AgdaPkt 2000-06-26 - Laserfiche WebLink

Browse Search

REPORT To the Redevelopment Agency June 26, 2000 Subject Reimbursement Agreement for Off-Site Infrastructure Improvements - Irvine Apartment Communities (lAC) Franklin Street Project Recommendation 1. That the Agency Board approve the subject Reimbursement Agreement by resolution. 2. That the Agency Board, by motion, direct staff to create a separate appropriation by budget amendment in the 2000-01 budget. This budget amendment will occur later in the 2000-01 budget year. Background On August 10, 1999 the Agency Board approved a Disposition and Development Agreement (DDA) with lAC. On September 13, 1999, the Board also approved a DDA with Shea Homes. The original intention was that both developers would begin to implement their respective projects by electing to proceed and to fund the Agency's obligations under the respective DDA's. There were to be reciprocal agreements between the developers over issues relating to public improvements. There were improvements that were directly related to lAC, others directly related to Shea, and some improvements in which the developers were to share. As the Board knows, the developers did not proceed as planned. Shea Homes is now redesigning its project and the Board has given them to November 20, 2000 to reach agreement with the Agency. On May 22, 2000, lAC made its election to proceed and funded their agreement. Since lAC is proceeding before Shea, some of the shared improvements must proceed now. This Reimbursement Agreement will provide Agency assistance towards the cost of specific improvements at Maple Street and EI Camino Real. lAC will make the improvements; the Agency will reimburse them for their costs up to a cap of $192,000, and then seek to recover these funds from Shea Home (or a subsequent developer) when the balance of the Franklin Street Area develops. 1 .~_.._- "'-"r