02/18/1986 - Laserfiche WebLink

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. . . The Executive Director/Economic Development asked the Assistant Director of the Downtown Development Commission to make the staff presentation on this item. The Assistant Director pointed out that, in conjunction with the $698,000 Urban Development Action Grant (UDAG) offer to the City and the Fiesta Marketplace Partners for the A-8 site project, HUD is requiring that modifications be made to the land sale purchase price in order to keep the project competitively ranked relative to HUD financial review criteria and internal policies. He stated that the original A-8 residual land value established by the Agency's economist and agreed to by the Fiesta Marketplace Partners, was $398,640. He added that, based on HUD's review of the project's overall financial data, they determined that the site should be sold to the developer for One Dollar but that, in order to assist the Agency with the high cost of developing public parking adjacent to the A-8 site, HUD also determined that the developer should pay the Agency $300,000 as an in-lieu parking fee. He pointed out that these changes would still leave the Agency with a $98,639 shortfall from the original $398,640 land sale amount and that, as a result, the developer has agreed to reimburse the Agency $98,639 for financial consultant contract expenses incurred by the Agency on behalf of the developer which would not normally be recovered, thus resulting in a total compensation to the Agency equivalent to the original land sale value of $398,640. He pointed out that, in order to provide for these changes, it is necessary that an amendment to the original development agreement be approved by the Agency. There was no response when the Chairman asked public if they wished to address the Agency. members of the He then motion. declared the public hearing closed and called for a It was moved Member Young approve the Development regarding the Agency. by Agency Member McGuigan, seconded by Agency and carried unanimously (7:0) that the Agency proposed Amendment to the Disposition and Agreement with Fiesta Marketplace Partners land sale compensation to be received by the JOINT PUBLIC HEARING REGARDING SALE OF CITY-OWNED CONJUNCTION WITH THE A-lO URBATEC DEVELOPMENT LAND IN The Chairman announced that it was the time and place for the Joint Public Hearing of the Community Redevelopment Agency and the City Council for the proposed sales of property in conjunction with assemblage of the A-lO site by the Community 4.