The purpose of this memorandum is to continue the public hearing, which was previously noticed to occur on this date. The purpose of the hearing was to present the information necessary for the Redevelopment Agency Board and the City Council to consider the proposed sale of Agency property and development entitlements for the Burbank Village Walk project (The Olson Company, Applicant). The specific land use applications for the 140-unit residential and 14,000 square feet restaurant/retail project included: Planned Development No. 2002-1; Development Review No. 2002-11; Tentative Tract Map No. 53905; a Mitigated Negative Declaration; Development Agreement; and the associated legal documents. The specific Agency Board consideration included the Disposition and Development Agreement and related legal documents.

The public hearing for the subject project was rescheduled to January 7, 2003 to allow additional time for the Developer to analyze their unit design to assure themselves and the Agency that the project best reflects the present residential market. The Developer has submitted plans that they feel better meet the market demand. However, additional time is needed for the Developer to reanalyze the project economics, which will require amendment to the draft Disposition and Development Agreement and related redevelopment documents.

Staff recommends that the public hearing be continued to February 11, 2003. Staff will renotice the hearing in a local newspaper and will ensure that all revised documents are available for public review as required by law.

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