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, CITY OF RIVERSIDE REDEVELOPMENT AGENCY MEMORANDUM Honorable Mayor & Agency Members Date: Item No.: July 24, 200 I 5 Subject: Authorize the Exclusive Negotiating Agreement with Daniel E. Olson and Doris C. Perez to Develop the Southwest Corner of University Avenue and Eucalyptus Avenue - University Corridor/Sycamore Canyon Project Area Background On April 9, 2001 staff received a letter of interest from Daniel E. Olson and Doris C. Perez, local business owners, for the purchase and development of the land located at the southwest comer of University and Eucalyptus Avenues. The site is currently owned by the Agency. One of the Agency's goals as outlined in the Specific Plan, dated January 26,1993, is to encourage development along 1he Avenue. Redeveloping this property will do much to enhance the ongoing efforts ofrevitalization along the Avenue, particularly in the Eastside Community. Current Issue S1aff is requesting authorization to execute an Exclusive Negotiating Agreement with Daniel E. Olson and Doris C. Perez ("Developer"), for the purchase and developmen1 of Agency-owned lands. The Agreement will allow the developer and Agency to negotiate diligently and in good faith towards an agreement to develop the Site. The developer is interested in establishing and building a mixed-use facility, or facilities, which will include professional office space (including their own business, Daniel E. Olson, Attorney At Law, and Doris C. Perez, Interpreting), retail, and/or restaurant, all of which conform to the requirements and spirit of the Specific Plan. In addition, the project will be designed and built in such a way as to positively contribute to the rejuvenation of University Avenue. The developer desires to strongly consider uses compatible with the diversity of the Eastside Community. The initial teon of the proposed Exclusive Negotiating Agreement is for a period of one hundred twenty (120) days. In addition, the Agreement provides for possible extensions provided the Developer has complied with the provisions as outlined in the Agreement. Fiscal 1m pact N01 applicable. Alternatives The Agency may elect to not approve the Exclusive Negotiating Agreement; however, by denying such Agreement, the development opportunity at this location may be jeopardized. Committee Action Staff presented this item to the Development Committee on July 9, 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