3B Public Hearing 2012 0521 - Laserfiche WebLink

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File Number: 12 -258 24 months. Terms of the DDA The Disposition and Development Agreement (DDA) before the City Council tonight includes the following provisions. • The City serving in its capacity as the Successor Agency to the Redevelopment Agency will sell the Site to Innisfree for $2,250,000. (section 3.2) • Innisfree must pay the Successor Agency an additional $250,000 if a full- service restaurant is not opened on the Site within 24 months following the date of issuance of a certificate of occupancy or 48 months following the effective date of the DDA. (section 3.2.1) • The closing date shall be no later than March 1, 2013 and is based upon the fulfillment of numerous conditions of closing such as approval of Construction Plans, and Innisfree having obtained permits, approvals, financing, and requisite insurance. (sections 3.6 and 3.8) • Innisfree shall develop the Village Marketplace retail project consistent with the terms and conditions of all approvals, entitlements and permits. (section 4.1) • Innisfree will include, at its expense, a public art component, new public sidewalks including street trees and bike racks. (section 4.1.1 - 4.1.3) • City shall expeditiously process all permits, entitlements and approvals necessary for development of Village Marketplace. (section 4.3) • Innisfree shall diligently prosecute the construction work to completion within 18 months, but in no event later than 24 months following the effective date of the DDA. (section 4.6) • Innisfree shall submit Construction Plans within 150 days following the effective date of the DDA.(section 4.9) • Innisfree, its contractors and agents must comply with prevailing wage laws. (section 4.15) • Innisfree must maintain the Village Marketplace and surrounding public improvements at its own expense including the landscaping and common areas. (section 6.2) • Innisfree will support the creation of a Property -Based Business Improvement District. (section 6.2.2) Based upon the reasons outlined in this report, staff recommends that the City Council, serving in its capacity as the governing body of the Successor Agency to the San Leandro Redevelopment Agency, approve and authorize the City Manager to execute the Disposition and Development Agreement with Innisfree Ventures II, LLC for the $2.25 million sale of 1550 East 14th Street and the development of Village Marketplace. Approval of the DDA by the Successor Agency Oversight Board is also required and scheduled for May 23, 2012. Previous Actions On April 27, 2009 the Redevelopment Agency approved a Purchase and Sale Agreement and Authorized the Expenditure of Tax Increment Funds for the Acquisition of 1550 East 14th Street. City of San Leandro Page 5 Printed on 511512012