Reso 2001-158 - Laserfiche WebLink

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^ Grant to the Developer the right for early exercise of an option (in the Developer's favor) to extend the ground lease for the Auto Mall Reader Board Sign. ^ Compensate the Developer $160,000 for relinquishing his rights to develop 936 Marina Boulevard. ^ Convey at full price to the Developer the parcel at 635 Marina Boulevard. ^ Process a parcel map defining the boundaries of the Site prior to disposition of the Yokota property. ^ Construct public improvements necessary for the redevelopment of other parcels in the Project Area, including a 500-foot access road and possible extension. If the remainder of the road is not completed within 18 months, convey remaining land to Developer at $25.30 per SF. ^ Contribute tax increment revenue equal to 1/2 of sales tax received from the Project, starting in the fiscal year that sales tax revenues to the City have reached $100,000, up to a maximum of $600,000. C. Developer Responsibilities The Developer's responsibilities under the proposed Agreement are as follows: ^ Purchase the Site for $20 per SF, estimated at $3,237,040 for an approximately 161,852 SF parcel. ^ Exercise an existing option to extend the ground lease for the Auto Mall Reader Board Sign. ^ Release rights to develop 890 Marina Boulevard and sell 936 Marina Boulevard to Dailey Chevrolet for $675,000. ^ Purchase at full cost price from the Agency the parcel at 635 Marina Boulevard. ^ No later than the date of approval of the DDA, submit a Development Plan for the Site, as well as 765 and 635 Marina Boulevard, including the following improvements: an automobile dealership on 765 Marina Boulevard with a 3,000 SF showroom; paving and lighting on 635 Marina for storage and display; development of the Site and adjacent Developer-owned parcels into new and used automobile dealership showrooms. The Site shall have a minimum frontage on Marina Boulevard of not less than 150 feet, a minimum size of not less than 20,000 SF after provision of street right of way, and landscape front and side yard areas at least 10 feet wide measured from the back of the sidewalk. Conley Consulting Group Page 5 of 12 9-9 Batarse Site 33433 10300.002 v5 September, 2001