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RDA Reso 2000-025
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RDA Reso 2000-025
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Last modified
9/13/2010 10:53:53 AM
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9/13/2010 10:02:21 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Resolution
Document Date (6)
7/17/2000
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Inst 2001161041
(Approved)
Path:
\City Clerk\City Council\Recorded Documents\2000
Reso 2000-112
(Reference)
Path:
\City Clerk\City Council\Resolutions\2000
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• <br /> 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 Project. The covenants and conditions of the <br /> Agreement require the construction of three 3- and 4 -story Class A office buildings with an <br /> exceptional level of amenities, including a restaurant, a landscaped plaza, parking deck, a high <br /> quality of building materials, as well as the obligation of the Developer to accomplish such <br /> development in an expeditious manner. <br /> Based upon the findings in the reuse valuation report prepared by KiMA, it is concluded that the <br /> cash payment with the conveyance of the Site of 52,513,412 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 analysis. If the <br /> specifications for the development of the Project were relaxed, resulting in lower development <br /> costs, a higher purchase price (reuse value) would be warranted. <br /> The KIVIA reuse valuation is attached to this report and incorporated herein by this reference. <br /> Estimated Value at Highest and Best Use <br /> KivIA 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 /> KIILA concludes that the value of the Site, assuming that it is free and clear of all improvements and <br /> any other encumbrances, is approximately 542 million to 55.6 million (515 to 520 /sq.ft. of net <br /> usable land area) for a commercial land use, plus assumption of the assessment for <br /> 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, first class office complex <br /> as 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 Project architectural and site upgrades of <br /> a higher quality than would typically be found in a standard first class office complex and must <br /> build a parking deck. Furthermore, the Project must be developed in the near -term. Therefore, the <br /> Project will further the overall goals of the Plaza 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 /> 19096.026\002- 002.doc Page 10 <br />
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