HomeMy WebLinkAboutRDA CHAMPION DEV CO. 01-03-89 REDEVELOPMENT AGENCY
DATE: JANUARY 3,' 1989
TO:
FROM:
SUBJECT:
-tlILLIJLq' A. HuSTON, EXECUTIVE DIRECTOR
_
COMMIJNI~ OEVELOPtlENT OEPARlllENT
EXTEJISION OF EXCLUSIVE AGRELrHENT TO NEGOTIATE WITH CHAMPION
DEVELOPMENT COMPANY - SOUTHEAST CORNER OF MAIN AND NEHPORT
REC(I~IENDATION
·
It is recommended that the Redevelopment Agency approve a 180 day extension of
the subject Negotiation Agreement.
BACKGROUND
The Redevelopment Agency at a regular meeting on September 6, 1988 approved a
120 day Exclusive Agreement to Negotiate for the development of three separate
parcels at the southeast corner of Newport and Main Streets. While Champion
Development has continued to negotiate with the affected property owners for
purchase of' their properties, their original agreement with the Agency is
expected to expire January 6, 1989. Provisions contained in Section 6 of the
original Agreement would allow the Agency to extend the agreement by mutual
consent of both parties. A six month extension request has been received from
Champion (see attached correspondence). Staff have continued to work with the
prospective developer on the subject site and believe they are making progress.
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cas .ts
Attachment: Letter dated 12-21-88 from Champion Development
RECEIVED
?:'c 27 1988
COI,Ii~IUNIIY
December 21, 1988
Ms. ChrJ.stine Shingleton
Tustin Redevelopment Agency
300 Centennial
Tustin, California 92680
Re: SEC Newport & Main
Dear Ms. Shingleton:
A review of our records show that our Exclusive Right to
Negotiate with the Tustin Redevelopment Agency for the
SEC of Newport and Main ("The Site") is about'to expire.
Champion Development Company hereby requests an extension
of this agreement for a six month period of time in order
to allow us to complete negotiations with private owners
comprising the site.
During the time of our original agreement, Champion
Development has worked diligently and in good faith to
purchase the other two parcels comprising the site. As we
have discussed several times, we have had some success
with both owners and are looking forward to final
resolution of the purchase of these properties during the
first quarter of 1989. We have also asked our project
architect to produce site plans'and preliminary schematic
elevations.
Our work program for the next six month period will be:
a)
Complete negotiations with private owners and
acquire options or fee interest of the entire
site.
CHAMPION DEVELOPMENT COMPANY
Page Two
Ms. Christine Shingleton
December 21, 1988
b) Submit appropriate documentation to the City of
..... Tustin -for design- review approval, - -
c)
Complete negotiations on and execute an Owner
Participation Agreement.
Thank you very much for your time and effort in this
regard.
Sincerely,
CHAMPION ASSOCIATES INC., dba
CHAMPION DEVELOPMENT COMPANY
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