August 17, 2004

SUBJECT: Disposition and Development Agreement and Other Related Agreements for Town Center Mall Redevelopment (City of Sunnyvale Action) 

REPORT IN BRIEF

This resolution sets out findings and actions for the City of Sunnyvale (that are distinct from the Redevelopment Agency) associated with the redevelopment of the Town Center Mall area. Staff recommends adoption of the attached resolution

BACKGROUND

The City of Sunnyvale and the Sunnyvale Redevelopment Agency have been working with potential developers of the Town Center Mall area over the last several months. Because the property is located within a Redevelopment Project Area, the development can be accomplished with the aid of certain redevelopment tools and agency actions.

EXISTING POLICY

Please refer to RDA 04-009 for a complete listing of related policy.

DISCUSSION

The attached resolution is related to an action of the Redevelopment Agency concerning the Disposition Development and Owner Participation Agreement (DDOPA) with Fourth Quarter Properties XLVII, LLC (“Developer”). The resolution addresses construction and financing of new retail, office and residential development and associated public improvements. Detailed discussion of the DDOPA is provided in the Report to Redevelopment Agency (RDA 04-009).

FISCAL IMPACT

Much of the resolution addresses the financing of public improvements associated with the development. Please refer to RDA 04-009.

PUBLIC CONTACT

This item is listed on the City Council agenda, posted on the City web site. The City Council agenda was posted on the City’s official notice bulletin board.

ALTERNATIVES

1. Adopt the Resolution to approve the DDOPA and related documents and authorize their execution.

2. Adopt a modified Resolution to approve the DDOPA and related documents and authorize their execution.

3. Do not adopt a Resolution

RECOMMENDATION

Alternative 1.

Prepared by:

Robert Paternoster
Director of Community Development

Approved by:

Amy Chan

City Manager

Attachments