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F. Present Use <br />The Site, which was the former site of the San Leandro Corporation Yard, is a vacant, <br />unimproved lot. <br />G. Reuse Conditions <br />The DDA includes covenants and conditions that impact the development economics and hence <br />the value of the interests conveyed to the Developer. This reuse analysis assumes compliance <br />with these covenants and conditions. The more important reuse conditions for the proposed <br />development are as follows: <br />The Agreement requires the construction of a first-class office project with an <br />exceptional level of amenities, including a landscaped plaza, a high quality of <br />building materials, as well as the obligation of the Developer to accomplish such <br />development in an expeditious manner. <br />2. Construct and open the Minimum Project with approximately 130,000 sq.ft. of <br />office space (NRA) in two 3- and 4 -story buildings at one time, in accordance <br />with the Scope of Development in the DDA and.within the time frame specified <br />in the Agreement. <br />3. The Minimum Project will include a ground -floor restaurant of not less than <br />2,000 sq.ft. of net rentable area (NRA). Should the Developer fail to lease the <br />2,000 sq.ft. restaurant space within the time frame specified, then the reuse value <br />will increase by $250,000. <br />4. The Developer is obligated to pay all governmental fees and assessments, <br />including the underground utility conversion fee and the City of San Leandro Fee <br />for Street Improvements (DFSI). <br />H. Date of Valuation <br />February 7, 2000 <br />L Final Estimate of 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. <br />Keyser Marston Associates, Inc. <br />19096.001\002-002.doc Page 2 <br />