RDA Agmt 2009 Innisfree Ventures II LLC

Home

THIS EXCLUSIVE NEGOTIATING RIGHTS AGREEMENT (this "Agreement") is entered into effective as of N(~Ve~ylbG~ I(~ , 2009 ("Effective Date") by and between the Redevelopment Agency of the City of San Leandro, a public agency ("Agency") and Innisfree Ventures H, LLC, a California limited liability company ("Developer"). Agency and Developer are hereinafter collectively referred to as the "Parties." WHEREAS, the Agency seeks development of an infill project in the City of San Leandro ("City") consisting of a mix of residential, office, and/or ground-floor commercial (the "Project") on the property located within the Plaza Redevelopment Project Area on the block bounded by San Leandro Creek, Davis Street, and East 14th Street and more particularly described in Exhibit A attached hereto (the "Town Hall Square Site") and the property located within the Alameda County/City of San Leandro (Joint) Redevelopment Project Area at 1550 East 14th Street and more particularly described in Exhibit B attached hereto (the "Gateway Site" and together with the Town Hall Square Site, collectively hereafter, the "Property"); WHEREAS, the redevelopment plans for the Plaza Project Area and Alameda County/City of San Leandro (Joint) Project Area call for the Agency to improve the physical cohesiveness ofpedestrian-oriented shopping and offices with residential development in downtown area; WHEREAS, the Property was identified as a key opportunity site in the City of San Leandro's Transit Oriented Development Strategy due to its potential to develop in the near term, stimulate other development, significantly increase transit ridership, accommodate a diversity of product types, and strengthen the vitality and economic strength of downtown San Leandro; WHEREAS, as of the Effective Date, the Agency owns or is in contract to acquire the Gateway Site; WHEREAS, the Agency owns the following parcels located within the Town Hall Square Site: 210-30 Davis Street, 250 Dads Street, 290 Davis Street, and 1199 East 14th Street (hereafter, together with the Gateway Site, collectively, the "Agency Property"); WHEREAS, the Agency previously issued a Request for Qualifications for development of the Town Hall Square Site, the Developer's principal, David Irmer, timely submitted a response to such RFQ, and Agency staff have determined that David Irmer has appropriate qualifications and experience; WHEREAS, at its meeting of July 9, 2009, the City Council Business and Housing Development Committee directed staff to pursue negotiations with Developer regarding Developer's proposed development of the Property, and authorized staff to prepare an agreement granting Developer exclusive rights to negotiate for the purpose of reaching agreement on terms and conditions for development of the Project; and 1284546-2 2 OHS West2607188992 19268-3 C14