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& CITY OF RIVERSIDE REDEVELOPMENT AGENCY MEMORANDUM Honorable Mayor & Agency Members Date: Item No.: July II, 2000 4 Subject: Authorize University Village Fourth Implementation Agreement - University Corridor/ Sycamore Canyon Project Area - Agency Participation with Financing of a Parking Garage for University Village. Background The University Village Project is a collaborative effort between the Redevelopment Agency, University Village L.L.c. and the University of California, Riverside (UCR). University Village has served well as the catalyst for the revitalization along the University Corridor. It has created a new and active environment for students as well as the local community. More importantly, while today's robust economy is a leading indicator to development opportunities throughout the Inland Empire, University Village is a key attribute for the focus of such development interest along the Corridor. Proiect Development Phase I of the project consists of a ten-plex movie theatre, along with other theatre related uses, including restaurants and coffee shop. Other uses include retail and office tenants and the Campus Credit Union Building. Phase II Building B Two-story retail/office 30,000 Square Feet (Under Construction) Building K 24-hour fitness facility 37,000 Square Feet Parking Structure 6 levels 910 Spaces Phase lIA Buildings E, F & G Retail/commercial 48,000 Square Feet Phase III Building L Class-A office tower 60,000 Square Feet Building M Class-A office tower 75,000 Square Feet Current Issue The developer is now ready to move forward with the remainder of Phase II development. However, the project can only sustain parking for Building B. Beyond Building B, additional development requires a parking garage. The original Disposition and Development Agreement (DDA) approved July 25,1995, envisioned a parking structure via the Scope of Development. Although it was envisioned that the Agency would participate with the financing of the parking structure, since the construction timing was unknown and a financing mechanism needed to be developed, the actual amount of the Agency participation was left to be determined at a later date. The Scope of Development at University Village has changed dramatically. The square-footage of development alone has increased substantially, by over 100,000 square feet. From its inception, University Village's image has been to create a "village-type" setting along the Avenue. The village concept can only be achieved by the on-going development of the future phases of the project. Because the University Village development is built on a limited size infill site, it would be impossible to create the anticipated development without a parking garage. 4-1