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Development Plans for Davis /Hays/East 14' Site 2 March 7.2011 Also in 2004, the Agency began the process of acquiring parcels within the Site. Land consolidation is a common redevelopment strategy that increases the likelihood of developing a cohesive project that best utilizes all available land. In February 2005, the Agency issued a Request for Proposals (RFP) for a development firm to enter into an Exclusive Negotiating Agreement (ENA) for development of the Site. After a review of the proposals. Olson Urban Housing, LLC was selected and an agreement was executed on June 22, 2005, with a term that ran through December 22, 2006. Olson's work on the project focused on land acquisition efforts for the parcels currently occupied by Union Bank and Chevron. A lack of success in these efforts, combined with a general economic decline, ultimately led to the agreement expiring prior to the development of any specific development plans. On November 16, 2008, the Agency approved an ENA with Innisfree Ventures II for both this site and 1550 East 14 Street (the former Albertsons). lnnisfree was ranked second in the original RFP process and had also been ranked second in the recently completed Request for Qualifications (RFQ) process for development of the Shoreline -Marina Area. The Agreement covered both potential developments because cohesive planning is most likely to result in complementary uses in these key downtown opportunity sites. The Innisfree agreement has an 18 month term with the possibility of two 12- month extensions. Land Acquisition The Agency began acquiring parcels within the Site in 2004. This section provides a status update on each parcel. Numbers for each parcel correspond to the labels on the attached map. 1. 290 Davis Street. This parcel, site of the former Mustang Bar and Club Temptation, forms the western end of the Site. This parcel was the first piece of the Site acquired by the Agency when it was purchased for just under 5500.000 in June 2004. The Agency demolished the building and is presently using this parcel as part of a temporary parking lot while the new downtown garage is being constructed. 2. 262 Davis Street. This site previously housed the San Leandro Chamber of Commerce building. The Agency initially entered into an agreement with the Chamber to acquire this parcel and purchased 1595 Washington (the former East Bay Municipal Utility District site) which was to be conveyed to the Chamber in a land swap. That agreement was rescinded and replaced in October 2008 with a Lease/Purchase Agreement. Under the new Agreement the Agency will construct a turn-key office condominium as part of the new downtown garage project. Once completed, the Chamber will take ownership of the office condo and the Agency will take ownership of 262 Davis. In the meantime, the Agency pays the Chamber S2.900 per month for the lease of this parcel. The Agency demolished the former Chamber building and is presently using this parcel as part of a temporary parking lot while the new downtown garage is being constructed. 3. 250 Davis Street. This parcel, used for parking, was purchased by the Agency along with the building at the corner of Davis and East 14 froth Washington lMutual for 5736,000 in December 2004. These two parcels are noncontiguous, and parking is handled with an easement agreement with Union Bank that allows for shared parking. G: \OBD \Files RDA\Plazn\Town Hall Square \ Innisfree \Staff Repott Davis Hays Update 03 -07.11 .doc