HomeMy WebLinkAboutSuccessor Agency Agenda StatementSUCCESSOR AGENCY TO
THE COMMUNITY DEVELOPMENT COMMISSION
AS THE NATIONAL CITY REDEVELOPMENT AGENCY
AGENDA STATEMENT
MEETING DATE: June 5, 2012
AGENDA ITEM NO.
ITEM TITLE:
Resolution of the Successor Agency to the Community Development Commission as the National City
Redevelopment Agency authorizing the Chairman to execute, without compensation, a Substitution of Trustee and
Full Reconveyance of a Deed of Trust to East-West Bank which will allow the completion of the pending sale of the
adjacent Revolution 2 site located at the west side of A Avenue and East 12th Street and, simultaneously, removes
the Community Development Commission lien from the condominium unit 401 at the Centro Site located at 45 East
12t'' Street, National City without wing up ownership of said condominium.
PREPARED BY: Alfredo Yban DEPARTMENT: Housing and Grants
PHONE: 619 336-4279 APPROVED B���
EXPLANATION:
This action would authorize the Chairman of the Successor Agency to the Community Development
Commission as the National City Redevelopment Agency (CDC -RA) to execute a "Substitution of
Trustee and Full Reconveyance" document resulting in:
1. the removal of a CDC -RA lien against a Revolution 2 site parcel (APN 556-554-23-0000)
providing clear title allowing for the sale of the property from East-West Bank to The Focus
Group but without compromising any potential civil remedies that may be available against
Constellation Property Group (A Avenue) LP in the future, and
2. the removal of a CDC -RA lien against a CDC -RA owned condominium property located at 45
East 12th...Street, ..National -City, allowing ..for ...an-- encumbrance -of-$2-,500•,000..on title to be
removed to provide East West Bank clear title but without compromising any potential civil
remedies that may be available against Constellation Property Group (A Avenue) LP in the
future.
FINANCIAL STATEMENT:
ACCOUNT NO.
None
ENVIRONMENTAL REVIEW:
Nt
ORDINANCE: INTRODUCTION: FINAL ADOPTION:
APPROVED:
APPROVED:
Finance
MIS
STAFF RECOMMENDATION:
Approve resolution.
BOARD / COMMISSION RECOMMENDATION:
ATTACHMENTS:
1. Background Statement
2. Letter from Focus Group Attorneys (Blanchard, Krasner & French)
3. Draft "Substitution of Trustee and Full Reconveyance"