HomeMy WebLinkAboutResolution-1987-1042
\ESOLUTION 1042
--------------
SEln~c) OF 1987
TITLE:
RESOLUTION CONCURRING WITH EDARC ON THE SELECTION OF a
PREFEH~ED DEVELOPER FOR THe WADS~ORTH TOWN CENfER PROJECT
HHEREAS, City Council did approve an amendment to the \I"dsworth
Town Center Urban Renewal Plan to have developers make propos~ls to
re-develop part of that area; and
WdEREAS, ~DARC did issue an RFP inviting developers to make
proposals; and
WHEREaS, three developers did submit proposals and did make
presentations to a joint meeting of the City Council and E~ARC; and
WHEREAS, a Tecnnical Committee made up of the EDARC Board, two
members of Council, a local banker and the City Attorney did review
the three proposals and had an in-deptn interview with the
developer being proposed; and
\1l1EHEAS, two members of the Technical Committee who are in the
banking business did interview the proposed developer to verify the
credit worthiness of tIle firms in the joint venture and concludea
that the developer partnership appears to have sufficient
financial strength; and
WHEREAS, a uetailed payout of the financLal plan has been prepared
and a schedule of the time required to develop has been prepared,
and
WHEREAS, the Lconomic Development and Revitalization Commission,
based on the advice from the Technical Committee concluded that the
Trammel Crow Company and the Ross Investment Group as a partnership
should be chosen as the preferred developer for the purpose of
negotiating a Disposition and Development Agreement CDDA) for the
44th Avenue Project of tIle Wadsworth Town Center Urban Renewal
area.
NOli, TllEREFORE, BE IT Rl:.30LVED, THAT
1. The City Council based on advice from the Technical Committee
and the Economic Development and Revitalization Commission
concurs that the Trammel Crow Company and the Ross Investment
Group as a partnerdhip should be chosen as the preferred
developer for the purpose of negotiating a ~isposition and
Development AGreement (DDA) for the 44th Avenue Project of the
Wadsworth Town Center Urban Renewal area.
2. The ~adswurth Town Center Urban Rene~al Plan will need to be
adjusted so that additional properties within the current
b 0 u n d a r y "i II bed e s i :; t1 ate d for pur c has e and res ale wit h the
use of condemnation if neces~ary and portions of the seven
redidential parcels Tmmedlately-south of pay-N-Pak on Upham
street mi6ht need to be included within the Hads'.orth Urban
Renewal Project area and also designated for possible
acquisition.
i\E::;OLUTIl)\1 NO. 1042
PAGE 2
3. Based on the above steps a contract which is "an agreement to
negotiate" will be si~ned with the proposed developer and EDARC
and will include the attached payout and schedule as a frame-
work for the completion of a finalized DDA. Prior to the
formal activation of the project, the City Council will be
provided a financial plan for this development. Council
approval is required on the financial plan before EDARC can
approve the disposition and development agreement contract with
the developer.
DONE AND RESOLVED this
nnd
day of
June
1987.
,.-~.--
L :t ryLJ;z I,
___' . ~..J. _~~_______
F ran k 's tit e s, I" a yo r
ATTEST:
'/' , .
~l)..! iLk~_/~~0~_____
'wanda Sang, Ci ty 71erk