEPARTMENT ID NUMBER: ED99-07 Analysis: The existing DDA between the Agency and Sassounian Capital Ventures, Inc. was approved in' October 1993 and governed the development of 38 townhouse-style condominiums within the Talbert-Beach Redevelopment Sub Area. The agreement obligated the developer to build the units according to approved plans and to purchase the adjacent Agency-owned site for$416,781. In turn, the Agency was obligated to provide up to $750,000 in housing funds for second trust deeds to qualified first time home buyers of moderate income of up to twenty-two of the units. Twenty-two units were completed in the first phase of the project and the developer now wishes to purchase the remaining Agency site to construct a ten unit development. While the ten unit project falls six units short of what was negotiated in the original DDA, a lower density, high quality single family detached development will benefit the area by providing a variety of housing choice. The developer has secured entitlements for the ten unit project through the Planning Commission on July 28, 1 S98, and is ready to commence construction. In response to the developer's first request for a lower purchase price, staff requested the Agency's economic advisor to determine a new reuse value for the parcel in December 1995. This resulted in a value $289,300. Staff also contracted for an update of the appraisal on the parcel in March 1996 which resulted in a value of $290,000. Based on an updated reuse analysis in August 1998, the developer has agreed to a purchase price of $307,000--the amount supported by the latest reuse analysis. This purchase price will be off-set by the developer's contribution to off-site improvements of $89,000 and return of its deposit of $25,000 as stipulated in the original agreement. An additional credit of $10,000 will be given for improvements constructed in the Joyful Lane right-of-way. The developer has provided additional off-site improvements not envisioned at the time of the approval of the original agreement. Specifically, the east side of Joyful Lane abuts the rear of an adjacent strip center built under old codes that required no screening from service deliveries and trash pick-up, or provided a perimeter wall. To enhance this edge of the project area and the sense of enclosure and security within the Talbert-Beach area, a wall and landscape was installed at this location by the developer. Maintenance of the improvements will become the responsibility of the combined homeowners' association for tale 22 unit project governed by the original Ggreement and the twenty-seven unit single family project on an adjacent site. Because the sales price is supported by an updated reuse analysis and because the Agency and the project area will benefit from the developer-paid landscape improvements, staff recommends approval of the amendment. In addition, it is anticipated that upon completion and sale of the homes that approximately $30,000 in tax increment will be generated annually. Environmental Status: Not Applicable RAAAMDT2.DOC -2- 0112119911:51 AM REQUEST FOR COUNCIL/REDEVELOPMENT AGENCY ACTION MEETING DATE: February 1, 1999 DEPARTMENT ID NUMBER: ED99-07 Attachment(s): Ity Clerk's • . . . - 1. City and Agency Resclutions 2. DDA Amendment 3. Keyser Marston Associates Reports 4. Elevations and Floor Plans from Approved Project RCA Author. G.A. Brown ext.8831 RAAAMDT2.DOC -3- 01/2119911:51 AM CITY OF HUNTINGTON BEACH 2000 MAIN STREET CALIFORNIA 92848 OFFICE OF THE CITY CLERK CONNIE BROCKWAY CITY CLERK LETTER OFTRANSNUTTAI.OF ITEM APPROVF,D BYTII£CITYCOUNCII,1 REDF.VELOPiUEN'T AGENCY OF THE CITY OF HUNTINGTON REACH DATE: e6�etf 17 19 9 5 TO: &,5_ 1y11da 1 OJ7,f/ Z/I70J'r-S ATTENUION:, i/ 50&0-,6 Sa2cYli L L Name DEPARTI1IEN-r: Street REGARDING: City,State,Zip See Attached Action Agenda Item -_& 4 Date of Approval Enclosed For Your Records Is An Executed Copy Of The Above Referenced Agenda,Item. Remarks: Connie Brockway City Clerk Attachments: Action Agenda Page Agreement Bonds Insurance RCA Deed Other CC: 1 G &S ,E e- -be V. ,b 1 r0 f ,/ odic 'orr s Na a Dcpartmen RCA/ Agre Insurance 0t4L Name Department RCA Agreement Insurance Other Name Department RCA Agreement Insurance Other Name Department RCA Agreement Insurance Other Risk Management Dept. Insurance Received by Name-Company Name-Date GT011owuplcoverltr (Telephone; 714-536-5227) (7) 2101199 -Council/Agency Agenda -Page 7 D-2. (City Council) Cancellation Of Public Hearing Regarding Issuance By California Statewide Communit Develo meat Authority Of Multi-Family Housing Revenue Bonds—140 Unit Multi-Family Rental Housing Project Bay Development Group Huntin ton Beach Studios —sle Corner Of Beach Boulevard & Ellis Avenue—To Be Owned &Operated By Bay Development Group (330.30) Communication from the Economic Development Director informing Council of the request by Bay Development Group that the duly noticed TEFRA public hearing be cancelled as negotiations for the completion of the acquisition of the property were not consummated. Recommended Action: Motion to: Cancel the advertised public hearing. [Approved 7-0] D-3. (City Council/Redevelopment Agency) (Continued Open From 1119/991 Joint Public Hearing Between City Council & Redevelopment Agency—Proposed Disposition And Development Agreement—Sassounian Capital Adventures Inc.—Sale Of Prop2rt Bounded By Talbert/Joyful/Happy —Talbert--Beach Redevelopment-Project Sub-Area --Agency Resolution No. 295--Council Resolution No. 99-7 (600.30) Joint public hearing between the City Council and Redevelopment Agency pursuant to the California Community Redevelopment Law(Health and Safety Code Sections 33000, et seq.) for the purpose of considering the approval of a proposed Disposition and Development Agreement') between the Agency and Sassounian Capital Ventures, Inc., ("Developer"). The Agreement provides for the sale of approximately 0.68 acre parcel of real property bounded by Talbert Street, Jcyful Lane and Happy Drive (the "Site") within the City's Redevelopment Project Area, specifically the Talbert-Beach Redevelopment Proiect Sub-Area of the City of Huntington Beach (the "Project Area"), to Developer and the construction thereon by Developer of a single family residential development. The purpose of time joint public hearing is to consider. 1. The proposed sale of real property by the Agency to Developer. 2. The proposed terms and conditions of such sale of real property. 3. The proposed Disposition and Development Agreement. 4. All evidence and testimony for and against the approval of the Disposition and Development Agreement and the sale of real property and the terms and conditions therefor. The Agency has prepared a Summary Report in connection with the Agreement which describes and specifies: a. The cost to the Agency of the Agreement_ b. The estimated value of the interest to be sold, determined (i) at the highest and best uses permitted under the Redevelopment Plan and (ii) at Cle use and with the conditions, covenants, and development costs required by the sale. c. The purchase price, and an explanation of why the purchase price is less than the fair market value of the interest to be conveyed, determined at the highest and best use consistent with the Redevelopment Plan. d. An explanation of why the sale will assist in the elimination of blight. e. Other pertinent economic analysis. Any and all persons having objections to or wishing to express support of the proposed Disposition and Development Agreement, the proposed sale of real property or the proposed terms and conditions therefor, or the regularity of any of the prior proceedings, may appear and be heard before the Agency and the City Council on the proposed (8) 2101199 -Council/Agency Agenda -Page 8 Disposition and Development Agreement, the proposed sale of real property and the proposed terms and conditions therefor. Any persons desiring to be heard at the hearing will be afforded an opportunity to be heard. At any time not later than the hour set for hearing, any person objecting to or supporting the proposed Disposition and Development Agreement, the proposed sale of real property or the terms and conditions therefor, may file in writing with the City Clerk a statement of his or her objections thereto or support thereof. The documents referred to above are available for public inspection and copying during regular office hours at the offices of the City Cleric and Clerk of the Redevelopment Agency. 1. Staff Report 2. City Council Discussion 3. Open Public Hearing 4. Following Public Input, Close Hearing Recommended Action: Motion to: City And Redevelopment Actions: i. pen-a joint-public-hearing-0n--the-0CA. City Council Actions: 2. Adopt City of Huntington Beach Resolution No. 99-7- `A Resolution of the City Council of the City of Huntington Beach Approving an Amendment to the Disposition and Development Agreement With Sassounian Capital Ventures, Inc., for the Sale of Land and the Construction Thereon of Improvements for Residential Uses." [Adopted 6-0-9 (Sullivan abstained)] Redevelopment Agency Actions: i. Adopt Redevelopment Agency Resolution No. 295 - `A Resolution of the Redevelopment Agency of the City of Huntington Beach Approving an Amendment to the Disposition and Development Agreement with Sassounian Capital Ventures, Inc., for the Sale of Land and the Construction Thereon of Improvements for Residential Uses." [Adopted 6-0-1 (Sullivan abstained)] 2. Approve and authorize the execution by the Agency Chairman and Agency Clerk of the attached Amendment No. 9 To The Disposition And Development Agreement Behveen The Redevelopment Agents Of The City Of Huntington Beach And Sassounian Capital Ventures." [Adopted 6-0-1 (Sullivan abstained)] City and Agency Resolutions ATTACHMENT # 1 RESOLUTION NO. 225 r A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH APPROVING AN AMENDMENT TO THE DISPOSITION AND DEVELOPMENT AGREEMENT WITH SASSOUNIAN CAPITAL VENTURES, INC.,FOR THE SALE OF LAND AND THE CONSTRUCTION THEREON OF IMPROVEMENTS FOR RESIDENTIAL USES WHEREAS, the Redevelopment Agency of the City of Huntington Beach(the "Agency") is engaged in activities necessary to carry out and implement the Redevelopment Plans for the Merged Redevelopment Project Areas of the City of Huntington Beach(collectively the "Redevelopment Plan"); and In order to carry out and implement the Redevelopment Plan,the Agency proposes to amend the Disposition and Development Agreement(the "Agreement")with Sassousian Capital Ventures, Ine.(the "Developer"),which establishes terms and conditions for the Agency to sell to Developer certain real property referred to in the Agreement; and The Developer has submitted to the Agency and the City Council copies of said proposed Amendment in a form desired by Developer; and Pursuant to the California Community Redevelopment Law(California Health and Safety Code, Section 33000 et seq.)the Agency and the City Council held a joint public hearing on the amendment,having duly published notice of such public hearing and having made copies of the proposed amendment and other reports and documents(including the summary referred to in Section 33433)available for public inspection and comment; and The Agency has duly considered all terms and conditions of the proposed transaction,and believes that it is in the best interests of the Project area and the City and the health,safety, morals and welfare of its residents,and in accord with the public purposes and provisions of applicable State and local law and requirements; NOW,THEREFORE,BE IT RESOLVED by the Community Redevelopment Agency of the City of Huntington Beach as follows: 1. The Agency has received and heard all oral and written objections to the proposed Agreement as amended and to this transaction,and all such oral and written objections are hereby overruled. 2. The Agency hereby finds and determines that the consideration to be paid by Developer for the purchase of said parcels is not less than the fair reuse value at the uses and with the covenants and conditions and development costs authorized by the sale and leases. 1 415:4-98 Resoiudon:Amdsass RLS 934 91 1/11M t Agency Res. 295 3. The Agency hereby finds and determines that the sale of said parcels pursuant to the Agreement as amended will assist in the elimination of blight. 4. The Agency hereby finds and determines that the sale said parcels pursuant to the Agreement as amended is consistent with the implementation plan adopted pursuant to Section 33490. 5. The Agency hereby finds and determines that the Agency's use of its authority under Section 33421 in carrying out the provisions of the Agreement as amended is necessary to effectuate the purposes of the Redevelopment Plan. 6. The proposed Amendment is hereby approved in substantially the form presented at this meeting or with such changes as may be approved by the Executive Director of the Agency. 7. The Chairman of the Agency and the Executive Director of the Agency are hereby authorized to execute the amendment on behalf of the Agency, in substantially the form presented to this meeting, or with such changes as may be approved by the Executive Director of the Agency,provided that the City Council has first approved the Agreement. Execution by the Executive Director shall constitute conclusive evidence of the Executive Director's approval of such changes. A copy of the Amendment when executed by the Agency shall be placed on file in the office of the Secretary of the Agency as Document No. 295 . S. The Executive Director of the Agency(or his designee) is hereby authorized,on behalf of the Agency, to sign all documents(including but not limited to grant deeds)necessary and appropriate to carry out and implement the Agreement as amended,and to administer the Agency's obligations,responsibilities and duties to be performed thereunder. 2 4!s:4-98Resolu6on:AmdSass RLS 98-791 1/1 IJ99 - Agency Res. 295 PASSED AND ADOPTED by the Redevelopment Agency of the City of Huntington Beach at a regular meeting thereof held on the 1st day ofebrlrary_ _ , 1999. Chairman .ATTEST: APPROVED AS TO FORM IL Agency Clerk W y Attorne 11 REVMIVED AND APPROVED: VITIATED AND APPROVED: ��.lLfi1• �3 � i Executi a Director Director of Economic Development 3 44-A-98Resolution:AmdSass RLS 98-791 1/11199 Res. No. 295 } STATE OF CALIFORNIA ) COUNTY OF ORANGE ' ) CITY OF BUNTINGTOti BEACH ) I, CONNIE BROCKWAY, Clerk of the Redevelopment Agency of the City of Huntington Beach, California, DO HEREBY CERTIFY that the foregoing resolution was duly adopted by the Redevelopment Agency of the City of Huntington Beach at an adjourned regular meeting of said Redevelopment Agency held on the 1st day of February, 1999 and that it was so adopted by the following vote: AYES: Julien, Bauer, Garofalo, Green, Dettloff, Barman NOES: ABSENT: None ABSTAIN: Sullivan /0�s� Clerk of the Redevelopment Agency of the City of Huntington Beach, Ca. RESOLUTION NO.99-7 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH APPROVING AN AMENDMENT TO THE DISPOSITION AND DEVELOPMENT AGREEMENT WITH SASS OUNIAN CAPITAL VENTURES,INC., FOR THE SALE OF LAND AND THE CONSTRUCTION THEREON OF IMPROVEMENTS FOR RESIDENTIAL USES WHEREAS,the Redevelopment Agency of the City of Huntington Beach(the"Agency") is engaged in activities necessary to carry out and implement the Redevelopment Plans for the Merged Redevelopment Project Areas of the City of Huntington Beach(collectively the "Redevelopment Plan"); and In order to carry out and implement the Redevelopment PIan,the Agency proposes to amend the Disposition and Development Agreement(the"Agreement")with Sassounian Capital Ventures, Inc. (the "Developee),which establishes terms and conditions (1) for the Agency to sell to Developer certain real property referred to in the Agreement, and for Developer to construct thereon improvements for residential uses as specified in the Agreement;and(2) for Developer to construct thereon improvements for residential uses as speci f ed in the Agreement; and The Developer has submitted to the Agency and the City Council copies of said proposed Amendment in a form desired by Developer; and Pursuant to the California Community Redevelopment Law(California Health and Safety Code, Section 33000 et seq.)the Agency and the City Council held a joint public hearing on the Amendment,having duly published notice of such public hearing and having made copies of the proposed Amendment and other reports and documents(including the summary referred to in Section 33433) available for public inspection and comment; and The City Council has duly considered all terms and conditions of the proposed transaction, and believes that it is in the best interests of the Project area and the City and the health, safety,morals and welfare of its residents, and in accord with the public purposes and provisions of applicable State and local law and requirements; NOW,THEREFORE,BE IT RESOLVED by the City Council of the City of Huntington Beach as follows: 1. The City Council has received and heard all oral and written objections to the proposed Agreement and to this t<insaction,and all such oral and written objections are hereby overruled. 2. The City Council hereby finds and determines that the consideration to be paid by Developer for the purchase of said parcels is not less than the fair reuse value at 1 44:4-99Resolution.SassDDA RLS 98.791 1/11199 Res. 99-7 the uses and with the covenants and conditions and development costs authorized by the sale and leases. r 3. The City Council hereby finds and determines that the sale said parcels pursuant to the Agreement as amended will assist in the elimination of blight. 4. The City Council hereby finds and determines that the sale of said parcels pursuant to the Agreement as amended is consistent with the implementation plan adopted pursuant to Section 33490. 5. The City Council hereby consents to the Agency's use of its authority under Section 33421 in carving out the provisions of the Agreement as amended and finds and determines that such use by the Agency of its authority under Section 33421 is necessary to effectuate the purposes of the Redevelopment Plan. 6. The proposed Amendment is hereby approved in substantially the form presented at this meeting or with such changes as may be approved by the Executive Director of the Agency. 7. The Chairman of the Agency and the Executive Director of the Agency are hereby authorized to execute the Amendment on behalf of the Agency, in substantially the form presented to this meeting, or with such changes as may be approved by the Executive Director of the Agency. Execution by the Executive Director shall constitute conclusive evidence of the Executive Director's approval of such changes. S. The City Council hereby authorizes the City Clerk to deliver a copy of this Resolution to the Executive Director and members of the Agency. A copy of the Amendment when executed by the Agency shall be placed on file in the office of the City Clerk as Document No. 99-7 2 4!s:4-99RcwIutias:SassDDA RLS 93-791 1111l99 Res. 99-7 PASSED AND ADOPTED by the City Council of the City of Huntington Beach at a regular meeting thereof held on the 1st day of February , 1999. Mayor ATTEST: APPROVED AS TO FORM oe City Clerk 7 y � t ttorney �. .-- REVIEWED AND APPROVED: INITIATED AND APPROVED: 110.1-1 S-�—A4 A!,/ e. �, City Admini rator Director of Economic evelopment 3 4/s:4-"Reso1ution:SassDDA RLS 93.791 IlZ 1199 Res. No. 99-7 STATE OF CALIFORNIA ) COUNTY OF ORANGE ) ss: CITY OF HUNTINGTON BEACH ) I, CONNIE BROCKWAY, the duly elected, qualified City Clerk of the City of Huntington Beach, and ex-officio Clerk of the City Council of said City, do hereby certify that the whole number of members of the City Council of the City of Huntington Beach is seven; that the foregoing resolution was passed and adopted by the affirmative vote of at least a majority of all the members of said City Council at a regular meeting thereof held on the 1st day of February, 1999 by the following vote: AWES: Julien, Bauer, Garofalo, Green, Dettloff, Harman NOES: None ABSENT: ABSTAIN: Sullivan City CIerk and ex-ofl;cio Cleff of the City Council of the City of Huntington Beach, California DDA Amendment ATTACHMENT #2 AMENDtiiENT NO. 1 TO DISPOSITION AND DEVELOPMENT AGREEMENT BETWEEN THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH AND SASSOUNIAN CAPITAL VENTURES, INC. THIS AMENDMENT is made and entered into the 11�day of Fe_JyotJLt&U 1999,by and between the REDEVELOPMENT AGENCY OF THE CITY OF HUTOINGTON BEACH, a public body corporate and politic, hereinafter referred to as"the Agency,"and SASSOUNIAN CAPITAL VENTURES, INC., a California corporation, hereinafter referred to as"the Developer" WHEREAS,the Agency and the Developer are parties to that certain agreement, dated September 10, I993, entitled"Disposition and Development Agreement By and Between the Redevelopment Agency of the City of Huntington Beach and Sassounian Capital Ventures,Inc.," which agreement shall hereinafter be referred to as"the Original Agreement,"and The parties wish to amend the Original Agreement to provide for certain changes in the rights and obligations of each party, NOW, THEREFORE, it is agreed by the Agency and the Developer as follows: I. AMENDMENT TO SECTION 202 OF THE ORIGINAL AGREEMENT Section 202 of the Agreement, entitled "Disposition of the Agency Parcels and Encyclopedia Lots," Sub-paragraph 1, is hereby amended to read as follows: 1. Provided that the Developer is not in default of this Agreement and in accordance with and subject to all of the terms, covenants and conditions of this Agreement, and at or before the time established in the Schedule of Performance(Attachment No. 3),the Agency agrees to sell to the Developer and the Developer agrees to purchase from the Agency the Agency Parcels (the"Conveyance"). The purchase price for the Agency Parcels shall be Three Hundred Seven Thousand Dollars($307,000.00)(the Agency Parcels Purchase Price"). The Agency Parcels Purchase Price, less the amount of the off site improvements provided by the Developer not to exceed Eighty-nine thousand Dollars ($89,000); and less the amount of the Developer Deposit, together with any interest earned thereon; and less the amount of Ten Thousand Dollars ($10,000.00) for landscape improvements, will be paid in cash at close of escrow(as hereinafter defined). The developer shall pay for and take title to the Agency parcel no later than May 30, 1999. Conveyance will occur through an escrow company mutually agreed upon by the parties. Conditions precedent to conveyance will include that the developer is not in default at the time of ' closing and all other conditions precedent identified in the original agreement. 1 1 4/zA-99Agfee:S&mmd R1S 98-791 0llllN9-111 2. AMENDMENT OF SECTION 302 OF THE ORIGINAL AGREEMENT The second paragraph of Section 302 of the Agreement, entitled"Scope of Development," is hereby amended to read as follows: The Development of the Site shall include both public improvements and private improvements on the Site (the"On-Site Improvements") and public improvements off site required by the City and or the Agency and associated with the development of the Site(the"Off-Site Improvements")(the On-Site Improvements and the Off-Site Improvements are referred to collectively as the "Improvements"). The Off-Site Improvements include, without limitation, the construction of a storm drain which is estimated to cost approximately Thirty- eight Thousand Seven Hundred Sixty-seven Dollars($38,767.00), according to a preliminary cost estimate prepared by Hall & Foreman,Inc. dated January 5, 1993. All such development of the On-Site Improvements and the Off-Site Improvements shall be at the sole cost and expense of the Developer, except that the Developer shall receive an offset against the Agency Parcels Purchase Price for the actual cost of construction of the Off-Site Improvements, provided that in no event shall the offset provided for herein exceed the total sum of Eighty-nine Thousand Dollars($89,000.00). REST OF PAGE INTENTIONALLY LEFT BLANK E I 2 4 r4-"ASree:Summd RLS 98-791 41111.199-fi 1 3 . REAFFIRMATION Except as specifically modified herein,all other terms and conditions of the original agreement shall remain in full force and effect. IN WITNESS WHEREOF,the parties hereto have caused this agreement to be executed by their authorized officers on the date first above written. Developer Agency: SASSOUNIA IT VENTURES, INC., REDEVELOPMENT AGENCY OF THE a Califa orpo do CITY OF HUNTINGTON BEACH, a Iic body co rate and politic By ,$II � etJMra1N Chairman (type or pUIMMe)S�eRt=TA1+t" - Its(circle one)Chainna rest a 'ice President ATTEST: , AND By Agency Clerk -50"K", N 6;ks6da«N APPROVED AS TO FORhI: --_- ` (t print name)Its(circle one chief Financial Officer/pt�Fs1 sary-Treasurer A�en''c��++Counsel REVIEWED AND APPROVED: INITIATED AND APPROVED: \ ` Executive Director Aud- 0, & - Director of Economic Development 3 41s:4-99Agree:Sassamd R1S 99-791 01/11/99-N l 'CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of County at Los � -s On6:2�zt !ZZ / ?9q before me, �• �nt� Date Nan*a+u'rol•of Otlbsr[e g-.'la+e Doe.Notary Pubhn personally appeared i—E i _ Name( d Sgnelts) 11, y1personally 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 WILLIAM C.HANNON his/her/their signature(s)on the instrument the person(s), _ COMM. 10848D3 0 � NOTARY PUBLIC-CALIFORNIA or the entity upon behalf of which the person(s) acted, L13S AMELES CODUTY executed the instrument. S key ct nv7 ission Exa'sos Jan 28,2000 WITNESS my hand and official seal. r Sg, d of Wul Pubrc OPTIMAL ,r Though the information below is not required by law,it may prove valuable to persons relying on the document and could prevent r fraudulent removal and reattachment of this form to another document. Description of Attached Document Title or Type of Document:,4 �ff&= Ab 17:P rc --�/7z� OG �/LIitJT/Nrg7'ON Document Date: Number of Pages: Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer(s) Signer's Name: Signer's Name: ❑ Individual ❑ Individual N_Corporate fficer ❑ Corporate Officer Ttfle(s): T,tle(s): ❑ Partner ❑ Limited C]6eneral ❑ Partner ❑ Limited ❑General ❑ Attorney-in-Fact ❑ Attorney-in-Fact ❑ Trustee ❑ Trustee [IGuardian or Conservator `- ❑ Guardian or Conservator ❑ Other: lop of/numb here ❑ Other: Top of tnumo here Signer Is Representing: Signer Is Representing: p 1gg5 Nat.anal NotaryAssaaatQ0.823e Aemrrai Ave.PO.Box 7104 Canoga Park.CA 9 7 309-7184 Prod.No.5907 Aaat%er.Cal TdMFmo/•B0p•9Tb-6827 1 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT '� 5�� 'fisr r�czcz�crc�cz , �"„ cs�crsc�c rrczcrscs�rrc�crc - - v 111� State of County of ti - pn /a> before me, C ;e NW*and tme o1 Moer S-9. J.. ry P-U0 personally appeared �-P ��,o'� � >- lv liame{e)d S.gnar[s[ ❑personally known to me—OR--r,proved to me on the basis of satisfactory evidence to be the person whose nameO is �subscribed to the wi�hin instrument and acknowledgedio me that the ,executed the same iris4ie err uthodzed capaci to ,and that by w&uitheir ignatureo on the instrument the persoo, V. or the entity upon behalf of which the perso<s-) acted, nwTaS�t1i EHR:NG executed the instrument. i�ts�e��1 isoaQi wcryrutft-carramio F � omngecounty WITNESS my hand and official seal. ' {1 S nature Cf NoUry Pub1K OPTIONAL Mough the information below is not required by law,n may prove valuable to persons retying on the document and could prevent fraudulent removal and reattachment of this form to another document. Description of Attached Pocument Title or Type of Document: + Document Date: Ana Number of Pages: Signer(s) Other Than Named Above: Ale Capaclty(les) Claimed by Slgner(s) Signer's Name: Signer's Name: Individual ❑ Individual Corporate Officer 0 Corporate fficer /J Title( `. Tiitle(a�' ❑ Partner—❑ Limited General 0 Partner— Li [ted ❑General ❑ Attomey-in-Fact Cl Attomey-in-Fact ❑ Trustee ❑ Trustee ❑ Guardian or Conservator ❑ Guardian or Conservator - ❑ Other: In 0 thumb here ❑ Other: n of thumb here Si r Is Rep►es ting: � ier Is _ - CK U= a a 1995 Nrionel Notary Assoclabon•823B Rwnffket Ave..P.O.Box 7184•Canoga Perk.CA 91309.1184 Prod No.5907 Reorder.GI Tog-Free 1-906-876-WV Keyser Marston Associates Report SUMMARY REPORT PURSUANT TO SECTION 33433 of the CALIFORNIA COMMUNITY REDEVELOPMENT LAW on a DISPOSITION AND DEVELOPMENT AGREEMENT by and between the THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH - and SEAVIEW VILLAGE, A CALIFORNIA GENERAL PARTNERSHIP The following Summary Report has been prepared pursuant to Section 33433 of the California Health and Safety Code. This report sets forth certa-n details of a proposed Disposition and Development Agreement (Agreement) between the Redevelopment Agency of the City of Huntington Beach (Agency) and Seaview Village(Developer). The currently proposed Agreement represents an amendment to a Disposition and Development Agreement that was originally executed in 1991 for a two acre site located at Beach Boulevard and Talbert Avenue. The currently proposed Agreement details the dispositicr.terms for the .72 acre portion of the site that is owned by the Agency(Site). In 1991, the Agency and the Developer executed a Disposition and Development Agreement that called for the development of 50 condominium units on the two acre development site. In 1993, this scope was reduced to 38 townhouse units. Subsequently, the Developer constructed 22-units on the 31.420 square foot Developer owned property and the 3,750 square feet of encyclopedia parcels. This left only the .72 acre Agency owned parcel available for development. At this time, the Agreement being considered by the Agency calls for the development of 10 single-family homes on the Site (Project). This will result in a development with a total of 32-units. This Summary Report outlines the salient points of the Agreement, which provides for the sale of the Site to the Developer for$307,000 less $124,000 in cost reimbursements. This report is organized into the following seven sections: 1. Salient Points of the Agreement: This section describes the Project and outlines the major responsibilities imposed on the Developer and the Agency by the Agreement. I[. Cost of the Agreement to the Agency: This section details and quantifies the costs that have been incurred by the Agency to implement the Agreement. This section also identifies the land payment to be paid by the Developer, and projects the property tax increment revenues that will result from the Project. The net cost to the Agency is defined as the difference between the costs incurred by the Agency, and the sum of the Developer land payment and the present value of the property tax increment generated by the Project. Ill. Estimated Value of the Interests to be Conveyed Determined at the Highest Use Permitted Under the Redevelopment Plan: This section estimates the value of the interests to be conveyed determined at the highest use permitted under the existing zoning and the requirements imposed by the redevelopment plan. IV. Estimated Reuse Value of the Interests to be Conveyed: This section estimates the value supported by the Site based on therequired scope of development and the other conditions and covenants required by the Agreement. V. Consideration Received and Comparison with the Fair Reuse Value: This section describes the compensation to be received by the Agency. and explains the reasons for any difference between the compensation and the established fair reuse value of the Site. Vl. Blight Elimination: This section describes the blighting conditions on the Site, and explains how the implementation of the Agreement will alleviate the blighting influence. VII. Conformance with the A81290 Implementation Plan: This section explains how the Agreement complies with the redevelopment strategy identified in the Agency's adopted AB1290 Implementation Plan. This report and the Agreement are to be made available for public inspection prior to the approval of the Agreement. I. SALIENT POINTS OF THE AGREEMENT The Agreement requires the Agency to convey the Site to the Developer for the subsequent development of 10 single-family homes. These 10 homes will be designed to integrate with the existing 22-unit project, and both developments will share common areas and one centralized recreation facility. The specific responsibilities imposed by the Agreement on the Developer and the Agency are summarized below. A. Developer Responsibilities 1. The Developer must purchase the Site from the Agency for$307.000. 2 2. The executed Disposition and Development Agreement required the Developer to construct the off-site improvements required to serve the originally proposed project. This obligation has already been fulfilled by the Developer. 3. All costs related to site preparation must be borne by the Developer. This includes providing front yard landscaping for the units. 4. The Developer must pay all fees imposed or charged by the City or other public entities. 5. The Developer must construct the Project at the same quality level as was achieved for the 22-units that have already been completed. B. Agency Responsibilities The Agency must accept the following responsibiVies: 1. The Agency must convey the Site to the Developer for$307,000. 2. The Agency must reimburse the Developer for$89.000 in off-site improvement costs that were incurred by the Developer in the Agency's behalf. 3. The Agency must reimburse the Developer for$10,000 in landscaping improvements that were constructed in the Joyful Lane right-of-way. 4. The Agency must refund the$10,000 good faith deposit that was made by the Developer when the original Disposition and Development Agreement was executed. 11. COST OF THE AGREEMENT TO THE AGENCY The Agency assembled parcels totaling 25,920 square feet of land area through a series of acquisitions made between 1983 and 1987. In addition,the Agency acquired a 5,500 square foot parcel from the City of Huntington Beach (City)to complete the Site's assemblage. The cost to assemble the privately owned parcels totaled $286,000. and the cost to acquire the City parcel totaled $106,000. Thus, the Site assemblage costs totaled $392,000. The Agreement also requires the Agency to reimburse the Developer for off-site costs and landscaping improvements on Joyful Lane, as well as to return the Developer's good faith deposit. These reimbursements carry a total cost of$124,000. The resulting total Agency costs are $516,000. However,these costs are off-set by the land payment that will be made by the Developer and the present value of the property tax increment that will be generated by the Project over the 19-years remaining in the redevelopment project 3 area life. Keyser Marston Associates, Inc. (KMA), the Agency's financial consultant, projected these off-setting revenues as follows: Land Payment $307,000 Present Value Property Tax Increment 269,000 Total Agency Revenue 5576,000 As discussed above, the total Agency costs are estimated at$516,000. Comparatively, the revenues to be received by the Agency have a projected present value of$576,000. Thus,the Agency is projected to receive a net gain of$60,000 in present value terms. III. ESTIMATED VALUE OF THE INTERESTS TO BE CONVEYED DETERMINED AT THE HIGHEST USE PERMITTED UNDER THE REDEVELOPMENT PLAN Section 33433 of the Califomia Health and Safety Code requires the Agency to identify the value of the interests being conveyed at the highest use allowed by the Site's zoning and the requirements imposed by the redevelopment plan. The valuation must be based on the assumption that near- term development is required, but the valuation does not take into consideration any extraordinary use and/or quality restrictions being imposed on the development by the Agency. In fate 1995,the Agency obtained a highest and best use appraisal for the Site which concluded that residential development represents the highest and best use of the Site. That appraisal report determined that the fair market value of the Site, at the highest and best use. was$290,000. In September 1998. the Agency engaged KMA to prepare an updated valuation analysis for the Site. This analysis concluded that the current fair market value for the Site is $307,000,which equates to$9.80 per square foot of land area. Assumes the Site is currently exempt from property taxes because it is publicly owned. The Project value upon completion is set at 53.05 million, the value is increased by 2%annually,the property tax rate is set at 1%, 20%of the property tax revenues are restricted to affordable housing activities and the redevelopment project area terminates in 2018. The revenue stream is discounted back to present value using an 8% discount rate. 2 The property tax increment revenues are projected to have a nominal value of$557,000. Thus, in nominal terms,the Agenc/gain in projected at$348,000. 4 IV. ESTIMATED REUSE VALUE OF THE INTERESTS TO BE CONVEYED KMA concluded that the proposed Project currently represents the highest and best use of the Site. As such, the fair reuse value of the Site is equal to the established fair market value of $307,000. This equates to $30,700 per unit for the 10-unit Project. V. CONSIDERATION RECEIVED AND COMPARISON WITH THE FAIR REUSE VALUE The Agreement requires the Agency to convey the Site to the Developer for$307,000. Therefore, the consideration to be received for the Site is equal to the established fair reuse value of the Site. VI. BLIGHT ELIMINATION The implementation of the Agreement causes the development of 10 single-family homes on a vacant parcel located within a redevelopment project area. In accordance with the California Redevelopment Law, as portrayed in the Califomia Health and Safety Code Section 33433,the sale of property that results in the development of vacant or underutilized parcels satisfies the blight elimination criteria imposed by Section 33433. Thus,the Project fulfills the blight elimination requirement. VII. CONFORMANCE WITH THE AB1290 IMPLEMENTATION PLAN The Project represents the final phase of a development that was the subject of an executed Disposition and Development Agreement when the Agency adopted an AB1290 Implementation Plan in December 1994. As such, the completion of the development was explicitly included as an AB1290 Implementation Plan objective. Over time,the Agency has taken all the necessary steps, and completed all the obligations included in the executed Disposition and Development Agreement, to allow the development to proceed. Thus, the implementation of the Agreement specifically conforms with the AB1290 Implementation Plan goals. KHH9W 99 HTS 14066 DD7 040 5 • KEYSER MARSTON ASSOCIATES 1 N C. ,(— " / D ADVISORS IN. 1�--•��`"� y � REAL ESTATIE KEDEYELOPMENr Los S0VTFANGE1 GRAND AYEFORMA ,SUITIi 1480 e ti n �(�+C AFAORDABLE ISOM.4C Los F.:213 S,22-809 CALIFORNIA 90071 ECowwtc DEVELOPMENT rlf ON Ii:213/622-8095 FAX:213/622-5204 _ _ FisCAL IMPACT �-:'� .`i:.:•1�'� ]�1FTIASTRLICTL'RE FnvANCE 'MAIL:kmdld�kmainC•COIri r WEB SITE:blip://www.kmainc.com ;.'�. � ': VALUATION AND LmcATION SUPPORT Los Maus CALVI^t E.HoLus,11 KATTILEE:ti FI.HEAD JAMEs A.RABE MEMORANDUM SAN Dlcco GERALD H1.TRIMBLE ROBERT J.WETMORE PAUL C.MARRA SAN FRANCISCO TO: Mr. Greg Brown, A.JERRY KEYSER Development Specialist TIMonIY C.KELLY KATE EARLE FUNK City of Huntington Beach DCNISE E.CONLEY - DEBBIE N1.KERN FROM: Keyser Marston Associates, Inc. BIARTTIA N.PACKARta i SUBJECT. .72 Acre Talbert-Beach Site: 10 Unit Single-Family Horre Project DATE: September 25, 1998 At your request, Keyser Marston Associates, Inc. (KMA) reviewed the Bijan Sassoun'ran (Developer) request to modify the disposition terms for the .72 acre site owned by the City of Huntington Beach (City) and the Huntington Beach Redevelopment Agency (Agency), located at Beach Boulevard and Talbert Avenue (Site). The purpose of the KMA analysis is to identify the major financial issues for the Agency to consider in evaluating the Developer's request. BACKGROUND STATEMENT On June 22, 1993, KMA submitted a reuse analysis for the entire 2.0 acre development site, which was owned by the following parties: Square Feet Developer Parcels 51,950 City/Agency Parcels 31,420 Encyclopedia Parcels 3,750 Total Site 87,120 Page 2 The KMA analysis concluded that the fair reuse value for the 2.0 acre Site, given the proposed 38-unit project, was $1.66 million, or $19.08 per square foot of land area. Subsequently, the Developer constructed 22 units entirely on the Developer and Encyclopedia parcels, and did not take conveyance of the .72 acre City/Agency Site. However, the executed Disposition and Development Agreement (DDA), which identified a $598,400 land value for the CitylAgency parcel ($19.08 per square foot), remained in place. In late 1995, the Developer approached the Agency to renegotiate the transaction terms, and KMA submitted an updated financial analysis in December 1995. This analysis concluded that the fair reuse of the City/Agency oumed parcel was $298,300. Concurrently, the Agency obtained a fair market value appraisal for the property that identified the value at $290,000, Based on these analyses, the gross sales price was adjusted downward to $290,000. This price was then reduced by an $89,000 reimbursement for off-site improvement costs and the return of the Developer's $25,000 deposit, bringing the net sale price to $176,000. An amendment to the DDA was prepared in July 1996, but was never executed. Then, in a letter dated August 17, 1998, the Developer submitted a revised development plan, which replaced the originally proposed 16 tovmhome units with 10 single-family home units. In addition, the Developer provided a pro forma analysis to the Agency in support of a proposal to reduce the sale price for the Site. While the letter does not specifically identify a proposed purchase price, the Developer's pro forma analysis indicates that the Site has a negative land value in the magnitude of$300,640. The purpose of the following KMA analysis is to determine the land sale price that should be charged by the Agency given the currently proposed scope of development. In addition, this analysis identifies a number cf policy issues that should be considered by the Agency before entering into a modified DDA with the Developer. METHODOLOGY It is KMA's fundamental premise that the land acquisition payment to be made by the Developer should be based on the fair reuse value of the property. If the Agency agrees to any offsets to this price, the offsets should then be deducted from the established fair reuse value. The land purchase price analysis should be based on the following methodology: The fair reuse value should be calculated as follows: K EYSER RSA RSTON ASSOCIATES INC. Page 3 1. The construction cost estimates should reflect the following: a. The currently proposed scope of development should sere as the basis for the cost estimate. b. The Project cost estimate should include the pro rata share of the actual common area. and recreation costs incurred as a part of the earlier development phases. C. The Project cost estimate should exclude any extraordinary costs historically imposed by the Agency or voluntarily incurred by the Developer. 2. The sales revenue projections should be based on the sale prices currently achievable in the market place. 3. The threshold Developer profit should be set at 10%, which was the profit level agreed to by the Developer when the amended DDA was prepared in 1996. The land acquisition payment to be made by the Developer should be equal to the established fair reuse value minus the offset for off-site improvement costs that was agreed to in the executed DDA. In addition, the Agency should make a policy decision as to whether they wish to provide the Developer with an additional land payment offset to reflect extraordinary costs incurred by the Developer over time. If the Agency chooses to provide this offset, the Developer s! ould be required to provide the following information: 1. An explanation of how the expenditures were mandated by Agency actions, and; 2. Evidence documenting the actual expenditures incurred by the Developer. REUSE VALUE ANALYSIS To identify the Site's fair reuse value, the KMA financial analysis compares the estimated Project costs, including a typical developer profit, to the anticipated sales revenues. In preparing the construction cost estimate, KMA reviewed the pro forma submitted by the Developer as well as the costs actually incurred to develop single- family home projects recently in other Southern California locations. Comparatively, the sales value projections are based on the sales prices actually achieved by the Developer on the adjacent single-family home project that was completed early in 1998. KEYSER MARSTON ASSOCI ATES INC. Page 4 Construction Cost Estimate The construction costs are presented in Table 1, and can be summarized as follows: 1. The Developer has estimated the on-siteflandscaping costs at approximately $172,000, or $17,200 per unit. This allowance includes the estimated cost to provide front yard landscaping and fencing for the units. This cost estimate falls within the typical range for a project of the proposed scope. 2. The Developer has estimated the building shell costs, including all contractor's fees and profit, at $68 per square foot of gross building area (GBA). This cost is significantly higher than typical, and in fact it is $16 per square foot higher than the Developer's shell cost estimate for the 16-unit project that was the subject of the 1996 draft DDA amendment. Based on data gathered from other small single-family home projects currently being developed, KMA set the shell cost estimate at$52 per square foot of GBA. 3. The Developer has indicated that the land costs plus the construction costs for the common area improvements and recreation facilities totaled $554,000. The pro rata share attributable to the Project is set at $122,000, or 22% of the total cost. The Developer should be required to document the identified expenditures. 4. Indirect costs are estimated as follows: a. KMA estimated the architecture and engineering fees; taxes, insurance, legal and accounting fees; development management costs, and; an allowance for contingencies based on industry standard percentages of direct costs. b. The Developer estimated permits and fees costs at $21,000 per-unit, or $210,000. The City staff should verify the accuracy of that estimate. C. A $25,000 allowance is provided for security costs incurred during the construction period. d. A$50,000 allowance is provided for marketing and sales office costs. e. Model decoration costs are estimated at $50,000 per unit, or$100,000 for the two model units. However, it is assumed that 50% of these costs will be recovered upon sale of the model units. Thus, the net model decoration costs are estimated at $50,000. KEYS ER MARSTON ASSOCIATES INC. Page 5 5. Project financing and closing costs consist of the following components: a. Interests costs incurred during construction and absorption are estimated using an 8.5% interest rate. The resulting cost totals $153,000, b. Loan origination tees are equal to 2.0 points, or$34,000. C. The cost of sales is estimated at $74,000. Based on the cost assumptions presented in Table 1, KMA estimates total construction costs at $2.44 million. This equates to $24,030 per unit before consideration of land acquisition costs. KMA compared these costs to the Developer estimates and found several differences on a category-to-category basis. KMA re-categorized the costs and identified the following significant differences between the pro formas: 1. The Developer's shell cost estimate is $16 per square foot higher than the KMA estimate. This generates a $407,000 difference ($1,701,000 vs. $1,294,000). 2. The KMA pro forma includes numerous indirect cost categories that are not specifically delineated in the Developer pro forma. Nonetheless, the KMA indirect cost estimate is $13,000 lower than the Developer estimate ($527,000 vs. $540,000). 3. The KMA finansinglclosing cost estimate is $36,000 lower than the Developer estimate ($324,000 vs. $360,000). . When the cost differences are cumulated, the KMA estimate is $456,000 lower than the Developer estimate. This represents a nearly 19% difference, which should be considered a significant differential between the estimates. Sales Revenue The Developer pro forma included the following unit mix, unit sizes and pricing projections: Plan 1 Plan 2 Number of Units 4 6 Unit Size (Sq. Ft. GSA) 2,414 2,537 Sales Price Per Unit $299,000 $309,000 Per Square Foot of GSA $124 $123 KEYSER M ARSTON ASSOCIATES INC. Page S Based on the proposed unit mix and the pricing assumptions, the gross sales proceeds are projected at $3.05 million. It is further assumed that the homes would be sold out within two months following the Project's completion. Residual Land Value To determine the fair reuse value of the Site, KMA subtracted the estimated construction costs, plus a threshold Developer return, from the projected gross sales revenues. Based upon gross sales proceeds of $3.05 million and a 10% developer return on sales revenues, the residual land value for the Site is estimated at $307,000. This equates to approximately$30,700 per unit. DEVELOPER LAND PURCHASE PRICE The executed DDA requires the Agency to reimburse the Developer for the actual off- site improvement costs incurred up to a maximum of $89,000. Thus, the Developer land payment must be reduced from $307,000 to $218,000. The Developer has also identified $372,000 in engineering; legal and accounting; architecture, and; presentation costs that they have defined as extraordinary. Of this total, they attribute $126,000, or 34%, to the Project. KMA has no basis on which to determine which party to the transaction mandated that these costs be incurred, nor do we have any back-up documentation of the cost amounts or the rationale for the cost allocation to the Project. Therefore, if the Agency chooses to allow extraordinary costs to offset the land purchase price, it will be necessary to obtain substantiation of the costs to be credited. CONCLUSIONSIRECOMMENDATIONS _ The results of the KMA analysis indicate that the Site has a fair reuse value of $307,000. When that is reduced by the $89,000 reimbursement of off-site improvement costs funded by the Developer, the net purchase price that should be paid to the Agency is $218,000. If the Agency chooses to accept some or all of the extraordinary costs identified by the Developer, the land purchase price should be reduced on a dollar-for-dollar basis. It is important to consider that the current Developer proposal implicitly requires the Agency to donate the Site to the Project at no cost, and to provide direct financial assistance to the Developer. If that is the case, it is clearly in the Agency's best interest to maintain ownership of the Site rather than to convey it to the Developer. KEYS ER M A RSTON A SSOCIATES INC. Page 7 It is further important to understand, that the residential real estate market has improved significantly since the Agency re-negotiated the financial terms for the draft DDA prepared in 1996. It is therefore unreasonable to apply the supportable land value from that time to a Project that could be underway during the near-term. Thus, KMA recommends that the Agency prepare an amendment to the DDA that accurately reflects the current strength exhibited in the market place. KHH:gbd 88687.fiTB 14066.001.040 KEYS $ R M ARSTON ASSOCIAT ES INC. TABLE 1 ESTIMATED CONSTRUCTION COSTS BEACHIfALBERT:10 UNIT SINGLE-FAMILY HOME PROJECT HUNTINGTON BEACH,CALIFORNIA 1. Direct Costs Site Work/Landscaping 10 Units $17,200 /Unit $172.000 Building Shell 24,878 Sf GSA $52.00 /Sf 1,294.000 Common Area/Recreation Imps. Allowance 122,000 Total Direct Costs $1,588,000 11. Indirect Costs Architecture&Engineering 4.0% Direct Costs $64.000 Permits&Fees? 10 Units $21,000 (Unit 210,000 Taxes, Ins.,Legal&Accounting 3.0% Direct Costs 48,000 Security During Construction Allowance 25,000 Marketing/Sales Office Allowance 50,000 Model Decoration(Net of Recapture) Allowance 50,000 Development Management 2.0% Direct Costs 32,000 Contingency 3.0% Direct Costs 48.000 Total Indirect Costs $527.000 III. Finan� clnca/Closlna Costs Interest During Constructions 8.5% Interest $153,000 Financing Fees 2.0 Points 34,000 Cost of Sales 137,000 Total Financing/Closing Costs $324.000 IY. Total Construction Costs $2,439,000 Construction Cost Per Unit $243,900 Includes all contractors general requirements costs, fees and profit. 2 Based on Developer estimate. a Assumes 12 month construction period and 2 month absorption period. PREPARED BY: KEYSER MARSTON ASSOCIATES,INC. FILENAME: 1 B-jan;DevCost;9l25W TABLE 2 ESTIMATED LAND VALUE BEACHffALBERT: 10 UNIT SINGLE-FAMILY HOME PROJECT HUNTINGTON REACH,CALIFORNIA 1. Sales Revenues 10 Units $305,000 /Unit' $3.050.000 11. Costs Construction CostS2 $2.439,000 Threshold Developer Profit 10.0% Value 304,000 Total Cost $2.743,000 Ill. Residual Land Value $307.000 /Unit $30,700 /Sf $9.80 Weighted average price for Plan 1 and Plan 2. 2 See TABLE 1. Prepared by.Keyser Marston Associates,Inc. File dame:IBijan;LncMe;9125198 Elevations and Floor Plans I- dill 24 PLAN ICR f LOTS PLAN?AF I IDt 7 11 AN lfl= M AN?Pll I OT 9 KAM?Al 101 10 poqwx KWFM.tANE LBORMD r : vlx� o"m ELEVATION CC c 6WI4 maim nwr cemmwm T" • ffru"DM TRW • Flucco CM."La c................ZO oj.Twwa 17) MAN I 91110T 46 MAN INPIOT 5 ELEVATION DD SASSOUNIAN ---PARKSIDE COURT- 5 ;!_7 1ti n" n6b J. rtz Wiltt IF n"fib IIVit I -Am zj 67-5• li-&I K*Ftlt CAMP "Mv.119 MAN?At I OT tO 1-1 AN 21111.01 9 I'l AN BARI I III 1 11 AN IA!I nT 7 MAN ICRI 101'6 TALBERT AVE. STREET ELEVATION v MAT emcomm ism a ovm"M p Wnfl"elpsome V-4p W-V ts-9 (Tit :11 11 W- 1 11 A Ml . lo LK1111'r raw to )mWr - 'FBI n" PI AN 2411 Of 10 M A-42101 LIM q 14 AN IRRY I III S 11 AN 2AI I FIT I 11,At4$(TJ IDT I- SECTION RE RkWMAN ZME30=11,11 SASSOUNIAN PARKSIDE COURT- - IMU -M-, MORIBMA-Ml 6 -fit 1� Un.4l Ilrfffr Um j �- 1 w nr I" Jill -Alt r rf1 of 7�r`ky..�•i t! r �ruA, .,q�tv+�•�„f ry �..��♦Tt" •v 1 � S' �;?'7 �i��rY � �i,l :e;- { ���,��iJ1 �+ ni KI r'�t�t '�".{..'i ' f'r:. 11C 4w'++�7+iI V�'i�•s^t�S' •:4'Y�• `'P jI�1•_ .r,.11}t,s ..;. �'•r� 5: r.i+.f-!::ol+l6� a PLAN W LOTS MAN 2bRl lCrT4 MAN IC!LOT) PLAN UPI/LOT 2 PLAN 2RRl LOT 1 e,7laeNly: EXISTING SIDEWALK ELEVATION w a,.nlr,.nlcce .00P fwlTlfef P n:AT OXOM&R MS a IIV[EP oww riY . .n/fcb co"" XMI _• ��[ `t1`L� TY`-' 3Ak I HW I e I I r I , f f -, + y..t `� 1.+ i Ilclrrrrr,.la+rli m�� rrlsrlr+crnrsn+o �—•.� 1� ! .� ---.--.. .� � '�� 1( - = ' MAN 101 1($1 5 M AN 211x1101 4 r7 AN 1(•r 101 1 11 AH 2+R/I171 ) I'I.AN?RRl I Ot I IO+..Ir .11E ULIAM _ SECTI.ON rr rn 111M � ,. SASSOUNIAN ` •mil -�_ _=. PARKSIDE COURT - 1 [MIMEHIT HE Awl vx! w uw�u�.as•u r[ PLAN 211RMOT1 PLAN 2AMOT10 JOYFUL LANE STREET ELEVATION .�r"� f•11•N SASSOUNIAN «, PARKSIDE COURT M 1� L .7 L , Jilt Z TA1. nFRT A V C. NU E. / ►•:la.,. 71 C�•Ii.1.V.4.�..1 1.1 ...ti .Li1l+�i 1.r+1 W K fr PMJW 01\TAIK'R TRIAPAXII NO ST■UCTLR R OR LANtIWA.INO OW'K r OtInI1 1 1 f. PLAN ICR/LUTE .,e PLA'12AfLOT7 ._• rf.AlY $IIR/I.OTA4..• I.1.AN 711l1.111.9 �. PLAN 2Anj)•rlo I 1 I lb'•1 Mt.l. 1 ' 1 r MUM•rAXU4tll4 1 1 1 NO A 9TAndINO I I 1 i i w i 1 1 SPACES y� "'i V S ADMTT4NA1.M.It KINQ r.C.1.1 wOPLAhJ1R/LOT! PLAN 2RR/LOTS PLAN 2AR/LOT2 PLAN 2RR/LOT$ "I ....J [F; r • r # may - X I ul MIT ��� •',•---_------------: r--------_� r--_-___.. .. ; OMN81!/AtrLICAAITe ;" RXIST1NO ATTACIM110 R1?SIIN N'1'IAI. 1 I ~ ,cvcA�rT rn+nsvlaw..IUIna a++41e {vrrAR..mow vY•o11/AAl1 f•„•N SASSOUNIAN `' PARKSIDE - COURT ---------- �I PAT* 7A m M. SEID@tM 0. 40ARAGE 11 FANMY f 1171014 11 .IA.I It AII :LAki F n��Rb•� Af 18'4r_ PLAN 1 • 21,414 SQ. FT. UNTAN SASSO" PARKSIDE COURT j I U N T I N G j.CLPL_f-Lr.=- [ 2 I-It I tre % Pra y Pro J$, era y b �- ------- *P!IMN `; PIAI.CfWT TATIn rlPDRP•i 2 -... .' PF..bItM 4r •RTP•41fiH •,� 1 1 1 1 I HwN.-4 ul b l �' III 1 1 �::� .•... • t a r.t� uvrnlq P.ItiAj,"', mA.I •t e RA7RM W9.-*I .11T ' C7 PLAN 2 • 2,537 SQ. I;I'. ,•PI•U ES PARKS IDE COURT i .A 3 "f wr Tj I.I. a n1 TT_I I F.Ig. ir PLAN WR/1.4VT6 PLAN 7A/1,01 7 PO AN I flit/I I I'H PLAN 71111 M'9 PLAN 2A/1.ar10 S C T 1 0 N AA rri lWW T IT AM mtc ALIT Q rwa Ek o lg� :> ill AN 7'Alt/1.012 I'l AN 21111 OF -0 n S C T 1 0 N 11 rl i�z 1.11." ni MAN 7-1 AkW vmxcwz� SASSOUNIAN 4 PARKSIDE COURT -- RCA ROUTING SHEET INITIATING DEPARTMENT: Economic Development SUBJECT: DDA Amend ment—Sas so unlan Capital Ventures COUNCIL MEETING DATE: Februa!y 1, 1999 1 JF% ::::­­­!::S .......... CA1;ATTACHMENTS :�: :::; TATUS ........ ............ Ordinance (w/exhibits & legislative draft if applicable) Not Applicable Resolution (w/exhibits & legislative draft if applicable) Attached Tract Map, Location Map and/or other Exhibits Attached Contract/Agreement (Mexhibits if applicable) (Signed in full by the gLtZ Attornyl Attached Subleases, Third Party Agreements, etc. (Approved as to form by Ofty Aff omey) Not Applicable Certificates of Insurance (Approved by the City Affomey) Not Applicable Financial Impact Statement (Unbudget, over$5,000) Not Applicable Bonds If applicable) Not Applicable Staff Report_(If ap2licable) Attached Commission, Board or Committee Report If aeplicable) Not Ap2licable Findings/Conditions for Approval and/or Denial Not Applicable EXPLANATION FOR MISSING:ATTACHMENTS :!::,:::,:'::::::,:;:!,:,::::::.,,,::,::.::.::; FORWARDED: ........... ... ......... .......... ................ REVIEWED RETURNED Administrative Staff Assistant City Administrator (Initial) City Administrator (Initial) City Clerk EXPLANATION .FOR RETURN OF 11 (Below Space For Chk Verk's Us6 Only) I I RCA Author. �9q j3j DU)1V- EC Council/Agency Meeting Held: IoDD,�31> VApprgved rred/Continued to: ❑ ditionally A prove ❑ Denied Clerk's Signature Council Meeting Date: JAn a 19, 1999 Department ID Number: ED 99-06 Ad APP,wY�4 -D CITY OF HUNTING BEAH 017GC ct nO' REQUEST FOR COUNCIUREDEVELOPMENT AGENCY ACTION SUBMITTED TO: HONORABLE MAYOR/CHAIRMAN AND CITY COUNCIL _ MEMBERSIREDEVELOPNIENT AGENCY MEMBERS SUBMITTED BY: RAY SILVER, City Administrator/Executive Director • PREPARED BY: DAVID C. BIGGS, Economic Development Directo > � SUBJECT: Continue Public Hearing Item D 2 to Monday, February 'I, '1999� x� E ent of Issue,Funding Source,Recommended Action,Alternative Action(s),Ana1y513,environmental Status,A�chntInt(s) Statement of Issue: Due to a delay in the completion of a document related to this proposed transaction, staff is requesting that the noticed public hearing be continued to Monday, February 1, 1999. This will allow the Agency to avoid the expense of publishing the legal notice again. Fundinq Source: NIA Recommended Action: Motion to: Continue Public Hearing Item D-2 to Monday, February 1, 1999. Alternative Actions : Do not continue Item D-2 and instruct staff to take some other action. Analysis: NIA Environmental_ tatus: NIA Attachments City er Cl ' . - . . RCA Author: Brown, ext.8831 Council/Agency Meeting Held: (ocn.3o Deferred/Continued to:&9l9 9 0 Approved O ConditionaCy Approved O Denied _ ,W,/ryvity Clerk's Signature Council Meeting Date: 12/21/98 Department ID Number: ED 98-47 CITY OF HUNTINGTON BEACH REQUEST FOR COUNCIUREDEVELOPMENT AGENCY ACTION SUBMITTED TO: HONORABLE MAYOR/CHAIRMAN AND CITY COUNCIL MEMBERS/REDEVELOPMENT AGENCY MEMBERS SUBMITTED BY: RAY SILVER, City Administrator/Executive Directora2o';p PREPARED BY: DAVID C. BIGGS, Economic Development Director SUBJECT: Continue Public Hearing Item D-2 to Tuesday, January 19, 1999 Statement of Issue,Funding Source,Recommended Action,AltematIve Actlon(s),Analysis,Environmental Status,Attachment(s) Statement of Issue: Due to a delay in the completion of a document related to this proposed transaction, staff is requesting that the noticed public hearing be continued to Tuesday, January 19, 1999. This will allow the Agency to avoid the expense of publishing the legal notice again. Funding Source: NIA Recommended Action: Motion to: Continue Public Hearing Item D-2 to Tuesday, January 19, 1999. Alternative Actions : Do not continue Item D-2 and instruct staff to take some other action. Analysis: NIA Environmental Status: NIA Attachment{s]: City Clerk's� RCA Author. Brown,ext.8831 RCA ROUTING SHEET INITIATING DEPARTMENT: Economic Development SUBJECT: Continue Item D-2 COUNCIL MEETING DATE: December 21, 1998 RCA ATTACHMENTS STATUS Ordinance (w/exhibits & legislative draft if applicable) Attached Resolution (wlexhibits & legislative draft if applicable) Attached Tract Map, Location Map and/or other Exhibits Attached Contract/Agreement (wlexhibits if applicable) (Signed in full by the City Attorney) Attached Subleases, Third Party Agreements, etc. (Approved as to fort by City Attome ) Attached Certificates of Insurance (Approved by the CityAttomey) Attached Financial Impact Statement (Unbudget, over $5,000) Attached Bonds (if applicable) Attached Staff Report (If applicable) Attached Commission, Board or Committee Report (If applicable) Attached Findings/Conditions for Approval and/or Denial Attached EXPLANATION FOR MISSING ATTACHMENTS REVIEWED RETURNED FOR RDED Administrative Staff { ) ( ) Assistant City Administrator (Initial) { ) { ) City Administrator(Initial) ( ) { qv ) City Clerk ( ) EXPLANATION FOR RETURN OF ITEM: J:ji (Below Space For Cif]�Clerk's Use Only) RCA Author: dam : /��� � NOTICE OF PUBLIC HEARING REGARDENG ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS NOTICE IS HEREBY GIVEN that, at its regular meeting to l held at r p.m., or as soon thereafter as the matter can be heard, on , [ , 1999, in the City Council Chambers of City Hall, 2000 Main Street, Huntington Beach, California, the City Council of the City of Huntington Beach (the "Ciy") will conduct a public hearing as required by Section 147(f) of the Internal Revenue Code of 1986, at which it will hear and consider information concerning the proposed issuance by the California Statewide Communities Development Authority of multifamily housing revenue bonds in an aggregate principal amount not to exceed $6,500,000 to finance the construction and development of a 140-unit multifamily rental housing project located at Southeast corner of Beack & Ellis/, Huntington Beach, California, and generally known as Huntington Beach Studios (the "Project"). The Project will be owned and operated by Bay Development Group, LLC, a Limited Liability Company or affiliated entities. Those wishing to comment on the proposed financing and the nature of the Project may either appear in person at the public hearing or submit written comments, which GICAK must be received by the CityApnor to the hearing. Written comments should be sent to the City of Huntington Beach, 2000 Main Street, Huntington Beach, California 92648, Attention: City Clerk. . Y,-I " CCJ.tiCMeC ��Glt'f.�� rt�+ i zreC 3 f- C71y} S3G—S-se, CITY CLERK CITY OF HUNTINGTON BEACH Dated: l Z , 1999 [date must be at least 14 days prior to bearing date] Ad PROOF OF PUBLOCATHON STATE OF CALOFOf NOA) County of Orange ) P�OTO C CJ04 q®40C OF 6 UISLOC NEMOg0 OandBMID900 I am a Citizen of the United States and a 113SUAMCIROF --t°nUL?0 F=0&.T resident of the County aforesaid; I am °�®14D .00000 qOD[ over the. age of eighteen years and not a NOTICE is HEREBY / GIVEN that, at Its regular party to or interested in the below meeting to be held at 7:00 p.m., or as soon thereafter entitled matter. I am a principal clerk of as the matter can b heard, on February 1, 1999, in the City Council the HUNTINGTON BEACH INDEPENDENT a chambers of City Hall, 2000 Main Street, Hunting- newspaper of general circulation printed toy Beach. California, the b C' Council of the C' of Huntington Beach %9 and pu lished in the City of Huntington "City") will conduct a pub- lic hearing as required by Beach, County of Orange, State of Sectlon 147e of the Inter- nal Revenue Code of 1986,1 California, and that attached Notice is a at which :t will hear and consider Information con-I true and -complete' copy as was printed corning the proposed Issu. ante by the CaliforniaState ) De- and published in the Huntington Beach velop entAutde mrityof De- ' velopment Authority of mul- tifamily housing revenue and Fountain Valley issues of said bonds in an aggregate, principal amount not to ex-1 newspaper to wit the issue(s) of: teed$6,500,000 to finance, the construction and de- velopment of a 140-unit multifamily rental housing i project located at South- east comer of Beach Bou- levard&Ellis Avenue,Hun- tington Beach, California, January 14, 1999 , and generally known as i Huntington Beach Studios wile be ProjownedThandPopecr-t ated by Bay Development- Group, LLC, a Limited l- ability Company or affili- ated entities. I declare, under penalty of perjury, that Those wishing to com- mentthe foregoing is true and correct. ncngnandthe natua of nanci the Project may either app-- pear in person at the pub- lic in or submit wrft- ten cmmm", which must Executed on be ••stewed by the City January 14, 19 9.9 _ Clerk prior to the hearinngg Written comments should at Costa Mesa, California. be:cent io the City of Hun- Beach, 2000 Main Street, Huntington Beach, cCalifornis 32648, Attention: tCity Clerk.Further Informa- •Ition may be obtained from the Economic Development, Department, aregg Brown,. IDevelopmsnt Specialist - �(714)06-5_58n�2. ippy/�W/ ' ' i9\h.iY�LTi J�®NVW4JLV1( • • - ,I �04V e;'SCSRCS € ORTV OF Signature::. N1umumaTOM 19MCN Dated:January 12,1999 Published Huntington 18each-Fountain Valley In- Idependent January 44, 11999. 012-440 PROOF OF PUBLICATION STATE OF CALIFORNIA) ) SS. PVBUC NOTICE i County of Orange } noiREOF PUBLIC Mama .FXWOWa 1 am a Citizen of the United States and a --MMUMt"ex°4i resident of the County aforesaid; I am �'D"s��"_'! over the age of eighteen years, and not a Owed7f a he relp Y me"to to hold at 7:00 party to or interested in the below m..or s stoopter then"can be entitled matter. I am a principal clerk of heard, do February ,, �, i, the �,! the HUNTINGTON BEACH INDEPENDENT, a 2M M' Sveek Huntlnq- • • Ion f3pch, C.Milomia, the newspaper of general circulation, printed city the of b HUrll!nylon Beech 71he and published in the City of Huntington '�tr",wW conduit a pub- lic hwing ae rewred by Beach, County of Orange, State of 147;0 of the Inter- and that attached Nottice is a 0 i—huo f �f' ' California, CConsider 1 aamahion r' true and complete copy as was printed ceminq the proposed is ancu iyy the Ceilfornla Do- and published in the Huntington Beach S"�'�'TMofity of D" veloamant A,Anoriry of mul- and Fountain Valley issues of said 00nd`y flou'�+g ponds fit an a r a i prirK**am,3unt to ex- newspaper to wit the issue(s) of: ce $6.500000 to nnance +he 00-4vuct+on and de- �elaiprrMrrt of a 140arnil mulCftartdly rental housing probed WSW at soum- eaat corner of Beath Bou- levard&Eft Avarnu,Hun- tn�Y on Beach,�lon tterth 5nraias oe Cal"Mrds. January 14, 1999 Hun* WV" os Hu itw raw 1. 11r F"'000 IwR be owned and opar- a0ad &I Bay Oavdopmer+t 3roup, t1C, a Umhed U- epay oompany or aft- declare, _under -penalty of perjury;--that - - io corn= rnelffl the foregoing is true and correct. r' "°wd ,Of Paler inn ad`Pwaon of"Pull- na hoeiam or sWWW wrn- tan Awoow.W~ must be i by ow CRY Executed on _ Janua= 14, a«K pfflor 10 WUMM at Costa Mesa California. wa m"may lr,plf+n Oaad+, X= ma+n sf,..t. 1t.ttr+ptpn Bw.tt. cartariiia�a+e. Attantbn: irrtavrra- .ton INN no obtOW«om OWN- — lam I f VM OF [ Signature ,, ,12.1909 Pubiiehed Huntington aardr*Lain Valley 14- dependant January 1 , 190. ap'rl5val or the�[spoel"son t PUBLIC NOTICE and Development Apree- A1 IfOTICE OF ra1NT ent and the sale of real PUBLIC mamma I" prop"and the canna and condttloru therefor. THE CITY COUNCIL.OF The Agency has prepared PROOF OF P U B LI CATS O N THE -CITY OF HUN• a Summary Report in con- iTINOTON BEACH AND nocaon with the Agreetrant jTHE REDEVELOPyENT describes and specl- AOEfaCY OF THE CEt'Y I&T1k Cost to the A"%-y STATE OF CALIFORNIA) .aF -HrJNTI A PM ob. The reement BEACH ON A PRO•' b. The estlmatsd vacua of 'POSED DISPOSITION Vie Ineareat to be BOW,d. } SS. _AND DEYELOPM€NT Q)IG Ot V*prNg ! AGREEMENT PROV � County of Orange ) .� NG FOR THE SALE OF IndN the RKIten, .red � e lop �a. 'REAL PROPERTY and with the condrtiom I.WITHIN THE TALBERT• Covenants, and d"op- BEACH REDEVELOP- meat costs required by the I am a Citizen of the United States and a '°AR A F THE 7 Y OF safe._ The purchase :AREA of THE cmr of resident of the County aforesaid; lam ;.�o" °,a°N,,,' ,. �lie� is Was TAL VENTURES.INC, at t the fair market Von- over the age of eighteen years and not a or years, and ,.NOTICE I$ MEREBY ' party to or interested in the below GIVEN that Cl unu�°n�Ww d«.n>� Me silt nt and beet tree con - party alIf°r"la the etetent ankh d» ' entitled matter. I am a principal clerk of �J�Me Redevelop. 'a"A explanation at ant Agency a the Cly of the We watt aaMet In the the HUNTINGTON BEACH INDEPENDENT a unlinglon Beach (the elimVNjonofbtlght. newspa er of general circulation printed 1." li s�!' od°°°"TM e. Other perLner- .�- I er 21,1698it the hour o1 Act the above stated day, 03 pm., or as soon hour, and ptace, any and an published m the City of Huntington erea}terasthemattercan perms haying objo BeachCounty of Orange State ofa herd' a` T°DQ ache press support°f orep �° •x- � voet, Hunthipton Beach. si•fomia, In the Council press Disposition of and Ds- pro- California;-and that-attached..Notice _is.a . chambers, pursuant to the ,rMop en�t�A same, the a1 fomla Community Re- pressed sate of teat prop- true and complete co as was ranted davelopme^' yaw Health M„or the proposed to P PY printed and safe y coda set,to„s and condtlipns Mwel°r. or and ublished in the Huntin on Beach 300°'"seq.""the p`r- the regularity of any of thep gt pose of considering the ap- prior proceed4ngs,may ap- and Fountain Valley issues of said kposnon fand�Ewe odpheM end be anheard,eeCity e newspaper to wit the issue(s) of; Agreement ("thetAgree- the Di � P�a tent") between the Agency and Sassounian Agreerne+n. Capital Ventures, Inc..' a Posed sale or reel property. I Cal,lornia -corporation of and the proceed to-ms "State of Cafltom,a I'•De• and Condillons therefor, December 3, 1998 weloperl. The Agreement Any persons desirlt'g to be provides for the sate of sp- heard at the hearing wil:be proximately 0.68 acre par- afforded an opportunity to December 10, 1998 eel of real property be heard. bounded by Talbert Street, At any time not later than December 17, 1998 ,1cyh� E"1° ifid the hO" W 'or "~ring• Drf+re(the"'31n'T wNtMn any person ob}ectirM to or Cit 's Redevelopment suNvrfng the proposed Protect Arse, Disposition and Develop. the Tatbsrt%ech menl AgreemeK the pro- declare, under • enal ofperjury, that t Protect-Sub-And posed sale of real prov "y - P t?' l»"Ptact� may the foregoing is true and correct. to D.p Wd the� wffh On�,ty Cler,r Ift a sue. onxilon rhreon by Do- menu of w. or her objeo-' �of a ample tsmNy tons tharslo or support d devMopment, Rwreot. The pm of the joM+t T'ra 00eumer+ts referred Executed On _December 7 . 'i 99� ,public hearing Is to COr, to above are available for .. aWar• public inspection and at Costa Mesa California. 1. The proposed seta of capyl►,p during r. w9of I real property by the lice bows al the o of tD Developer. E1e Gt�l CWN and C*x of proposed terms the I d a v a I a p m s n I and CondFtions of such sale Agency. 2 Alain Street of real property_ . HLnfkpton Beach, Cal for- 3. The proposed Dis- nia_ posMon and Development Dated: DECEMBER 1,: • i.! Agreement. 199E - '; 4. All evidence and to"- CORKIN. BROCKWAY, mony for and_against the Cft Ck"M the Cft of �� Mrnutlirsiton Sea" wad Signature oseve �AY�+r+d]►R o�» City of Huntington mooch LBe ublished Huntington ach-Fou Ir} pendent Decermn 3, to•17,1998 121.313 to V- wp E l G ill 16 #a .1 1 All IL �y� r R o . _ ���: I 'a all I one 0 s p 4 � � g . 8 LOCI �so, r, ti E p •. 16 v�oi o ° osoo1v $ i * iF� � d�pill! XdW t HUNTINGTON BEACH • FOUNTAIN VALLEY Independent THE NEWPORT BEACH•COSTA MESA PILOT Client Reference # Independent Reference # Dear Advertiser: Enclosed please find clippz of your ad from the first publication, beginning - 3-'9;/ If you need to make any changes or corrections, please call me at your earliest convenience. The cost of this publication will be $ 33 7 Thanks for your cooperation and patronage. Sincerely, 'Judy O`etting Manager Legal Advertising Department 18682 Beach Boulevard, Suite 160 Huntington Beach, CA 92648 (714) 965-3030 (714) 965-7174 FAX t'vRRecfld 71af�e.el FA Ye-G t��bl►af� dates 1.7-13, /.1I/01 /a/il I;VaI f4.C- NOTICE OF JOINT PUBLIC HEARING BY THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH AND THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH ON A PROPOSED DISPOSITION AND DEVELOPMENT AGREEMENT PROVIDING FOR THE SALE OF REAL PROPERTY WITHIN THE TALBERT•BEACH REDEVELOPMENT PROJECT SUB-AREA OF THE CITY OF HUNTINGTON BEACH TO SASSOUNIAN CAPITAL VENTURES, INC. NOTICE IS HEREBY GIVEN that the City Council of the City of Huntington Beach, California, (the "City") and the Redevelopment Agency of the City of Huntington Beach (the "Agency") will hold a joint public hearing on December 21, 1998, at the hour of 7:00 p.m., or as soon thereafter as the matter can be heard, at 2000 Main Street, Huntington Beach, California, in the Council Chambers, pursuant to the California Community Redevelopment Law (Health and Safety Code Sections 33000, et sea.) for the purpose of considering the approval of a proposed Disposition and Development Agreement ("the Agreement") between the Agency and Sassounian Capital Ventures, Inc., a California corporation of the State of California ("Developer'). The Agreement provides for the sale of approximately 0.68 acre parcel of real property bounded by Talbert Street, Joyful Lane, and Happy Drive (the "Site") within the City's Redevelopment Project Area, specifically the Talbert-Beach Redevelopment Project Sub-Area of the City of Huntington Beach (the "Project Area"), to Developer and the construction thereon by Developer of a single family residential development. The purpose of the joint public hearing is to consider: 1. The proposed sale of real property by the Agency to Developer. 2. The proposed terms and conditions of such sale of real property. 3. The proposed Disposition and Development Agreement. 4. All evidence and testimony for and against the approval of the Disposition and Development Agreement and the sale of real property and the terms and conditions therefor. The Agency has prepared a Summary Report in connection with the Agreement which describes and specifies: a. The cost to the Agency of the Agreement. b. The estimated value of the interest to be sold, determined (i) at the highest and best uses permitted under the Redevelopment Plan, and (ii) at the use and with the conditions, covenants, and development costs required by the sale. C. The purchase price, and an explanation of why the purchase price is less than the fair market value of the interest to be conveyed, determined at the highest and best use consistent with the Redevelopment Plan. d. An explanation of why the sale will assist in the elimination of blight. e. Other pertinent economic analysis. At the above stated day, hour, and place, any and all persons having objections to or wishing to express support of the proposed Disposition and Development Agreement, the proposed sale of real property or the proposed terms and conditions therefor, or the regularity of any of the prior proceedings, may appear and be heard before the Agency and the City Council on the proposed Disposition and Development Agreement, the proposed sale of real property and the proposed terms and conditions therefor. Any persons desiring to be heard at the hearing will be afforded an opportunity to be heard. At any time not later than the hour set for hearing, any person objecting to or supporting the proposed Disposition and Development Agreement, the proposed sale of real property or the terms and conditions therefor, may file in writing with the City Clerk a statement of his or her objections thereto or support thereof. The documents referred to above are available for public inspection and copying during regular office hours at the offices of the City Clerk and Clerk of the Redevelopment Agency, 2000 Main Street, Huntington Beach, California. Dated: , 1998 City Clerk of the City of Huntington Beach and Clerk of the Redevelopment Agency of the City of Huntington Beach Publish: December 3, 1998 December 10, 1998 December 17, 1998 DRAFT SECTION 33433 REPORT AMENDMENT TO THE DISPOSITION AND DEVELOPMENT AGREEMENT BETWEEN THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH AND SASSOUNIAN CAPITAL VENTURES, INC SUMMARY OF NEW BUSINESS POINTS Aaencv Obligations: The price of the Agency-owned .72 acre parcel to the developer shall be reduced to $307,000. Based on an analysis by the Agency's economic advisor, the fair reuse value of this site is $307,000. The price will be off-set by the costs of off-site Improvements provided by the developer ($89,000); and a maximum of $10,000 as the Agency's contribution toward landscape improvements within the Joyful Lane right- of-way; and by the developer's deposit of $25,000 plus interest both as provided In the original DDA. Developer Obli_.atg ions: The developer shall pay for and take title to the Agency parcel within 120 days of approval of the amendment by the Redevelopment Agency. Conveyance will occur through an escrow company mutually agreed upon by the parties. Conditions precedent to conveyance will include that the developer is not In default at the time of closing and all other conditions precedent Identified In the original agreement The developer will construct ten single family detached residential structures In accordance with Conditional Use Permit (CUP) No. 97- 21/Variance No. 98-15 and Tentative Tract Map No. 14829 (Revised). The developer will amend its Conditions, Covenants and Restrictions for the adjacent residential project, Pacific Park Villas, to include the maintenance and repair of the these landscape and hadscape Improvements as a responsibility of the home owners association at its sole expense. All other terms and conditions of the DDA shall remain as originally stated. Appendix 21 Government Cqde. Section 6066 6066. Publication of notice pursuant to this section shall be once a week for two successive weeks. Two publications in a newspaper published once a week or oftener, with at least five days intervening between the respective publication dates not counting such publication dates, are sufficient. nx period of notice commences upon the first day of publication and terminates at the end of the fourteenth day, including therein the first day. Appendix 22 Government Code, Sections 7260-7277 Chapter 16. Relocation Assistance 7260. As used in this chapter: (a) "Public entity" includes the state, the Regents of the University of California, a county, city, city and county, district, public authority, public agency, and any other political subdivision or public corporation in the state or any entity acting on behalf of these agencies when acquiring real property, or any interest therein, in any city or county for public use and any person who has the authority to acquire property by eminent domain under state law. (b) "Person" means any individual, partnership, corporation, limited liability company, or association. (c) (1) "Displaced person" means both of the following: (A) Any person who moves from real property, or who moves his or her personal property from real property, either: (i) As a direct result of a written notice of intent to acquire or the acquisition of the real property, in whole or in part, for a program or project undertaken by a public entity or by any person having an agreement with or acting on behalf of a public entity. (ii) As a direct result of the rehabilitation, demolition, or other displacing activity as the public entity may prescribe under a program or project undertaken by a public entity, of real property on which the person is a residential tenant or conducts a business or farm operation, in any case in which-the public entity determines that the displacement is permanent. For purposes of this subparagraph, "residential tenant" includes any occupant of a residential hotel wilt, as defined in subdivision (b) of Section 50669 of the Health and Safety Code, and any occupant of employee housing, as defined in Section 17008 of the Health and Safety Code, but shall not include any person who has been determined to be in unlawful occupancy of the displacement dwelling. (B) Solely for the purposes of Sections 7261 and 7262, any person who moves from real property, or moves his or her personal property from real property, either: A - 33 NOTICE OF JOINT PUBLIC HEARING BY THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH AND THE REDEVELOPMENT AGENCY OF TH CITY OF HUNTINGTON BEACH ON A PROPOSED DISPOSITION AND/ DEVELOPMENT AGREEMENT PROVIDING FOR THE SALE OF RE A PROPERTY WITHIN THE TALBERT-BEACH REDEVELOPMENT PR JECT AREA OF THE CITY OF HUNTINGTON BEACH TO SASSOUNIAN APITAL VENTURES, INC. NOTICE IS HEREBY GIVEN that the City Council of the C' of Huntington Beach, California, (the "City") and the Redevelopme Agency of the City of untington Beach (the "Agency") will hold a joint public earing on Decem r 21, 1998, at the hour of 7:00 p.m., or as soon th ea€ter as the matter can be h rd, at 2000 Main Street, Huntington Beach, �a' ornia, in the Council Chambers, rsuant to the California Community Rede opment Law (Health and Safety C e Sections 33000, et seg.) for the purp se of considering the approval of a p posed Disposition and Development Agreement ("the Agreement") bet en the Agency and Sassouniarz apical Ventures, Inc., a California corporate n of the State of California (" eveloper"). The Agreement provides for the sale f approximately 0.68 acr parcel of real property bounded by Talbert Street, Jo Lane, and Happy Dr' a (the "Site") within the Talbert- Beach Redevelopment oject Area of the ity of Huntington Beach (the "Project Area"), to Developer and a constructio hereon by Developer of a single family residential develop m t. The purpose of the joint bli hearing is to consider. 1. The proposed sale al property by the Agency to Developer. 2. The proposed t ms and c ditions of such sale of real property. 3. The propose Disposition and evelopment Agreement. 4. All evide a and testimony for an gainst the approval of the Disposit/nd opment Agreement and the le of real property and the terms atherefor. Tas prepared a Summary Report in nnection with the Agreemcribes and specifies: at to the Agency of the Agreement. b. The estimated value of the interest to be sold, deter fined (i) at the highest and best uses permitted under the Redevelopment Plan, an (ii) at the use and with the conditions, covenants, and development costs required by the sale. C. The purchase price, and an explanation of why the purchase price is less than the fair market value of the interest to be conveyed, determined at the highest and best use consistent with the Redevelopment Plan. d. An explanation of why the sale will assist in the elimination of blight. e. Other pertinent economic analysis. At the above stated day, hour, and place, any and all persons having objections to or wishing to express support of the proposed Disposition and Development Agreement, the proposed sale of real property or the proposed terms and conditions therefor, or the regularity of any of the prior proceedings, may appear and be heard before the Agency and the City Council on the proposed Disposition and Development Agreement, the proposed sale of real property and the proposed terms and conditions therefor. Any persons desiring to be heard at the hearing will be afforded an opportunity to be heard. At any time not later than the hour set for hearing, any person objecting to or supporting the proposed Disposition and Development Agreement, the proposed sale of real property or the terms and conditions therefor, may file in writing with the City Clerk a statement of his or her objections thereto or support thereof. The documents referred to above are available for public inspection and copying during regular office hours at the offices of the City Clerk and Clerk of the Redevelopment Agency, 2000 plain Street, Huntington Beach, Califo.nia. Dated: ' 1998 City Clerk of the City of Huntington Beach and Clerk of the Redevelopment Agency of the City of Huntington Beach Publish: 8 December 3, 1998 December 10, 1998 ?,ea Q mbtr 1'7}1 `? `} SUMMARY REPORT PURSUANT TO SECTION 33433 of the x CALIFORNIA COMMUNITY REDEVELOPMENT LAW i .a 4 on a C.- h DISPOSITION AND DEVELOPMENT AGREEMENT t by and between the to c� THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH and SEAVIEW VILLAGE, A CALIFORNIA GENERAL PARTNERSHIP a A The following Summary Report has been prepared pursuant to Section 33433 of the California Health and Safety Code. This report sets forth certain details of a proposed Disposition and Development Agreement (Agreement) between the Redevelopment Agency of the City of Huntington Beach (Agency)and Seaview Village (Developer). The currently proposed Agreement represents an amendment to a Disposition and Development Agreement that was originally executed in 1991 for a two acre site located at Beach Boulevard and Talbert Avenue. The currently proposed Agreement details the disposition terms forthe .72 acre portion of the site that is owned by the Agency (Site). In 1991, the Agency and the Developer executed a Disposition and Development Agreement that called for the development of 50 condominium units on the two acre development site. In 1993, this scope was reduced to 38 townhouse units. Subsequently, the Developer constructed 22-units on the 31.420 square foot Developer owned property and the 3,750 square feet of encyclopedia parcels. This left only the .72 acre Agency owned parcel available for development. At this time, the Agreement being considered by the Agency calls for the development of 10 single-family homes on the Site (Project). This will result in a development with a total of 32-units. This Summary Report outlines the salient points of the Agreement, which provides for the sale of the Site to the Developer for$307,000 less $124.000 in cost reimbursements. This report is organized into the following seven sections: I. Salient Points of the Agreement: This section describes the Project and outlines the major responsibilities Imposed on the Developer and the Agency by the Agreement. II. Cost of the Agreement to the Agency: This section details and quantifies the costs that have been incurred by the Agency to implement the Agreement. This section also identifies the land payment to be paid by the Developer, and projects the property tax increment revenues that will result from the Project. The net cost to the Agency is defined as the difference between the costs incurred by the Agency, and the sum of the Developer land payment and the present value of the property tax increment generated by the Project. 111. Estimated Value of the Interests to be Conveyed Determined at the Highest Use Permitted Under the Redevelopment Plan: This section estimates the value of the interests to be conveyed determined at the highest use permitted under the existing zoning and the requirements imposed by the redevelopment plan. IV. Estimated Reuse Value of the Interests to be Conveyed: This section estimates the value supported by the Site based on the required scope of development and the other conditions and covenants required by the Agreement. V. Consideration Received and Comparison with the Fair Reuse Value: This section describes the compensation to be received by the Agency,and explains the reasons for any difference between the compensation and the established fair reuse value of the Site. VI. Blight Elimination: This section describes the blighting conditions on the Site. and explains how the implementation of the Agreement will alleviate the blighting influence. VII. Conformance with the AB1290 Implementation Plan: This section explains how the Agreement complies with the redevelopment strategy identified in the Agency's adopted AB1290 Implementation Plan. This report and the Agreement are to be made available for public inspection prior to the approval of the Agreement. I. SALIENT POINTS OF THE AGREEMENT The Agreement requires the Agency to convey the Site to the Developer for the subsequent development of 10 single-family homes. These 10 homes will be designed to integrate with the existing 22-unit project. and both developments will share common areas and one centralized recreation facility. The specific responsibilities imposed by the Agreement on the Developer and the Agency are summarized below. A. Developer Responsibilities 1. The Developer must purchase the Site from the Agency for$307.000. 2 2. The executed Disposition and Development Agreement required the Developer to construct the off-site improvements required to serve the originally proposed project. This obligation has already been fulfilled by the Developer. 3. All costs related to site preparation must be bome by the Developer. This includes providing front yard landscaping for the units. 4. The Developer must pay all fees imposed or charged by the City or other public entities. 5. The Developer must construct the Project at the same quality level as was achieved for the 22-units that have already been completed. B. Agency Responsibilities The Agency must accept the following responsibilities: 1. The Agency must convey the Site to the Developer for$307.000. 2. The Agency must reimburse the Developer for$89,000 in off-site improvement costs that were incurred by the Developer in the Agency's behalf ' ' 3. The Agency must reimburse the Developer for$10,000 in landscaping improvements that were constructed in the Joyful Lane right-of-way. 4. The Agency must refund the$10,000 good faith deposit that was made by the Developer when the original Disposition and Development Agreement was executed. II. COST OF THE AGREEMENT TO THE AGENCY The Agency assembled parcels totaling 25,920 square feet of land area through a series of acquisitions made between 1983 and 1987. In addition,the Agency acquired a 5,500 square foot parcel from the City of Huntington Beach (City)to complete the Site's assemblage. The cost to assemble the privately owned parcels totaled $286,000, and the cost to acquire the City parcel totaled $106,000. Thus, the Site assemblage costs totaled $392,000. The Agreement also requires the Agency to reimburse the Developer for off-site costs and landscaping improvements on Joyful Lane. as well as to return the Developer's good faith deposit. These reimbursements carry a total cost of$124,000. The resulting total Agency costs are$516,000. However,these costs are off-set by the land payment that will be made by the Developer and the present value of the property tax increment that will be generated by the Project over the 19-years remaining in the redevelopment project 3 area life. Keyser Marston Associates, Inc. (KMA),the Agency's financial consultant, projected these off-setting revenues as follows; Land Payment $307.000 Present Value Property Tax Increment 269 000 ' Total Agency Revenue 3576,000 As discussed above, the total Agency costs are estimated at$516,000. Comparatively, the revenues to be received by the Agency have a projected present value of$576,000. Thus, the Agency is projected to receive a net gain of$60.000 in present value terms? Ill. ESTIMATED VALUE OF THE INTERESTS TO BE CONVEYED DETERMINED AT THE HIGHEST USE PERMITTED UNDER THE REDEVELOPMENT PLAN Section 33433 of the California Health and Safety Code requires the Agency to identify the value of the interests being conveyed at the highest use allowed by the Site's zoning and the requirements imposed by the redevelopment plan. The valuation must be based on the assumption that near- term development is required, but the valuation does not take into consideration any extraordinary use and/or quality restrictions being imposed on the development by the Agency. In late 1995,the Agency obtained a highest and best use appraisal for the Site which concluded that residential development represents the highest and best use of the Site. That appraisal report determined that the fair market value of the Site, at the highest and best use.was $290,000. In September 1998, the Agency engaged KMA to prepare an updated valuation analysis for the Site. This analysis concluded that the current fair market value for the Site is$307.000.which equates to$9.80 per square foot of land area. ' Assumes the Site is currently exempt from property taxes because ix is publicly ovmed. The Project value upon completion is set at$3.05 million,the value is increased by 2%annually, the property tax rate is set at 1%, 20%of the property tax revenues are restricted to affordable housing activities and the redevelopment project area terminates in 2018. The revenue stream is discounted back to present value using an 8% discount rate. 2 The property tax increment revenues are projected to have a nominal va!ue of S557,000. Thus, in nominal terms,the Agency gain in projected at$348,000. 4 IV. ESTIMATED REUSE VALUE OF THE INTERESTS TO BE CONVEYED KMA concluded that the proposed Project currently represents the highest and best use of the Site. As such, the fair reuse value of the Site is equal to the established fair market value of $307,000. This equates to $30,700 per unit for the 10-unit Project. V. CONSIDERATION RECEIVED AND COMPARISON WITH THE FAIR REUSE VALUE The Agreement requires the Agency to convey the Site to the Developer for$307,000. Therefore, the consideration to be received for the Site is equal to the established fair reuse value of the Site. VI. BLIGHT ELIMINATION The implementation of the Agreement causes the development of 10 single-family homes on a vacant parcel located within a redevelopment project area. In accordance with the California Redevelopment Law, as portrayed in the California Health and Safety Code Section 33433,the sale of property that results in the development of vacant or underutilized parcels satisfies the blight elimination criteria imposed by Section 33433. Thus, the Project fulfills the blight elimination requirement. Vil. CONFORMANCE WITH THE AB1290 IMPLEMENTATION PLAN The Project represents the final phase of a development that was the subject of an executed Disposition and Development Agreement when the Agency adopted an AB1290 Implementation Plan in December 1994. As such, the completion of the development was explicitly included as an AB1290 Implementation Plan objective. Over time,the Agency has taken all the necessary staps, and completed all the obligations Included in the executed Disposition and Development Agreement,to allow the development to proceed. Thus, the implementation of the Agreement specifically conforms with the AB1290 Implementation Plan goals. KHH:gbd 99 HTB 14066 001.040 5 CITY OF HUNTINGTON BEACH INTER-DEPARTMENT COMMUNICATION Economic Development DepaM=nt To Connie Brockway, City Clerk From David C.Biggs,Director of Economic Development 09 Date February 1, 1999 Subject Late Submittal of Attachment to Item D-3 Attached is a Power Point presentation of Public Hearing Item D-3 for tonight's meeting. Please contact Greg Brown at 8831 with any questions. Thank you for your assistance. DCB:lb xc: Greg Brown,Development Specialist i 6� n x r -C �� C� x- ? N v City of Huntington Beach Redevelopment Agency February 1, 1999 (D-3) Sassounian DDA Amendment • Amendment Needed to Sell Agency Property: — Sale Governed By 1993 DDA — 38 Condominium Units originally planned — 22 Units Completed in Phase I — 10 units proposed for Phase II SI;de z 1 Value of Agency Parcels 1993 DDA: • $417,000 land value/16 units <$26,000/unit Slide 3 f Value of Agency Parcels December 195 Reuse Analysis: • $289,300 land value /13 units <$22,254/unit Slide 4 2 i Value of Agen cy Parcels i Sept. 198 Updated Reuse: • $307,000 land value/10 units <$30,700/unit Slide 5 Recommended Ter»rs • Purchase Price of S307,000 offset by Developer credits: — Offsites: $89,000 — Joyful Lane Improvements: $10,000 — Deposit: $25,000 Slide 6 3 I I I Sassounian DDA Amendment , Completes Project Area Activities I Slide 7 Sassounian DDA Amendment • Less Dense Project • Detached units 1 greater marketability • Entitlements in place Generates estimated tax increment of $30,0001year upon completion Slide 8 I I ' 4 v -- � n 6 c �. s'sma '�asiro J Ci � m R �i 77,77 A. IISA i i�l t ll[ F 1