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Housing development manager Elsa Brown recommends City acquisition of two Habitat parcels for $1
Summary
Elsa Brown, development manager in the Housing Department, recommended that the City Council approve a settlement for the City of Oxnard to acquire two adjacent vacant parcels at 5230 and 5208 Cypress Road from Habitat for Humanity Ventura County for a conveyance payment of $1 in exchange for forgiveness of two promissory notes totaling $1,060,000; no vote is recorded in the transcript.
Elsa Brown, development manager in the Housing Department, presented a resolution asking the City Council to approve a settlement agreement for the City of Oxnard to acquire two adjacent vacant parcels at 5230 and 5208 Cypress Road from Habitat for Humanity Ventura County for a conveyance payment of $1 in exchange for forgiveness of two promissory notes totaling $1,060,000.
Brown said the properties were acquired by Habitat in 2009 using two CDC loans — agreement A-7202 ($300,000) and agreement A-6940 ($760,000) — and that the promissory notes and deeds of trust were reassigned to the city after state redevelopment agencies were dissolved. "The proposed resolution approves the settlement agreement and the grant deed for the city to acquire the property from Habitat for a conveyance…
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