RDA Reso 2000-005 - Laserfiche WebLink

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V. CONSIDERATION RECEIVED AND REASONS THEREFORE The Agency is receiving payments for the value of the Site being conveyed to the Developer, which is consistent with the provisions of the proposed Agreement. The land payment to the Agency is estimated to be $2,265,120. The Agency is obligated to deliver the Site "as is" to the Developer. The Developer is also obligated to incur the costs of paying the City of San Leandro utility undergrounding fee, pay the City's DFSI fee, pay all other governmental fees, and complete construction of the Minimum Project within 12 months of Site acquisition. If the developer should fail to lease the restaurant space, pay the Agency an additional $250,000. In conclusion, the Agency is entering into this agreement for less than the highest and best use in order to further the goals of the Redevelopment Plan to revitalize the long vacant Corporation Yard site and enhance the area around the San Leandro BART station, and the Davis Street and San Leandro Boulevard corridors. VI. ELIMINATION OF BLIGHT The Site on which the Minimum Project will be constructed is on the western edge of the downtown district of San Leandro, on the northeast corner of San Leandro Boulevard and Davis Street, in the City of San Leandro Plaza 2 Redevelopment Project Area. The neighborhood of the site consists primarily of a mix of residential and commercial uses. The Site is a large vacant and underutilized parcel bounded on the north side by the San Leandro Creek. Efforts over a number of years to achieve a high quality commercial development of the site have failed. The existence of this large vacant parcel has contributed to blight in the Project Area. The Redevelopment Agency has determined that the Site is ideal for a high quality office complex. The Minimum Project will assist in the removal of blight by creating an attractive office development and by providing visual improvement to this area of the City. The Minimum Project will create a creekside open space unique in the East Bay. The Minimum Project will increase employment, both during the construction phase and thereafter. The Minimum Project also will increase the real property tax base for the City. It is hoped that the Minimum Project will stimulate further investment in the Downtown Area. Thus, the Agency is entering into this agreement for less than the highest and best use in order to achieve its objectives of removing blight, stimulating private investment, and reinforcing its existing commercial centers. Keyser Marston Associates, Inc. 19096.001\002-001.doc Page 10