Title
Staff Report for the Disposition and Development Agreement by and Between the City of San Leandro, in Its Capacity as the Successor Agency to the San Leandro Redevelopment Agency, and Innisfree Ventures II, LLC for the $2.25 million Sale of 1550 East 14th Street for the Development of Village Marketplace (City to receive approximately $270,000 of sales proceeds based upon its property tax allocation rate. Village Marketplace will bring on-going sales tax and property tax revenue to the City and will create approximately 113 jobs.)
Staffreport
SUMMARY AND RECOMMENDATIONS
In 2009, the San Leandro Redevelopment Agency purchased 1550 East 14th Street to provide temporary parking during the construction of the downtown parking garage and to develop the property into a project that would serve as a catalyst for downtown retail. The Redevelopment Agency has been working in partnership with Innisfree Ventures II, LLC and the community for the past three years to create the Village Marketplace, a 28,000 square foot retail project with a specialty grocery store anchor. Staff recommends that the City approve a Resolution Authorizing the City Manager to Execute a Disposition and Development Agreement by and between the City of San Leandro, in its Capacity as the Successor Agency to the San Leandro Redevelopment Agency, and Innisfree Ventures II, LLC for the $2.25 million sale of 1550 East 14th Street for the development of Village Marketplace. The sale proceeds will be turned over to the Alameda County Tax Auditor Controller for distribution to taxing entities, consistent with the requirements of AB x1 26.
BACKGROUND
In 1947, Lucky began operating a grocery store at 1550 East 14th Street (the Site). In May 2005, Red Mountain Retail Group acquired a portfolio of Lucky properties, including the Site. Red Mountain held ownership of the Site through Norcal, a limited liability corporation. In September 2005 the grocery store, which had changed to an Albertsons,...
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