RDA Min 1993-06-14 - Laserfiche WebLink

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II I J ,. A. Presentation by the developers of the Trestine Project; City Manager Everett provided background on the Trestine Development proposal and provided information on development and property costs, the - issue regarding title, outstanding taxes, relocation and good will costs. Mr. Everett advised that staff had asked the Trestine group for more information and new pro formas and expected to have a more complete picture of the development and costs within a few weeks. Redevelopment Agency Director Church commented on the request for pro formas and advised that both Trestine and City staff would like to see this development take place. Mr. Church asked if Council would approve relocating the Canned Food Store. Mr. Church discussed Council's priorities, listed eleven current or possible Agency projects, and described his concerns regarding staffing and resources. Mr. Church recommended that Council listen to the Trestine presentation and then continue this matter to until July 19, 1993. In response to Board Member Greenalch's questions, Director Church described the Agency's previous approval of the ERN and the inclusion of Opportunity Areas 9 and 10. Mr. Church also advised that both parcels were not locked together, and that Trestine was thinking of the development as two projects with two DDAs. Mr. Church advised that Trestine did want to have the City Hall as a component of the development, but it was not included due to financial and time constraints. Julia Baigent, attorney for the Trestine Group, described the background and experience of the Trestine officers, presented slides of developments completed by individuals associated with Trestine, and projected revenues - of the two parcels with and without their development. Bob Giannini, DES Architect, designer of the Trestine development, described the model and how the project would tie in with the downtown. In response to Board Member Greenalch's questions, Mr. Giannini described the quality of the project and possible $45/65 per square feet construction costs. Joseph Brady, President of the Trestine Group, described his expertise in the residential field and described the financial status of the properties. In response to Council questions, Mr. Brady advised he would accept a DDA which included a maximum amount to be received from the City; he believed the 49 residential units were very marketable at approximately $219,000 to $249,000; and he could not tell at this moment if he would be willing to develop the commercial site without financial support from the Agency. Mr. Brady advised that if the commercial component was fast tracked, completion time could be from nine to twelve months, and the residential would be closer to fifteen months. Otello Asconi, Vice President, Construction, of Trestine Group and Construction Project Manager of Sequoia Station, would be the full time project manager of the Trestine Development when it comes on line. - Redevelopment Agency Minutes June 14, 1993 Page 2 MINUTE BOOK NO.1 Page No. 119