08/20/1985 - Laserfiche WebLink

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. . . in that it takes 48 months to bring a new office building on the market and that what is presently on-hand is viewed as inventory for this period of construction. He added that he did not feel Dunn Properties would consider a development of this scope if they did not believe it could be leased. The Deputy City Manager/Development Services stated that the l8-acre parcel referred to was presently held by an Estate and had been on the market for a variety of proposed uses. He added that the Estate was presently in negotiations with a private purchaser and that staff did not view this site as a replacement site for the C-7 site, pointing out that it would properly be a site for a mixed-use development of much higher density. In response to questions from Mr. Young regarding the calculation of the reuse value of the land, Mr. Richard Botti of Keyser Marston, financial consultants to the Agency, stated that the proposed project for the C-7 site was the highest and best use for the land and, therefore, there should be no difference between the acquisition and reuse costs. In response to questions from Chairman Griset, the Deputy City Manager/Development Services stated that the Agency would be purchasing residential units, complete with equipment and a variety of other improvements, which would result in a considerably higher cost for the property than land value. He added that vacant land in the area was priced at from $19 to $20 per square foot. He added that the irregular configuration of the C-7 site and the necessity of relocating a jet fuel line that ran below the property had caused the site to be appraised at the $17.50 per square foot price. After further discussion, it was moved by Mr. Johnson, seconded by Mr. Hart and carried unanimously (6:0) that the Agency: 1. Adopt Resolution No. 85-27: A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA APPROVING AN AGREEMENT BETWEEN THE AGENCY AND MAIN STREET PARTNERS; and 2. approve the conceptual plans proposed by Main Street Partners; and 3. approve the project budget and authorize its implementation by the Redevelopment Commission. It was moved by Councilmember Johnson, seconded by Councilmember Luxembourger and carried unanimously (6:0) that the Council adopt Resolution 85-103: A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA MAKING CERTAIN FINDINGS WITH RESPECT TO THE CONSIDERATION TO BE RECEIVED BY THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA PURSUANT TO AN OWNER PARTICIPATION AGREEMENT BETWEEN THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA AND MAIN STREET PARTNERS FOR THE SALE OF CERTAIN REAL PROPERTY IN THE SANTA ANA REDEVELOPMENT PROJECT AND APPROVING THE SALE OF SAID REAL PROPERTY UPON THE -4-