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i CITY OF RIVERSI DE REDEVELOPMENT AGENCY MEMORANDUM Honorable Mayor and Agency Board Date: Item No.: May 15,2001 5 Subject: Request a Sixty Day Extension to an Exclusive Right to Negotiate with Regional Properties, Inc. - Residential Development at First and Market Property in Downtown Riverside Background On November 7, 2000 the Redevelopment Agency approved an Exclusive Right to Negotiate (ERN) with Regional Properties, Inc. for development of an infill housing project in Downtown Riverside at a Redevelopment Agency owned site at First and Market Streets. This ERN (approved for a six-month period) is scheduled to expire on May 13,2001. Current Issue Agency staff has received a request from the law firm representing Regional Properties for an extension of the current First and Market ERN. The extension request is for sixty (60) days. At this time, staff is requesting the sixty (60) day extension, as requested by Regional Properties. This extension will extend the expiration period until July 12,2001. Regional Properties is proposing the development of approximately 50 housing units at a market rate. Pursuant to successful negotiations between Regional Properties and the Redevelopment Agency, the current ERN would lead to a Disposition and Development Agreement (DDA). Fiscal 1m pact Fiscal impact is limited to the nominal amount of additional staff time in monitoring and pre-development work during the proposed time extension. Alternatives Not to renew the ERN and to find a different developer or development scenario for the First and Market site. Committee Action This matter is scheduled to be reviewed by the Development Committee at its meeting of May 14,2001. Any comments or changes will be orally presented at the Agency meeting of May IS, 200 I. Recommendation That the Redevelopment Agency: I. Approve an additional sixty (60) day time extension to an Exclusive Right to Negotiate with Regional Properties, Inc., for a Redevelopment Agency owned parcel at First and Market Streets, keeping other terms "as is" except for modifications mainly with corresponding "milestone" dates due to the time extension; and 2. Authorize the Executive Director, or his designee, to ERN Amendments, making minor corrections, as is deemed necessary by staff and the City Attorney, for the purposes of granting a sixty (60) day time extension to the ERN detailed above. 5-1