RDA Min 1997-04-21 - Laserfiche WebLink

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3. GENERAL A. Franklin Street Area Plan, Lonestar Project, 4.5 acre property located at the corner of EI Camino Real and Maple Street (continued from April 14, 1997) I) Agency Board Members discussion of the Lonestar Project with policy direction ITom the Board on the project definition: Should this project be rental, for-sale, or both? REPORT: Redevelopment Agency Director Church, April 21, 1997 Redevelopment Agency Executive Director Church restated the issue before the Agency Board Directors: Should the Lonestar Project be rental, for sale, or both, and how much territory did the Directors wish to include in the Project plans. Director Church introduced the speakers. Jim Sheidenberger, Property Manager with RMC Lonestar, P.O. Box 5252, Pleasanton, California, told the Directors RMC Lonestar closed its building materials on the Lonestar site in 1991, which it and its predecessors have owned since 1926. Mr. Sheidenberger provided a history of the property, its Franklin Street Area Plan designation, and the two dozen inquiries and proposals it had received for the property. He said over a year and a half ago RMC Lonestar entered into negotiations and a subsequent contract with Thompson Residential, which is now Irvine Apartment Community Properties. Mr. Sheidenberger said RMC Lonestar believed Thompson had the experience and expertise to complete a quality, residential project of the proposed size. He said RMC Lonestar management wanted to see a quality site beneficial to Redwood City. Mr. Sheidenberger said Thompson's proposal was a quality project and would provide a good anchor for the Franklin Street Area Plan. He said the Council was known to make its decisions on "the highest and best use for real estate." Mr. Sheidenberger said RMC Lonestar believed the proposed project fit that purpose and was the best use of its property. Will Thompson, Irvine Apartment Communities, 591 Redwood Highway, Mill Valley, California, urged the Directors to authorize staff to negotiate with lAC for a Disposition and Development Agreement on its proposed mixed use, rental and retail project on the Lonestar site. Mr. Thompson said the Board's approval of the DDA was not an approval of the proposed project, but an approval of negotiations. He said, "This is a very high quality development ITom a company that has the capacity to proceed immediately, both the development capacity as well as the financial capacity. This is not a project that will require financing by lAC. The project is consistent with the Franklin Street Area Plan, it is appropriate to the neighborhood, and it will compliment Sequoia Station." SPECIAL REDEVELOPMENT AGENCY MEETING MINUTE BOOK NO.1 APRIL 21, 1997 MINUTES Page No. 418 PAGE 2