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I9evelopment Agency for the City of ton Agenda Report To: Chairperson and Agency Members From: Suzanne Taylor, Project Manager Date: May 5, 1993 .� 14- 166 4- 16b Subject: Consideration of the First Restated Disposition and Development Agreement for the Development of the Kmart Outparcels Analysis In early 1990, the Agency purchased the property at the intersection of Washington and Mt. Vernon and entered into a disposition and development agreement with Kmart ("Kmart DDA") for -its development. In the Kmart DDA the Agency retained an option to repurchase the undeveloped area between the existing Kmart parking lot and Mt. Vernon Avenue. In early 1992, the Agency entered into a disposition and development agreement with Camden Development ("Camden DDA") wherein the Agency agreed (i) to exercise its right toc"' repurchase the Option Parcel, and (ii) sell it to Camden (iii) for the purposes of developing one rrLL�l's,ht sit-down restaurant, one fast-food restaurant and one other commercial use. Dvurine� its meeting of July 21, 1992, the Agency agreed to pay traff' �MT�itigation fees ink excess of $25,000 for each of the three outparcels on the Kmart site. Because the original DDA did not contemplate this assistance, the original DDA has been amended to document the Agency's additional contribution. The amended DDA also includes minor changes that were made to accommodate some of the language in several of the other documents that are related to the development of the parcels. �`sffdirQe"f'o- LL" Lig{ 4tc �r cc��cx�EL % Financial Impact The traffic fees for Jack-in-the-Box and Applebee's have been set by the Traffic Committee. The traffic fee for the vacant parcel is a high estimate based on the size of the parcel, the uses that could be developed, and the number of parking spaces likely to be required. The table below shows the breakdown of the traffic mitigation fees by parcel for each party. Parcel Traffic Fee Developer's Obligation Agency's Obligation Jack-in-the-Box $61,000 $25,000 $36,000 (southerly parcel) Vacant Parcel $43,000 $25,000 $18,000 (center parcel) Applebee's $25,490 $25,000 $490 (northerly parcel) Total $129,490 $75,000 $54,490 Exhibit "D"