Agmt00 Irvine Apartment Communi - Laserfiche WebLink

Browse Search

A. The Agency, IAC and Shea entered into an Agreement to Negotiate Exclusively dated January 29, 1998 as amended October 12, 1998 (the "ERN"), related to a proposed development of the Franklin Street Project Site. The ERN contemplates that IAC and Shea will develop the Franklin Street Project Site pursuant to a single disposition and development agreement ("DDA"). Notwithstanding their initial expectations, since entering into the ERN, the Agency, IAC and Shea have determined that due to IAC's and Shea's different needs from the Agency and different time frames anticipated for acquiring and developing IAC's Project Site and the Shea Project Site, respectively, which together comprise the Franklin Street Project Site, it is in the best interest of each of the parties to the ERN for IAC and Shea to enter into separate DDAs with the Agency. IAC will cooperate with Shea with respect to Shared Infrastructure for the Franklin Street Project as set forth in Section 108(A). B. Pursuant to and during the term of the ERN, IAC: 1. Conducted vazious preliminary studies to determine the feasibility of the IAC Project, including, but not limited to, planning, engineering,marketing, traffic, preliminary environmental, relocation and economic studies; 2. Entered into contracts to control or acquired certain portions of the Franklin Street Project Site which IAC was able to acquire from property owners by negotiation and notified the Agency that IAC may request the Agency's assistance in acquiring the properties IAC has been unable to acquire or control as of the Effective Date; 3. Initiated the planning process for a Vesting Tentative Map, Planned Development Permit and Architectural Permit(the "Project Approvals") for the development of the IAG Project; 4. Agreed to pay or reimburse the Agency for its shaze of the costs related to the implementation of the ERN, including, but not limited to, conducting preliminary work related to the appraisals for the Acquisition Parcels, a Relocation Plan for persons who may be displaced from the Franklin Street Project Site due to the Franklin Street Project and a Replacement Housing Plan for the low and moderate income residential units that may be removed from the IAC Irroject Site due to development of the IAC Project and the costs to implement such Replacement Housing Plan; 5. Advanced funds or agreed to advance funds to the Agency for payment of Agency and City expenses necessary to comply with the California Environmental Quality Act (Public Resources Code Section 21000, et seq.) ("CEQA") and consultant services in connection with implementing the ERN, including, but not limited to, the costs of planning, � environmental review, acquisition, relocation, financial analyses and legal services, but excluding Agency and City staff time; and 6. Negotiated the terms and conditions of this Agreement. §104 The Redevelopment Plan This Agreement is subject to the provisions of the Redevelopment Plan as adopted by Ordinance No. 1862 and as amended by Ordinance No. 1911, Ordinance No. 2007 and 2 9627:83976.25