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. _ __ � � - �s <br /> IV. CONSIDERATION RECEIVED AND REASONS THEREFORE <br /> The Developer's consideration is $7.5 million to purchase the Block 1 sir rights pamel for � <br /> conshuction of the Pmject. <br /> The DDA achieves the followiug Agency objectiyes: .. _ <br /> • An approximately 590 space public paddng gazage will be cons�ttucted with Agency <br /> fimdwS• <br /> • The Project must be developed in the near-tem�. <br /> ■ The development of this Project will optimiu the Agency/City's ability to draw <br /> additional retail and commercial uses to the area. <br /> For these reasons, the Project will fiuther the overali goals and objectives of the Aedevelopment <br /> Plao, in particulaz, by revitalizing the downtown through development and iatsnsification of retail <br /> and commercial uses within the downtown. <br /> V. VALUE OF'I'�E INTEREST TO BE CONVEYED <br /> The reuse valuation prepared by ihe Agency's consultant ICeyser Marston Associates, Inc. (KMA) <br /> concludes that the consideration of $7,500,000 provided by the Developer is not less than the fair <br /> reuse value with the covenants and conditions and development costs authorized by the DDA. <br /> KMA has also estimated the values at the lrighest and best use consistent with the redevelopment <br /> plan for the Agency owned pazcels to be conveyed to the Developer. Based on the requirement that <br /> speculation is not allowed and development must commence shortly aRer conveyance, the <br /> considerarion of $7.5 million (approximately $83 per sq.R of land area) provided by the Developer <br /> is not ]ess than the fair market value of the pazcels to be conveyed by the Agency at their highest <br /> and best use under the Redevelopment Plan. <br /> VI. ELIl1a1VATION OF BLIGHT <br /> Based on our analysis, KMA concludes that the proposed Project, if implemented, will assist in the <br /> elunination of blight in the Redevelopment Area. Among the reasons for this conclusion are the <br /> following: <br /> a. The assembly of the pazcels that will comprise the Project Site, some of which aze of <br /> an irregulaz shape and inadequate size and in multiple ownership such that <br /> development has been hindered for many yeazs, will achieve a result that could not <br /> be achieved by the private sector acting alone; <br /> _ b. The Project will result in the removal from the Project site of struchues with a <br /> substandard retail design given present standards and market conditions, which <br /> Keyser Ma�ston Associates, Inc <br /> '10610.001�017-022.doc, 1125R002 PageB <br />