RESOLUTION NO. 23-___
Resolution Of The City Council Of The City Of Emeryville Authorizing The City Manager To Exercise The Option To Acquire 1500 Park Avenue #314, Execute The Resale Restriction Agreement For Moderate Income Set-Aside Units, And Execute All Other Documents Required To Complete The City’s Acquisition Of 1500 Park Avenue #314 At A Purchase Price Not To Exceed $355,900; And To Expend Up To $13,600 For Repairs, Holding Costs And Any Additional Transactional Costs For A Total Expenditure Not To Exceed $369,500 From Measure C Housing Bond Fund (Fund 284) As Appropriated For The Below Market Rate Unit Acquisition Program WHEREAS, 1500 Park Avenue #314 (the “Property”), was developed as a Below Market Rate (“BMR”) unit, affordable to moderate income households; and WHEREAS, the City of Emeryville (the “City”), by virtue of that certain Resale Restriction Agreement and Right of First Refusal recorded on May 16, 2000 (the “Agreement”), holds rights of first refusal to purchase the Property in order to preserve the affordability covenants; and
WHEREAS, the current owner of the Property, Peter Christ (“Seller"), mailed a notice of their intent to sell the Property, which was received by the City on September 1, 2023, and
WHEREAS, the City has determined that it is in the best interests of the City to exercise its right to purchase the Property to retain it as a part of the City’s BMR homeownership portfolio; and
WHEREAS, the estimated amount necessary to purchase, repair and hold the Property for resale is $369,500; and
WHEREAS, the City has appropriated $390,000 from the Measure C Housing Fund (Fund 284) to the BMR Unit Acquisition Program (Housing Plan Program #1A) in the City Budget for Fiscal Years 2023-2024 and 2024-2025; and
WHEREAS, after acquiring the Property, the City will resell the Property to a qualified buyer and reinstate the affordability restrictions, thereby preserving the Property as a BMR unit in the City’s BMR homeownership portfolio; and WHEREAS, the 2023-2031 Housing Element of the City’s General Plan (the “Housing Element”) was adopted by the City Council on December 12, 2022 and certified by the California Department of Housing and Community Development on February 3, 2023; and
WHEREAS, the Housing Element includes Program I: Preservation of BMR Ownership Portfolio; Policy H-2-3: Preserve at-risk units; and Policy H-2-4: Promote and retain homeownership (together, the “ Programs and Policies”); and DocuSign Envelope ID: 2B190E00-486A-4400-98D9-C3938296E363 Resolution No. 23-___
BMR Purchase – 1500 Park Avenue #314
City Council Meeting | October 3, 2023
WHEREAS, the purchase of the Property is consistent with and implements the Programs and Policies of the Housing Element; now, therefore, be it RESOLVED, that the City Council of the City of Emeryville hereby authorizes the City Manager to execute the option to acquire 1500 Park Avenue, #314, and be it further RESOLVED, that the City Council of the City of Emeryville hereby authorizes the City Manager to execute the Resale Restriction Agreement For Moderate Income Set-Aside Units in substantial form as Exhibit A attached hereto; and be it further RESOLVED, that the City Council of the City of Emeryville hereby authorizes the City Manager to execute all other documents necessary to carry out the intent of this Resolution to acquire 1500 Park Avenue, #314, at a purchase price not to exceed $355,900; and be it further
RESOLVED, that the City Council of the City of Emeryville hereby authorizes the City Manager to expend an amount not to exceed $13,600 for repairs, holding costs and any additional transactional costs related to the purchase of the Property for a total expenditure not to exceed $369,500.
ADOPTED, by the City Council of the City of Emeryville at a regular meeting held Tuesday, October 3, 2023, by the following vote:
AYES:
NOES:
ABSTAIN:
ABSENT:
MAYOR
ATTEST: APPROVED AS TO FORM:
CITY CLERK CITY ATTORNEY
DocuSign Envelope ID: 2B190E00-486A-4400-98D9-C3938296E363