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HomeMy WebLinkAboutRDA DRAIN IMPROV'S 07-16-90DATE: TO: FROM: JULY 10, 1990 REDEVELOPMENT AGENCY NO. 7 7-16-90 Inter - Com WILLIAM HUSTON, EXECUTIVE DIRECTOR TUSTIN COMMUNITY REDEVELOPMENT AGENCY PUBLIC WORKS DEPARTMENT/ENGINEERING DIVISION SUBJECT: EDINGER AVENUE STORM DRAIN IMPROVEMENTS (PROJECT NO. 900026) RECOMMENDATION: That the Tustin Community Redevelopment Agency authorize the Tustin City Council and City staff to administrate the contract and construction for the construction of the Edinger Avenue storm drain improvements. BACKGROUND: The Tustin Community Redevelopment Agency Capital Improvement Budget for 1988-89 includes the construction of storm drain improvements between Red Hill Avenue and Del Amo Avenue. All bid documents and contracts have been prepared under City of Tustin documents in order not to duplicate administrative efforts. It is requested that the Tustin Community Redevelopment Agency authorize the City of Tustin and its staff to advertise for bids, administrate the construction contract and inspect all construction work for the project. This assignment of work has been done on most past Redevelopment Agency Capital Improvement Projects. v� Bob Ledendecker Director of Public Works/City Engineer DATE: TO: FROM: SUBJECT: JULY 16, 1990 REDEVELOPMENT AGENCY NO. 8 7-16-90 Inter - Com WILLIAM A. HUSTON, EXECUTIVE DIRECTOR CHRISTINE SHINGLETON, DIRECTOR OF COMMUNITY DEVELOPMENT AGENCY NEGOTIATIONS - RED HILL CENTER RECOMMENDATION It is recommended that the Agency authorize staff to initiate negotiation with the owner of the Red Hill Center regarding possible agency financial assistance. BACKGROUND Staff have recently begun preliminary discussions with the property - owner of the Red Hill Center located at 12932 Newport Avenue in the vicinity of old Irvine Boulevard. The subject site currently contains an older retail center which the property owner proposes to significantly renovate. The subject site is approximately 23 acres in size and is located in the Town Center Redevelopment Project Area (see Exhibit A). The property owner has indicated a desire to enter into an Owner Participation Agreement with the Redevelopment Agency. He has submitted a request for agency assistance in financing off-site and edge improvements along Newport Avenue and old Irvine Boulevard and would like an indication from the Agency about its willingness to negotiate and assist with improvements prior to preparing definitive site and architectural plans for the project. Should the Agency direction be to initiate negotiation with the owner, staff would be prepared to determine commitments to be required of the owner as well as to evaluate more detailed financial proforma information to determine the level, if any, of Agency assistance that may be justified and that the developer may need. Upon submittal of a status report to the Agency including staff recommendations of the parameters for any justified Agency assistance to the project, an owner participation could be prepared. A very cursory analysis of costs and revenues to possibly justify Agency contribution to the project has been completed and is attached as Exhibit A. This would seem to indicate that possible Agency assistance limited to a 5 - 7 year pay back, as in previous Redevelopment Agency Report Agency Negotiations - Red Hill Center July 16, 1990 Page 2 Agency transactions, might limit potential assistance of the project to between approximately $127,900 to $185,900. Christine A. 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