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HomeMy WebLinkAboutJANUARY 3,1984 I ROLL CALL PROPOSEO COMMERCIAL PROJECT I 25:0862a M I NUT E S ARCADIA REDEVELOPMENT AGENCY STUDY SESSION JANUARY 3, 1984 (6 p.m.) The Arcadia Redevelopment Agency held a study session on January 3, 1984 at 6 p.m. in the Arcadia City Hall Conference Room for the primary purpose of discussing a proposal for a commercial develop- ment at Third Avenue and Huntington Drive. PRESENT: .Members Dring, Haltom, Pellegrino, Lojeski ABSENT: Member Hannah Representatives of Dean A. Beck & Associates were present to discuss its proposal for the establishment of a commercial development on the north side of Huntington Drive and Third Avenue. (Those partic- ipating were:) Tony Beck, President, Beck & Associates Russell G. Beckner, Vice President, Beck & Associates D. MacDonald, Coldwell Banker Mr. Anderson, C. L. Beck Company Charles Kober, Charles Kober Associates Lawrence J. Arceneaux, Jr., Hollis Coren & Associates Darrell Creamer, Target Stores Verbal presentation was made by Russell G. Beck and Darrell Creamer. Slides were shown of the proposed Target Store which could contain 100,000 sq. ft., with approximately an additional 74,500 sq. ft. of retail. The developer has,agreed to pay for the services of a redevelopment financial consultant to analyze the financial implications of the project and the firm of Katz Hollis Coren was recommended. Mr. Becknet' described the expenses of his development group and discussed the preliminary cost of such a development. He detailed the special section of their proposal, comparing the Target customers to both the K Mart customers and to the Arcadia resident. It was noted that they have an option with the Arcadia Datsun property owner, Robert Lowe. Peter Kiewit, Clifford Bong, Rudy Henerson are willing to discuss a purchase price. The owners of the Derby Restaurant are also willin~ to talk about the proposal and shared parking. Following further consideration the following actions were taken: It was MOVED by Member Dring, seconded by Member Pellegrino and carried on roll call vote as follows that the Agency tentatively approve the project concept including support for the location of a Target Store on the subject site: AYES: NOES: ABSENT: Members Dring, Haltom, Pellegrino, Lojeski NONE Member Hannah -1- 1-3-84 ERN AGREEMENT FINANCIAL ASSISTANCE EMINENT DOMAIN ATTEST: 25:0852b It was MOVED by Member Dring, seconded by Member Haltom and carried on roll call vote as follows that the Agency direct staff to prepare an Exclusive Right to Negotiate with Beck and Associates for the development of the site for a retail commercial development (i. e., Target) . AYES: NOES: ABSENT: Haltom, Pellegrino, Lojeski ~1embers Dri ng, None Member Hannah It was MOVED by Member Dring, seconded by Member Pellegrino and carried on roll call vote as follows that the Agency direct staff and the Agency Counsel to prepare an agreement with Katz Hollis Coren providing for their consultant services on Beck and Associates' proposals for the I Third/Huntington site, the cost of such consultant contract to be paid by the developer, and that the Executive Director be AUTHORIZED to execute and implement the Agreement in form approved by the Agency Counsel. AYES: NOES: ABSENT: Members Dring, Haltom, Pellegrino, Lojeski None Member Hannah At this point Russell Beckner said ,in part they will be looking for financial assistance from the Agency. It was noted that the Beck report contains some estimates of sales tax revenues to the City. It was MOVED by Member Pellegrino, seconded by Member Dring and carried on a 3 to 1 vote as follows, that, assuming the proforma estimates are confirmed by the consultant and Agency staff, that the Agency tentatively concur that the Beck project is a good investment for the City and Agency, and that the Agency would consider financial assistance to support this development concept in the future. AYES: NOES: ABSENT: Members Dri ng, Member Haltom Member Hannah Pellegrino, Lojeski It was MOVED by Member Pellegrino, seconded by Chairman LO.ieski ilnrl failed to carryon the following roll call vote that, assuming the developer uses his best efforts to acquire all of the land and is unsuccessful, the Agency would consider the use of the power of eminent domain for acquisition of a specific parcel. AYES: NOES: ABSENT: Members Pellegrino, Lojeski Members Dring, Haltom Member Hannah TIE VOTE - MOTION FAILED TO CARRY In response to a question by ,Chairman Lojeski, Beck and Associates said they were satisfied with the actions taken by the Agency and would proceed. I This Study Session adjourned at 7:20 p.m. Mayor ~~lfvwl~ C Hy Cl erk -2- 1-3-84