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File #: 24-0762    Version: 1 Name: Public Hearing to review evidence of default by Cornerstone Properties II S, LLC, 410 B Street
Type: CC- Public Hearing Status: Agenda Ready
File created: 10/2/2024 In control: City Council
On agenda: 12/10/2024 Final action:
Title: PUBLIC HEARING - PUBLIC HEARING TO REVIEW EVIDENCE OF DEFAULT BY CORNERSTONE PROPERTIES II, LLC ON THE PROPERTY LOCATED AT 410 B STREET, SANTA ROSA, CA APN 010-045-025 BACKGROUND: Pursuant to an Agreement of Purchase and Sale for Future Infill Development and Joint Escrow Instructions (“Agreement”), the City sold the property located at 410 B Street in downtown Santa Rosa (APN 010-045-025) (“Property”) to Cornerstone Properties II, LLC (“Cornerstone”) on August 27, 2021, subject to the requirement that Cornerstone satisfy specific development milestones by specified deadlines. The City has granted Cornerstone two extensions of the deadlines for completion of the development milestones, totaling an additional 2.5 years. Because Cornerstone did not complete the development milestones by August 24, 2024, the second extended deadline, it is in material default of the Agreement. After meeting with Cornerstone, City staff determined that Cornerstone is not likely to move forward with the ti...
Sponsors: Real Estate
Indexes: Not a Project
Code sections: 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 - Notice of Default, 6. Resolution, 7. Public Hearing Notice, 8. Presentation, 9. Late Correspondence (Uploaded 12-10-2024)
Related files: 17-1028, 18-0808, 21-0305, 21-0461