1995 JT MIN FEB 21 - Laserfiche WebLink

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entitlement fees associated with the development of the which fees include traffic study fees. He asked why the being waived and said in the future, it would be wise to the staff report what those projected fees would be. Gabriel replied that the traffic fees were paid by the the City of Colton as part of the Wal-Mart project, the about $40,000. property, fees were include in Director Agency to amount was Councilmember/Member Sanders stated with regard to Article V., Defaults - General, the default terms must be strengthened so that the terms are more favorable to the City. Councilmember/ Chairperson Beltran asked Councilmember/Member Sanders what he would like to see in this section. Councilmember/Member Sanders replied that he had not yet worked this through and would leave it up to Director Gabriel to submit language that would provide more favorable terms for the City. Councilmember/Member Cook stated based on the request of Councilmembers/Members Hutton and Sanders, she too would recommend that this be brought back at a later date. Councilmember/Member Sandoval stated this particular parcel was the subject of considerable litigation. The development that was proposed, plans to construct a tire store, was unacceptable to the City. For the past year the Agency has been working with the developer to acquire the property in order to provide the type of development that would be more acceptable to the City. Councilmember/Member Sandoval asked Mr. Steward if he was correct in stating that there is a Letter of Intent in place for the project. Mr. Steward stated he had been working with Zendejas Restaurants, owned by the football player, for some time and has obtained a Letter of Intent. He said the Agency must move rather quickly or this project would not be included in the Zendejas plans for this year. Councilmember/Member Sandoval said over the past two years great effort has been put forth to move away from the fast food restaurants and to seek restaurants such as the Red Robin and the Applebee's. Zendejas is going to the next generation of restaurants and is clearly an effort in the right direction. Mayor/Member Fulp said the Applebee's and Jack-in-the-Box restaurants adjacent to this parcel paid the Agency $14.50 a square foot up front cash and also paid all associated fees. The developer in this project is purchasing the land, .08 acre, for $375,000, that equates to $10.76 a square foot and it will take eleven years to collect it. Mayor/Member Fulp said the same developer has two other parcels in the Centrepointe Project which his office is offering for sale at $14.50 a square foot. He asked how can the fair market value of this parcel be less than what Applebee's and Jack-in-the-Box paid. Director Gabriel stated that this project is similar to the Applebee's and Jack-in-the-Box in - 3 - FEB 21 1995