RDA Reso 2001-012 - Laserfiche WebLink

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Vl. Conclusions and Limiting Conditipns A. Conclusion Section V of this report discussed the approach to determining the estimated reuse value of the Site. Based on this analysis, it is our opinion that as of September 2001 the $2,720,245 payment specified in the DDA is equivalent or greater than the fair reuse valley of the property to be conveyed subject to the Reuse Conditions and limiting conditions summarized below. B. Reuse Conditions The Project is subject to specified development standards and restrictions set forth in the DDA. The DDA includes covenants and reuse conditions that impact the development economics, and hence the value of the site. If the reuse conditions are changed, the reuse value is subject to change. This reuse assumes compliance with these covenants and conditions. The most important conditions affecting the project economics are listed below: The Agency will convey the Site to the Developer based upon the specific terms and conditions agreed to in the DDA. 2. The DDA requires the construction of the Project in accordance with the Final Construction Plans to be reviewed and approved by the Agency and within the time frame specified in the DDA. 3. Development of the Site will include automobile showrooms, a minimum frontage of 150 feet, a minimum size of not less that 20,000 net SF, and landscaping on the front and side of at least ten feet depth from the back of the sidewalk. 4. The dealerships being constructed on the Site, as well as other properties not subject to this reuse valuation, will be built to the same quality as other dealerships at 1314 and 1152 Marina Boulevard. 5. Development will proceed as agreed to in the DDA, including by the times specified in the DDA; i.e., speculation is not allowed. 6. Per the DDA, the Site is restricted to use as an auto dealership for 10 years. Conley Consulting Group Page 20 of 22 9-9 Bartarse Reuse 10300.006 v5 September, 2001