Reso 1996-061 to 065 - Laserfiche WebLink

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E. Zoning This analysis presumes that zoning will permit the development of the site and construction of the improvements in accordance with the provisions of the DDA. F. Present Use The Agency Assemblage parcels are improved with older commercial structures and a single- family residential dwelling converted into an office. One of the three component parcels of the Agency Assemblage is contaminated by toxics, due to prior usage as a gasoline service station. G. Reuse Conditions The DDA includes covenants and conditions that impact the development economics and hence the value of the interests conveyed to the Auto Dealer. This reuse analysis assumes compliance with these covenants and conditions. The reuse conditions for the proposed development are as follows: 1. The fair reuse value assumes that the land is clear and ready for development, inclusive of the cost to clean up any toxic materials. 2. Under the terms and conditions of the DDA, the permitted use of the sites is limited to auto dealerships for 20 years. 3. The Auto Dealer will optimize the opportunity for a successful Auto Center by privately assembling additional parcels along Marina Boulevard. 4. Development of the auto dealerships will occur immediately after conveyance and expiration of current leases on the private assemblage site. Speculation is not allowed. H. Date of Valuation March 29, 1996 L Knal Estimate of Reuse Value The fair reuse value for the parcels assembled by the Agency is $160,000. The Agency's proposed agreement with the Auto Dealer is a fair consideration, given the reuse conditions as set forth in the DDA. 19096=14-003dOC KEYS ER MARSTON As�OeCIATES INC.