HomeMy WebLinkAboutMINUTES - 11051991 - EP.3 TO: BOARD OF SUPERVISORS �' - C Arca
CostaFROM: Economic Progress Committee .
DATE: November 5, 1991
SUBJECT: Request for Proposals - Delta Fair Property,' Antioch
SPECIFIC REQUEST(S) OR RECOMMENDATIONS (S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Approve form of and authorize the Director of Community Development
or his designee to circulate a Request for Proposal for retail
development for the Delta Fair Boulevard property in Antioch.
FISCAL IMPACT
None.
BACKGROUND/REASONS FOR RECOMMENDATIONS
The County, on behalf of the Riverview Fire District, owns a 12 acre
site on Delta Fair Boulevard in Antioch. The site was purchased for
use as a firefighters, training facility. That use isi no longer
necessary. The County desires to put the property into productive use
by leasing it for commercial development. The site is zoned for
commercial use by the City of Antioch. Lease revenues will reduce the
need of the Fire District for Special District Augmentation Funds.
The process to be used is as follows:
1. Circulation of 'RFP;
2 . Developer Selection/Execute Exclusive Right to Negotiate (ERN) ;
3 . Negotiation of Ground Lease; and
4 . Execution of Ground Lease.
. CONTINUED ON ATTACHMENT: X YES SIGNATURE: QAlvu;'
J
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMEND N OF BO D COMMIT E
APPROVE OTHER
SIGNATURE(S) :
ACTION OF BOARD N NOV 5 1991 APPROVED AS RECOMME ED OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
UNANIMOUS (ABSENT ) TRUE AND CORRECT 'COPY OF AN
AYES: NOES: ACTION TAKEN AND ,ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE BOARD OF
SUPERVISORS ON THE DATE SHOWN.
cc: Community Development
SRA19/dltafare.bos ATTESTED NOV 1991
PHIL BATCHELOR, CLERK OF
THE BOARD OF SUPERVISORS
AND COUNTY ADMINISTRATOR
BYj ,L�-a��, DEPUTY
This process is anticipated to take approximately 6-12 months. The
state of readiness (assuming financial objectives are met) of any
proposal will determine the speed with which the process will
proceed.
Financial objectives may be summarized as follows:
1. Value of property estimated at $7-10/square foot ($30, 000-
$43, 000/month) ;
2 . Minimum annual return on land value expected to be 10%;
3. ERN fee - $100, 000 (non-refundable to the extent necessary to
pay County third party costs) ;
4. Base rent adjustments in years 6, 11, 16, etc. ; and
5. Percentage rent beginning in year 6.
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