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YMCA Agreement — Renovation /Reuse <br />May 19, 2016 <br />Page 3 <br />• Parking Payments: <br />The existing lease with Sycamore Parking will not be terminated. Developer will provide the <br />City an estimate of the parking spaces required by the developer <br />Reimbursement Agreement: <br />As stipulated in Reimbursement Agreement, the developer will pay up to $40,000 of the costs <br />of the City's consultant, to be determined by the parties. <br />City staff and the developer have worked diligently over the past several months to negotiate a <br />strong development agreement that comprehensively takes into account all of the deal points <br />mentioned above. There remain several significant areas where additional negotiations and work <br />by consultants is incomplete. These areas include: 1) resolution of title issues identified <br />subsequent to the approval of the ENA; 2) value engineering; 3) completion of the re -use <br />appraisal and analysis; and 4) resolution of easement issues associated with the adjacent parking <br />structure. For these reasons, the City Manager has agreed to extend the agreement with St. <br />Joseph Health and Taller San Jose, as provided for in the ENA. <br />STRATEGIC PLAN ALIGNMENT <br />Approval of this item supports the City's efforts to meet Goal #3 Economic Development, <br />Objective #5 (Leverage private investment that results in tax base expansion and job creation <br />citywide), Strategy A (Identify and market underutilized properties (city and non -oity owned) for <br />new development that will create new jobs and expand the City's flax base, <br />FISCAL IMPACT <br />There is no fiscal impact associated with this action <br />��Amq) <br />Kelly Reqoders LJ <br />Executive Director <br />Community Development Agency <br />SK/sb <br />Exhibit; 1, Map <br />19F -3 <br />