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<br />Proposed Letter of Intent to Negotiate with EF Communities, Inc.
<br />1595 Washington and 268 Parrott
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<br />Property Background and Overview:
<br />. Redevelopment Agency acquired 1595 Washington from EBMUD in October
<br />2004, intending to land-bank it in order to control the future of this strategic
<br />downtown corner.
<br />. The property was appraised at $475,000 in 2004; Agency bought it for $465,000
<br />due to approximately $10,000 of asbestos remediation.
<br />. Agency also owns adjacent parcd at 268 Parrott Street.
<br />. Both properties are in the Joint Project Area and are zoned Community
<br />Commercial; Outright permitted uses in this zoning district include, but are not
<br />necessarily limited to: office; retail; restaurants; and mixed-use residential.
<br />. When combined, both parcels equal 18,375 square feet (approx. 0.42 acres).
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<br />Request for Proposals (RFP) Process:
<br />. Business Development Committee gives consent to release RFP (July, 2005)
<br />. RFP publicly released to development community in fall, 2005.
<br />. Six development proposals received.
<br />. Four developers selected for interviews conducted Feb. - June, 2006
<br />. Two qualified developers selected for follow-up interviews (July, 2006).
<br />. Agency, CMO, and Community Development staff conducts developer review
<br />and analysis of proposals.
<br />. EF Communities selected as preferred developer of 1595 Washington and 268
<br />Parrott (October, 2006).
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<br />Developer Selection Criteria as Stated in the RFP:
<br />. Demonstrated ability to complete similar projects.
<br />. Price offered.
<br />. Economic and Community benefits of proposed project.
<br />. Compatibility with adjacent existing uses.
<br />. Compatibility with existing and proposed City policies, codes, and zomng
<br />requirements.
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<br />Staff Recommendation:
<br />. At this time, staff recommends entering into an exclusive negotiation
<br />period (not to exceed 12 months) with EF Communities, Inc. via the
<br />signing of a letter of intent to negotiate, with the ultimate goal of
<br />entering into a Disposition and Development Agreement (DDA).
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