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Third and Broadway development Project July 6, 22016 Page 2 to reach out to all of the development firma who had submitted proposals and give them a second chance to submit new proposals that would include a hotel components, even as a second phase of the project on the site or on a nearby property, Four of the original development firms resubmitted proposals. Caribou Industries included a hotel component. Of those four firms, the three other firms maintained their position that the hospitality market in (Downtown Santa tuna did not sufficiently support financing and construction of a new hotel and did not:include a hotel component In their new proposals, Subsequently, staff Identified the qualifying criteria for Caribou Industries to be selected as the developer for the Third and Broadway site, Part of the qualifying criteria were audited financial statements, a common criterion that allows City staff to assess the: developer's ability to complete and deliver the proposed project on 'time and on budget. After several requests, staff has not received the audited financial information required, Proposed Draft Disposition and Development Agreement (DDA,j Components: If the City Council opts to enter into a ODA with a qualified developer as drafted in the proposed sample D DA, the scope of the Third and Broadway Project will be as follows, but not limited to: 1. Developer Is to purchase the property at market value with the intention of demolishing the existing parking garage and building a mixed use residential/retall/office/hotel project, 2. The City shall Impose a lien on the property for the market value purchase of said property, Said lien shall be maintained for no less than 26 yearn. 3. The City shall release the lien after 25 years and upon the developer's accomplishment of all performance requirements and terms of the loam as outlined In the DDA. 4, The developer shall be required to deposit a determined amount within five (5) days of opening an escrow. 5, The transfer of the title of the property shall only take place after certain City of Santa conditions have been met by the developer. 6. The developer shall obtain all necessary, entitlements at their own expense prior to transfer of property titles from the City to the developer. 7. The developer shall prepare a complete environmental document consistent with California Environmental. Cuallty.Act (C QA) for the proposed project, 83 A minimum three ( )-star hotel component, consisting of no fewer than 60 rooms Is a required component of the proposed project, The hotel may be built at the same time as the rest of the projector In a subsequent phase, as described by the developer with a justification for Its phasing and timing. Developer must submit documentation to verify a commitment from It major hotel, development proforma for the hotel, and signed labor agreements as required but the City in order to most the hotel component requirement for the project, 65D-9