BURBANK REDEVELOPMENT AGENCY
Tuesday, February 7, 2006
AGENDA
CITY COUNCIL CHAMBER - 275 EAST OLIVE AVENUE
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6:30 P.M.
INVOCATION: Chaplain James Stitzinger.
The Courts have concluded that sectarian prayer as part of City Council meetings
is not permitted under the Constitution.
FLAG SALUTE:
ROLL CALL:
JOINT PUBLIC HEARINGS WITH THE CITY COUNCIL:
1. FIRST AMENDMENT TO PLANNED DEVELOPMENT NO. 99-4 AND THE DEVELOPMENT AGREEMENT WITH MARRIOTT RESIDENCE INN, NORTHWEST CORNER OF FIRST STREET AND VERDUGO AVENUE:
The applicant is requesting an amendment to Planned Development No. 99-4 that was approved on January 25, 2000 for a 12-story full service Marriott Residence Inn hotel with 253 rooms and a five-story parking structure with 413 parking spaces. The amendment is to accommodate a reduction of: hotel rooms from 253 rooms to 166 rooms; hotel building height from 12-stories to four-stories; food preparation and eating area; meeting/conference rooms; parking to reflect the modifications to the project; and, the height of the parking structure from five-stories to a semi-subterranean garage located under the proposed four-story hotel. The applicant is also requesting that the Redevelopment Agency Board approve modification of the use restriction in the Modified Grant Deed recorded on August 28, 1998 to reflect the proposed project.
Recommendation:
Adoption of proposed City Council resolution entitled:
A RESOLUTION OF THE COUNCIL OF THE CITY OF BURBANK ADOPTING A MITIGATED NEGATIVE DECLARATION FOR THE FIRST AMENDMENT TO PLANNED DEVELOPMENT NO. 99-4 AND DEVELOPMENT AGREEMENT (Marriott Residence Inn � Applicant: Olson Real Estate Group, Inc. dba R. D. Olson Development Company).
Introduction of proposed City Council ordinance entitled:
AN ORDINANCE OF THE COUNCIL OF THE CITY OF BURBANK AMENDING PLANNED DEVELOPMENT NO. 99-4 AND APPROVING THE DEVELOPMENT AGREEMENT FOR PLANNED DEVELOPMENT NO. 99-4 (Marriott Residence Inn -- Applicant: Olson Real Estate Group, Inc., dba R. D. Olson Development Company).
Adoption of proposed Redevelopment Agency resolutions entitled:
1. A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF BURBANK APPROVING THE MODIFICATION OF USE RESTRICTIONS FOR 321 SOUTH FIRST STREET.
2. A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF BURBANK APPROVING THE DESIGN OF THE PROPOSED PROJECT LOCATED AT 321 SOUTH FIRST STREET.
2. Sale of Agency Property to PFP, LLC (Platt) � 3401 West Olive Avenue and 111 North Lima Street:
The purpose of this report is for the Council and Redevelopment Agency (Agency) Board to consider approving a purchase and sale agreement with PFP, LLC to sell Agency-owned property in relation to Planned Development No. 2003-1.
The Agency purchased the subject property in 1988 in anticipation of future development of the site. The property was originally operated as a motel, before being converted into a parking lot. The property consists of two parcels totaling 12,072 square feet as well as one-half of an alley running parallel to Alameda Avenue when considering the proposed alley vacation for a total of 13,442 square feet.
In 1991, the Media District Specific Plan was created, which identified this property as part of Media Center North intended for commercial mixed-use development. Since that time, the property has remained as a parking lot. In 2000, the proposed buyer of the property proposed a mixed-use development project for a site bounded by Alameda Avenue, Lima Street, Olive Avenue and property adjacent to the 134 Freeway off-ramp. The project went through many iterations after community meetings and Planning Board meetings, and was ultimately denied by the Council in April 2003.
The buyer re-applied as Planned Development No. 2003-1 with Development Review No. 2003-36. This project again went through many iterations after community meetings, Planning Board meetings and Council meetings. Ultimately, the Council approved the Planned Development for a mixed-use condominium, retail, church and childcare facility in January 2005.
The proposed buyer approached the Agency regarding the purchase of its property. The Agency�s position on the sale of its property was that it must receive the fair market price for the property, and no assistance would be provided for development of the project. Based on the Agency�s valuation of the property, the parties agreed to a sale price of $1,651,000, or $123 per square feet. Per the terms of the Agreement to the Agency, the buyer is to pay $1,651,000 less certain closing costs estimated at $17,000. The Agency purchased the property for $255,000, thus the net revenue to the Agency is estimated at $1,379,000.
Recommendation:
Adoption of proposed Redevelopment Agency resolution entitled:
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF BURBANK APPROVING A PURCHASE AND SALE AGREEMENT AND ESCROW INSTRUCTIONS BETWEEN THE AGENCY AND PFP, LLC (3401 West Olive Avenue and 111 North Lima Street).
Adoption of proposed City Council resolution entitled:
A RESOLUTION OF THE COUNCIL OF THE CITY OF BURBANK APPROVING THE PURCHASE AND SALE AGREEMENT AND ESCROW INSTRUCTIONS BETWEEN THE CITY OF BURBANK AND PFP, LLC (3401 West Olive Avenue and 111 North Lima Street).
JOINT MEETINGS WITH THE CITY COUNCIL, HOUSING AUTHORITY, PARKING AUTHORITY AND THE YOUTH ENDOWMENT SERVICES FUND BOARD:
Staff is requesting the City Council, Redevelopment Agency Board, Housing Authority, Parking Authority and Youth Endowment Services Fund Board approve the 2006 Investment Policy. The 2006 Investment Policy for the Investment Pool comprised of the City, Redevelopment Agency, Parking Authority, Youth Endowment Services, and separately for the Housing Authority, is being presented for approval.
The recommended changes are:
1) Decreasing the liquidity requirement needed monthly from $62 million to $61 million which is two and a half (roughly 60 days) of the annual appropriations (less purchased power), (Page 3, III Objectives, Sec B, Liquidity, of the Statement of Investment Policy). This will be monitored and reviewed by the Treasurer�s investment advisory committees at least semi-annually or as warranted.
2) Changing the reporting requirements for the Investment Advisory Committees (Treasurer�s Oversight Review Committee and Fiscal and Treasurer�s Review Group) to meet at least semi-annually or as warranted to review the status of the investment pool and to discuss the investment portfolio management strategy before being presented to the Council (Page 4, IV Reporting, Sec A, Investment Advisory Committees, of the Statement of Investment Policy). Also, the investment reports will still be sent out to these committees and to the Council on a monthly basis but will be presented for Council approval on a semi-annual basis (mid-year end December and fiscal-year end June) after meeting with these committees (Page 5, IV Reporting, Sec B, Monthly and Semi-Annual Reporting).
Recommendation:
Staff recommends that the City Council, Redevelopment Agency Board, Housing Authority, Parking Authority and Youth Endowment Services Fund Board approve the 2006 Investment Policy.
The City Treasurer's report on investment and reinvestment of temporarily idle funds for the fourth quarter ending December 31, 2005.
Recommendation:
Note and file.
RECESS to conclude the City Council meeting.
ADJOURNMENT.