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<br />REPORT <br /> <br />To the Redevelopment Board <br /> <br />November 13, 2000 <br /> <br />Subject <br />Third Amendment of Disposition and Development Agreement (DDA) for Franklin Street <br />Project - Shea Homes <br /> <br />Recommendation <br />That the Board considers an extension to the DDA to add 120 days to the Schedule of <br />Performance - Step 9. This will give the parties until March 20, 2001 to complete the <br />informal reviews of the new site plan and to renegotiate business terms. <br /> <br />Background <br />I n September 1999 the Agency and Shea entered into a Disposition and Development <br />Agreement (DDA). Shea subsequently re-evaluated their commitment and indicated they <br />could not make the commitment to 'fund' their activities under the DDA. <br /> <br />The Agency Board agreed to an extension to the DDA to November 20,20001. The Board <br />wished to see the developer's amended plan and the negotiators needed to have a new <br />business proposal from the developers before being able to make a recommendation to <br />the Board. <br /> <br />On August 15, 2000, Shea submitted a revised business proposal to the Agency. On <br />August 21,2000 they gave staff a preview of their amended site plan and model, and on <br />August 22,2000 they presented the plan and model to the Architectural Review Committee <br />(ARC), A copy of the ARC meeting notes is attached. <br /> <br />Staff met with Shea representatives on November 1, 2000 and, based on this meeting, <br />staff and the Agency consultant recommend this extension to March 20, 2001. We will <br />lose considerable time between the Thanksgiving and Christmas holidays. The parties will <br />use the rest of the calendar year to refine the business terms. The DDA will then be <br />amended during January and early February for action by March 20, 2001. <br /> <br />~~ <br /> <br />Michael Church <br />Executive Director <br /> <br />~ <br /> <br />Ed Everett <br />City Manager <br /> <br />Attachments <br />1, November 2,2000 letter from Shea requesting extension, <br />2. Resolution and Third Amendment to DDA <br /> <br />1 The Board agreed to add 180 days to step 9 of the Schedule of Performance. from May 24, 2000 to November 20, 2000, Under <br />step 9, Shea "makes its election to proceed" and "posts bonds for Shea Shared Infrastructure Security", <br /> <br />"j--T" <br />