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Portions of the Project that are not the subject of this reuse valuation include the <br />following: <br />• The Developer has acquired property at 765 Marina Boulevard in a private <br />transaction, so it is not subject to the reuse valuation. The draft DDA specifies <br />that a new and used automobile dealership with a 3,000 SF showroom is <br />required on this parcel. <br />• The Agency will acquire right of way for widening of Marina Boulevard fronting <br />this site for $450,000. The acquisition is part of astreet-widening project that is <br />already underway as part of the City of San Leandro's plans for Marina <br />Boulevard and therefore is not subject to this reuse valuation. <br />• The draft DDA also specifies that the Developer shall improve another parcel, <br />635 Marina Boulevard, with paving and lighting. While this part of the Project is <br />part of the DDA, it is not the subject of this reuse appraisal because the Agency <br />has agreed to acquire the parcel and convey it to the Developer at full cost. <br />• An additional portion of the Yokota property will be retained by the Agency, for <br />potential use to construct an access road, with an option to sell the site to the <br />Developer in 18 months at a price equal to the Agency's cost of acquiring the <br />land. <br />• The Developer also already owns property at 545 and 575 Marina Boulevard, <br />which the DDA specifies must be developed in conjunction with the Site. The <br />Agency will reimburse the Developer for widening the portion of Marina <br />Boulevard fronting 545 Marina Boulevard. As described above, since this is a <br />reimbursement for Developer expenses incurred to carry out a City policy that is <br />not directly related to the transaction, it is not subject to the reuse valuation. <br />The remainder of this report shall deal only within those portions of the project that are <br />subject to a reuse valuation. <br />C. Site/Land Area <br />The Agency acquired or is acquiring the 389,514 SF property in accordance with the <br />Redevelopment Plan and intends to convey a portion to the Developer. Remaining <br />portions include a site to be conveyed to a second developer for development of another <br />automobile dealership, another site to be developed as a new access road and retained <br />by the Agency, and a fourth portion which the Agency has the option to convey to the <br />Developer at full price. <br />Conley Consulting Group Page 4 of 22 <br />9-9 Bartarse Reuse 10300.006 v5 September, 2001 <br />