10-12-2021 CC RPT 09 - Laserfiche WebLink

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City °JArts &Innovation City Council Memorandum IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII TO: HONORABLE MAYOR AND CITY COUNCIL DATE: OCTOBER 12, 2021 FROM: COMMUNITY & ECONOMIC DEVELOPMENT WARD: 1 DEPARTMENT SUBJECT: RIVERSIDE ALIVE PROJECT UPDATE — PUBLIC PARKING LOT 33 ISSUE: Receive an update on the Riverside Alive project proposed at Public Parking Lot 33. RECOMMENDATIONS: That the City Council: 1. Receive an update on the Riverside Alive project; 2. Select Development Option 2 to sell all of Lot 33 to the Greens Group for private development or an alternative project direction; 3. Direct staff to negotiate a Purchase and Sale Agreement with the Greens Group for Development Option No. 2 or an alternative project direction; and 4. Direct staff to negotiate a Lease/Leaseback Agreement with GriffinlSwinerton at the former Utilities Plaza site to construct a 750 -stall public parking garage or an alternative project direction. BACKGROUND: On September 18, 2018, staff from the Community & Economic Development Department issued a Request for Proposals (RFP) seeking a mixed-use hotel and Convention Center expansion project on the site identified (in red) on the map below. In January 2019, staff received separate development proposals from the Greens Group and GriffinlSwinerton (jointly) and Sonnenblick Development. In May 2019, the City Council: 1) selected the joint development proposal from the Greens Group and GriffinlSwinerton to construct a mixed-use hotel, residential, commercial, office, convention center expansion, public amphitheater, and new public parking garage project; 2) directed staff to negotiate a Purchase and Sale Agreement (PSA) with the Greens Group for the private portion of the Property; and 3) directed staff to negotiate a Lease and Leaseback Agreement with GriffinlSwinerton for expansion of the Convention Center and construction of a public amphitheater and new public parking garage.