HomeMy WebLinkAboutMINUTES - 07131993 - 1.135 Contra
TO: REDEVELOPMENT AGENCY Costa
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FROM: Phil Batchelor County.
Executive Director r, ���`
DATE: July 13 , 1993
SUBJECT: Park Regency Retail Site
SPECIFIC REQUEST(S) OR RECOMMENDATIONS (S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
ACCEPT report and AUTHORIZE Deputy Director-Redevelopment to continue
evaluation of retail developer alternatives for Area 3 , Pleasant Hill
BART Station Area.
FISCAL IMPACT
Development of the Park Regency retail site will directly increase
property tax increments to the Redevelopment Agency, marginally
increase sales tax revenue to the County, and inditectly. enhance the
marketability and attractiveness of the area properties by the
provision of neighborhood serving retail services.
BACKGROUND/REASONS FOR RECOMMENDATIONS
As part of the 1988 approval of the Park Regency Apartments, a site
fronting on Oak Road was designated for neighborhood serving retail.
The original configuration of this retail development was a two story
retail building of approximately 18, 000 square feet. GBW Properties,
the developer of the Park Regency. Apartments, does not wish to develop
the retail site itself due to logistical problems. In conjunction
with Agency staff, two potential retail developers have been
identified and are being analyzed with respect to their experience,
capacity and ability to secure financing for the development. The two
developers are C&H Properties and Thomas Properties.
CONTINUED ON ATTACHMENT: YES SIGNATURE:
RECOMMENDATION OF EXECUTIVE DIRECTOR RECO
7
I MM NDATION O AGENCY 7ITTEE
APPROVE OTHER
SIGNATURE(S) :
ACTION OF AGENCY ON 7„1 ) 13 , 199"3 APPROVED AS RECOMMENDED }{ OTHER
. VOTE OF COMMISSIONERS
I HEREBY CERTIFY THAT THIS IS A
X UNANIMOUS (ABSENT ) TRUE AND CORRECT COPY OF AN
AYES: NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE REDEVELOPMENT
AGENCY ON THE DATE SHOWN.
Contact: Jim Kennedy
646-4076 ATTESTED July 13 , 1993
Originator: Redevelopment Agency PHIL BATCHELOR,
cc: County Administrator AGENCY SECRETARY
County Counsel
GBW Properties
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All prospective development interests in the Park Regency retail
site stipulated that they would build a one story retail center
only. The stated reason for avoiding a two story retail is that
they are impossible to finance. This has been verified by numerous
conversations with the lender and broker community. A revised
Final Development Plan reflecting a one story retail will
ultimately be required to be submitted to the County. This will be
done by the developer who ultimately is approved by the Agency and
GBW to assume master developer status for the Park Regency retail
site.