03-19-90 agendaHOUSING REDEVELOPMENT AUTHORITY
HRA Letter No. 7
March 19, 1990
Issue Statement:
Progress report •by representatives of the Robert Larsen Partners,
Inc. regarding the Promenade, ILN.
Background:
On February 19, 1990, the Robert Larsen Partners provided a
status report on progress to that date. The presentation and
discussion focused on the purchase by the developer of the
property necessary to construct the project. The report was
based on the Agreement with the Robert Larsen Partners, Inc., HRA
and City Council dated November 20, 1989. The Agreement provided
for the Larsen Partners and HRA/City to work toward the execution
of a Developers' Agreement by undertaking activities identified
in the Agreement.
The activities to be commented on at the March 19, HRA meeting
will include at least the following:
The status of negotiations for purchase of property;
Interest in pre-leasing for the Promenade; and
Financial feasibility.
Recommended Action:
Receive a status report from the Robert Larsen Partners, Inc. and
staff, and comment on the information presented.
is Basis of Recommendation:
1. The Agreement was approved November 20, 1989.
2. The Agreement calls for the following:
a. Determine economic feasibility of public and private
improvements not later than February 28, 1990;
b. Present negotiating principles to HRA and City Council
in March, 1990;
c. Present Development Agreement to HRA and City Council
in April, 1990.
Alternative Recommendation:
1. Not receive the status report.
2. Delay the report to a future date.
Discussion/Decision Mode:
As a result of the presentation and discussion, determine the
need for activities scheduled for February, March and April to be
delayed by one month.
Res ully submitted,
Ja D. Prosser
Ex cutive Director
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