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3B Public Hearing 2012 0521
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3B Public Hearing 2012 0521
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Last modified
5/30/2012 11:46:42 AM
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5/15/2012 3:20:49 PM
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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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Path:
\City Clerk\City Council\Agenda Packets\2012\Packet 2012 0521
SA Reso 2012-007
(Reference)
Path:
\City Clerk\City Council\Resolutions\2012
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Gam= j <br />116 <br />MEMORANDUM <br />ADVISORS IN: <br />REAL ESTATE <br />REDEVELOPMENT <br />AFFOR:)ABLE HOUSING <br />ECONOMIC DEVELOPMENT <br />SAN FRANCIS[: <br />A- JERRY KEYS E <br />TIMOTHY C- KELLY <br />KATE EARLE FUNK <br />DEBBIE M. KERN <br />REED T. KAWAHARA <br />DAVID DOEZEMA <br />Los ANGFITS <br />KATHLEEN H- HEAD <br />JAMES A RAN <br />GREGORY D. Soo <br />KEVIN E. ENGSTR0 ,A " <br />JULIE L. P,0MI <br />SAN Dwjr.: <br />GERALD M. TRI.MBLE <br />PAUL C. MARRA <br />From: <br />Date: <br />Subject: <br />Summary <br />KEYSER MARSTON ASSOCIATES <br />ADVISORS IN PUBLIC /PRIVATE REAL ESTATE DEVELOPMENT <br />Cynthia Battenberg <br />City of San Leandro <br />Keyser Marston Associates, Inc. <br />May 1, 2012 <br />Village Marketplace <br />Keyser Marston Associates, Inc. estimated the land value of the site for the proposed <br />Village Marketplace. Based on a financial analysis of the specific project required by the <br />Developer to construct, KMA estimates the fair reuse value for the site to be $2,170,000. <br />Background <br />The City of San Leandro ( "City "), in its capacity as Successor Agency to the <br />Redevelopment Agency of the City of San Leandro, is currently negotiating a Disposition <br />and Development Agreement (Agreement) with Innisfree Ventures II ( "Developer ") <br />regarding 1550 East 14th Street ( "Site "), the site of the former Albertsons grocery <br />store. The Site is also identified as Assessor's Parcel No. 077 - 0540 -009, that contains <br />approximately 73,359 square feet (1.73 acres). The City currently owns the Site. <br />Under the Agreement, the Developer agrees to develop a retail project ( "Project ") on the <br />Site in accordance with the terms and conditions of the Agreement and in compliance <br />with the terms and conditions of all approvals, entitlements and permits that the City or <br />any other governmental body or agency with jurisdiction over the Project or the Property <br />has granted or issued in connection with development of the Project, including all <br />mitigation measures imposed in connection with environmental review of the Project and <br />all conditions of approval imposed in connection with any entitlements, approvals or <br />permits. <br />55 PACJFJCAVENUEMALL Y SAN rRANCISCO,CALIFORNJA94111 r PHONE 4153983050 )P. FAX 4153975065 <br />001 -002; jf <br />WW W. KEYS E RMARSTON.COM 19096.040 <br />
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