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' '•, REQUEST FOR CITY COUNCIL/ �-
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REDEVELOPMENT
ACTION ED92-32
{ July 6, 1991: ,
Date
Honorable Mayor!Chairman do City Co, moil/Redevelopment Agency Members
Submitted to: it.
Michael T. Uberuaga, Ciri Administrator/Executive Directo Submitted by:
�,t�.,.. n..�L•t�..�C, it
Prepared by: Barbara A. Kaiser, Deputy City Ailrninistt•ator/Economic Development `
Reimbursement of Funds Previously Expended for Seismic Retre.fitting of 201
Subject: Main Street/Main-Pier Redevelopment Project Area -----• t '"�
! A.PPB'DV"ED ItY CITY COUA'��' -, rr is
],• f Consistent with Council Policy? r l yens D4 Now Policy or Exception ` r '•
Statement of Issue, Recommendation, Analysis, Funding Source, Alternative A ions;Attadtments:
S'ATEMENT OF iSSM- ctrY cr.riRRIlk
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i On December 19, 1988, the City Council approved a Facade Grant Prorram for the Second =
Block Demonstration Project. In an effort to encourage cert:,"n r-operty..owners to
' r demolish their existing structures and build new, Council authorized the grants to be
applied towards new construction, in addition to rehabilitetion. ,fo make it feasible to
build new, the owners of 201 Alain Street have requested they'be given credit for the
o =� seismic improveioents they had previously constructed on this prr*arty.
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' ( jiECOMMENDED COliNClbo(ALENCY_ACTiON:
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Authorize payment of $25,493•,72 as reimbursement of funds expended for seismic r} ; ;fir e
!► retrofitting of 201 Main Street.AWA
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On December 19, 1988, the City Council approved a Facade Grant Program for the Secoirl 7 11 +•�Tf` �; .' �:.
_ Block Demonstration Project. On October 2, 1989, the Agency entered Into an Owner
Participation Agreement with Thomm & Sheryl Caverl P �' rY y (staff report attached). The ti�r`� :cf �', �. ,<; ►�`'�i'.^j
Caverly's facade grant totaled .$108,850 - 10% of which has been deducted for .�} +� `'_�" l k�:,' - ?: 'z
+ 4} architectural fees incurred by the Agency. Z ,,, k';;`';<!rti f `
Initially, the Caverly's had planned to complete their seismic improvements and wanted to
•'' "::� �. •1, apply their grant towards the rehabilitation of their existing building. Becaum of its
!• ., s t strategic location ,at the northwest corner of Main Street and Walnut Avenue, staff
initiated discussions with the Caverly's about tearing down and buildingnew. The
Caverly's were receptive to the suggestion but underst:ardably concern about the
it s economic feasibilita! and risk of opting to build new. Their primary concerns includes]
`� M 1�1! '.., let , M� '.: •.�1J\;
losing 10 feet of their property for the widening of Walnut, the cost of in-lieu parking
f + fees, and their ability to obtain equitable financing in today's recessionary market. In
+ t fact, if the were to lose 20% of their r because of required right-of-way ``�,y property '
dedication, it simply would not be eomomicaliy feasible to huild riew. ,%�_' �'i
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