11/17/1980 - Laserfiche WebLink

Home Browse Search

. . . . . . The Executive Director pointed out that Keyser Marston, in their economic evaluation, recommended several different development approaches. Mr. Fainbarg agreed to proceed on any project the Agency wished to recommend. The Executive Director then told of a proposal which had been received from the Paul J. Toberty Company after the expiration of Mr. Fainbarg's six-month exclusive right to negotiate on October 12, 1980 and added tha t, in h is opinion, since Mr. Fa inbarg had met all of the conditions of his exclusive right to negotia te, the Agency should enter in to a Dispos i tion and Development Agreement with Mr. Fainbarg for the development of this proper ty. He added tha t staff would 1 ike to explore the possibility of working with the Toberty Company on another loca tion. The Executive Director pointed out that Keyser Marston has raised several questions regarding the Agency's ongoing expense relating to the proposed parking garage which they estimate to be $200,000 per year and Mr. Toberty estimates at $50,000. Keyser Marston also questioned the advisability of constructing 240,000 square feet of office building at th is site. The Executive Director then stated that staff was recommending that the Agency proceed with the Fainbarg Proposal. He added that staff would like to study the Toberty proposal further to see if it could be economically feasible for the Agency to consider it at a later date. The following persons appeared before the Agency in support of the Toberty Proposal: David Flaherty Pa ul J. Tober ty Claude Young, Representative for Paul J. Toberty Wayne J. Banks, Representative, WZMH Group Architects Peter De Rouches, Owner-Sombrero Street Restaurant Paster De Leon, Templo Calvario The Chairman was handed a petition of approximately one- hundred and four (104) signatures in support of the Paul J. Toberty Company proposal. After a lenghty discussion, a motion was made by Mr. Bricken, seconded by Mr. Markel and carried by a vote of 5:2 (Mr. Serrato and Mr. Yamamoto casting the "NO" vote) that the Agency direc t staff to prepare a Dispos i tion and Development Agreement with Mr. Allan Fainbarg for the development of a site bounded by Civic Center Drive, Main, E igh th and Bush Stree ts . RECESS The meeting was recessed by the Chairman at 4:40 P.M.!, to the evening session (after the Council meeting) to discuss litigation matters. The meeting was reconvened with the same members present at 9:50 P.M. EXECUTIVE SESSION At 9:50 P.M., the Chairman recessed the Agency meeting to an Executive Session to discuss legal matters. At 10:15 P.M.I, the meeting was reconvened with the same members present. -11-