Reso 2001-158 - Laserfiche WebLink

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Portions of the Project that are not the subject of the associated reuse valuation include the following: • The Developer has acquired property at 765 Marina Boulevard in a private transaction, so it is not subject to the reuse valuation. However, the draft DDA specifies that development of a new and used automobile dealership with a 3,000 SF showroom is required on this parcel • Additionally, the Agency will acquire right of way for widening the portion of Marina Boulevard fronting this site for $450,000. The acquisition is part of astreet-widening project that is already underway as part of the City of San Leandro's plans for Marina Boulevard and therefore is not subject to this reuse valuation. • The draft DDA also specifies that the Developer shall improve another parcel, 635 Marina Boulevard, with paving and lighting. While this part of the Project is part of the DDA, it is not the subject of this reuse appraisal because the Agency has agreed to acquire the parcel and convey it to the Developer at full cost. • An additional portion of the Yokota property will be retained by the Agency with an option to sell the site to the Developer at a price equal to the Agency's cost of acquiring the land. • The Developer also already owns property at 545 and 575 Marina Boulevard, which the DDA specifies must be developed in conjunction with the Site. The Agency will reimburse the Developer for widening Marina Boulevard fronting 545 Marina Boulevard. Since this is a reimbursement for an ongoing project of the City and not directly related to the subject development, it is not subject to the reuse valuation. Other aspects of the over project include an provision for the Developer for give up rights to develop properties at 936, 945, 872 and 846 Marina Boulevard for auto-related uses. The Developer will convey 936 Marina Boulevard for $675,000 to another developer to allow assembly of small parcels for development of an automobile dealership. As compensation for foregoing his development rights on those parcels, the Agency will pay the Developer $160,000. • The Agency is granting an early exercise of the developer's option to extend the ground lease for an Auto Mall Reader Board sign to the Developer. B. Agency Responsibilities The Agency's responsibilities under the proposed Agreement are as follows: • Acquire the Yokota property for subdivision and conveyance of a portion to the Developer. Conley Consulting Group Page 4 of 12 9-9 Batarse Site 33433 10300.002 v5 September, 2001