Reso 1998-009 - Laserfiche WebLink

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This report outlines the salient parts of the Proposed Disposition and Development Agreement (Agreement) by and between the City of San Leandro Redevelopment Agency (Agency) and S.L. Vanuatu Properties, LLC, (Developer) under which the Developer will use the subject site for the development and construction of a new automotive lube and tune center. The purpose of this analysis is to determine the cost of the Agreement to the Agency. This report is based upon information in the proposed Agreement and is organized into the following five sections: 1. Summary of the Proposed Agreement - This section includes a description of the site, the proposed development and the major responsibilities of the Agency and the Developer. 2. Cost of the Agreement to the Agency - This section outlines the cost of the Agreement to the Agency. It presents the terms of the land conveyance to the Developer by the Agency, provides a projection of property tax increment revenues relating to the new development, and sets forth the net cost of the Agreement of the Agency. 3. Estimated Value of the Interest to be Conveyed - This section summarizes the value of the site to be conveyed to the Developer. 4. Consideration Received and Reasons Therefore - This section describes the purchase price to be paid by the Developer to the Agency. It also contains a comparison of the purchase price and the fair market value at the highest and best use consistent with the redevelopment plan for the interests conveyed. 5. Elimination of Blight - This section includes an explanation of why the sale or lease of the property will assist in the elimination of blight and the supporting facts and materials. 6. Conformance with AB 1290 Implementation Plan - This section describes how the Agreement is in conformance with the Agency's Implementation Plan. KEYS ER MARSTON ASSOCIATES INC. 19104\0001-002.DOC Page