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File #: 25-0471    Version: 1 Name: Public Hearing - Review Evidence of Default by Cornerstone re 410 B Street
Type: CC- Public Hearing Status: Agenda Ready
File created: 6/17/2025 In control: City Council
On agenda: 7/8/2025 Final action:
Title: PUBLIC HEARING - PUBLIC HEARING TO REVIEW EVIDENCE OF DEFAULT BY CORNERSTONE COMMUNITIES II, LLC UNDER THE PURCHASE AND SALE AGREEMENT FOR THE PROPERTY LOCATED AT 410 B STREET, SANTA ROSA, CA APN 010-045-025 BACKGROUND: Under the Agreement, the City sold the property at 410 B Street (APN 010-045-025) to Cornerstone on August 27, 2021, with specific post-closing obligations. Cornerstone remains in default of these obligations after several extensions. A notice of default was issued on August 29, 2024, and a public hearing was held on December 10, 2024. Following the hearing, Council granted a 120-day extension (to April 9, 2025) to allow discussions between Cornerstone and the City regarding a potential amendment to the Agreement. While City staff has engaged with Cornerstone, the extended deadline has passed, and Cornerstone remains in default. Moreover, Cornerstone was unable to provide reasonable assurance that it could proceed with the development of the Property following entitlem...
Sponsors: Real Estate, City Manager
Indexes: Exempt Project
Code sections: 15162 - Subsequent EIR and Negative Declarations, 15182 - Projects Pursuant to a Specific Plan
Attachments: 1. Staff Report, 2. Attachment 1 - Agreement of Purchase and Sale, 3. Attachment 2 - Extension Letter 1, 4. Attachment 3 - Extension Letter 2, 5. Attachment 4 - First Notice of Default, 6. Attachment 5 - Second Notice of Default, 7. Resolution, 8. Public Hearing Notice, 9. Presentation
Related files: 24-0762, 21-0461, 17-1028, 18-0808