ACTION ITEM
SPONSOR: Jared Moore, Chairperson
SUBJECT:
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EXTENSION OF PLAN SUBMISSION DEADLINE - 150 S. BAYLEN STREET
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RECOMMENDATION:
recommendation
That the Community Redevelopment Agency (CRA) grant an extension of the deadline to submit plans for the redevelopment of the property at 150 South Baylen Street, by Studer Properties, LLP from February 29, 2020, to August 31, 2020. Further, that the CRA Chairperson be authorized to execute all necessary documents.
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SUMMARY:
On April 10, 2017, the Community Redevelopment Agency (CRA) approved an award of a contract for the sale of surplus property at 150 South Baylen Street to Studer Properties, LLP. The property was sold at its appraised value of $510,000. The Special Warranty Deed, which conveyed the property, included a requirement that Studer Properties submit its plans for the redevelopment of the site to the CRA by August 31, 2019.
Since acquiring the Baylen Street property in 2017, Studer Properties, LLP has undertaken and completed several major transformative real estate development projects in the Urban Core redevelopment district. These projects have required significant time and focus. Due to the level of activity, the CRA approved an extension to the plan submittal deadline during its August 5, 2019 meeting for a period of approximately six (6) months, through February 29, 2020.
An additional extension is needed at this time. Since the deed allows for an extension for a period of up to one (1) year from the original August 31, 2019 deadline, it is recommended that an additional extension be granted for the full amount of time permissible, through August 31, 2020.
PRIOR ACTION:
December 5, 2016 - The CRA declared the property at 150 S. Baylen Street surplus.
December 23, 2016 - A 30-day Notice of Property Disposition/RFP was published.
January 22, 2017 - A purchase offer of $510,000 was received from Studer Properties, LLP.
April 10, 2017 - The Community Redevelopment Agency awarded a contract for the sale of 150 S. Baylen Street to Studer Properties, LLP.
April 13, 2017 - City Council approved the contract for the sale of 150 S. Baylen Street to Studer Properties, LLP.
August 31, 2017 - The Special Warranty Deed, which conveyed the property, was entered.
August 5, 2019 - The CRA approved an extension to the plan submittal deadline through February 29, 2020.
FUNDING:
N/A
FINANCIAL IMPACT:
None.
CITY ATTORNEY REVIEW: Yes
3/2/2020
STAFF CONTACT:
Kerrith Fiddler, Deputy City Administrator - Community Development
M. Helen Gibson, AICP, CRA Administrator
Victoria D’Angelo, Assistant CRA Administrator
ATTACHMENTS:
1) Extension Request Letter - 02/20/20
2) Special Warranty Deed - Recorded
3) Location Map - 150 South Baylen St
PRESENTATION: No end