AgdaPkt 2004-05-10 - Laserfiche WebLink

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" , " . '" ,. - . I r" REPORT To the Redeýeloprnent Board ',- From the Executive Director May 10, 2004 Subject Downtown Public Parking Garage/Retail-Cinema Project - Amendment to Agreement for Consulting Services to Provide Land Acquisition and Other Related Real Estate Services Recommendation Approve the amendment to an agreement with Overland Pacific Cutler (formerty, Cutler & Associates), to continue to provide professional consulting services for the Downtown Public Parking Garage/Retail-Cinema Project authorizing a budget of $100,000 and authorize the Redevelopment Manager to execute the amendment. The services will include updated property valuations and goodwill appraisals to support eminent domain proceedings, as well as on-going negotiations and possible expert witness testimony. Appropriate $100,000 for the above services from the Agency's FY 03'-04' budget. Background ',-- On August 26, 2002, the Agency Board authorized a contract for professional consulting services to support site acquisition proceedings for the Downtown Retail-Cinema project. This contract was in support of the initial Disposition and Development Agreement (DDA) approved at a joint meeting of the City Council and the Redevelopment Agency (RDA) Board on January 29,2001 with Western Innisfree Ventures, now known as BHV Innisfree Ventures I, LLC, developers of the proposed Downtown Retail-Cinema project. This contract was originally with Cutler and Associates and later assigned, with Agency approval to Overland Pacific Cutler (OPC). On December 9, 2002, the City Council and RDA approved an Amended and Restated DDA with BHV Innisfree Ventures I, LLC, recently assigned to On Broadway Redwood City, LLC, for a revised project that included an underground public parking facility along with the retail-cinema project. OPC has continued to work with the City and Agency throughout this process. During this period, 23 former tenants have successfully been relocated (or chose to close their businesses) and five of six properties have settled on valuation. There are three loss of business good will claims pending from the original 23 tenants. Two claims have been settled. As OPC's work has not been completed due to pending litigation with some property owners and former tenants, it is necessary to amend the OPC contract to allow continued ',- support for these proceedings. It is anticipated that there may be a need for updated appraisals, both for land valuation and loss of good will claims. Additionally, expert witness Red/Agenda/OPC Amendment No.1 1 050304/PW/cis