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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />FEBRUARY 21, 2017 <br />TITLE: <br />THIRD AND BROADWAY PROPOSED <br />DEVELOPMENT UPDATE AND COUNCIL <br />AD HOC COMMITTEE RECOMMENDATION <br />{STRATEGIC PLAN NO. 3, 5A} <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />0220� <br />© As Recommended <br />As Amended <br />® Ordinance on 1 of Reading <br />❑ Ordinance on 2nd Reading <br />El Implementing Resolution <br />M Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />1. Discuss the Council Ad Hoc Committee Recommendation to enter into an Exclusive <br />Negotiating and Reimbursement Agreement with Caribou Industries. <br />2. Direct staff to continue negotiations based upon the draft Disposition and Development <br />Agreement proposed on July 5, 2016. <br />3. Direct staff to continue negotiations of a draft Disposition and Development Agreement <br />based upon the Resolution proposed by Caribou Industries. <br />DISCUSSION <br />Background: <br />On August 5, 2013 the City Council authorized the Community Development Agency to release a <br />Request for Qualifications inviting development proposals for an innovative, high quality project at <br />the Third and Broadway parking structure site (Exhibit 1-August 3, 2017 RFCA). <br />On September 16, 2014 the City Council authorized the Planning and Building Agency to release <br />a modified Request for Qualifications for the Third and Broadway parking structure site to include <br />the Council's expressed desire for a hotel component. (Exhibit 2 — September 16, 2014 RFCA). <br />On July 5, 2016 the City Council directed staff to pursue negotiations with Caribou Industries <br />based upon a draft Disposition and Development Agreement (DDA) included with the RFCA <br />(Exhibit 3-July 5, 2016 RFCA). Mayor Pulido appointed an ad hoc committee comprised of <br />himself and Council Member Benavides to work with staff on negotiating a final DDA and <br />developing a recommendation for the City Council's consideration. The Council Ad Hoc <br />committee conducted several meetings to discuss details of the DDA and Caribou's alternative <br />proposal. Caribou was not agreeable to the terms of the DDA and the Council ad hoc committee <br />has asked staff to further research Caribou's proposal as set forth in a draft Resolution prepared <br />by Caribou (Exhibit 4). <br />65D-1 <br />