3A New Business 2001 1113 - Laserfiche WebLink

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Amendments to Agreements • 2 Nmber 13, 2001 Yokota Nursery Development property in a voluntary transaction, process a lot line adjustment, and sell the newly reconfigured property to two auto dealership developers. The sellers will contract for the demolition of the existing buildings, and the Agency will pay for demolition, residential relocation, and environmental remediation in order to deliver a cleared site to the new owners. The project encompasses a Purchase and Sale Agreement with Yuriko Yokota et al, a Disposition and Development Agreement (DDA) with Lavery California Dealership Properties No. 1, LLC, and a DDA with the Batarse Family Trust. The plan had included reserving land in the middle of the nursery property to be developed as a new public road. However, issues including dealership site planning and traffic concerns make developing a new road to city standards infeasible at the site. Instead, the two developers will cooperatively maintain a reciprocal easement for a driveway in between the two new dealerships. The amendments discuss the driveway and eliminate the requirement for the Agency/City to reserve land for a public road. The parcels sold to the dealerships will be larger as a result. BACKGROUND Current City Council/Redevelopment Agency Policy On July 17, 2001, the Agency Board approved a Purchase and Sale Agreement for the Yokota property with a 90-day escrow period. On October 1, 2001, the Agency Board approved the agreements with the auto dealers to buy the property from the Agency. City Council Committee Review and Action N/A Applicable General Plan Policy N/A Permits and Variances Granted N/A Environmental Review N/A Code Compliance Review N/A Board/Commission Findings N/A Summary of Public Outreach N/A Fiscal Impact The estimated total cost for the Yokota Nursery Development is $10.1 million. Of this amount, the Agency's contribution is estimated at $1.5 million for dealer assistance and