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<br />
<br />December 11, 2006
<br />
<br />Subject
<br />Funding for due diligence efforts regarding potential lease of property located at 557 East
<br />Bayshore Road in Redwood City.
<br />
<br />Recommendation
<br />By motion, authorize the City Manager to expend funds for the purpose of conducting due
<br />diligence on property located at 557 East Bayshore Road considered for potential lease by
<br />the City. The due diligence efforts would include preparation of an Environmental Impact
<br />Report (EIR), architectural renderings for concept plans, and other consulting services
<br />such as real estate services, fiscal analysis and geotechnical studies, if deemed
<br />necessary. The anticipated budget is $200,000.
<br />
<br />By resolution, appropriate and transfer $200,000 from the unappropriated General Fund
<br />resources held in reserve to the Administrative Support/Professional Services account
<br />number 150-61710-50.
<br />
<br />Background
<br />For the past year, the City has been in discussions with the property owner (SyWest
<br />Development, LlC, formerly Syufy Enterprises, a limited Partnership) of 557 East
<br />Bayshore Road in Redwood City regarding the disposition of the site. The site was utilized
<br />as a Century Theatre movie complex for many years. Recently, Century Theatres opened
<br />a new theatre in the downtown area and the property owners have been studying the
<br />feasibility of a reuse of the land.
<br />
<br />The City has expressed an interest in leasing the property from the owners. Before
<br />entering into any binding agreements, the City desires to conduct certain studies to
<br />determine the feasibility of future uses of the site.
<br />
<br />These studies would include the preparation of concept plans, an Environmental Impact
<br />Report, and possibly other studies such as geotechnical, fiscal, etc., if needed.
<br />Additionally, the City will need to utilize the services of a real estate consultant. The
<br />estimated budget is as follows:
<br />
<br />Environmental Impact Report preparation
<br />Concept plan preparation
<br />Real estate consulting services
<br />Fiscal Analysis
<br />Geotechnical studies (supplemental)
<br />Total
<br />
<br />$75,000
<br />35,000
<br />50,000
<br />20,000
<br />20,000
<br />$200,000
<br />
<br />REOEVSHAREO_2006 STAFF REPORTS_12-2006_Syufy
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