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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 />24 months. <br />Terms of the DDA <br />The Disposition and Development Agreement (DDA) before the City Council tonight includes <br />the following provisions. <br />• The City serving in its capacity as the Successor Agency to the Redevelopment <br />Agency will sell the Site to Innisfree for $2,250,000. (section 3.2) <br />• Innisfree must pay the Successor Agency an additional $250,000 if a full- service <br />restaurant is not opened on the Site within 24 months following the date of issuance of <br />a certificate of occupancy or 48 months following the effective date of the DDA. <br />(section 3.2.1) <br />• The closing date shall be no later than March 1, 2013 and is based upon the fulfillment <br />of numerous conditions of closing such as approval of Construction Plans, and <br />Innisfree having obtained permits, approvals, financing, and requisite insurance. <br />(sections 3.6 and 3.8) <br />• Innisfree shall develop the Village Marketplace retail project consistent with the terms <br />and conditions of all approvals, entitlements and permits. (section 4.1) <br />• Innisfree will include, at its expense, a public art component, new public sidewalks <br />including street trees and bike racks. (section 4.1.1 - 4.1.3) <br />• City shall expeditiously process all permits, entitlements and approvals necessary for <br />development of Village Marketplace. (section 4.3) <br />• Innisfree shall diligently prosecute the construction work to completion within 18 <br />months, but in no event later than 24 months following the effective date of the DDA. <br />(section 4.6) <br />• Innisfree shall submit Construction Plans within 150 days following the effective date of <br />the DDA.(section 4.9) <br />• Innisfree, its contractors and agents must comply with prevailing wage laws. (section <br />4.15) <br />• Innisfree must maintain the Village Marketplace and surrounding public improvements <br />at its own expense including the landscaping and common areas. (section 6.2) <br />• Innisfree will support the creation of a Property -Based Business Improvement District. <br />(section 6.2.2) <br />Based upon the reasons outlined in this report, staff recommends that the City Council, <br />serving in its capacity as the governing body of the Successor Agency to the San Leandro <br />Redevelopment Agency, approve and authorize the City Manager to execute the Disposition <br />and Development Agreement with Innisfree Ventures II, LLC for the $2.25 million sale of 1550 <br />East 14th Street and the development of Village Marketplace. Approval of the DDA by the <br />Successor Agency Oversight Board is also required and scheduled for May 23, 2012. <br />Previous Actions <br />On April 27, 2009 the Redevelopment Agency approved a Purchase and Sale Agreement <br />and Authorized the Expenditure of Tax Increment Funds for the Acquisition of 1550 East <br />14th Street. <br />City of San Leandro Page 5 Printed on 511512012 <br />
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