My WebLink
|
Help
|
About
|
Sign Out
Home
RDA Reso 2000-005
CityHall
>
City Clerk
>
City Council
>
Resolutions
>
2000
>
RDA Reso 2000-005
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
6/5/2019 10:29:57 AM
Creation date
7/21/2010 10:25:37 AM
Metadata
Fields
Template:
CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Resolution
Document Date (6)
2/22/2000
Retention
PERM
Document Relationships
Reso 2000-021
(Reference)
Path:
\City Clerk\City Council\Resolutions\2000
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
39
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
IV. VALUE OF THE INTEREST TO BE CONVEYED <br />Reuse Value <br />The reuse value for the Site is directly a function of the development economics for the specific <br />development required to be constructed for the Minimum Project. The covenants and conditions of <br />the Agreement require the construction of two 3- and 4 -story Class A office buildings with an <br />exceptional level of amenities, including a restaurant, a landscaped plaza, a high quality of building <br />materials, as well as the obligation of the Developer to accomplish such development in an <br />expeditious manner. <br />In the reuse appraisal report prepared by KMA, it is concluded that the cash payment with the <br />conveyance of the Site of $2,265,000 ($2,265,000 rounded) is a fair consideration, given the <br />specific conditions and covenants of the Agreement. In addition, the Developer is obligated to pay <br />all assessments and governmental fees related to the Site, including the underground utility <br />conversion fee and the City of San Leandro Development Fee for Street Improvements (DFSI). <br />While it is anticipated that the high quality of materials, amenities, and improvements required <br />under the DDA will increase development costs, this has been reflected in the purchase price of <br />$2,265,120. If the specifications for the development of the Minimum Project were relaxed, <br />resulting in lower development costs, a higher purchase price would be warranted. <br />The KMA reuse appraisal is attached to this report and incorporated herein by this reference. <br />Estimated Value at Highest and Best Use <br />KMA has also estimated the value of the interests conveyed to the Developer if sold by the <br />Redevelopment Agency at its highest and best use allowed under the redevelopment plan. <br />KMA concludes that the value of the Site, assuming that it is free and clear of all improvements and <br />any other encumbrances, is approximately $3.7 million ($15/sq.ft. of net usable land area) for a <br />commercial land use, plus assumption of the assessment for undergrounding utilities. <br />While the reuse value being paid to the Agency is less than the fair market value of the Site under <br />the highest and best use, the Agency has determined that the high quality office complex as <br />provided in the DDA offers the best complementary use for other land uses and activities in the <br />area. In addition, the Developer must incorporate into the Minimum Project architectural and site <br />upgrades of a higher quality than would typically be found in a standard office complex. <br />Furthermore, the Minimum Project must be developed in the near-term. Therefore, the Minimum <br />Project will further the overall goals of the Plaza 2 Redevelopment Project Area to revitalize the <br />downtown commercial core and the Davis Street corridor in the vicinity of the Site. <br />Keyser Marston Associates, Inc. <br />19096.001\002-001.doc Page 9 <br />
The URL can be used to link to this page
Your browser does not support the video tag.