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<br />SA-I <br /> <br />REPORT <br /> <br />To the Redevelopment Board <br />From the Executive Director <br /> <br />May 22, 2000 <br /> <br />Subject <br />Agreement for Professional Real Estate Appraisal Services for the Proposed Downtown <br />Retail-Cinema Project <br /> <br />Recommendation <br />Approve the resolution authorizing the Redevelopment Agency to enter into an agreement <br />with Fabbro, Moore, & Associates, Inc. for Real Estate Appraisal services for the Proposed <br />Downtown Retail-Cinema Project for a budget of $28,000. <br /> <br />Background <br />Real estate appraisal information for the properties located within the proposed Downtown <br />Retail-Cinema project area is required in order to obtain current project cost estimates. The <br />project boundaries are as follows: <br />. Retail-cinema site - 2100 block of Broadway bounded by Broadway, Jefferson, and <br />Middlefield Road <br />. Parking structure site - Middlefield Road bounded by Middlefield, Jefferson, the railroad <br />tracks, and a portion of Winslow. <br />The City/Redevelopment Agency owns two large parcels, one in each of the above blocks. <br />There are eight other parcels contained within the two blocks. <br /> <br />The appraisal information is essential to the negotiations for the Disposition and <br />Development Agreement (DDA). Per the terms of the Exclusive Right to Negotiate (ERN) <br />with Western Innisfree Ventures, the developer has agreed to pay for the cost of the <br />appraisals. <br /> <br />The proposed budget for this work is $28,000. <br /> <br />Fiscal Impact <br />The funding for this contract will be paid for by the developer, Western Innisfree Ventures, <br />per the terms of the ERN. There will be no fiscal impact to the Agency. <br /> <br />P~~.~ l~;:c==-- <br /> <br />Patricia J. Webb Michael Church <br />Economic Development Coordinator Executive Director <br /> <br />(It Id hi <br /> <br />Ed erett' i <br />City Manager <br /> <br />Attachment <br />Resolution Approving Agreement with Fabbro, Moore, & Associates <br /> <br />r- <br />