HomeMy WebLinkAboutMINUTES - 06052007 - C.111 TO: REDEVELOPMENT AGENCY s L '°� Contra
FROM: JOHN CULLEN -' `s
Costa
EXECUTIVE DIRECTOR
CpST`1 COU13'� y
DATE: June 5, 2007 County
SUBJECT: Real Estate Financial Services - Pleasant Hill BART l l 1
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
RECOMMENDATION:
APPROVE and AUTHORIZE the Redevelopment Director or his designee to execute a
contract amendment with Allan D. Kotin dba Allan D. Kotin & Associates effective June 1,
2007, to increase the payment limit by $35,000 to a new payment limit of $260,000 to provide
additional services as required, with no change in the term through December 31, 2007.
FINANCIAL IMPACT:
No General Fund impact. Budgeted Agency tax increment funds will be used.
BACKGROUND:
The County, the Redevelopment Agency and BART have formed a Joint Powers Authority at
Pleasant Hill BART to ground lease the BART property for a mixed-use development
comprised largely of residential rental, office and neighborhood serving retail. The
development program also includes 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 from the Agency and BART engaged in business negotiations with the developer and
reached agreements as of December, 2005, including a Disposition & Development
Agreement, Ground Leases, an Agency Assistance Agreement, and a Design & Construction
Agreement related to public improvement. These documents were approved by the Agency
and executed in December 2005. Since that time the economic basis for the business
decisions have continued to evolve and need to be fine tuned. In addition, the office site in the
Transit Village may need to be enhanced in view of current market opportunities. The contract
amendment will permit the business deal to evolve to reflect changing conditions with the
assistance of the Agency's real estate financial consultant. I
f�
CONTINUED ON ATTACHMENT: ❑ YES SIGNATURE:
[RECOMMENDATION OF EXECUTIVE DIRECTOR ❑ RECOMM DATION OFA E CY COMMITTEE/
[PROVE ❑ OTHER
SIGNATURE(S): ,
ACTION OFAE Y ON�� 9m7
APPROVED AS RECOMMENDED VOTI/ER ❑
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
REDEVELOPMENT AGENCY ON THE DATE
AYES: NOES: SHOWN.
ABSENT: ABSTAIN:
ATTESTED
Contact: Jim Kennedy (335-7225)
JOHN C�AJEN, AGENCY SECRETARY
cc: CAO
County Counsel
Redevelopment Agency
Allan D. Kotin &Associates By: s Deputy
Via Redevelopment Agency