HomeMy WebLinkAboutMINUTES - 12131988 - 1.78 1-078
TO: Redevelopment Agency
Contra
FROM: Phil Batchelor, Executive Director Costa
DATE: _. December 6', 1988 Cou�"pf�/
SUBJECT: Status of Development Activities in the Pleasant Hill � �`�
BART Redevelopment Project Area.
SPECIFIC REQUEST S) OR RECOMMENDATIONS AND BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Accept report from Redevelopment Director on status of Development
Activities in the 'Pleasant Hill BART Redevelopment Project Area.
FISCAL IMPACT
None
REASONS FOR RECOMMENDATIONS/BACKGROUND.
Development activity is eminent on two of the development sites
within the Pleasant Hill BART Station Area. A third development
site may also be ;� undergoing development in the near future. This
report is to provide the Agency with current information on the
status of these developments.
A. Area 10-�B South - Embassy; Suites
Building plans for a 248 room Embassy Suites Hotel are
currently under review with the Building Inspection
Department. Embassy Suites desires to obtain their
permits and initiate construction shortly after the first
of the year.
B. Area .. 10-B North Oak Court Office Building
(Taylor-Woodrow of California) .
Plans for a 205,680 square foot office building, with
1, 582 square feet of retail are currently under review by
the County Building Inspection Department. The project
would include a five-level parking structure containing
655 parking spaces. Taylor Woodrow of California expects
to have their building permits by the first of the year
and is intent on initiating construction shortly
thereafter.
CONTINUED ON ATTACHMENT: _—YES SIGNATURE: a b
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RECOMMENDATION OF EXECUTIVE DIRECTOR RECOMMENDAOF AGEN9Y CO'q; cz
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_APPROVE OTHER w�
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SIGNATURE(S) : -
ACTION OF AGENCY ON', December 13, 1988 APPROVED AS - RECOMMiNDED X m
VOTE OF COMMISSIONERS
X UNANIMOUS (ABSENT ) I HEREBY CERTIFY THAT THI_.. A
AYES: NOES: TRUE AND CORRECT COPY OF AN-ACTION
ABSENT: ABSTAIN: TAKEN AND ENTERED ON THE MINUTES
OF .THE REDEVELOPMENT AGENCY ON THE
DATE SHOWN.
cc: Redevelopment Agency ATTESTED December 13, 1988
County Counsel PHIL BATCHELOR,
All other distribution via AGENCY SECRETARY
Redevelopment Agency
BY L ,DEPUTY
C. Area 9 - Jaymont
Building plans for a 101,800 square foot six-story office
building with four level parking structure accommodating
311 vehicles, have been submitted to the County Building
Inspection Department for review. Jaymont Properties
expects to have building permits by the end of the year.
Jaymont Properties has indicated their intent to proceed
with construction of this project early in 1989 . It is
possible that development of the property may be completed
by another owner. Jaymont Properties is in discussions
with a proposed transferee owner-developer who has also
expressed an intent to proceed with construction in the
near term. Agency staff is working with Jaymont
Properties in reviewing the proposed transferee and if
appropriate will forward necessary documentation affecting
a transfer to the Agency Board in the near future.
Completion of the three projects above would raise the Agency' s
total tax increment from the project area to approximately
$1,750,000. This amount would be sufficient to refinance the
Agency' s current Tax Allocation Notes, pay operating expenses and
pay other indebtedness and support additional tax allocation bonds
to finance infrastructure improvements in the area. If construction
were to occur as contemplated by each of the developers the Agency
could realize this revenue in fiscal year 1991-92.
JK:krc
ra31: 12-13-88.ral