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Development Plans for Davis/Hays/East lo Site 3 March 7, 2011 4. 234 Davis Street. This parcel, owned by Union Bank, provides parking for the Union Bank building and shared parking with the former Great Western Bank. In September 2005 the Agency offered Union Bank the opportunity to enter into an Owner Participation Agreement and participate in the development project, but Union Bank was not interested. Meetings with Union Bank are ongoing as this parcel is important to the project. 5. 1199 East 14 Street. The corner parcel at 1199 East 14 is the former site of the Great Western Bank. This parcel was purchased in December 2004 from Washington Mutual along with the noncontiguous parking lot at 250 Davis (see #3, above). This parcel contains very few parking spaces and no vehicular access points, which will need to be addressed by the development. 6. 1145 East 14 Street. This parcel contains a two story office building that is owned by PSK Development LLC and leased by Union Bank. Union Bank sub - leases some of the office space on the second floor to additional tenants. In September 2005 the Agency offered the owners of the property the opportunity to enter into an Owner Participation Agreement, but they were not interested. Shortly thereafter, the Olson Company offered to purchase the property but was unable to negotiate a mutually acceptable price. Inclusion of this parcel in the project is highly desirable, but complicated by Union Bank's extremely favorable terms that do not expire for many years. 7. 1117 East 14 Street. This parcel contains the Chevron gas station at the comer of East 14 and Hays. In September 2005 the Agency offered Chevron the opportunity to enter into an Owner Participation Agreement, but they were not interested. Shortly thereafter, the Olson Company was unsuccessful in efforts to purchase the property. In 2007, the Agency once again engaged Chevron in discussions regarding the project and identified 10 potential relocation sites for the station. None were deemed acceptable by Chevron. This station is extremely successful and owned and operated by Chevron, so they have very little motivation to move. The cost of acquisition, therefore, is prohibitive. At this point, the Agency is prepared to move forward with development plans that do not include this parcel. Hays Street Although early concepts of the project involved the closure of Hays Street to gain additional land and access to the creek, that option no longer appears viable due to the need to maintain access to the Chevron station and the high cost of making corresponding turn lane improvements at Davis and East 14 which would necessitate taking right -of -way from the corner of the project site. Improvements to Hays that would facilitate a pedestrian- friendly environment and better incorporate the creek are envisioned. Narrowing the street could also create space for some on- street parking, reducing the parking demands for the Site itself. In February, the Agency approved a cooperative agreement and allocated 52 million for streetscape improvements to this section of Hays Street. Specific details of these improvements will be refined as needed to ensure consistency with the proposed development. G :OBD\Files RDA\Plazn \Town Hall Square\ Innisfree\Staff Report Davis Hays Update 03 -07- 11.doc