FIESTA MARKETPLACE PARTNERS (3) - Laserfiche WebLink

Home Browse Search

MEMORANDUM Deputy City Manager/ To; Development Date: ct ng. xecut ve rector/ From: Community Development Agen Subject: FIESTA MARKETPLACE (_A--_8_S.ITE) AGREEMENTS _.- STATEMENT OF THE ISSUE January 20, 1987 On August 20, 1985, the Agency entered into a Disposition and Development Agreement with Fiesta Marketplace Partners for the development of a festival retail and office development on Fourth Street between Bush and French Streets. The Agency has conveyed the designated sites to the Partnership and construc- tion of the project is scheduled to begin in February, 1987. Since approval of the Development Agreement many issues have been raised which require both amendments to the original agreement as well as three new agreements which are described below in further detail. The Amendment to the Disposition and Development Agreement defines changes that have occurred in the scope of the project since the original Agreement was executed. The original Agree- ment provided that the Partnership had the option to purchase those parcels where owners declined to rehab their buildings and participate in the project. The purchase price to be paid by the Partnership was the Agency's actual cost to acquire, with the exception of the property at 316-320 E. Fourth Street (Galvan) which was to be sold at reuse value. Since that time, two property owners chose not to participate and the Agency proceeded to acquire them. They include 316-320 E. Fourth Street and 202-210 E. Fourth Street (-Isaacson Building). We renegotiated the purchase terms of 202--210 E. Fourth Street to reflect a reuse value vs. actual costs to acquire. Both properties are to be purchased by the Partnership for $560,000 as determined by a reuse appraisal prepared by Keyser Marston & Associates. Attached as Exhibit A is a site map depicting the subject properties.. The proposed Amendment further defines the scope of public. improvements to be funded by the Agency and enables the developer to install them and be reimbursed by the Agency. This will be a more expeditious process and will result in a cost savings as the improvements will be bid with the total project. The developer will be required to obtain at least three separate bids and cannot proceed without prior approval of the Agency's Executive Director. oie 76B