Memo - Block 64
I Economic Development I
MEMORANDUM
TO: City Council
~
FROM;~1Jim Kerrigan, Director of Planning & Economic Development
COPIES; Steve Flanagan, Bob Deike, Sid Inman
DATE: June 1, 2005
SUBJECT: Block 64 Redevelopment Project
Staff has scheduled a special Council work session at 6 p.m. June 7 to address
various issues concerning this project. The attached proposed agenda identifies
the items to be discussed.
As the Council was previously informed, the developer, GPS Financial Group,
was provided the draft development agreement on May 9. On May 25 there was
a meeting with City staff, the developer, and legal counsel to discuss this
document. GPS identified 11 areas of concern.
One of the main issues of concern GPS has identified with the draft agreement
relates to deposits that they would be required to provide to the City prior to the
start of the eminent domain process (on the Park Plaza property, should it be
necessary). The agreement states that they would be required to deposit with the
City 200 percent of the appraised value of the property ($7.1 million), estimated
legal costs ($75,000), and 120 percent of the estimated relocation costs ($1.5
million).
At the meeting, the developer's attorney stated he clearly understands that the
City needs to be totally protected from a financial perspective before the start of
the eminent domain process. He further stated that he would be contacting the
City's proposed condemnation attorney to explore any alternatives that might be
available to provide a sufficient comfort level for the City. (To date, staff has not
received any correspondence concerning this discussion.)
Memo to City Council, June 1 - Page 2
On May 27 GPS delivered a revised site plan and elevations for the project.
These will be utilized to undertake a very detailed PUD/site plan review process
with the Zoning & Planning Commission and Council at the end of June and first
part of July. (8 X 10 copies of these plans are attached. Unfortunately, these are
somewhat difficult to view. Staff will have full-size plans at the meeting.) It
should be noted that the building has gone from five to four stories in height and
the amount of retail square footage has been reduced.
As staff has previously informed the Council, the preliminary financing
commitment and detailed project financial data, which are both required by the
preliminary development agreement, have not yet been provided by the
developer; however, in a discussion with Steve Flanagan of GPS on June 1, he
stated that he is anticipating having this information submitted by Friday of this
week.
Staff and legal counsel will be meeting with GPS on the morning of June 7. The
purpose of this meeting is to discuss outstanding issues related to the
development agreement. A main part of this discussion will concern any option
that GPS's legal counsel is proposing to address the eminent domain issue,
which protects the City and reduces the amount of up-front dollars the developer
would need to provide.
Attachments
PROPOSED AGENDA
City Council Work Session
June 7, 2005
Block 64 Redevelopment Project:
. Introduction - Jim Kerrigan
· Overview of Development Agreement - Bob Deike
· Project Feasibility Review - Sid Inman
. Project Update - GPS
· Outstanding Issues - Jim Kerrigan, Bob Deike, Sid Inman, GPS
. Future Schedule - Jim Kerrigan
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