Laserfiche WebLink
V. CONSIDERATION RECEIVED AND REASONS THEREFOR <br />Under the terms of the Agreement, the Agency will be responsible for conveying the Site to the <br />Developer for $3,237,040 for the purpose of constructing and operating the Project. The Agency <br />will contribute to the Developer tax increment collected in an amount equal to half of the sales <br />tax collected by the City from the Project, up to $600,000, the estimated present value of which <br />is $517,000. The consideration being paid to the Agency is higher than the Site's fair reuse value. <br />The Agency has determined that this specific Project as provided in the DDA offers the best <br />complementary use for other land uses and activities on Marina Boulevard. The Project will be <br />developed in one phase in the near term and, together with the automobile dealership to be <br />developed on the adjacent parcel, will draw shoppers regionally to Marina Boulevard. Therefore, <br />the Project will further the overall goals to incent economic development in this area of the <br />Alameda County-City of San Leandro Redevelopment Project Area. <br />Conley Consulting Group Page 10 of 12 <br />9-9 Batarse Site 33433 10300.002 v5 September, 2001 <br />