AgdaPkt 2000-05-22 - Laserfiche WebLink

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~A-~ REPORT To the Redevelopment Agency May 22,2000 Subject Amendment to Disposition and Development Agreement (DDA) with Irvine Apartment Communities (lAC) -- Franklin Street Project Recommendation Staff recommends that the Board approve the amendment to the DDA with lAC, conditioned upon lAC's funding of the acquisition budget and furnishing the required security for the infrastructure. Background The Agency and developer have agreed on a way forward with this project. The original DDA remains unchanged -- meaning that the developer's commitment to the 15% affordable units and the in-lieu payment for childcare remain. This DDA amendment includes an acknowledgment that the Agency is aware of an agreement between lAC and the San Mateo County Building Trades Council. Fiscal Impact There is no fiscal impact to the Agency of this amendment. The Agency's proposed advance of funds to complete the Maple/EI Camino improvements will occur later, approved by a subsequent reimbursement agreement between lAC and the Agency1. Next Steps Assuming lAC funds the acquisition budget at or before the May 22, 2000 meeting, the Agency will then proceed to assemble the project site, the Final Map will be approved in June, and the developer will apply for their building permit before June 30, 2000. ..-- \ --~--~~ ~~- Michael Church Executive Director (~.- / / -,,'/ / ) '1 "/ , I /, , -?:;/.:.: ~ 1/ ,," Ed Everett City Manager 1 The reimbursement agreement will speak to the Agency's agreement to advance funds for a portion of the project infrastructure. The DDA's description of project infrastructure was determined to be accurate and did not need amending. 1 ""'-----"'-------------------------.-----"--"-"'-""" ..