07/24/2001 RA RPT 09 - Laserfiche WebLink

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! CITY OF RIVERSIDE REDEVELOPMENT AGENCY MEMORANDUM Honorable Mayor & Agency Members Date: Item No.: July 24, 200 I 9 Subject: Riverside Transit Village Backgronnd Development representatives from Sanderson J. Ray and Creative Housing Associates have approached the staff of the Redevelopment Agency and the Riverside County Transportation Commission (RCTC) regarding their proposal to develop a transi1 village in the Riverside Marketplace. The projec1, as proposed, would encompass property owned by the RCTC and could conceivably include the properties occupied by the theater, the City's well site, Grape Leaves and the building formerly occupied by Golden Corral. The proposal was presented to the RCTC Property Committee on June 25; and the Committee directed RCTC staff10 work with the Agency to move this project forward. Current Issue Mr. John Petry of Sanderson J. Ray and Michael Dieden of Creative Housing Associates will make a presentation to the Redevelopment Agency Board of Directors. Should the Agency wish to pursue the project, a multi-party Memorandum of Understanding will be prepared. The document will then be forwarded to the full Commission and Agency for approval. Committee Action Staff presented this item to the Development Committee on July 10, 200 I. Two Committee members were present and concurred in the suggested recommendation and then moved this item forward for consideration by the Agency Board. Fiscal Impact There is no financial impact related to today's Agency action. However, should the project proceed, it is likely that Agency assistance will be required and will be brought back to the Agency for consideration. Recommendation That the Redevelopment Agency pursue this project and authorize staff to return to the Agency with a multi-party Memorandum of Understanding. ;;Z~~ , Sharon L. Merritt Project Manager Robert C. Wales, PE Executive Director Concurs Wv ?/5 LQwrence E. Paulsen Acting City Manager 9-1