AgdaPkt 2000-10-16 - Laserfiche WebLink

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� REPORT To the Redevelopment Board From the Executive Director October 16, 2000 Subject Extension of Term of Agreement for Exclusive Right to Negotiate with Western Innisfree Ventures for the Proposed Downtown Retail-Cinema Project Recommendation Adopt the resolution approving amendment to the Exclusive Right to Negotiate with Western Innisfree Ventures extending the term to January 31, 2001. Background On June 10, 1999 the Redevelopment Agency entered into an Exclusive Right to Negotiate (ERN) with Western Innisfree Ventures. This developer was selected, after a lengthy process, to proceed with the development of conceptual plans for a Downtown Retail- Cinema project. The ERN establishes the time frame for negotiation of the Disposition and Development Agreement (DDA) that is necessary before a project could go forward. The term of the ERN was for 9 months expiring on February 29, 2000. Under the agreement, the Executive Director of the Agency was given the authority to extend the term up to 90 additional days. The final extension expired on May 30, 2000. At the May 22, 2000 meeting of the Redevelopment Agency, the Board approved an amendment to the ERN, which extended the term to October 31, 2000. The purpose of this extension was to allow time for the completion of an environmental review process that included preparation of an Environmental Impact Report (EIR). Pursuant to the California Environmental Quality Act (CEQA), a Draft EIR (DEIR) was prepared by Mundie & Associates, a consulting firm hired by the City, and became available for a 45-day public review period beginning on July 18, 2000. During the public review period, finro public hearings were held by the Planning Commission to take testimony on the document. The Final EIR (FEIR) is scheduled to be reviewed by the Planning Commission at their October 17, 2000 regular meeting. If the Commission finds that the document is a complete and adequate anatysis of the potential environmental impacts of the proposed project, then the Commission may certify the EIR. The Agency may not approve a project under a DDA until the environmental process is complete. The eartiest possible date for Certification of the EIR would be mid to late October. Moreover, additional time is required to negotiate the financial parameters of the project. Finally, it is also the desire of the Redevelopment Agency Board to conduct a number of public forums where community input on the project can occur prior to voting on a DDA. These forums would be held later this fall. Therefore, it is recommended that the ERN be extended to January 31, 2001. Fiscal Impact .. ._ .. _ r .. ... _. . �.. .�.