2001 AGN DEC 04 I16 - Laserfiche WebLink

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RepoA to Redevelopment Agency Board regarding EVLC Agreement November 26, 2001 Page 5 of 5 Summary and Conclusions The project has changed considerably from what was originally proposed and the agreement provided for an adjustment in total consideration; however, the primary method of financing the improvements was rendered infeasible by the major site user. Consequently, the parties have attempted to devise an alternate approach that does not radically alter the intent of the original agreement. In exchange for certain concessions, the Developer has pursued an EDA grant on the City's behalf to help finance an improvement that is not the Developer's burden as a condition of project approval. The Agency is also pursuing several lower cost forms of capital to help buy out its obligation and achieve some cashflow savings. Finally, both parties are hoping to simplify the deal for the sake of administrative e�ciency. Finally, given the uncertainry that was created by the guilty pleas of certain public offcials and the reference of the subject project in some of the pleadings, the Agency Board requested that the principals involved execute declaration stating that they did not participate in nor were they aware of the improprieties. Under penalty of perjury, the principal parties to the original agreement have executed declarations that are attached hereto as Exhibit D. Recommendation Adopt Resolution approving Amended Joint Participation Agreement between the Redevelopment Agency for the Ciry of Colton and East Valley Land Company. Exhibits Exhibit A Project Scope Summary/Site Plan Exhibit B Keyser Marston Analysis Exhibit C Summary of Options/Savings Analysis Exhibit D Declarations Exhibit E Amendment No. 2 to the Joint Participation Agreement Report Prepared by Robb R. Steel, Redevelopment Consuttant City Attorney: City Manager: �� . . . . . .. .... . ... J Finance Qirector: '.- � Agency Special CounseLrr