RDA Reso 2001-012 - Laserfiche WebLink

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II. SUMMARY OF THE PROPOSED AGREEMENT The following summarizes the proposed agreement for this project. A. Description of the Site and Project Site The Agency is acquiring three parcels comprising an approximately 389,514 square foot ("SF") property, known as the Yokota property, in accordance with the Redevelopment Plan and intends to convey a portion of it to the Developer. Prior to the sale, the Agency will create a new tract map with parcelization described in the draft Disposition and Development Agreement (DDA). The Site will be comprised of one parcel with a total land area of approximately 161,852 SF on the western portion of the Yokota property. Three remaining portions include one that will be conveyed to a second developer for development of an automobile dealership, one that will be retained by the Agency for a new access road, and one that will be retained by the Agency with an option to convey to the Developer at full price within 18 months. The Yokota property is currently improved with structures related to the property's use as a nursery, as well as three single-family homes. All existing structures will be demolished. Developer The Developer is The Batarse Family Trust, U.T.A, Anthony A. Batarse Jr. Trustee. Project Description The proposed development consists of several components, only some of which are the subject of the related reuse valuation report. That portion of the development subject to the reuse valuation includes construction of an automobile dealership comprised of 50,000 square feet ("SF") of commercial space on a 161,852 SF site. The Project will have two buildings: a 35,000 SF sales facility and a 15,000 SF administrative office. The remainder of the Site will be developed with pavement, lighting and landscaping. The draft DDA specifies that the improvements to the Site shall include automobile showrooms, a minimum frontage of 150 feet, a minimum size of not less than 20,000 net SF, and landscaping on the front and side of at least ten feet depth from the back of the sidewalk. A road providing access to the Project and an adjacent project planned to be developed as a separate automobile dealership will be constructed on a portion of the Yokota property that will be retained by the Agency. Also, the Agency will contribute to the Developer tax increment collected in an amount equal to half of the sales tax collected by the City from the Project, up to $600,000. The draft DDA specifies that the automobile dealership being constructed on the Site and related properties described below be built to the same quality as other dealerships at 1314 and 1152 Marina Boulevard. Conley Consulting Group Page 3 of 12 9-9 Batarse Site 33433 10300.002 v5 September, 2001