TITLE
Recommendation to receive supporting documentation into the record, conclude the hearing, and adopt resolution making certain findings; and authorize City Manager to execute a First Amendment to the Disposition and Development Agreement with Everbright Management, LLC, for the development of property at 1515 Judson Avenue. (District 1)
DISCUSSION
On July 1, 2003, the City Council approved a Disposition and Development Agreement (DDA) between the Redevelopment Agency (Agency) and Everbright Management, LLC (Developer) for the development of 1515 Judson Avenue (Site) (Exhibit A). The Developer acquired the land from the Agency on September 12, 2003.
The Developer currently owns an adjacent property and intends to expand its recycling business onto the Site. The Site will be used to operate a bulk paper recycling and processing center only, and will be subject to the conditions of the Conditional Use Permit granted in 2003. In order to accommodate the proposed uses on the Site, the Developer will demolish an existing one-story metal building to construct a new 3,564 square foot two-story industrial building and bale staging area. The additional space will allow the Developer to consolidate his business services within one location in the Project Area.
During the project entitlement process the Developer experienced changes in their corporate structure, thus altering the composition of their company. These changes created challenges for the Developer to meet the development timeline specified by the original DDA, thus the Developer did not commence development of the project.
Subsequently, through negotiations with Agency staff, an amendment to the DDA was agreed upon to assure the development would start and finish within a timely manner.
The amendment to the DDA reflects a new schedule of performance dictating project development milestones. Section 511 of the DDA, Termination and Damages, was replaced with Termination and Damages: Liquidated Damag...
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