TO: Board of Supervisors
FROM: Steven Lederer, Director of Public Works
REPORT BY: Leigh Sharp - Deputy Dir. of PW - General Services x8321
SUBJECT: Acknowledge Assignment of Old Sonoma Road Purchase and Sale Agreement
RECOMMENDATION
title
Director of Public Works requests approval of and authorization for Chair to sign Seller Acknowledgement to Assignment and Assumption of Napa County Purchase and Sale Agreement No. 210350B (Agreement) for purchase of County surplus property located at 2344 Old Sonoma Road, acknowledging assignment of Agreement from SN Management Corp. to Napa Community Real Estate Fund LP, with all other terms of the Agreement remaining the same.
body
EXECUTIVE SUMMARY
On May 4, 2021, County (Seller) and SN Management Corp. (Buyer or SNMC) entered into Purchase and Sale Agreement No. 210350B for 2344 Old Sonoma Road (Property). On June 3, 2021, County received notification from Buyer that Buyer had assigned all of its rights, title, and interest in and to the Agreement to Napa Community Real Estate Fund LP (Assignee or NCREF). Although Buyer asserts that no consent of the Seller is required for the transfer of the Agreement, they are asking that County acknowledge Assignee as the "Buyer." While staff does not wholly agree with the assertion that County's consent to the assignment is not required, staff is nevertheless supportive of the assignment and requests the Board acknowledge the assignment for the reasons discussed below.
Approval of the requested action acknowledges NCREF as the "Buyer" under the Agreement and states that Property will be conveyed to them upon closing under the Agreement, with no modification in any respect of any of the provisions of the Agreement, which remain in full force and effect.
FISCAL & STRATEGIC PLAN IMPACT
Is there a Fiscal Impact?
Yes
Is it currently budgeted?
No
Where is it budgeted?
Revenue will be received from proceeds of the sale.
Is it Mandatory or Discretionary?
Discretionary
Discretionary Ju...
Click here for full text