AgdaPkt 2002-12-09 - Laserfiche WebLink

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q.�P-� II. SUMMARY OF THE PROPOSED AGREEMENT A. Description of the Project , Project Description The proposed project ("ProjecY') as described in the DDA includes: • A retaiUcinema Project containing approximately 85,000 sq. ft. of ground floor retail stores and restaurants, and a 20 screen multiplex cinema on the second level above the retail. • A public plaza at the corner of Broadway and Middlefield Road, and street improvemenu (landscaping, streetlights, and s�eet trees) along Broadway, Middlefield Road, and Jefferson Avenue. • Underground public pazking garage with approximately 590 spaces. Developer The Developer is BHV Innisfree Ventures I, LLC, a Califemia limited liability company. � Site The Site is referred to as Block 1. Block 1 is appro�ately 90,000 sq. ft. (2.07 acres) in size and is bounded by Broadway, Jefferson Avenue, and Middlefield Road. Block 1 is currently improved with several commercial buildings, including the Wa}�to-Go Building at 2107 Broadway and other structures along Jefferson Avenue and Middlefield Road. Parcels include: the Agenc}�owned Wa}�to-Go Pazcel of approxitnately 42,000 sq. f[. of land area ("Wa}�to-Go" or "Agency Pazcel"), and six other pazcels which make up the other approximately 48,000 sq. fr. of land azea. B. AgencyResponsibilities ` The Agency's responsibilities under the proposed DDA aze as follows: I. The Agency wIll use its powers to purchase the privately owned pazcels on Block 1 ("Acquisition Pazcels"). The Agency has the option to fund al] of the acquisition cosu upfront and be reunbursed $7.5 million by the Developer (the Developer Share). Altematively, the Agency can draw down on the Developer Share. Additionally, the Agency will agree to con�ibute up to $3,SOQ000 as iu share of the cost to acquire the Acquisition Pazcels over and above the Developer Sk�are of $7.5 Keyser Marston Associates, Inc. 18610.001\017-022.doc, 1'125/2002 Pape 3