1995 ADJ JT MIN FEB 28 - Laserfiche WebLink

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list of proposed changes be prepared and submitted to the Agency for approval before proceeding. Executive Director Gabriel stated that the amendments are outlined in the staff report and staff is recommending that the changes to the agreement be approved subject to final review by the RDA Executive Director and Special Counsel. Councilmember/Member Fulp said he wanted to be cautious because he did not want a repeat of the Plaza Las Glorias Project. He stated that a marketing study of the area had been done, Mr. Steward, and that the study has not been before the Agency. Mr. Alan Steward said the marketing study is available; however, he had not received a request for it. Mayor/Member Fulp talked about the amount of $10.77 per sq. ft. being received by the Agency for the RDA parcel vs. his understanding that property across the street for the Applebee's and Jack-in-the-Box had been sold for $14.15 a sq. ft. and that the purchase had been transacted in cash up front. He stated the agreement with Mr. Stewart is an eleven -year ground lease, the Agency will not receive a payment until January 1997 and the payments will be interest only. A brief discussion ensued with regard to acquisition of the property by the Agency having resulted from litigation by a tire center. Chairperson/ Counci lmember Beltran stated that the transactions with Applebee's and Jack-in-the-Box took place when business was good. Business and the economy are very depressed at the present time. Counc i lmember/ Member Hutton asked if this DDA would affect the General Fund. Economic Development Director Gabriel replied this agreement would not affect the General Fund. Counc i lmember/ Member Sanders said he had been concerned with certain issues in the agreement and that he felt the changes made make the terms of the agreement more acceptable. He suggested that the changes outlined in the Discussion/Analysis of the Agenda Report be incorporated into the agreement. Councilmember/Member Bennett asked what the income base was for the Redevelopment Agency and was it enough. Economic Development Director Gabriel responded that by selling the land and having it developed, the funds received could be used for other economic development projects. Counci lmember /Member Sandoval stated that every transaction in the Cooley Ranch was different. This parcel is vacant is not and doing the Agency any good toward economic development. The sale of the parcel for $375,000 gives the Agency the impetus to move forward. The Agency will not see any tax increment until it moves forward. Mr. Charles Jackson, 2068 Topanga Way, stated he had some questions. General Counsel Biggs advised that Mr. Jackson had the FEB 1110 1995