2002 AGN SEPT 03 I24 - Laserfiche WebLink

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Item #24 REDEVELOPMENT AGENCY FOR THE CITY OF COLTON For the Redevelopment Agency Board Meeting of September 3, 2002 TO: Hanorable Chairperson and Agency Boardmembers FROM: Candace Cassel, Redevelopment Manager�%�� ��; SUBJECT: Consideration and Approval of Agency Resolution No. 806 Approving Amendment No. 2 to the 2000 Community Redevelopment Relocation, Settlement and Release Agreement with Raaring 20's Family Pizza Parlors, Inc. (dba Nickelodeon Pizza). Resolution DATE: August 2G, 2002 Backaround/Discussion The Redevelopment Agency and Roaring 20's Family Pizza Parlors ("Nickelodeon") entered a Relocation, Settlement And Release Agreement (the "AgreemenY') on March 21, 2000. The Agreement is to facilitate Nickelodeon's relocation from the Frontiertown Property to its existing downtown location on Valley Blvd. As part of the negotiated terms of the Agreement, the Agency agreed to pay $300,000 to Nickelodeon for the closure of its Frontiertown location as well as a commitment to pay $75,000 towards the expansion of its current downtown location. In addition, the Agency agreed to absorb the costs of certain development fees and costs, which were estimated at an additional $22,000. The total consideration of the Agreement is $397,000. Under this Agreement, Nickelodeon had twelve (12) months in which to complete the downtown expansion project. A copy ofthe Agreement is attached hereto as Attachment "B." On February 5, 2002, the Agency Board approved Resolution 797, which approved Amendment No. 1("Amendment") to the Agreement by extending the Agency's obligation to pay the $75,000 for capital improvement and City Permit Costs to August 1, 2002. Amendment No. ] is attached hereto as Attachment "C." Section 3 of the Amendment requires Nickelodeon to submit a written status report to the Agency no later than July 1, 2002, should the capital improvements for the downtown expansion not be complete. The Section also provides that the Agency may extend its obligation to pay the $75,000 and the City Permit Costs to January 31, 2003, after review of the written status report. Nickelodeon provided a written status review and requested an amendment to the Agreement to provide additional time for the completion of the project on August 14, 2002. Nickelodeon estimates the project is 25% complete and should be finalized by October 15, 2002. Nickelodeon's August 14, 2002 email is attached hereto as Attachment ..D „ R:\ShareRDA\Mze�ings�2002 Meetings\RDA City Cuuncil\Sep�ember 7, 2002Wickelodeon Amendment No.2.doc