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City of San Leandro <br />Meeting Date: May 21, 2012 <br />Staff Report <br />File Number: 12 -258 Agenda Section: PUBLIC HEARINGS — CITY <br />COUNCIL <br />Agenda Number: 3.B. <br />TO: City Council <br />FROM: Chris Zapata <br />City Manager <br />BY: Luke Sims <br />Community Development Director <br />FINANCE REVIEW: Not Applicable <br />TITLE: Staff Report for the Disposition and Development Agreement by and Between <br />the City of San Leandro, in Its Capacity as the Successor Agency to the San <br />Leandro Redevelopment Agency, and Innisfree Ventures 11, LLC for the $2.25 <br />million Sale of 1550 East 14th Street for the Development of Village <br />Marketplace (City to receive approximately $270,000 of sales proceeds based <br />upon its property tax allocation rate. Village Marketplace will bring on -going <br />sales tax and property tax revenue to the City and will create approximately <br />113 jobs.) <br />�IIJJihyi /e1 :rail 011 1N; Ks] LyiILyiIN101I7e ,II[a]06"] <br />In 2009, the San Leandro Redevelopment Agency purchased 1550 East 14th Street to <br />provide temporary parking during the construction of the downtown parking garage and to <br />develop the property into a project that would serve as a catalyst for downtown retail. The <br />Redevelopment Agency has been working in partnership with Innisfree Ventures 11, LLC and <br />the community for the past three years to create the Village Marketplace, a 28,000 square <br />foot retail project with a specialty grocery store anchor. Staff recommends that the City <br />approve a Resolution Authorizing the City Manager to Execute a Disposition and <br />Development Agreement by and between the City of San Leandro, in its Capacity as the <br />Successor Agency to the San Leandro Redevelopment Agency, and Innisfree Ventures 11, <br />LLC for the $2.25 million sale of 1550 East 14th Street for the development of Village <br />Marketplace. The sale proceeds will be turned over to the Alameda County Tax Auditor <br />Controller for distribution to taxing entities, consistent with the requirements of AB x1 26. <br />le[•]:fel WllJ 0I W� <br />In 1947, Lucky began operating a grocery store at 1550 East 14th Street (the Site). In May <br />2005, Red Mountain Retail Group acquired a portfolio of Lucky properties, including the Site. <br />Red Mountain held ownership of the Site through Norcal, a limited liability corporation. In <br />September 2005 the grocery store, which had changed to an Albertsons, closed due to <br />City of San Leandro Page 1 Printed on 511512012 <br />