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V. CONSIDERATION RECEIVED AND REASONS THEREFORE <br /> The land payment to the Agency is $2,513,421. The Agency is obligated to deliver the Site "as <br /> is" to the Developer. The Developer is also obligated to incur the costs of paying the City of San <br /> Leandro utility undergrounding fee, pay the City's DFSI fee, pay all other governmental fees, and <br /> complete construction of the Project within 12 months of Site acquisition. If the Developer <br /> should fail to lease the restaurant space, the Developer will pay the Agency an additional 5250,000. <br /> In conclusion, the Agency is entering into this agreement for less than the highest and best use in <br /> order to further the goals of the Redevelopment Plan to revitalize the long vacant Corporation Yard <br /> site and enhance the area around the San Leandro BART station, and the Davis Street and San <br /> Leandro Boulevard corridors. <br /> VI. ELIMINATION OF BLIGHT <br /> The Site on which the Project will be constructed is on the western edge of the downtown district of <br /> San Leandro, on the northeast corner of San Leandro Boulevard and Davis Street, in the City of San <br /> Leandro Plaza Redevelopment Project Area. The neighborhood of the site consists primarily of a <br /> mix of residential and commercial uses. <br /> The Site is a large vacant and underutilized parcel bounded on the north side by the San Leandro <br /> Creek. Efforts over a number of years to achieve a high quality commercial development of the site <br /> have failed. The existence of this large vacant parcel has contributed to blight in the Project Area. <br /> The Redevelopment Agency has determined that the Site is ideal for a high quality, first class office <br /> complex. The Project will assist in the removal of blight by creating an attractive office <br /> development and by providing visual improvement to this area of the City. The Project will <br /> increase employment, both during the construction phase and thereafter. The Project also will <br /> increase the real property tax base for the City. It is hoped that the Project will stimulate further <br /> investment in the Downtown Area. <br /> Thus, the Agency is entering into this agreement for less than the highest and best use in order to <br /> achieve its objectives of removing blight, stimulating private investment, and reinforcing its <br /> existing commercial centers. <br /> Keyser Marston Associates. Inc. ,21 I <br /> 19096.026 \002- 002.doc Page 11 <br />