Report to Housing Authority
Wednesday, June 08, 2016
Consent
SUBJECT:
Title
CONSIDER ADOPTING RESOLUTION NO. 16-13-CHA APPROVING THE THIRD AMENDMENT TO THE DISPOSITION AND DEVELOPMENT AGREEMENT BY AND BETWEEN THE CARSON HOUSING AUTHORITY AND CITYVIEW 616 EAST CARSON, LLC IN CONNECTION TO THE DEVELOPMENT OF THE PROPERTY LOCATED AT 616 EAST CARSON STREET (HOUSING AUTHORITY)
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I. SUMMARY
CityView 616 East Carson, LLC (Developer) desires to amend the Disposition and Development Agreement (DDA) with the Carson Housing Authority (Authority), dated February 16, 2011, for development of the 9.57-acres of land formerly owned by the Authority and located at 616, 542, and 550 E. Carson Street (Site) (Exhibit No. 1). The site is being developed as a mixed-use commercial/retail and residential project (Project) and is over 90% complete with two restaurants already open for business. The completion deadline was set to May 31, 2016, but due to construction and sales market conditions during build-out, the actual timeframe is slightly longer than the original estimate.
The Third Amendment (Amendment) (Exhibit No. 2) would extend the Developer's date of completion to August 31, 2016. Adoption of Resolution No. 16-13-CHA (Exhibit No. 3) will authorize the Amendment.
II. RECOMMENDATION
Recommendation
TAKE the following actions:
1. WAIVE further reading and ADOPT Resolution No. 16-13-CHA, "A RESOLUTION OF THE CARSON HOUSING AUTHORITY APPROVING THE THIRD AMENDMENT TO THE DISPOSITION AND DEVELOPMENT AGREEMENT BY AND BETWEEN THE CARSON HOUSING AUTHORITY AND CITYVIEW 616 EAST CARSON, LLC RELATING TO THE DEVELOPMENT OF THE 9.57-ACRE PROPERTY LOCATED AT 550, 542 AND 616 EAST CARSON STREET, CARSON, CALIFORNIA."
2. AUTHORIZE the Authority Chairman to execute the Third Amendment to the Disposition and Development Agreement following approval as to form by the Authority Counsel.
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III. ALTERNATIVES
TAKE another action the Authority Board deems appropriate.
IV. ...
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