HomeMy Public PortalAbout16. 2012.07.31 Housing Asset Transfer FormFormer Redevelopment Agency:City of Livermore Redevelopment Agency
Successor Agency to the Former
Redevelopment Agency:Livermore Successor Agency
Entity Assuming the Housing Functions
of the former Redevelopment Agency:City of Livermore
Entity Assuming the Housing Functions
Contact Name:Eric Uranga Title Assistant Community Development Director Phone 925-960-4584 ejuranga@cityoflivermore.net
Entity Assuming the Housing Functions
Contact Name:Francis Reisner Title Housing Specialist Phone 925-960-4582 fdreisner@cityoflivermore.net
The following Exhibits noted with an X in the box are included as part of this inventory of housing assets:
Exhibit A - Real Property x
Exhibit B- Personal Property x
Exhibit C - Low-Mod Encumbrances
Exhibit D - Loans/Grants Receivables x
Exhibit E - Rents/Operations x
Exhibit F- Rents
Exhibit G - Deferrals x
Prepared By:Erik Peterson
Date Prepared:07/31/2012
E-Mail Address
E-Mail Address
All assets transferred to the entity assuming the housing functions between February 1, 2012 and the date the exhibits were created are included in this housing assets list.
DEPARTMENT OF FINANCE
HOUSING ASSETS LIST
ASSEMBLY BILL X1 26 AND ASSEMBLY BILL 1484
(Health and Safety Code Section 34176)
Exhibit A - Real Property
Item #
Legal Title and
Description
Carrying Value
of Asset
Total
square
footage
Is the property
encumbered by
a low-mod
housing
covenant?
Source of low-
mod housing
covenant b/
Date of
transfer to
Housing
Successor
Agency
Construction
or acquisition
cost funded
with Low-Mod
Housing Fund
monies
Construction
or acquisition
costs funded
with other
RDA funds
Construction
or acquisition
costs funded
with non-RDA
funds
Date of
construction
or
acquisition
by the
former RDA
Interest in
real property
(option to
purchase,
easement,
etc.)
1
Improvements - final payment
for Lucky's Store Demo on
Theater Site.$22,954 31-Jan-12 $22,954 17-Aug-09
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
See Tab "Footnote for Real
Property"
b/ May include California Redevelopment Law, tax credits, state bond indentures, and federal
funds requirements.
City of Livermore Successor Agency for the former Redevelopment Agency of the City of Livermore
Inventory of Assets Received Pursuant to Health and Safety Code section 34176 (a) (2)
Type of Asset a/
Land Held for resale
a/ Asset types may include low-mod housing, mixed-income housing, low-mod housing with
commercial space, mixed-income housing with commercial space.
Square footage
reserved for low-
mod housing
In fiscal year 2010-11, Redevelopment housing properties were transferred to the City of Livermore and their balances were removed from the Redevelopment Low Mod Housing books as of June 30, 2011. As redevelopment
agencies came to a close on January 31, 2012 and successor agency’s took over on February 1, 2012, the Livermore Successor Agency (LSA) followed up with the Oversight Board to have the board approve the transfers of
property to the City. The approval of these transferred properties were completed at Oversight Board meetings held on May 16, 2012 and June 6, 2012 shown below in tables 1 and 2.
As part of AB1x26 it is the responsiblilty of the Oversight Board to determine the disposition of property owned by the former Redevelopment Agency after January 1, 2011. On January 9, 2012 the City of Livermore adopted
Resolution 2012-006 which named the City of Livermore as housing successor to assume the housing assets and functions previously performed by the former agency. The housing responsiblilty vested with the City on February
1, 2012 when the former agency expired. The LSA is required by Health and Safety Code section 34177(g) to transfer housing functions and assets from the former agency to the City as the successor to its housing functions.
Health and Safety code section 34181(a) also provides that the Oversight Board shall direct the LSA to dispose of assets and properties of the former redevelopment agency that "were funded by tax increment revenues." In
addition, AB1x26 allows transfer to the City as an alternative to disposition of properties required and used for public purposes.
Under AB1x26 all properties purchased by the former RDA for use in the development of affordable housing shall remain with the identified housing successor agency in order to be developed into affordable housing. The
properties below in Table 1 were purchased for the development of affordable housing projects using City funds and then transferred to the former Redevelopment agency.
Table 1:
Property Address Oversight Board Approval Use of Property
2047 First Street 05/16/2012 Affordable Housing Project
241 North M Street 05/16/2012 Affordable Housing Future Project
242 North N Street 05/16/2012 Affordable Housing Future Project
2121 Railroad Avenue 05/16/2012 Affordable Housing Future Project
2139 Railroad Avenue 05/16/2012 Affordable Housing Future Project
1625-1635 Chestnut Street 05/16/2012 Affordable Housing Future Project
2324 Second Street 05/16/2012 Commercial
In addition, AB1x26 allowed the Oversight Board to transfer to the City (as an alternative to disposition) properties required and used for public purposes. Properties shown in Table 2 fall into this category.
Table 2:
Property Address Oversight Board Approval Use of Property
29 South Livermore Avenue 06-Jun-2012 Proposed Public Plaza
2093 Railroad Avenue 06-Jun-2012 Livermore Village Housing Site
20-22 South L Street 06-Jun-2012 Livermore Village Housing Site
50 South L Street 06-Jun-2012 Proposed Parking Structure
62-90 South L Street 06-Jun-2012 Proposed Parking Structure
2164 Second Street 06-Jun-2012 Exisisting Public Parking Lot
Railroad Ave at North I Street 06-Jun-2012 Proposed Parking Structure Site
2350-2418 Railroad Avenue 06-Jun-2012 Existing Parking Structure
East Stanley Blvd 06-Jun-2012 Vacant Lots
All the properties listed above were approved by the Oversight Board for the Livermore Successor Agencies on the dates shown in the tables above.
Exhibit B - Personal Property
Item #
Carrying Value
of Asset
Date of
transfer to
Housing
Successor
Agency
Acquisition
cost funded
with Low-Mod
Housing Fund
monies
Acquisition
costs funded
with other RDA
funds
Acquisition
costs funded
with non-
RDA funds
Date of
acquisition by
the former RDA
1 $929,432 01/31/12 $929,432 07/12/82
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
a/ Asset types any personal property provided in residences, including
furniture and appliances, all housing-related files and loan documents,
office supplies, software licenses, and mapping programs, that were
acquired for low and moderate income housing purposes, either by
purchase or through a loan, in whole or in part, with any source of funds.
City of Livermore Successor Agency for the former Redevelopment Agency of the City of Livermore
Inventory of Assets Received Pursuant to Health and Safety Code section 34176 (a) (2)
Type of Asset a/Description
Cash on Hand Union Bank Cash
Exhibit C - Low-Mod Encumbrances
Item #
Contractual
counterparty
Total amount
currently
owed for the
Enforceable
Obligation
Is the property
encumbered by
a low-mod
housing
covenant?
Source of low-
mod housing
covenant b/
Current
owner of
the property
Construction or
acquisition cost
funded with
Low-Mod
Housing Fund
monies
Construction or
acquisition costs
funded with
other RDA funds
Construction
or acquisition
costs funded
with non-RDA
funds
Date of
construction or
acquisition of
the property
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
City of Livermore Successor Agency for the former Redevelopment Agency of the City of Livermore
Inventory of Assets Received Pursuant to Health and Safety Code section 34176 (a) (2)
Date contract for
Enforceable
Obligation was
executed
Type of housing built
or acquired with
enforceably obligated
funds a/
a/ May include low-mod housing, mixed-income housing, low-mod housing with commercial
space, mixed-income housing with commercial space.
b/ May include California Redevelopment Law, tax credits, state bond indentures, and
federal funds requirements.
Exhibit D - Loans/Grants Receivables
Item #
Was the Low-
Mod Housing
Fund amount
issued for a
loan or a
grant?
Amount of the
loan or grant
Date the loan or
grant was issued
Person or entity to whom the
loan or grant was issued
Purpose for which the funds
were loaned or granted
Are there
contractual
requirements
specifying the
purposes for which
the funds may be
used?
Repayment date, if
the funds are for a
loan
Interest rate of
loan
Current
outstanding
loan balance
1 Loan 140,917$ April 21, 2011 Nathan Westphal
Homebuyer Loan Assistance through
Disabled Homeownership Program Yes June 1, 2041 4%138,699$
2 Loan $ 61,000 May 26, 2011 Tri-Valley BMR, LLC
Affordable Rental Housing for
Disabled Persons Yes May 14, 2041 3%60,333$
3 Loan 700,404$ October 13, 2003
Livermore Senior Living Associates,
LP
Subsidy Loan; Affordable Senior
Rental Yes April 27, 2027 4% compounded 700,404$
4 Note Receivable 400,000$ July 13, 2009 Murrieta Investors, LLC
Gap financing at Permanent Loan
conversion for Affordable Senior
Apartments (Heritage Estates)Yes July 31, 2013 3% simple 227,811$
5 Loan 1,520,430$ December 12, 1991 Eden Housing
Development of Stoney Creek
Affordable Family Apartments Yes
3% compounded
annual 1,648,297$
6 Loan 420,000$ January 27, 1997 Arroyo Commons Inc
Development of Affordable
Apartments for Disabled Persons Yes May 22, 2035 3% simple 420,000$
7 Loan 4,240,000$ January 12, 1998 Livermore Housing Associates, LP
Development of Owl's Landing
Affordable Residential Rental
Complex Yes January 12, 2053 3% simple 5,716,914$
8 Loan 800,000$ November 27, 2002
Livermore Senior Living Associates,
LP
Development of Senior Continuum
of Care Housing with Affordable
Units Yes November 27, 2059
10% compounded
annual (years 1-17);
5% per annum (years
18-57) if project is
compliant 1,921,663$
9 Loan 2,000,000$ July 18, 2005 Murrieta Seniors Associates,LP
Development of Affordable Senior
Apartments (Heritage Estates)Yes July 18, 2045 3% simple 2,392,383$
10
11
12
13
14
15
16
17
18
19
20
21
City of Livermore Successor Agency for the former Redevelopment Agency of the City of Livermore
Inventory of Assets Received Pursuant to Health and Safety Code section 34176 (a) (2)
Exhibit E - Rents/Operations
Item #
Type of property
with which they
payments are
associated b/
Property
owner
Entity that
collects the
payments
Entity to which
the collected
payments are
ultimately
remitted
Purpose for
which the
payments are
used
Is the property
encumbered
by a low-mod
housing
covenant?
Source of low-
mod housing
covenant c/
Item # from
Exhibit A the
rent/operation
is associated
with (if
applicable)
1
Residential Single
Family Westphal Amerinational CS City of Livermore
LMH Activities
General Yes
Resale Restriction
Agreement N/A
2
Residential
Multifamily
Murietta
Investors, LLC City of Livermore City of Livermore
LMS Activities
General Yes
Disposition and
Development
Agreement;
Regulatory
Agreement N/A
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
City of Livermore Successor Agency for the former Redevelopment Agency of the City of Livermore
Inventory of Assets Received Pursuant to Health and Safety Code section 34176 (a) (2)
Type of payment a/
Loan - Quarterly
a/ May include revenues from rents, operation of properties, residual receipt payments from developers, conditional grant repayments, costs savings and proceeds from refinancing, and
principal and interest payments from homebuyers subject to enforceable income limits.
b/ May include low-mod housing, mixed-income housing, low-mod housing with commercial space, mixed-income housing with commercial space.
c/ May include California Redevelopment Law, tax credits, state bond indentures, and federal funds requirements.
Loan - Monthly
Exhibit F - Rents
Item #
Type of property
with which the
payments are
associated b/
Property
owner
Entity that
collects the
payments
Entity to which
the collected
payments are
ultimately
remitted
Purpose for
which the
payments are
used
Is the property
encumbered
by a low-mod
housing
covenant?
Source of low-
mod housing
covenant c/
Item # from
Exhibit A the rent
is associated
with (if
applicable)
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
City of Livermore Successor Agency for the former Redevelopment Agency of the City of Livermore
Inventory of Assets Received Pursuant to Health and Safety Code section 34176 (a) (2)
b/ May include low-mod housing, mixed-income housing, low-mod housing with
commercial space, mixed-income housing with commercial space.
c/ May include California Redevelopment Law, tax credits, state bond indentures,
and federal funds requirements.
Type of payment a/
a/ May include rents or home loan payments.
Exhibit G - Deferrals
Item #
Fiscal year in
which funds
were deferred
Amount
deferred
Interest rate
at which
funds were
to be repaid
Current
amount owed
Date upon which
funds were to be
repaid
1 2009/2010 1,561,803$ 1,561,803$ 30-Jun-2015
2 2010/2011 $ 321,548 $ 321,548 30-Jun-2016
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
City of Livermore Successor Agency for the former Redevelopment Agency of the City of Livermore
Inventory of Assets Received Pursuant to Health and Safety Code section 34176 (a) (2)
Purpose for which
funds were deferred
Payment of 2009/2010
SERAF
Payment of 2010/2011
SERAF