HomeMy WebLinkAboutMINUTES - 08032004 - C.59 TO: REDEVELOPMENT AGENCY Contra
FROM: DENNIS M. BARRY, AICP
Costa
COMMUNITY DEVELOPMENT DIRECTOR
DATE: August 3, 2004 /"1. OSounty
SUBJECT: BART Property Financial Consultant (�►
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
RECOMMENDATION:
APPROVE & AUTHORIZE the Redevelopment Director to execute a Third Amendment to contract with Allan
Kotin &Associates, effective July 1, 2004,with a new term extending through June 30, 2005, and to increase the
payment limit by $38,000 for a total contract amount not to exceed $148,500, for financial consulting services
related to the Pleasant Hill BART property ground lease business terms.
FINANCIAL IMPACT:
No General Fund impact. Budgeted Agency tax increment funds will be used.
BACKGROUND:
At Pleasant Hill BART the County, the Redevelopment Agency, and BART have formed a Joint Powers Authority
to ground lease the BART property for a mixed-use development compromised largely a residential rental, office,
and neighborhood serving retail. The development program would also include a for-sale residential piece on
land to be sold in fee title. A limited partnership formed by Millennium Partners is the development entity.
The JPA staff from the Agency and BART have been engaged in business negotiations with Millennium for some
time, and are close to concluding on a business term sheet. This term sheet will be the basis for developing the
legal documentation including Disposition & Development Agreements and Ground Leases. To keep making
progress the financial consulting services of Allan Kotin&Associates are essential.
!l
❑ YES SIGNATURE: t�e� °'
BRECOMMENDATION OF EXECUTIVE DIRECTOR. ( REC:OM EN ATION CIE ENCY COMMITE
1PROVE []OTHER
SIGNATURES}: '
ACTION OF ENCY ON
APPROVED AS RECOMMENDED "'OT
VOTE OF SUPERVISORS: I HEREBY CERTIFY THAT THIS IS A TRUE AND
CORRECT COPY OF AN ACTION TAKEN AND
` UNANIMOUS{ABSENT ENTERED ON THE MINUTES OF THE
' l .r REDEVELOPMENT AGENCY ON THE DATE
AYES: NOES: SHOWN.
ABSENT: ABSTAIN:
ATTESTED
Contact: Jim Kennedy,335-1255
Original: Redevelopment JOHN SWEETEN,AGENCY SECRETARY
cc: CAO
County Counsel
Community Development
via. Redevelopment By; puty
"A.D. Kotin&Associates
a r''
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