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1983-26 CRA
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1983-26 CRA
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1/3/2012 12:22:22 PM
Creation date
3/8/2005 10:52:58 AM
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City Clerk
Doc Type
Resolution
Doc #
CRA 1983-26
Date
8/16/1983
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<br />~ <br /> <br />Flor reviewed the relocation payment made to Billy Greenberg <br />in August of 1982 and that Port and Flor was considered to <br />be one of the most outstanding consultants in this field in <br />the State of California. <br /> <br />. <br /> <br />After further discussion, it was moved by Commissioner <br />Newcomb, seconded by Commissioner Coil and carried <br />unanimously (5:0) that the Commission recommend denial of <br />the appeal of Green's Furniture to receive additional funds <br />for Relocation Assistance, <br /> <br />FIRST AMENDMENT TO THE MANAGEMENT AGREEMENT DATED APRIL 20, <br />1981 - OCTD PARKING GARAGE AT BROADWAY AND FIFTH STREET <br /> <br />. <br /> <br />The Assistant Director of Redevelopment explained that the <br />Management Agreement between the OCTD parking Garage at <br />Broadway and Fifth Street and the Agency provides that the <br />management fee shall be adjusted after the first fourteen <br />months of the Agreement. He added that for the remaining <br />term of the agreement, the management fee is determined by a <br />percentage of the monthly net income and that this <br />percentage is derived by dividing the monthly flat fee <br />($767.00) by the average net income for the thirteenth and <br />fourteenth months of the agreement ($542.00), He stated <br />further that this calculation would produce 141% which would <br />result in Systems Parking, Inc. receiving 100% of the net <br />income and would not produce any income to the Agency for <br />the remaining term of the agreement. He said that as a <br />result of this situation, Agency had negotiated an agreement <br />wi th Systems Parking, Inc. whereas they will continue to <br />receive the $767.00 management fee plus 25% of the net <br />income with the remaining 75% being retained by the Agency <br />in a separate interest bearing trust account. He added that <br />this money will be used by the Agency to finance expenses <br />incurred at any time during the first five years of <br />operation to the extent that the expenses are greater than <br />the revenues. He pointed out that Systems parking, Inc. had <br />agreed to this proposed amendment and that since it is <br />beneficial to the Agency, staff recommended its approval. <br /> <br />After a brief discussion, it was moved by Commissioner <br />Alleman, seconded by Commissioner Coil and carried <br />unanimously (5: 0) that the Commission recommend that the <br />Agency approve an amendment to the Management Agreement <br />dated April 20, 1981 between the Agency and Systems Parking, <br />Inc, for the management of the OCTD Parking Garage <br />structure. <br /> <br />. <br /> <br />ACCEPTANCE <br />SITE <br /> <br />The Assistant Director of Redevelopment pointed out that <br />this property was orig inally acquired by the City for park <br />purposes and that it is now proposed that it be developed <br />for moderate housing, He added that the only way that the <br />Agency can proceed is to convey the property from the City <br />to the Agency, after which the Agency will issue a Request <br />for Proposal for market-rate housing. He pointed out that <br />the cost of acquiring the property would not be paid to the <br />Ci ty until such time as the Agency has reached an agreement <br />wi th the developer, and a resale of the property to the <br />developer has occurred. <br /> <br />OF <br /> <br />CITY OWNED SURPLUS PROPERTY - WEST RESERVOIR <br /> <br />After a Ienghty discussion in which the Commissioners were <br />assured by the Director of Housing that: <br /> <br />the project will serve towards the satisfaction of the <br />Agency requirement to use 20% of tax increment funds to <br />provide housing within the City; <br /> <br />5. <br /> <br />6A <br /> <br />Iì-il <br />
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