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3B Public Hearing 2012 0521
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3B Public Hearing 2012 0521
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5/30/2012 11:46:42 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
5/21/2012
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_CC Agenda 2012 0521 CS+RG
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\City Clerk\City Council\Agenda Packets\2012\Packet 2012 0521
SA Reso 2012-007
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\City Clerk\City Council\Resolutions\2012
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File Number: 12 -258 <br />underperformance. <br />In 2007, Norcal filed a series of lawsuits against the City contending that various planning and <br />zoning actions related to the City's approval of the Transit Oriented Development Strategy <br />violated its constitutional rights or were otherwise contrary to law. In 2008, the City Council <br />placed a priority on resolving the litigation due to the prominence of the Site and the blight <br />created by the store vacancy. On April 20, 2009, the City Council voted unanimously to <br />approve settlement terms, which included the Redevelopment Agency's purchase of the Site <br />for 6.175 million dollars and Norcal's demolition of the building prior to close of escrow. The <br />settlement price was deemed reasonable based upon executed Letters of Intent for reuse of <br />the building. <br />The Redevelopment Agency recognized at the time that the requirement that Norcal demolish <br />the existing approximately 26,000 square foot building was in fact demolishing part of the <br />asset that it was purchasing. When the Agency took ownership of the Site, its value had been <br />significantly decreased. In exchange for this loss, the Agency gained substantial control over <br />the nature of future development. Instead of a single- tenant building behind a field of parking, <br />the Agency could require a development consistent with the vision of the TOD Strategy. The <br />write down of property value in order to create a development that would be a catalyst for <br />change is one vital role that Redevelopment Agencies used to play. Additionally, the <br />acquisition of 1550 East 14th Street enabled the Redevelopment Agency to mitigate parking <br />problems during the construction of the downtown parking garage. <br />In September 2009, the Redevelopment Agency entered into an Exclusive Negotiating Rights <br />Agreement (ENRA) with Innisfree Ventures II for the Site and the triangle- shaped block <br />bounded by East 14th Street, Hays Street, and Davis Street, known as "Town Hall Square." <br />These locations were identified as two of the three key opportunity sites for development in <br />the City's Transit Oriented Development Strategy. The opportunity is based on their ability to <br />serve as development catalysts. Both sites are currently being used for temporary <br />replacement parking until the Downtown garage reopens, which is scheduled to occur in <br />September 2012. <br />Staff worked closely with Innisfree and the community through the TOD Strategy, a downtown <br />retail web survey and a retail attraction letter writing campaign, to create the Village <br />Marketplace project. It will include the following features: <br />• Quality retailers and a specialty grocery store <br />• Outdoor dining opportunities and a generous plaza for people to gather <br />• Retail activity along East 14th Street with parking behind the buildings <br />• Superior architecture, building materials, landscaping and a public art component <br />• Off -site improvements including pedestrian friendly streetscape and angled public <br />parking. <br />The proposed tenants with signed Letters of Intent are: <br />• Fresh & Easy Neighborhood Market - twenty year ground lease with four, 5 -year <br />options. Innisfree will lease the land to Fresh & Easy; Fresh & Easy will build its own <br />building on the southern portion of the site. <br />• Peet's Coffee & Tea - ten year lease with two 5 -year options. <br />• Chipotle - ten year lease with four 5 -year options. <br />City of San Leandro Page 2 Printed on 511512012 <br />
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