REPORT/RECOMMENDATION TO THE BOARD OF SUPERVISORS
OF THE COUNTY OF SAN BERNARDINO
AND RECORD OF ACTION
November 17, 2020
FROM
GARY HALLEN, Director, Community Development and Housing
SUBJECT
Title
Sale of Creekside Village Apartments in the City of San Bernardino by BRE MG Creekside Village LP and Afton Holdings LLC.
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RECOMMENDATION(S)
Recommendation
1. Approve the Assignment, Assumption, and Consent Agreement concerning the sale of Creekside Village Apartments in the City of San Bernardino by BRE MG Creekside LP and Afton Holdings LLC.
2. Authorize the County of San Bernardino Chief Executive Officer or the Community Development and Housing Director, upon review by County Counsel, to execute all documents related to the sale and transfer of Creekside Village Apartments, including the Assignment and Assumption Agreement, and make non-substantive changes to the existing documents, if needed, to conform to the transaction.
(Presenter: Gary Hallen, Director, 387-4411)
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COUNTY AND CHIEF EXECUTIVE OFFICER GOALS & OBJECTIVES
Promote the Countywide Vision.
Ensure Development of a Well-Planned, Balanced, and Sustainable County.
FINANCIAL IMPACT
Approval of this item will not result in the use of Discretionary General Funding (Net County Cost). All costs associated with the sale and transfer of the property will be borne by the buyer Afton Holdings, LLC.
BACKGROUND INFORMATION
BRE MG Creekside Village, LP (Transferor), the current Owner of the Creekside Village Apartments (Project), a 304-unit affordable housing project located in San Bernardino, desires to sell the Project to Afton Holdings LLC, or its affiliated assignee (Transferee). On September 14, 2020, the parties entered into a Purchase and Sale Agreement. Pursuant to the terms and conditions of the Regulatory Agreement and Declaration of Restrictive Covenants (Regulatory Agreement) recorded against the property, the Transferor must obtain the County's consent prior to the sale. ...
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