Oversight board approves sale of four Suisun City parcels to CF Sassoon 1 LLC, adds repurchase assignment

The Solano County consolidated oversight board voted 4-0 Sept. 10 to approve a purchase-and-sale agreement with CF Sassoon 1 LLC for four Suisun City parcels at 701, 711, 713 and 717 Main Street, subject to a condition that the successor agency assign its repurchase right to the City of Suisun City and a memorandum of that right be recorded.

Ricky Caperton, Suisun City’s development services director, told the board the parcels have been vacant more than 20 years and were appraised collectively at $174,500. "Collectively, the 4 properties appraised for 174,500," Caperton said. He told the board buyers estimate demolition and hazardous-material remediation will exceed $500,000; the successor agency negotiated a demolition proration credit of $59,500, yielding a final sales price of $115,000 if approved.

Board members pressed why a straightforward purchase-and-sale agreement was used instead of a disposition and development agreement that would link milestones to performance. Outside counsel Kevin Teague said that since redevelopment agencies were dissolved, disposition-and-development agreements have become uncommon and can be costly and trigger additional environmental review. "Disposition development agreements have become more and more uncommon since the dissolution of redevelopment agencies," Teague said.

Members also focused on protecting the county’s winding-down obligations. Counsel and city staff agreed the purchase agreement contains an assignment provision and staff can prepare a separate assignment document and record a memorandum of the repurchase option so the right has notice and preserve its value. The board’s approval included direction to prepare and execute that assignment and to forward its action to the California Department of Finance under Health and Safety Code section 34180(j).

The vote was recorded as 4-0. The board asked staff to return any finalized assignment documents and recording evidence as part of post-escrow reporting.