notice - City of Compton

Transcription

NOTICE
The Successor Agency to the Compton Community
Redevelopment Agency, is a distinct and separate
legal entity from the City of Compton, and was
established by Resolution No. 1, adopted on February
7, 2012. The Successor Agency is limited to the assets
and
liabilities
of
the
dissolved
Community
Redevelopment Agency (CRA) of the City of Compton
and shall have the authority to perform the functions
and duties described in Part 1.85 to Division 24 of the
California Health and Safety Code.
GOVERNING BODY OF THE SUCCESSOR AGENCY
AGENDA
Tuesday, November 05, 2013
6:00 PM
WORKSHOPS
HEARINGS
OPENING
ROLL CALL
PUBLIC COMMENTS ON AGENDA AND NONE-AGENDA ITEMS
APPROVAL OF MINUTES
1.
SEPTEMBER 10, 2013
SEPTEMBER 17, 2013
EXECUTIVE DIRECTOR REPORTS
GENERAL COUNSEL REPORTS
CLOSED SESSION
-2-
Successor Agency Tuesday,
November 05, 2013
UNFINISHED BUSINESS
NEW BUSINESS
2.
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE SUCCESSOR
AGENCY TO THE COMMUNITY REDEVELOPMENT AGENCY OF THE
CITY OF COMPTON AUTHORIZING THE EXECUTIVE DIRECTOR TO
ENTER INTO A PURCHASE AND SALE AGREEMENT WITH AUDOCIA
DECORRAL UNDER THE CITY'S NEIGHBORHOOD STABILIZATION
PROGRAM 3 FOR THE ACQUISITION OF CERTAIN PROPERTIES
LOCATED AT 806 NORTH WILLOWBROOK AVENUE, 100 EAST MAPLE
STREET, 900 AND 906 NORTH WILLOWBROOK AVENUE
3.
AGENCY TO THE COMMUNITY REDEVELOPMENT AGENCY OF THE
CITY OF COMPTON APPROVING AND AUTHORIZING SUBMISSION TO
THE COMPTON OVERSIGHT BOARD THE PROPOSED PURCHASE AND
DEVELOPMENT BY YAVITZ COMPANIES, INC. OF CERTAIN
SUCCESSOR AGENCY OWNED PROPERTY LOCATED AT 2000-2024
WEST COMPTON BOULEVARD
DIRECTORS COMMENTS
ADJOURNMENT
SEPTEMBER 10, 2013
The Successor Agency meeting was called to order at 9:20 p.m. in the Council Chambers of City
Hall by Chairperson Aja Brown.
ROLL CALL
Commissioners Present:
Commissioners Absent:
Zurita, Galvan, Arceneaux, Jones, Brown
None
Other Officials Present:
C. Cornwell, A. Godwin, G. H. Duffey
PUBLIC COMMENTS ON AGENDA AND NON-AGENDA ITEMS
Lorraine Cervantes, Compton resident, maintained that the viewing audience is not retarded;
therefore any consideration of giving the executive secretary a raise is an insult to their
intelligence.
Benjamin Holifield, Compton resident, announced that Sheriff Lee Baca would be in attendance
during the Compton Business Chamber of Commerce meeting scheduled for Thursday,
September 19, 2013; Congresswoman Janice Hahn will also be in attendance Thursday,
September 26, 2013. He further affirmed that they are an independent Chamber that has not
submitted any requests for funding.
Joyce Kelly, Compton resident, expressed considerable discontentment towards the actions of
the executive secretary and the members of this Body.
Lynn Boone, Compton resident, made reference to Item No. 1 and held that it was no
coincidence that the contracts were given to either Pasadena or the County of Los Angeles. She
went on to state that she was surprised that the executive secretary had neglected to mention that
the Compton Chamber of Commerce had been working and doing everything he asked them to
do since June 2013. She mentioned that after contacting the IRS regarding the Business
Chamber of Commerce they thought that it was ludicrous for the City to choose an uncertified
organization to represent them.
On motion by Zurita, seconded by Arceneaux, the meeting was extended past the four-hour
mark, by the following vote on roll call:
AYES: Commissioners - Zurita, Galvan, Arceneaux, Jones, Brown
NOES: Commissioners - None
ABSENT:Commissioners - None
APPROVAL OF MINUTES - There were no minutes to be approved.
UNFINISHED BUSINESS - There was no Unfinished Business.
NEW BUSINESS
1.
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE SUCCESSOR AGENCY
TO THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF COMPTON
APPROVING AND AUTHORIZING SUBMISSION TO THE COMPTON OVERSIGHT
BOARD A PROPOSED PURCHASE BY TRADEMARK DEVELOPMENT
COMPANY, LLC OF CERTAIN SUCCESSOR AGENCY OWNED PROPERTY
LOCATED AT 1400-1436 WEST COMPTON BOULEVARD
It was moved by Arceneaux, seconded by Jones, for discussion.
Director Zurita questioned if the issue of contamination was addressed on this site.
Kofi Sefa'boayke, Director of Successor Agency, indicated that studies are currently being
conducted on the site.
Director Zurita questioned why the City would purchase a contaminated site for development.
Mr. Sefa'boayke answered that the property was blighted and vacant, so the intent was to
improve and enhance the entire area.
Chairperson Brown stated that the contamination was probably airborne and so the actual
contamination of the property is probably contained to the surface level soils.
On motion by Arceneaux, seconded by Jones, Resolution # 27 entitled "A RESOLUTION OF
THE BOARD OF DIRECTORS OF THE SUCCESSOR AGENCY TO THE
COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF COMPTON
APPROVING AND AUTHORIZING SUBMISSION TO THE COMPTON OVERSIGHT
BOARD A PROPOSED PURCHASE BY TRADEMARK DEVELOPMENT COMPANY,
LLC OF CERTAIN SUCCESSOR AGENCY OWNED PROPERTY LOCATED AT 14001436 WEST COMPTON BOULEVARD" was approved, by the following vote on roll call:
2.
APPROVING AN AMENDMENT TO THE SCHEDULE OF PERFORMANCE AND A
CHANGE ORDER TO THE PROGRAM MANAGEMENT AGREEMENT BETWEEN
THE SUCCESSOR AGENCY AND LOWE ENTERPRISES REAL ESTATE GROUP IN
CONNECTION WITH THE CONSTRUCTION OF THE SENIOR ACTIVITY CENTER
AND PARKING STRUCTURE
It was moved by Arceneaux, seconded by Zurita, for discussion.
Director Arceneaux requested a detailed explanation regarding the need for a change order.
Executive Secretary Duffey explained that Lowe Enterprises agreed to manage the entire
project, but when the architect for the Martin Luther King Jr. Transit Center, Senior Activity
Center and parking structure entered into litigation, the plans to administer the project were held
up. During the interim, they worked on different facets of the project and the City subsequently
negotiated this rate for them to develop a larger parking structure.
Director Zurita asked if the plans would need to be revised to accommodate the third level.
Executive Secretary Duffey indicated that the project is still going through the plan check
process for a three level parking structure.
Chairperson Brown articulated her support for the parking structure and the benefits it would
offer the community and the City as it relates to partnerships with Metro.
On motion by Arceneaux, seconded by Zurita, Resolution #28 entitled "A RESOLUTION OF
APPROVING AN AMENDMENT TO THE SCHEDULE OF PERFORMANCE AND A
CHANGE ORDER TO THE PROGRAM MANAGEMENT AGREEMENT BETWEEN
THE SUCCESSOR AGENCY AND LOWE ENTERPRISES REAL ESTATE GROUP IN
CONNECTION WITH THE CONSTRUCTION OF THE SENIOR ACTIVITY CENTER
AND PARKING STRUCTURE" was approved, by the following vote on roll call:
DIRECTORS COMMENTS - There were no Directors Comments.
ADJOURNMENT
On motion by Zurita, seconded by Arceneaux, the meeting was adjourned at 9:51 p.m., by the
following vote on roll call:
______________________________
Secretary of the Successor Agency
________________________________
Chairperson of the Successor Agency
SEPTEMBER 17, 2013
The Successor Agency meeting was called to order at 8:44 p.m. in the Council Chambers of City
Hall by Chairperson Aja Brown.
ROLL CALL
Commissioners Present:
Commissioners Absent:
Zurita, Galvan, Brown
Arceneaux, Jones
Other Officials Present:
C. Cornwell, A. Godwin, G. H. Duffey
PUBLIC COMMENTS ON AGENDA AND NON-AGENDA ITEMS
Robert Ray, Compton resident, proposed that the City of Compton consider building another
Seasons at Compton senior residential facility on the vacant lot at Central and Compton
Boulevard.
Lorraine Cervantes, Compton resident, pleaded with the Directors to respect the citizens and
maintain protocol while on the dais.
Joyce Kelly, Compton resident, questioned Chairperson Brown's background in education and
employment history.
Lynn Boone, Compton resident, requested an opportunity to review the comments section
on City Ventures’ website. She commended the Compton Tribute newspaper for making their
publication easily accessible to Compton residents. She went to assert that Dr. Kofi of the
Successor Agency has scammed the City of Compton for years.
Chairperson Brown notified Ms. Boone that it is unacceptable behavior to reference employees
by name.
[Off camera dialogue]
Chairperson Brown advised Ms. Boone to remove herself from the Council Chambers.
APPROVAL OF MINUTES
1.
JULY 16, 2013
On motion by Zurita, seconded by Galvan, the minutes were approved, by the following vote on
roll call:
AYES: Commissioners - Zurita, Galvan, Brown
ABSENT:Commissioners - Arceneaux, Jones
UNFINISHED BUSINESS - There was no Unfinished Business.
NEW BUSINESS
2.
APPROVING THE PROPOSED PURCHASE BY CITY VENTURES OF CERTAIN
SUCCESSOR AGENCY OWNED PROPERTY LOCATED AT 930 WEST COMPTON
BOULEVARD
It was moved by Zurita, seconded by Galvan, to discuss this item.
Director Zurita requested the proposed development of the property.
Kofi Sefa'boayke, Director of Successor Agency, commented that the Agency is proposing to
develop 24 three-bedroom single family detached two-story homes with two-car garages for
moderate to upper income families.
City Ventures conducted an oral presentation.
On motion by Zurita, seconded by Galvan, Resolution #29 entitled “A RESOLUTION OF
APPROVING THE PROPOSED PURCHASE BY CITY VENTURES OF CERTAIN
SUCCESSOR AGENCY OWNED PROPERTY LOCATED AT 930 WEST COMPTON
BOULEVARD” was approved, by the following vote on roll call:
3.
APPROVING A PROPOSED PURCHASE BY CITY VENTURES OF CERTAIN
SUCCESSOR AGENCY OWNED PROPERTY LOCATED AT 1950 NORTH
CENTRAL AVENUE
It was moved by Zurita, seconded by Galvan, to discuss this item.
City Ventures conducted an oral presentation.
Director Zurita spoke in favor of the development of this site which has been vacant for several
years.
Chairperson Brown articulated her support for City Ventures and the development of this site.
Chairperson Brown also noted that City Ventures has developments under construction in
Alhambra, Camarillo, Carlsbad, Covina, Encinitas, Glendora, Garden Grove, Pasadena, Scotts
Valley, Pasadena, Signal Hill, Ventura and a host of other completed projects.
On motion by Zurita, seconded by Galvan, Resolution #30 entitled “A RESOLUTION OF
APPROVING A PROPOSED PURCHASE BY CITY VENTURES OF CERTAIN
SUCCESSOR AGENCY OWNED PROPERTY LOCATED AT 1950 NORTH CENTRAL
AVENUE” was approved, by the following vote on roll call:
DIRECTORS COMMENTS
Director Zurita offered the following announcements:
2nd Annual Walk For A Cure will be held Saturday, October 19, 2013. Registration will begin
at 7 a.m. at Greenleaf Parkway on the corner of Greenleaf and Wilmington Boulevard.
Mayor Brown offered the following announcements:
Coffee with the Mayor will be held Thursday, September 26, 2013 from 12 p.m. to 2 p.m. at
Starbucks on Central and Rosecrans Avenue.
Return to Work Expungement Workshop will be held Saturday, November 16, 2013.
ADJOURNMENT
On motion by Galvan, seconded by Zurita, the meeting was adjourned at 9:12 p.m., by the
following vote on roll call:
_________________________
Clerk of the Successor Agency
__________________________
Mayor of the Successor Agency
November 5, 2013
TO:
CHAIRMAN AND BOARDMEMBERS
FROM:
EXECUTIVE DIRECTOR
SUBJECT: A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
SUCCESSOR AGENCY TO THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF COMPTON AUTHORIZING THE
EXECUTIVE DIRECTOR TO ENTER INTO A PURCHASE AND SALE
AGREEMENT WITH AUDOCIA DECORRAL UNDER THE CITY'S
NEIGHBORHOOD STABILIZATION PROGRAM 3 FOR THE
ACQUISITION OF CERTAIN PROPERTIES LOCATED AT 806 NORTH
WILLOWBROOK AVENUE, 100 EAST MAPLE STREET, 900 AND 906
NORTH WILLOWBROOK AVENUE
SUMMARY
Staff respectfully requests that the Board of Directors authorize the Executive Director to
enter into a purchase and sale agreement with Audocia Decorral under the City’s
Neighborhood Stabilization Program 3 for the acquisition of certain properties located at
806 North Willowbrook Avenue, 100 East Maple Street, 900 & 906 North Willowbrook
Avenue in the City of Compton.
BACKGROUND
On July 21, 2010, President Obama signed into law the Dodd-Frank Wall Street Reform
and Consumer Protection Act (H.R. 4173). The bill aims to promote the financial stability
of the United States. Included in the bill is an additional $1 billion for a third round of the
Neighborhood Stabilization Program (NSP3). Through the NSP3 Program, the City of
Compton received a direct allocation from HUD in the amount of $1,436,300 to provide
assistance to its residents and rebuild neighborhoods that were saturated foreclosed,
vacant, and abandoned properties that have become blights on the community and are
driving down neighboring property values in the City.
The City’s NSP 3 target area was established to enhance and further the current
Redevelopment activities within the City’s North Downtown Specific Plan area. The
current Redevelopment projects in this area include, but are not limited to: the Willow
walk Development, MLK Transit Center, Senior Center, Meta Housing development and
3-Level Parking Structure.
Staff Report – Resolution Authorizing Purchase/Sale
Agreement with Audocia Decorral Per NSP #3 Program
806 N. Willowbrook/100 E. Maple/900 & 906 N. Willowbrook
November 5, 2013, page 2
STATEMENT OF THE ISSUE
In its strategic efforts to eliminate blight and redevelop vacant, abandoned properties
within the City and to increase and expand the City’s economic tax base (property and
sales tax), the Successor Agency to the Community Redevelopment Agency (Agency)
through the NSP program acquires, rehabilitates and resells residential and vacant
properties that are underutilized, dilapidated and distressed as part of the City’s efforts
to stabilize, revitalize and transform the neighborhoods and communities within the
City.
Staff has strategically identified and successfully negotiated with Ms. Audocia Decorral
for the purchase of four (4) properties for a total purchase price of $430,000. Wherein
the acquisition and redevelopment of these properties will greatly benefit the City and
help to meet the goals of the NSP 3 program.
Staff has performed an historical assessment review and environmental review as
required under the NSP guidelines and the State Department of Historic Preservation
has approved the acquisition of these properties for a redevelopment purpose.
ECONOMIC BENEFITS ANALYSIS
The subject properties are approximately two blocks north of the MLK Transit and
Senior Center located on the eastside of Willowbrook Avenue and Maple Street
bordered by Rosecrans Avenue to the North and Elm Street to the South.
Staff is in discussions with several developers regarding the development of this site
and will be presenting a housing development proposal to the Board for your
consideration within the next 30 days.
As part of the acquisition of these four (4) properties, staff will be proposing that the site
be developed into 14 to 16 units of affordable housing units. The housing product type
would be 3-level attached townhome development concepts, similar to the nearby
Willow Walk development. In addition, staff will be proposing that the new development
allow for mixed-income families and a rental component within the project.
Once developed, the project will generate approximately $30,000 annually in Property
Tax revenue and $150,000 (one-time) permit and impact fees to the City’s General
fund. The construction of a new housing development will improve the visual
appearance and aesthetics of the area, which has been blighted for more than twenty
(20) years by these properties.
Staff Report – Resolution Authorizing Purchase/Sale
Agreement with Audocia Decorral Per NSP #3 Program
806 N. Willowbrook/100 E. Maple/900 & 906 N. Willowbrook
November 5, 2013, page 3
What’s more, the future proposed development of new homes on these properties will
attract new homeowners (residents) into the City that have a higher median income,
which allows them to contribute to the City’s Economic Tax base by patronage of local
businesses.
FISCAL IMPACT
There is no impact to the City’s General Fund with the approval of this resolution. The
Successor Agency has funds available in account no. 1675-91-0000-4771 in the amount
of Four Hundred and Thirty Thousand Dollars ($430,000).
RECOMMENDATION
Staff respectfully requests that the Board of Directors authorize the Executive Director to
enter into a purchase and sale agreement with Audocia Decorral under the City’s
Neighborhood Stabilization Program 3 for the acquisition of certain properties located at
806 North Willowbrook Avenue, 100 East Maple Street, 900 & 906 North Willowbrook
Avenue in the City of Compton.
DR. KOFI SEFA-BOAKYE
REDEVELOPMENT MANAGER
APPROVED FOR FORWARDING:
G. HAROLD DUFFEY
EXECUTIVE DIRECTOR
GHD:KSB:MLA
RESOLUTION NO. __________
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
AGENCY OF THE CITY OF COMPTON AUTHORIZING THE EXECUTIVE
DIRECTOR TO ENTER INTO A PURCHASE AND SALE AGREEMENT
WITH AUDOCIA DECORRAL UNDER THE CITY'S NEIGHBORHOOD
STABILIZATION PROGRAM 3 FOR THE ACQUISITION OF CERTAIN
PROPERTIES LOCATED AT 806 NORTH WILLOWBROOK AVENUE,
100 EAST MAPLE STREET, 900 AND 906 NORTH WILLOWBROOK
AVENUE
WHEREAS, on July 21, 2010, President Obama signed into law the DoddFrank Wall Street Reform and Consumer Protection Act (H.R. 4173). The bill aims
to promote the financial stability of the United States. Included in the bill is an
additional $1 billion for a third round of the Neighborhood Stabilization Program
(NSP3). Through the NSP3 Program, the City of Compton received a direct
allocation from HUD in the amount of $1,436,300 to provide assistance to its
residents and rebuild neighborhoods that were saturated foreclosed, vacant, and
abandoned properties that have become blights on the community and are driving
down neighboring property values in the City; and
WHEREAS, the City’s NSP 3 target area was established to enhance and
further the current Redevelopment activities within the City’s North Downtown
Specific Plan area. The current Redevelopment projects in this area include, but are
not limited to: the Willow walk Development, MLK Transit Center, Senior Center,
Meta Housing development and 3-Level Parking Structure; and
WHEREAS, in its strategic efforts to eliminate blight and redevelop vacant,
abandoned properties within the City and to increase and expand the City’s
economic Tax base (property and sales tax), the Successor Agency to the
Community Redevelopment Agency (Agency) through the NSP programs acquires,
rehabilitates and resale residential lots and properties that are underutilized,
dilapidated, distressed as part of the City’s efforts to stabilize, revitalize and
transform the neighborhoods and communities within the City; and
WHEREAS, staff has strategically identified and successfully negotiated with
Ms. Audocia Decorral for the purchase of four (4) properties for a total purchase
price of $430,000, and wherein the acquisition and redevelopment of these
properties will greatly benefit the City and help to meet the goals of the NSP 3
program. As such, staff has performed an historical assessment review and
environmental review as required under the NSP guidelines and the State
Department of Historic Preservation has approved this acquisition and project; and
WHEREAS, the subject properties are approximately two blocks north of the
MLK Transit and Senior Center located on the eastside of Willowbrook Avenue and
Maple Street bordered by Rosecrans Avenue to the North and Elm Street to the
South; and
WHEREAS, staff is in discussions with several developers regarding the
development of this site and will be presenting a housing development proposal to
the Board for your consideration within the next 30 days; and
WHEREAS, as part of the acquisition of these four (4) properties, staff will be
proposing that the site be developed into 14 to 16 units of affordable housing units.
The housing product type would be 3-level attached townhome development
concepts, similar to the nearby Willow Walk development. In addition, staff will be
proposing that the new development allow for mixed-income families and a rental
component within the project; and
WHEREAS, once developed, the project will generate approximately $30,000
annually in Property Tax revenue and $150,000 (one-time) permit and impact fees
Resolution No. _______
Page 2
to the City’s General fund. The construction of a new housing development will
improve the visual appearance and aesthetics of the area, which has been blighted
for more than twenty (20) years by these properties; and
WHEREAS, the proposed development of new homes on these sites will
attract new homeowners (residents) into the City that have a higher median income,
which allows them to contribute to the City’s Economic Tax base by patronage of
local businesses; and
WHEREAS, there is no impact to the City’s General Fund with the approval of
this resolution. The Successor Agency has funds available in Account No. 1675-910000-4771 in the amount of Four Hundred and Thirty Thousand Dollars ($430,000).
NOW, THEREFORE, THE BOARD OF DIRECTORS OF THE SUCCESSOR
AGENCY TO THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF
COMPTON HEREBY RESOLVES AS FOLLOWS:
Section 1. That the Executive Director is authorized to enter into a purchase
and sale agreement with Audocia Decorral under the City’s Neighborhood
Stabilization Program 3, for the acquisition of certain properties located at 806 North
Willowbrook Avenue, 100 East Maple Street, 900 and 906 North Willowbrook Avenue.
Section 2. That there is no impact to the City’s General Fund with the approval
of this resolution. The Successor Agency has funds available in Account No. 1675910-000-4771 in the amount of Four Hundred and Thirty Thousand Dollars
($430,000).
Section 3. That a certified copy of this Resolution shall be filed in the offices of
the Executive Director, City Attorney, City Controller, Successor Agency, and City
Clerk.
Section 4. That the Mayor shall sign and the Clerk shall attest to the adoption
of this Resolution.
ADOPTED this ___ day of _____________, 2013.
________________________________________
CHAIRPERSON OF THE SUCCESSOR AGENCY
TO THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF COMPTON
ATTEST:
______________________________________
SECRETARY OF THE SUCCESSOR AGENCY
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
CITY OF COMPTON: ss
Resolution No. ________
Page 3
I, Alita Godwin, Secretary of the Successor Agency to the Community
Redevelopment Agency of the City of Compton, hereby certify that the foregoing
Resolution was adopted by the Commission, signed by the Chairman and attested by
the Secretary at the regular meeting thereof held on the ___ day of _____________,
2013.
That said Resolution was adopted by the following vote, to wit:
AYES:
NOES:
ABSENT:
BOARD MEMBERS BOARD MEMBERS BOARD MEMBERS -
_____________________________________
RESOLUTION SIGN-OFF FORM
DEPARTMENT:
Community Redevelopement
RESOLUTION TITLE:
AGENCY OF THE CITY OF COMPTON AUTHORIZING THE
EXECUTIVE DIRECTOR TO ENTER INTO A PURCHASE AND SALE
AGREEMENT WITH AUDOCIA DECORRAL UNDER THE CITY'S
NEIGHBORHOOD STABILIZATION PROGRAM 3 FOR THE
ACQUISITION OF CERTAIN PROPERTIES LOCATED AT 806
NORTH WILLOWBROOK AVENUE, 100 EAST MAPLE STREET, 900
AND 906 NORTH WILLOWBROOK AVENUE
Michael Antwine
10/3/2013 1:35:35 PM
DEPARTMENT MANAGER’S SIGNATURE
DATE
REVIEW / APPROVAL
<LegalName>
<LegalDate>
CITY ATTORNEY
DATE
Stephen Ajobiewe
10/29/2013 9:54:53 AM
CITY CONTROLLER
DATE
G. Harold Duffey
10/29/2013 7:47:44 AM
CITY MANAGER
DATE
Use when:
Public Works:
When contracting for Engineering Services.
City Attorney:
When contracting for legal services; contracts that require City Attorney’s review.
Controller/Budget Officer: Amending Budget; appropriating and/or transferring funds; adding and/or deleting
positions; any resolution having account numbers.
Asst. City Manager/OAS: All personnel actions.
November 5, 2013
TO:
CHAIRMAN AND BOARDMEMBERS
FROM:
EXECUTIVE DIRECTOR
SUBJECT:
AGENCY OF THE CITY OF COMPTON APPROVING AND
AUTHORIZING SUBMISSION TO THE COMPTON OVERSIGHT
BOARD THE PROPOSED PURCHASE AND DEVELOPMENT BY
YAVITZ COMPANIES, INC. OF CERTAIN SUCCESSOR AGENCY
OWNED PROPERTY LOCATED AT 2000-2024 WEST COMPTON
BOULEVARD
=================================================================
SUMMARY
Staff is requesting the Board to approve and authorize submission to the Compton Oversight
Board a proposed purchase and development by the Yavitz Companies, Inc. of certain
Successor Agency owned property located at 2000 – 2024 West Compton Boulevard in the
City of Compton.
BACKGROUND
Over the past five years, the Agency has undertaken the task of rebranding and marketing
the image of the City of Compton to the investment community and retail industry, as a
rising and viable destination place for commercial, retail and residential development. The
results of these aggressive marketing efforts have yielded several approved commercial,
retail, mixed use and Housing developments.
To that extent, the Agency has received a development proposal from the Yavitz
Companies, Inc. to purchase and develop an Agency owned site at the 2000 – 2024 West
Compton Boulevard for commercial retail center. This proposed new development would
complement the existing commercial retail development in the area and incentives additional
private sector investment and development into the area.
Yavitz has more than 30 years of development experience in California, and have developed
and leased more than 4,000,000 square feet of retail, commercial and mixed-use properties.
To date, the Yavitz Companies has developed twenty-six (26) commercial retail shopping
centers in Southern California. The principal partners of the Yavitz Companies, Inc. are
Willie McGinest, Jim Wood, Sandra Yavitz, and Patrick Wood.
STATEMENT OF THE ISSUE
Yavitz Companies, Inc. is proposing to purchase the site from the Successor Agency in the
amount of $1,495,850 dollars. The site is approximately 2.04 acres. Currently, the
developer is negotiating with various prospective retail tenants including: Coffee Bean,
Quick-Serve/Dine-In Restaurants, Denny’s, Smart N’ Final, Bank of America, Chase Bank,
Family Dollar, Yogurtland, Walgreens, 99 cents Only stores, Family Dollar and Carl’s Jr.
These initial interest demonstrated by retail and private investor is a testimony that Compton
is a vibrant market place for investment.
Staff methodology for determining the property valuation was based on the current market
conditions and the economic feasibility model used to determine a realistic re-use analysis
land value of $1,495,850 million dollars for a small commercial retail development. The
independent variables that were taken into consideration for this analysis were the
following:
A.) Status of the existing site improvements
D.) Current retail lease rates in the Compton market
B.) Current Market Rate value for commercial property E.) Site Plan development and tenant types
C.) Reduce density for non strip center co-anchor and tenants
Staff has received numerous inquiries regarding this site; however only four (4) developers
submitted formal development proposals for this site. After conducting a thorough review of
each proposal, staff has determined that Yavitz Companies proposal provides the Agency with
the most effective opportunity to comply with the terms and conditions of AB 1484 in a
reasonable manner. In addition, Yavitz proposal will assist the Agency to fulfill the Economic
goals of the City through the increase of Sales and Property Tax revenue and Job creation. The
primary variables and factors that are present within the Yavitz proposal that staff believe set
them apart from the other development proposal were: the Financial Capacity, Experience by
Firm and key Partners, Key Tenant Relationships and Interest in the site and the Readiness and
ability to implement project immediately.
For references purposes, staff has listed the other development proposals received for this site:
Yavitz Companies, Inc. ($1,495,850); Parkcrest Development ($1,118,544); Rich Development
($906,000.00) and Heslin & Becker ($500,000).
DEVELOPMENT IMPACT ANAYLSIS
1.) Traffic & Circulation Impact. A traffic/circulation review will be performed as part of
the project. The review will analyze automobile and truck traffic that might be
generated by the proposed project based upon a wide variety of retail uses as well as
required on and off-site improvements to mitigate the impacts.
All off-site
improvements will be determined as part of the City’s entitlement and development
review process. On site circulation of automobiles and delivery trucks for the proposed
project will be accommodated with drive aisles, circulation roads and truck loading
areas.
2.) Water Consumption Impact. Water consumption and sewer use for the proposed project
will be designed and analyzed as part of the City’s Development and Entitlement
process. The public infrastructure improvements will include water and sewer
infrastructure systems in Central Avenue and Compton Boulevard.
3.) Public Safety. The removal of blight, the rededication of underutilized land for a specific
high-use purpose, improved aesthetic appearance of an area will tend to deter criminal
activity. The reason being that new development creates an increase street lighting in the
area; improve pedestrian sidewalks and improve controlled auto traffic in the area. All of
these factors create a less attractive environment for criminal activity to be present
ECONOMIC BENEFITS ANALYSIS
The subject property is located on the Southwest corner of Central Avenue and Compton
Boulevard, which are two (2) key commercial/retail thoroughfares in the City. The
development of additional high quality retail along these corridors will further enhance the
economic viability of this area and remove blight thus creating a greater incentive for
additional private investment into the City. The project will offer several other Economic
benefits to the City, such as:
1.) Purchase Price: The developer proposes to purchase the property for $1,456,560 million dollars.
2.) Annual Property Tax Revenue: Based upon an estimated valuation of between $3.2 million and
an approximately 1.6% tax rate including specially assessments the annual property taxes revenue
to the City’s General Fund would be approximately $52,000.
3.) Annual Sales Tax Projection: Staff estimates that the project will generate approximately $50,000
to $75,000 dollars annually in Sales Tax revenue to the City’s General Fund.
4.) Total number of jobs and salary level of jobs: A project of this size typically generates
approximately 75 construction jobs and 50 Full-Part-time jobs. The spectrum of employment runs
from highly skilled managerial positions to entry-level positions, which will serve the broad skill
set of the community.
5.) Types of business that will be leasing the space: The project would accommodate a wide variety
of commercial/ retail uses such as soft goods, restaurants, bank, pharmacy and grocery.
6.) City Development Fees: The project will generate approximately $50,000 in one-time
development impact fees to the City’s General Fund.
FISCAL IMPACT
There is no negative impact to the City’s General Fund with the approval of this resolution.
Yavitz Companies is proposing to purchase the site from the Successor Agency for
approximately $1,495,850 million dollars. The City’s General Fund will receive approximately
$50,000 in one-time development impact fees and approximately $50,000 to $75,000 annually
in Sales Tax revenue from the future retail tenants of the site.
RECOMMENDATION
Staff is requesting the Board to approve and authorize submission to the Compton Oversight
Board, the proposed purchase and development by the Yavitz Companies, Inc. of certain
Successor Agency owned property located at 2000 – 2024 West Compton Boulevard in the
City of Compton.
Note: That the final approval of the sale and disposition of this property is contingent upon the
Successor Agency compliance with Health & Safety Code Section(s) 34179.7; 34191.5(b);
34191.3; the Oversight Board and DOF approval of the Successor Agency’s Long Range
Property Management Plan and receipt of a Finding of Completion from the State Department
of Finance (DOF).
DR. KOFI SEFA-BOAKYE
REDEVELOPMENT MANAGER
APPROVED FOR FOWARDING:
G. HAROLD DUFFEY
EXECUTIVE DIRECTOR
GHD:KSB:MLA
RESOLUTION NO. __________
AGENCY TO THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY
OF COMPTON APPROVING AND AUTHORIZING SUBMISSION TO THE
COMPTON OVERSIGHT BOARD THE PROPOSED PURCHASE AND
DEVELOPMENT BY YAVITZ COMPANIES, INC. OF CERTAIN SUCCESSOR
AGENCY OWNED PROPERTY LOCATED AT 2000-2024 WEST COMPTON
BOULEVARD
WHEREAS, in accordance with its strategic and aggressive efforts to stimulate
private sector investment into the community to expand the City’s tax base, the Successor
Agency to the Community Redevelopment Agency (Agency) has continuously sought out
prestigious and accomplished developers as partners in the redevelopment of Compton; and
WHEREAS, the Agency’s efforts are in an attempt to transform the City of
Compton’s physical, economic, and social fabric into a vibrant, commercial retail center and
destination place for new housing and moderate income residents are based on the City’s
policy objectives approved within the Agency’s: (a) Five-Year Implementation (Strategic)
Plan approved by the Commission in January 2010; (b) 2010 Tax Allocation Bond program
approved by the Commission in May 2010; (c) Property Acquisition, Disposition and
Development Strategic Plan, approved by the Commission on March 8, 2011 and the City’s
adopted Smart Growth Road Map/Plan in November 2010; and
WHEREAS, over the past five (5) years, the Agency has undertaken the task of
rebranding and marketing the image of the City of Compton to the investment community
and retail industry, as a rising and viable destination place for commercial, retail and
residential development. The results of these aggressive marketing efforts have yielded
several approved commercial, retail, mixed use and Housing developments; and
WHEREAS, the Agency has received a development proposal from the Yavitz
Companies, Inc. to purchase and develop an Agency owned site at the 2000 – 2024 West
Compton Boulevard for commercial retail center. This proposed new development would
complement the existing commercial retail development in the area and incentives additional
private sector investment and development into the area; and
WHEREAS, Yavitz has more than 30 years of development experience in
California, and have developed and leased more than 4,000,000 square feet of retail,
commercial and mixed-use properties. To date, the Yavitz Companies has developed
twenty-six (26) commercial retail shopping centers in Southern California. The principal
partners of the Yavitz Companies, Inc. are Willie McGinest, Jim Wood, Sandra Yavitz, and
Patrick Wood; and
WHEREAS, Yavitz Companies, Inc. is proposing to purchase the site from the
Successor Agency in the amount of $1,495,850 million dollars. The site is approximately
2.04 acres. Currently, the developer is negotiating with prospective retail tenants including
Coffee Bean, Quick-Serve/Dine-In Restaurants, Denny’s, Smart N’ Final, Bank of America,
Chase Bank, Yogurtland, Family Dollar, Walgreens and Carl’s Jr. These initial interest
demonstrated by retail and private investor is a testimony that Compton is a vibrant market
place for investment; and
WHEREAS, staff methodology for determining the property valuation was based on
the current market conditions and the economic feasibility model used to determine a
realistic re-use analysis land value of $1,495,850 million dollars for a small commercial
retail development. The independent variables that were taken into consideration for this
analysis were the following:
A.) Status of the existing site improvements
B.) Current retail lease rates in the Compton market
C.) Current market rate value for commercial property
D.) Site Plan development and tenant types
E.) Reduce density for non strip center co-anchor and tenants
RESOLUTION NO. ______________________
Page 2
WHEREAS, Staff has received numerous inquiries regarding this site; however only
four (4) developers submitted formal development proposals for this site. After conducting a
thorough review of each proposal, staff has determined that Yavitz Companies proposal
provides the Agency with the most effective opportunity to comply with the terms and
conditions of AB 1484 in a reasonable manner. In addition, Yavitz proposal will assist the
Agency to fulfill the Economic goals of the City through the increase of Sales and Property
Tax revenue and Job creation. The primary variables and factors that are present within the
Yavitz proposal that staff believe set them apart from the other development proposal were:
the Financial Capacity, Experience by Firm and key Partners, Key Tenant Relationships and
Interest in the site and the Readiness and ability to implement project immediately; and
WHEREAS, the developer and Agency has submitted a preliminary site plan to the
City’s Planning department regarding the development proposal to ensure that the project
will meet the City’s parking requirements and building codes. In addition spaces onsite and
conduct all of the required environmental and traffic studies required as part of the City’s
Development Entitlement process; and
WHEREAS, staff has researched and evaluated the initial Development Impacts and
confirmed with the respective City departments the following:
1.) Traffic & Circulation Impact. A traffic/circulation review will be performed as part of
the project. The review will analyze automobile and truck traffic that might be
generated by the proposed project based upon a wide variety of retail uses as well as
required on and off-site improvements to mitigate the impacts.
All off-site
improvements will be determined as part of the City’s entitlement and development
review process. On site circulation of automobiles and delivery trucks for the proposed
project will be accommodated with drive aisles, circulation roads and truck loading
areas.
2.) Water Consumption Impact. Water consumption and sewer use for the proposed project
will be designed and analyzed as part of the City’s Development and Entitlement
process. The public infrastructure improvements will include water and sewer
infrastructure systems in Central Avenue and Compton Boulevard.
3.) Public Safety. The removal of blight, the rededication of underutilized land for a
specific high-use purpose, improved aesthetic appearance of an area will tend to
deter criminal activity. The reason being that new development creates an increase
street lighting in the area; improve pedestrian sidewalks and improve controlled
auto traffic in the area. All of these factors create a less attractive environment for
criminal activity to be present
WHEREAS, the subject property is located on the Southwest corner of Central
Avenue and Compton Boulevard, which are two (2) key commercial/retail thoroughfares in
the City. The development of additional high quality retail along these corridors will further
enhance the economic viability of this area and remove blight thus creating a greater
incentive for additional private investment into the City. The project will offer several other
Economic benefits to the City, such as:
1.) Purchase Price: The developer proposes to purchase the property for $1,495,850 million
dollars.
2.) Annual Property Tax Revenue: Based upon an estimated valuation of between $3.2
million and an approximately 1.6% tax rate including specially assessments the annual
property taxes revenue to the City’s General Fund would be approximately $52,000.
3.) Annual Sales Tax Projection: Staff estimates that the project will generate approximately
$50,000 to $75,000 dollars per year in Sales Tax revenue for the City’s General Fund.
RESOLUTION NO. __________________
Page 3
4.) Total number of jobs and salary level of jobs: A project of this size typically generates
approximately 75 construction jobs and 50 fulltime and part-time jobs. The spectrum of
employment runs from highly skilled managerial positions to entry-level positions,
which will serve the broad skill set of the community.
5.) Types of business that will be leasing the space: The project would accommodate a
wide variety of commercial/ retail uses such as soft goods, restaurants, bank, pharmacy
and grocery.
6.) City Development Fees: The project will generate approximately $50,000 in one-time
development impact fees to the City’s General Fund.
WHEREAS, there is no negative impact to the City’s General Fund with the approval
of this resolution. Yavitz Companies is proposing to purchase the site from the Successor
Agency for approximately $1,495,850 million dollars. The City’s General Fund will receive
approximately $50,000 in one-time development impact fees and approximately $50,000 to
$75,000 annually in Sales Tax revenue; and
WHEREAS, the Compton Oversight Board and the DOF will have the final
approval of this transaction.
NOW, THEREFORE, THE BOARD OF DIRECTORS OF THE SUCCESSOR
AGENCY TO THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF
COMPTON, HEREBY FINDS, DETERMINES, RESOLVE, AND ORDERS AS
FOLLOWS:
Section 1.
That the Board of Directors approves the sale of this property and
authorizes the Executive Director to submit to the Compton Oversight Board a proposed
purchase by Yavitz Companies, Inc. of certain Successor Agency owned property located at
2000 – 2024 West Compton Boulevard (APN# 6138-004-900, 901, 902, 903 & 904) in the City
of Compton.
That there is no negative impact to the City’s General Fund with the
Section 2.
approval of this resolution. Yavitz Companies is proposing to purchase the site from the
Successor Agency for approximately $1,495,850 million dollars. The City’s General Fund will
receive approximately $50,000 in one-time development impact fees and approximately
$50,000 to $75,000 annually in Sales Tax revenue.
Section 3.
That the final approval of the sale and disposition of this property is
contingent upon the Successor Agency compliance with Health & Safety Code Section(s)
34179.7; 34191.5(b); 34191.3; approval of its Long Range Property Management Plan and
receipt of a Finding of Completion from the State Department of Finance (DOF).
Section 4. That a certified copy of this resolution shall be filed in the offices of the
Executive Director, City Attorney, City Controller, Successor Agency, and City Clerk.
Section 5. That the Chairman shall sign and the Clerk shall attest to the adoption of
this resolution.
ADOPTED this _____ day of ___________, 2013.
_____________________________________________
CHAIRPERSON OF THE SUCCESSOR AGENCY
RESOLUTION NO. _____________________
Page 4
ATTEST:
____________________________________________
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
CITY OF COMPTON: ss
I, Alita Godwin, Secretary of the Successor Agency to the Community Redevelopment
Agency of the City of Compton, hereby certify that the foregoing resolution was adopted by the
Commission, signed by the Chairman, and attested by the Secretary at the regular meeting
thereof held on the _____ day of __________, 2013.
That said resolution was adopted by the following vote, to wit:
AYES: BOARD MEMBERSNOES: BOARD MEMBERSABSENT: BOARD MEMBERS-
___________________________________________
YAVITZ COMPANIES, INC.
AND
WOOD INVESTMENTS, INC.
PARTIAL PROJECT RESUME
1. CVS, Niles and Fairfax, Bakersfield, California. 2.07 acres that is Ground Leased to
CVS Caremark at the Main Intersection in Northeast Bakersfield at the NEC of Niles and
Fairfax.
2. WalMart Center, Lancaster, California. 40 acre development at the NWC of 20th and
Ave J anchored by Wal-Mart Super Center, Bank of America, KFC, Jack N The Box, Del
Taco and Panda Express.
3. Quartz Hill Town Center, Lancaster, California. A multi-phased 178,838 square foot
shopping center situated on 16.94 acres of land. Phase I is completed and the major
anchors are Vons, CVS, Burger King and Chevron.
4. Downtown Santa Barbara, California. Development of a freestanding 44,300 square
foot building on approximately 2.7 acres of land at the corner of Carrillo and Chapala in
downtown Santa Barbara. The project is leased to Ralphs Grocery Company which is
operating a Ralphs Fresh Fare Market and includes both surface and subterranean
parking.
5. Olympic & Barrington, West Los Angeles, California. A freestanding 49,250 square
foot building situated on 3.03 acres of land. The building is leased to Ralphs Grocery
Company and has been the No. 1 store in the Ralphs chain in annual sales volume.
6. 3rd & La Brea Plaza, Los Angeles, California. A freestanding 40,000 square foot
building situated on 2.94 acres of land. The building is leased to Ralphs Grocery
Company and has been the No. 2 store in the Ralphs chain in annual sales volume.
7. Meadowlark Plaza, Huntington Beach, California. A 125,555 square foot shopping
center situated on 12.35 acres of land. The major anchors are Longs Drugs and Ralphs
Grocery Company.
1
8. Victory & Fallbrook, Canoga Park, California. A freestanding 51,850 square foot
building situated on 3.54 acres of land adjacent to the Fallbrook Mall in Canoga Park,
California. The building is leased to Ralphs Grocery Company.
9. 17th and Tustin, Costa Mesa, California. Redevelopment of an existing shopping
center located on Tustin Avenue in Costa Mesa, California including the demolition of a
corner gas station and approximately 6,000 square feet of existing shop space and the
expansion of the Ralphs market to 45,000 square feet.
10. Spectrum Corporate Plaza, Westlake, California. A 61,500 square foot office
complex on 4.2 acres of land comprised of one 2-story office building and two 1-story
office buildings.
11. Del Obispo Plaza, San Juan Capistrano, California. A 79,800 square foot shopping
center situated on 7.14 acres of land. The Center is anchored by Marshals.
12. Buena Park Plaza, Buena Park, California. An 85,260 square foot center anchored by
Service Merchandise and Rite Aid.
13. Village at Indian Wells (Phase I), Indian Wells, California. A 99,180 square foot
shopping center situated on 9.1 acres of land. Major anchors are Ralphs Grocery
Company and CVS.
14. Village at Indian Wells (Phase II), Indian Wells, California. A 58,625 square foot
mixed use shopping center anchored by Coldwell Banker.
15. Ventura Plaza, Ventura, California. Rehabilitation of a 76,000 square foot shopping
center situated on 8 acres of land. The major anchor is Vons Market.
16. Sycamore Square, Simi Valley, California. Expansion of a 44,850 square foot center
on 4.2 acres of land. The major anchor is Ross Stores.
17. Oak Park Plaza, Arroyo Grande, California. 115,190 square foot shopping center
situated on 10.54 acres of land. Major anchor is Kmart Discount Store.
2
18. Hawaiian Gardens Plaza, Hawaiian Gardens, California. 97,420 square foot
shopping center situated on 8 acres of land. This property was developed in cooperation
with the Hawaiian Gardens Community Redevelopment Agency. Vons and Rite Aid are
the major anchors.
19. Ross Dress For Less, Los Angeles, California. 32,000 sf Ross Dress For Less at the
corner of Figueroa and Vernon. Currently expanding Center to include a Radio Shack.
20. Center Plaza, Los Alamitos, California. 29,000 retail strip center in the highly desirable
City of Los Alamitos, California. Currently expanding and developing a neighborhood
center anchored by a major supermarket.
21. Sycamore Creek Shopping Center, Corona, California. 98,000 square foot Vons,
CVS, Wells Fargo anchored Shopping Center.
22. 99 Cents Only –Colton, California. A repurpose of an Industrial Building, this is fills a
void in a densely populated Inland Empire community.
23. 99 Cents Only - Santa Maria, California. A re-purpose of a former Safeway Grocery
building, this Northern Santa Maria store will service the needs of a dense value seeking
population.
24. 99 Cents Only – Sanger, California. A former Rite Aid location that sits on the main
and main intersection of Sanger.
25. 99 Cents Only - Los Angeles (Olympic Blvd.) – A Reverse Build to Suit with 99 Cent
Only. This site currently sits down the street from 99 Cents Corporate offices and will
serve as a Flagship location. It is currently under construction.
26. DD’s Discount Store– Hawthorne, California – single tenant 18,565 SF free standing
commercial building.
27. Rite Aid, 15th & J, Lancaster, California – Ground leased two (2) acres to Rite Aid for
a 15,000 square foot store.
28. Yorba Linda, California – acquisition of a former Vons market and conversion to a 24
Hour Fitness with pad for drive-thru fast food restaurant and sit-down restaurants.
3
29. Glidden Paint, Riverside, California – 7,306 square foot free standing building on an
approximately 18,731 square foot lot.
30. CVS and United States Post Office Center, Long Beach, California – Currently
entitling and redeveloping property for a neighborhood shopping center.
4
BIOGRAPHY
Sandra Yavitz, Patrick Wood and James T. Wood, the respective principals of Yavitz Companies, Inc. and
Wood Investments, Inc. have between them more than 75 years of development experience in California.
They have, through a variety of affiliated entities, collectively developed and acquired more than 8,000,000
square feet of retail, commercial and mixed-use properties.
SANDRA G. YAVITZ
Sandra was born and raised in Los Angeles and received a Bachelor of Science Degree with Honors from
Arizona State University in 1976 and a Juris Doctorate Degree from Loyola University School of Law in
1979.
Sandra G. Yavitz has worked in the field of real estate development for
more than twenty-eight years. Sandra has extensive knowledge and
hands on experience with site acquisition, lease negotiations,
entitlements and construction and has held numerous positions of
responsibility in the real estate industry.
Prior to forming Yavitz Companies, Inc. in 2003, a real estate
development and consulting company, Sandra held the position of
Senior Vice President of Leasing and Acquisition for Caruso Affiliated
Holdings for over 5 years. Previously, Sandra was Vice President of
Real Estate for Ralphs Grocery Company for more than seven years
where she acquired sites for new and relocated stores throughout
Southern California. During three of those years, she oversaw the company’s real estate department. During
Sandra’s tenure with Ralphs, the chain opened over forty new or relocated stores.
Sandra spent eight years with the Carver Companies in the role of Vice President of Development. While
with Carver Companies, Sandra succeeded in developing over 1,000,000 square feet of neighborhood and
community shopping centers in the Coachella Valley, as well as Las Vegas.
C:\Users\aurea\AppData\Local\Microsoft\Windows\Temporary Internet Files\Content.Outlook\RM70EOYN\Yavitz Wood and Wood with Pics 02-13-13.docx
JAMES T. WOOD
James T. Wood was born in Santa Monica in 1944, and grew up in Redondo Beach, California. He received
his Bachelor of Science degree from Loyola University in 1966 and then attended the University of Southern
California, where he received an MBA in 1970.
In 1970, Jim joined Coldwell Banker Commercial Brokerage Co.
(now known as CB/Richard Ellis Commercial) as a sales agent
specializing in retail commercial properties, and in 1977 he became
the sales manager for the Newport Beach office of Coldwell Banker.
In 1978 he left Coldwell Banker to develop neighborhood and
community shopping centers and in 1980 he formed Koenig & Wood
Development Co., which developed a number of shopping centers
throughout Los Angeles, Ventura and Orange Counties. In 1988, he
formed Wood Investments, Inc., a real estate investment and
development company. As President of Wood Investments, Inc., Jim
continues to develop neighborhood shopping centers with a particular
emphasis on fill locations and the redevelopment of existing
antiquated centers.
PATRICK M. WOOD
Patrick attended Northeastern University in Boston Mass on a football scholarship. Patrick transferred to
The University of Southern California in 1996. He received his Bachelor of Science degree in Urban
Planning and Development from USC in 2000.
In 2000, Patrick joined Neofin, Inc. (a small water sports company) in
Laguna Beach as the Manager of Sales & Marketing. While at
Neofin, Patrick learned how to run a small business and stabilize a
company while generating growth.
In 2002 after two years at Neofin Patrick went into the Real Estate
Commercial Brokerage business with Lee and Associates as Retail
Associate. In 2004 Patrick joined Grubb and Ellis Commercial
Brokerage as a sales agent specializing in retail commercial
properties and development projects in Southern California. In 2005
he left Grubb and Ellis to develop neighborhood and community
shopping centers at Yavitz Companies, Inc. Yavitz Companies is currently developing a number of shopping
centers throughout Los Angeles, Kern and Orange Counties. As a member of Yavitz Companies, Patrick
continues to manage and develop 1-4 acre neighborhood shopping centers with a specific emphasis on infill
locations and the redevelopment of existing outdated centers.
September 24, 2013
Compton RDA
Attn: Michael Antwine
205 Willowbrook Ave.
Compton, Calif.
Re: Compton and Central
Dear Michael:
We are prepared to purchase the property located at SWC of Compton and Central in Compton,
California on the following terms and conditions:
1.
All Cash Purchase Price. We are prepared to pay a purchase price of
$1,495,850.00. Financing would not be a contingency.
2.
Deposit. We are prepared to open escrow with a deposit of $25,000. We would
propose that we use Fidelity as both the title company and the escrow.
3.
Due Diligence Period. We would require a due diligence period of only One
Hundred and Twenty (120) days from the opening of escrow in which to complete our
investigation of the property.
4.
Extensions of Due Diligence Period: We would require 3-30 day extensions at
$7,500.00 to be released to seller and non applicable to the price.
5.
Closing. The later of 60 Days following the end of Due Diligence or receipt of
6.
Brokerage Commission. None
7.
Use Restrictions. None
permits.
.
I look forward to your call after you have had an opportunity to discuss this matter with your
client.
Sincerely,
Patrick Wood
CC: Willie McGinest
BIOGRAPHY
Willie McGinest, Jim Wood, Sandra Yavitz, and Patrick Wood make up the development
team for the Shops at Highland. WilMac Entertainment, Wood Investments and Yavitz
Companies, Inc. in a partnership will be buying, entitling, financing, leasing and building
this project as one group. Between the three companies they have more than 30 years of
development experience in California. They have, through a variety of affiliated entities,
collectively developed and acquired more than 4,000,000 square feet of retail,
commercial and mixed-use properties.
WILLIE McGINEST – 55 Entertainment/Wilmac
Willie McGinest was drafted out of the University of Southern California by the Patriots
in the first round of the 1994 NFL Draft. From there he worked tirelessly to become one
of the most electric and formidable defenders in the team’s history. He was instrumental
in leading New England to Super Bowl Championships in 2002, 2004, and 2005. Before
his playing days in college and the NFL Willie was a standout Linebacker at Long Beach
Polytechnic High School where he earned Prep All – American honors and was a model
student. Wanting to stay close to home Willie chose the University of Southern California
to play college ball so his family and friends could watch him play.
Willie is now CEO of a multifaceted entertainment company called “55 Entertainment”
which encompasses charitable work, event planning, real estate development and the
record label 55 Records. Willie was also selected as one of Southern California’s a
franchisee’s for WingStop restaurants and Swirlz Yogurt.
Willie has used his leadership in the locker room and has successfully carried that over
into the business realm. His commentating, hosting, and acting skills can be seen on such
networks as The NFL Network, Fox Sports Net, ESPN and more. He has also graced
numerous television and radio commercials and made guest appearances on several
sitcoms including a 2007 episode of “The Game” on the CW Network. Willie was named
one of Essence Magazine’s 2008 “Do Right Men,” highlighting his philanthropic
endeavors and accomplishments and in 2009 Willie was voted as one of the twenty
hottest influencers by Urban Influence Magazine.
Willie’s greatest attributes are the personality and compassion behind his 6’5” 270-pound
frame. He holds a degree in public administration and has always championed the
communities and charities both where he plays and in his native Southern California. He
hits the red carpet to support events such as the “NAACP Image Awards” and “Kid’s
Choice Awards” as well as the “ESPY’s.” Willie is especially dedicated to children’s
causes and takes every opportunity to help underprivileged children through his nonprofit organization, The Willie McGinest Foundation. As he says, giving back is “what it
really is all about,” and his endless hours of work are the proof. Former teammate Troy
Brown puts it best, “That's Willie. He's the engine that won't stop.”
JAMES T. WOOD
He received his Bachelor of Science degree from Loyola University in 1966 and then
attended the University of Southern California, where he received an MBA in 1970.
In 1970, Jim joined Coldwell Banker Commercial Brokerage Co. (now known as
CB/Richard Ellis Commercial) as a sales agent specializing in retail commercial
properties, and in 1977 he became the sales manager for the Newport Beach office of
Coldwell Banker. In 1978 he left Coldwell Banker to develop neighborhood and
community shopping centers and in 1980 he formed Koenig & Wood Development Co.,
which developed a number of shopping centers throughout Los Angeles, Ventura and
Orange Counties. In 1988, he formed Wood Investments, Inc., a real estate investment
and development company. As President of Wood Investments, Inc., Jim continues to
develop neighborhood shopping centers with a particular emphasis on infill locations
and the redevelopment of existing antiquated centers.
SANDRA G. YAVITZ – Yavitz Companies, Inc.
Sandra was born and raised in Los Angeles and received a Bachelor of Science Degree
with Honors from Arizona State University in 1976 and a Juris Doctorate Degree from
Loyola University School of Law in 1979.
Sandra has worked in the field of real estate development for more than thirty years.
Sandra has extensive knowledge and hands on experience with site acquisition, lease
negotiations, entitlements and construction and has held numerous positions of
responsibility in the real estate industry.
Prior to forming Yavitz Companies, Inc. in 2003, a real estate development and
consulting company, Sandra held the position of Senior Vice President of Leasing and
Acquisition for Caruso Affiliated Holdings for over seven (7) years where she was
instrumental in developing The Grove in Los Angeles. Previously, Sandra was Vice
President of Real Estate for Ralphs Grocery Company for more than seven (7) years
where she acquired sites for new and relocated stores throughout Southern California.
Commencing in 1983 Sandra spent eight (8) years with the Carver Companies in the role
of Vice President of Development. While with Carver Companies, Sandra succeeded in
developing over 1,000,000 square feet of neighborhood and community shopping centers
in the Coachella Valley, as well as Las Vegas.
PATRICK M. WOOD – Yavitz Companies, Inc.
Patrick attended Northeastern University in Boston, Massachusetts. Patrick attended
The University of Southern California in 1996. He received his Bachelor of Science
degree in Urban Planning and Development from USC in 2000.
In 2000, Patrick joined Neofin, Inc. (in Laguna Beach as the Manager of Sales &
Marketing. In 2002 after two years at Neofin, Patrick went into the Real Estate
Commercial Brokerage business with Lee and Associates as Retail Associate. In 2004
Patrick joined Grubb and Ellis Commercial Brokerage as a sales agent specializing in
retail commercial properties and development projects in Southern California. In 2005
he left Grubb and Ellis to develop neighborhood and community shopping centers at
Yavitz Companies, Inc. Yavitz Companies is currently developing a number of shopping
centers throughout Los Angeles, Kern and Orange Counties. As a member of Yavitz
Companies, Patrick continues to manage and develop 1-4 acre neighborhood shopping
centers with a specific emphasis on infill locations and the redevelopment of existing
outdated centers.
RESOLUTION SIGN-OFF FORM
DEPARTMENT:
Community Redevelopement
RESOLUTION TITLE:
AGENCY OF THE CITY OF COMPTON APPROVING AND
AUTHORIZING SUBMISSION TO THE COMPTON OVERSIGHT
BOARD THE PROPOSED PURCHASE AND DEVELOPMENT BY
YAVITZ COMPANIES, INC. OF CERTAIN SUCCESSOR AGENCY
OWNED PROPERTY LOCATED AT 2000-2024 WEST COMPTON
BOULEVARD
Michael Antwine
9/26/2013 9:01:37 AM
DEPARTMENT MANAGER’S SIGNATURE
DATE
REVIEW / APPROVAL
<LegalName>
<LegalDate>
CITY ATTORNEY
DATE
Stephen Ajobiewe
10/29/2013 10:02:08 AM
CITY CONTROLLER
DATE
G. Harold Duffey
10/2/2013 9:52:10 PM
CITY MANAGER
DATE
Use when:
Public Works:
When contracting for Engineering Services.
City Attorney:
When contracting for legal services; contracts that require City Attorney’s review.
Controller/Budget Officer: Amending Budget; appropriating and/or transferring funds; adding and/or deleting
positions; any resolution having account numbers.
Asst. City Manager/OAS: All personnel actions.

notice - City of Compton

Transcription

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