Guide to the Sacramento Housing and Redevelopment Agency Downtown Development Collection - Hyatt Regency Hotel (bulk )

Transcription

1 Guide to the Sacramento Housing and Redevelopment Agency Downtown Development Collection - Hyatt Regency Hotel (bulk ) Collection Number: 2000/019 Sacramento Archives and Museum Collection Center Sacramento, California

2 2 Descriptive Summary Collection Name: Downtown Development Collection - Hyatt Regency Hotel Collection Number: 2000/019 Hyatt Regency Hotel Collector: City of Sacramento Sacramento Housing and Redevelopment Association (SHRA) Extent: 1/2 cubic foot Repository: Sacramento Archives & Museum Collection Center 551 Sequoia Pacific Blvd. Sacramento, CA Phone: (916) Abstract: Created in 1973, the Sacramento Housing and Redevelopment Agency (SHRA) is the lead public agency and public developer regarding affordable housing, housing issues, and redevelopment projects for the city and the county. SHRA oversees residential and commercial revitalization activities in redevelopment areas throughout the city. The Agency offers a variety of financial assistance programs for first-time homebuyers, and provides several loan programs and other assistance to the business community. Hyatt Regency Hotel Collection contains correspondence and financial and performance analysis for the Hyatt Regency Hotel from 1994 to 1996, including request to purchase property, insurance records, toxicology reports, investigations, and subpoena for back fees for parking lease. The Mutual of New York Real Estate Investment Management (MONY) eventually bought out the lease from JB & LE Regency Venture in 1996.

3 3 Administration Information Access: Collection is open for research. Publication Rights: Copyright has not been assigned to the Sacramento Archives and Museum Collections Center (SAMCC) for private collections. All requests to publish or quote from private manuscripts must be submitted to the Archivist. Permission for publication is given on behalf of SAMCCE as the owner of the physical items and is not intended to include or imply permission of the copyright holder, which also must be obtained by the reader. No permission is necessary to publish or quote from records. Preferred Citation: [Identification of item, prepared according to standard citation style such as MLA, ALAL, or Turabian], [Call Number]. Hyatt Regency Hotel, City of Sacramento, History and Science Division, Sacramento Archives and Museum Collections Center. Acquisition Information: Acquired in 2000 from City of Sacramento Processing History: Processed by Victoria E. Dye, Finding aid prepared by Victoria E. Dye, 2006.

4 4 Administrative History of Hyatt Regency Hotel The Hyatt Regency Hotel, located at 1209 L Street in Sacramento, was built in This file includes consultation with Sacramento Housing and Redevelopment Agency regarding the purchase of the Hyatt Regency Hotel by Mutual of New York Real Estate Investment Management (MONY) and their desire to buy out the 30-year ground lease controlled by JB & LE Venture. In order to do this the agency submitted a request for proposal to perform a financial and performance analysis of the hotel. Pannel Kerr and Forster International (PKF) of San Francisco was selected to do the analysis. The report showed that SHRA owed $145,000 in back lease payments for parking in Dec., The outcome of the negotiations concluded with MONY buying out the lease from JB & LE Regency Venture for $51,500,000 in 1996.

5 5 Scope and Content: The Hyatt Regency Hotel Collections is divided into bulk of the information dating from 1992 to 1996 (with the exception of the Dispositions & Development Agreement dated September 16, 1986). The Series are separated by types of contents with the folder contents in chronological order and consisting of one half cubic feet. The first folder in Series I includes the Dispositions & Development Agreement. The Deed of Trust is in folder 2. Folder 3 includes a request for proposals, agreements, resolution (Copy), correspondence to consulting firms, balance sheets, forms regarding leases holders, change of ownership, certificate of insurance, subpoena, estimate appraisal of Hyatt Regency Hotel at market value, correspondence re: Hyatt Regency Hotel issues (parking, ground lease, bankruptcy, etc ) and toxic investigation and remediation on hotel site. Folder 4 contains photos of the exterior of the hotel. Series II holds records pertaining to the economic evaluation of the Hyatt, and contains proposals and their evaluations. Folder 5 and 6 include the proposals that were submitted for the evaluation and the final folder of the series contains the evaluations of the bids and records of the selection process. The third series includes all of the correspondence regarding financial matters in the early 1990s and concludes with decisions to go pursue bids for a formal proposal on the evaluation of the hotel in These series encludes conversations regarding bids, concern with the leaking garage, and other legal matters. Folder 8 contains correspondence between MONY, the City of Sacramento, and the SHRA regarding the financial situation of the hotel and its economic history. Folders 9 and 10 hold correspondence regarding the financial perspective of Hyatt Regency Hotel, consent to transfer of partnership interest; financial compliance with ground lease of hotel, notice of default, analyst of lease payments, Hyatt Regency Hotel defaults, Declaration of Thomas Lee, Stipulation of relief. Folders 11 and 12 include correspondence regarding the new agreement between MONY and First American Title Co., accounting records for parking garage between ; answer to complaint and counterclaim, a First Amendment to Disposition; and change of ownership information. A request for proposal of a finical analysis of the property was sent out in May of 1994 before MONY purchased the Hyatt. Folder 13 includes correspondence regarding the request and also correspondences dealing with agreements and resolutions. The file also includes concerns with the leak in garage, Hyatt maintenance information, bankruptcy forms, spreadsheets which include proposed economic value, legal description, zoning and description, line adjustment, information on agreement of purchase, lot deferred payments and clarification, and parking expenses. Folder 14 concludes the Hyatt Collection and contains correspondence and documents regarding the amended ground lease, Restructuring of Hyatt Regency Hotel Agreement & Insurance of Tax Allocations bonds, the New agreement of purchase and sale and the Revenue Report

6 6 Box 1 Downtown Development Collection Sacramento Housing & Redevelopment Agency Hyatt Regency Hotel Regency Hotel Location: 5:46 Series I Request of Proposal for Sale of Agency General (D.6.33 #2b) 4ff Folder 1 Deposition & Development agreement 9/16/1986/ 2 Deed of Trust & Security Agreement n.d. 3 Requests for Proposal/Review of Concerns Sept/Oct Photographs of Hyatt Regency Hotel n.d. Series II Economic Evaluation (D.6.33DT) 3ff Proposals for Hyatt Regency Hotel Evaluation (part 1) 05/31/ Proposals for Hyatt Regency Hotel Evaluation (part 2) May-June Evaluations of Proposals and Selection 04/19 to 06/02/1996 Series III Miscellaneous Documents (D.6.33 #6) 6 ff Correspondence: Legal January 1992 November Correspondence: Financial Perspective 04/20/1991 to 10/15/ Correspondence: 03/12/1990 to 10/30/1992 Parking Garage & Ground Lease (#1) 10. Correspondence: 10/30/1992 to 01/05/1993 Parking Garage & Ground Lease (#2) 11 Correspondence: New Agreement (#1) 11/25/1991 to 04/ Correspondence: New Agreement (#2) 03/16 T0 12/19/ Correspondence: Requests for Proposals 04/16 to 06/17/1994 Agreements and Resolutions 14 Correspondence: Analysis 1994 to 1995