HomeMy WebLinkAboutED Exclusive Negotiating Agreement with Goldstone Management Inc. PPT1001 FOURTH STREET PROJECT
PRESENTED BY THE
ECONOMIC DEVELOPMENT
DEPARTMENT Downtown San Rafael
EXCLUSIVE NEGOTIATING
AGREEMENT (ENA)
Adopt the resolution authorizing the City Manager to execute an
Agreement to Negotiate Exclusively with Goldstone Management
Inc., to acquire a City-owned public parking garage and develop
a mixed-use residential/retail development project.STAFF'S RECOMMENDATIONRAJ:"
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GENERAL PLAN GOALS
•NH 16: substantially expand Downtown’s economic success and increase opportunities
for retail, office and residential development
•NH 22: create a popular and attractive residential environment that contributes to the
activity and sense of community in Downtown
•NH 34: encourage activities that will promote the Fourth Street Retail Core as being
“Alive after Five”
•EV-2b: Infill and Reuse Opportunities. Identify redevelopment opportunities and
expansion potential.
.PROJECT SUPPORTSRAJ:"
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ENA AGREEMENT OVERVIEW
DEVELOPER APPROACH
The Developer proposes to acquire the City Parcel
and to merge the City Parcel with the Developer
Parcels, demolish existing structures, and build
upon the entire site a mixed -use residential/retail
development, including a market hall style food
emporium. A new, fully automated parking garage
would replace the 171 public parking spaces
located in the existing parking structure on the
City Parcel and provide additional private parking
to serve the retail and residential components of
the proposed Project.
NEGOTIATION PERIOD
The negotiations will be conducted
in two stages to occur over twenty -
one (21) months. ENA allows for a
time extension of up to 90 days at
any stage of the process, resulting
in a not exceed term of 24 months.
STRATEGY
Both Parties will assess whether
the proposed Automated Multi -Use
Garage is feasible from a technical,
financial, and operational
perspective, and to negotiate a
proposed Disposition and
Development Agreement (DDA)
Term Sheet. If the terms are
acceptable to both parties,
Preliminary Stage Feasibility
Confirmation will occur.
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ENA MILESTONES AGREEMENT EXECUTED
Developer deposits $50,000 with
the City. Developer retains a parking
consultant.
PRIOR TO EXPIRATION
Developer and City reach agreement
on principal business terms of
proposed DDA with a non -binding
term sheet.
120 DAYS OF EFFECTIVE DATE
Developer submits Parking Plan to City
for review. Prior to expiration of
Preliminary Stage, City and Developer
discuss Parking Plan analysis.
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ENA & DDA
MILESTONES
FEASIBILITY CONFIRMATION
Developer & City memorialize completion
of all tasks by executing Preliminary
Stage Feasibility Confirmation or the
Agreement terminates.
DDA & CEQA
Developer and City prepare CEQA
Project Description. City's CEQA
Consultant prepares the CEQA
Document. Developer & City
negotiate draft DDA.
DDA STAGE (15 MONTHS)*
Only moves forward
if feasibility confirmation is achieved.
Developer deposits an amount TBD to
the City (DDA Term sheet).
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SAN RAFAEL MARKET HALL
PRESENTED BY
GOLDSTONE MANAGEMENT
DEVELOPMENT TEAM 1001 Fourth Street
COMMUNITY INVOLVEMENT
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HIGH VISIBILITY
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PROJECT SITE OVERVIEW
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LAUREN'S PLACE
4TH STREET & LAUREN'S PL.
4TH STREET & LAUREN'S PL.
4TH STREET & LAUREN'S PL.
3RD ST & LAUREN'S PL.
GOLDSTONE MANAGEMENT INC.ANY QUESTIONS?