2003 AGN SEP 02 I17 - Laserfiche WebLink

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Item #17 REDEVELOPMENT AGENCY FOR THE CITY OF COLTON For the Redevelopment Agency Board Meeting of September 2, 2003 TO: Honorable Chairperson and Boardmembers FROM: Candace E. Cassel, Redevelopment Manager SUBJECT: Consideration and Approval of Budget for poming z Plaza Project, Approval of Certificate of Completion, Adoption of Agency Resolution Amending the Owner Participation Agreement, Adoption of Agency Resolution and City Resolution Amending Redevelopment Cooperation Loan Agreement DATE: August 27, 2003 BACKGROUND On May 4, 1999 the Agency Board adopted Resolution 734 approving an Owner Participation Agreement (the "OPA") between the Agency and Dominguez Plaza LLC (the "Developer") for the rehabilitation of the vacant motel and site at the northeast corner of Valley Boulevard and Tenth Street. After the OPA was approved and distributed for signature, the Developer requested additional revisions. The revisions were deemed substantive and the Agency Board adopted Resolution No. 741 and approved a modified OPA on August 9, 1999. Since adoption of the original OPA, the chronology of major events is summarized as follows: On September 7, 1999 the City and Agency approved Resolution No. 742 and 743 respectively entering into a Redevelopment Cooperation Loan Agreement. This Agreement required the City of Colton to loan certain percentages of the transient occupancy tax from the Project to the Agency which would then pass the funds through to the Developer, as required by the OPA. On May 16, 2000 the Agency approved an amendment to the original Schedule of Performance extending certain timeframes due to delays in the land use entitlement process. The Developer secured a hotel operator in the Fall, 2000 and thereafter submitted applications for land use entitlements and street vacation. On April 17, 2001 the City Council approved a mitigated negative declaration, general plan amendment and street vacation. The Planning Commission had previously granted design review and major variance approval for the project. On May 15, 2001 the Agency entered into a settlement agreement with Squires Lumber. Squires had protested the City's proposed vacation of a portion of H Street. The Squires Settlement Agreement required the Developer to reconstruct the northeast corner of 9'h Street and H Street to a 35' radius and to reconstruct Squire's 9'h Street Driveway. These 4R45-3833-036R.1