AgdaPkt 2002-11-04 - Laserfiche WebLink

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REPOR ... ,.Council&RedevelopmentBoard November 4, 2002 Subject Amendment to Redevelopment Agency Reimbursement Agreement and City Improvement Agreement with Irvine Apartment Communities (lAC) Recommendation Redevelopment Aqenc¥ 1. Amend the existing Agreement for the Reimbursement of Off-Site Infrastructure Improvements ("Reimbursement Agreement") with lAC to include work on the intersection of Lathrop and Maple Streets. The improvements will be installed by IAC's contractor as part of the larger project. Not to exceed cost for this additional work is $75,038. 2. Establish an appropriation in the Redevelopment budget for 2002-03 of $267,038, which consists of the original commitment of up to the $192,000 made in the 2001 Reimbursement Agreement plus the aforementioned $75,038. City 3. Amend the Agreement for Improvement of One Maple Street Subdivision to eliminate the reference to the closure of Lathrop Street at Maple Street; and to extend the City's bonding requirements to the Maple/Lathrop work. Background The Franklin Street Area was originally going to be totally redeveloped, with the southerly portion to be developed by lAC and the balance by Shea Homes. Initially there was going to be one Disposition and Development Agreement (DDA) but as the negotiations progressed, it became obvious that the two developers were moving on very different timelines, and so separate DDA's were prepared. The two developers were responsible for the installation of all public improvements. The negotiations with lAC continued forward but those with Shea did not. Eventually the Agency terminated the DDA with Shea Homes. This left lAC developing alone but still needing to install many of the utilities that would service the entire area. lAC balked at paying all these costs alone. The Redevelopment Board eventually agreed to pay up to $192,000 for improvements to Maple Street and El Camino Real, with the proviso that the Agency would recoup these funds from the successor in interest to Shea Homes. This agreement was executed in January 2001.