1999 AGN MAY 04 I15 - Laserfiche WebLink

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CITY OF COLTON AGENDA REPORT For the City Council Meeting of May 4,' 1999 TO: Honorable Mayor and City Council APPROVAL: Henry Garcia, City Manage & FROM: Robb Steel, Redevelopment Dlrectoqrlo� SUBJECT: Consideration and Approval of entering into Redevelopm Cooperation Loan Agreement by and between the City Colton and Redevelopment Agency for the City of Colton DATE: April 26, 1999 Backaround: Back in May 1998, Agency staff met with Mr. Dominguez of Vanir Development, Inc. to discuss the possible renovation of the vacant Travelodge Motel and surrounding buildings located at 201 - 225 Valley Blvd. (the "Site"). The rehabilitation of the Travelodge Motel has been identified in the Agency's Goals and Objectives for the Downtown Project Areas and would help attract new economic investment and activity to the area that would serve to support and enhance other businesses in the downtown area. As a result of these discussions, Frank Dominguez, President of Vanir Development Company, Inc., sent a letter to the Agency dated September 17, 1998, in which he outlined a proposal to redevelop the site, attached hereto as Exhibit "A". In his letter, Mr. Dominguez outlined his plans for the renovation of the existing building(s) on the site, constructing a new building/restaurant on the southeast portion of the property, installing new landscaping and other public improvements surrounding the site, as well as outlined a request for assistance from the City of Colton and the Redevelopment Agency he felt would insure the success of his project. Agency staff has met with Mr. Dominguez on several occasions since to negotiate the major deal points for the proposed project. Agency staff presented an overview of the proposed project to the Ways and Means Committee on January 28, 1999 and more recently on March 22, 1999, prior to scheduling this item for Board consideration. Discussion: As proposed, the Owner Participation Agreement with Mr. Dominguez of Vanir Development contains the following main points: Item # 15