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12/18/2001 RA RPT 07
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Red Agency Reports
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12/18/2001
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07
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<br /> <br />CITY OF RIVERSIDE <br /> <br />Riverside <br />~ <br />imp <br /> <br />AGENCY MEMORANDUM <br /> <br />People Serving <br />People <br /> <br />I99S <br /> <br />HONORABLE MAYOR AND AGENCY MEMBERS <br /> <br />DATE: December 18,2001 <br /> <br />ITEM NO: 7 <br /> <br />SUBJECT: PUBLIC HEARING TO CONSIDER APPROVAL OF A MEMORANDUM OF <br />UNDERSTANDING BETWEEN THE AGENCY AND THE REGENTS OF THE <br />UNIVERSITY OF CALIFORNIA FOR THE UCRlCULVER CENTER FOR THE ARTS- <br />DOWNTOWN/AIRPORT INDUSTRIAL REDEVELOPMENT PROJECT AREA <br /> <br />BACKGROUND: <br /> <br />On November 6, 2001, the City Council and the Redevelopment Agency approved Purchase and Sale <br />Agreements ("Agreements") for the acquisition of three properties located on Main Street and allocated <br />funds necessary to complete the acquisitions. This was a continuance of City Council action on August <br />28, 2001, approving financial assistance to the University of California, Riverside ("UCR"), in its endeavor <br />to develop the UCR/Barbara & Art Culver Center for the Arts ("the Project") adjacent to the <br />UCR/California Museum of Photography, The Project is envisioned as an interactive arts facility, <br />enabling UCR to enhance arts outreach programs to the community. UCR proposes to renovate and <br />seismically retrofit the Rouse Building property for use in various graduate studies programs in the arts. <br />Future conceptual plans may include a bookshop, cafe, studio art and dance studios, faculty offices, and <br />related storage, A second phase of the Project is anticipated to include construction of a performance <br />auditorium, sculpture garden and parking area on the adjacent Wurms Building and parking lot properties <br />(see attached conceptual site plan). The close proximity of the Project to the Mission Inn, Fox Theatre, <br />proposed California School of the Performing Arts, Riverside Art Museum, and Riverside Municipal <br />Auditorium will allow UCR to better collaborate and cooperate with other arts providers and educators in <br />the downtown Riverside area, <br /> <br />CURRENT ISSUE <br /> <br />At the November 6, 2001, joint meeting the Agency Board was advised that the Agreements were <br />contingent upon Agency approval of a Memorandum of Understanding ("MOU") with UCR, which would <br />be presented to the Agency at a future meeting, and successful concurrent closing of double escrows <br />with the property owners and UCR, anticipated to be no later than January 15, 2002. Since, staff has <br />completed negotiations with UCR to assist in acquiring the properties necessary for the Project and <br />relocating a business tenant. The attached MOU sets forth the financial commitments of each party with <br />regard to property acquisition costs and relocation expenses, which are highlighted below: <br /> <br />Agency Financial Commitments <br /> <br />Acquisition Price <br />Relocation Assistance <br />Due Diligence Costs <br /> <br />Escrow Fees/Closing Costs <br /> <br />$1,575,033 less UCR's commitment of $1 ,261 ,783 ($358,250) <br />50% of up to $500,000; 100% of expenses exceeding $500,000 <br />appraisals, Phase 1111 environmentals, asbestos and lead paint testing <br />estimated cost (not including Phase II) $14,900 <br />'1:., estimated at $3,350 <br /> <br />7-1 <br />
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