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<br />"'ß- } <br /> <br />REPORT <br /> <br />To the Redevelopment Board <br />From the Executive Director <br /> <br />May 22, 2000 <br /> <br />Subject <br />Extension for Term of Agreement for Exclusive Right to Negotiate with Western Innisfree <br />Ventures for the Proposed Downtown Retail-Cinema Project <br /> <br />Recommendation <br />Approve the resolution authorizing the Redevelopment Agency to amend the term of the <br />Agreement for Exclusive Right to Negotiate with Western Innisfree Ventures for the <br />Proposed Downtown Retail-Cinema Project. <br /> <br />Background <br />On June 10, 1999 the Redevelopment Agency entered into an Exclusive Right to Negotiate <br />(ERN) with Western Innisfree Ventures. This developer was selected, after a lengthy <br />process, to proceed with the development of conceptual plans for a Downtown Retail- <br />Cinema project. The ERN establishes the time frame for negotiation of the Disposition and <br />Development Agreement (DDA) that is necessary before a project could go forward. The <br />term of the ERN was for 9 months expiring on February 29,2000. Under the agreement, <br />the Executive Director of the Agency was given the authority to extend the term up to 90 <br />additional days. The final extension expires on May 30, 2000. <br /> <br />The developer submitted the conceptual plans in November 1999. It was determined that <br />an Environmental Impact Report (EIR) should be prepared. The EIR is currently in <br />progress and the Draft for public review will be available at the end of June. It is the desire <br />of the Agency and the developer to extend the ERN to allow time for public review of the <br />EIR and the project to occur before finalizing the terms of the DDA. Therefore, it is <br />recommended that the ERN be extended through Certification of the Final EIR or to <br />October 31, 2000 whichever is sooner. (Please refer to the attached revised EIR <br />schedule.) <br /> <br />Fiscal Impact <br />There will be no fiscal impact to the Agency. <br /> <br />0 ,l:ÚL~ á.(; (¿)...¿þ <br />Patricia J. We <br />Economic Development Coordinator <br /> <br />\ c:/~, -:;-/ <br />t~:--?:::- ",-- <br /> <br />,......' ': ) , <br />(' / // , ',/ / <br />,I it,. <br />, ,¿ I.' I <br />C :" í'~ Co ,-,l' ."'-- <br />Ed Everett <br />City Manager <br /> <br />Michael Church <br />Executive Director <br /> <br />Attachment <br />Resolution Approving Amendment to the term of the Agreement for an Exclusive Right to <br />Negotiate <br /> <br />.., ..............--.-........-..............,.... "--~"'-.--""'-"""""""" . <br />