07/10/2001 RA RPT 05 - Laserfiche WebLink

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d , CITY OF RIVERSIDE REDEVELOPMENT AGENCY MEMORANDUM Honorable Mayor & Agency Members Date: Item No.: July 10, 200 I 5 Subject: Authorize Approval of the Business Agreement, University Village Center Parking- COmptlDent of the University Village Fifth Implementation Agreement Background The Agency Board previously approved the Business Agreement for the University Village Center Parking Structure on August 22, 2000. It has become necessary to revise the Agreement due to changes in the schedule of development, specifically the construction ofthe Parking Structure. Attached is the revised Business Agreement reflecting the change of dates. Current Issue The Business Agreement contains all the language as previously approved with the exception of date changes due to the delay of construction on the parking garage. As indicated at the Agency Board meeting of June 19,2001, the Business Agreement is a component to the University Village Fifth Implementation Agreement. More specifically, it provides the Agency to lease to the University of Cali fomi a, Riverside ("UCR") the Agency's Exclusive Easement rights to four hundred (400) parking spaces, at the uppermost portion of the Parking Structure. Fiscal 1m pact Not applicable. The fiscal impact of the University Village Fifth Implementation Agreement, which included the UCR Parking item, outlined the business terms in detail. Alternatives The Agency may elect not to approve the Business Agreement; however, the Agency's financial position may be weakened should the Business Agreement not be approved. Committee Action Staff presented this item to the Development Committee on June 25, 2001. Two Committee members, Committee Chair Thompson and Councilmember Moore, were present and concurred in the suggested recommendation and then moved this item forward for consideration by the Agency Board. 5-1