REPORT TO THE CITY COUNCIL
November 19, 2020
FROM: Aldi Ramirez, Deputy City Manager
Office of Mayor and City Manager's Office
SUBJECT
Title
Consider Amended and Restated Disposition and Development Agreement with Noyan Frazier Capital L.P. for the South Stadium project.
Body
RECOMMENDATION
Consider Amended and Restated Disposition and Development Agreement with Noyan Frazier Capital L.P. for the South Stadium project.
EXECUTIVE SUMMARY
The Developer for the Park Project (Project) has requested an extension of time to the project performance schedule for Phase 1 of the Project. Phase 1 is a .79-acre site at the northwest corner of Inyo and Fulton Streets that will be developed into a multi-story mix of affordable and market rate housing over ground floor retail. Phase 1 is comprised of 44 market rate units and 10 affordable units at 50% of AMI. The Disposition and Development Agreement (DDA) deadline to close escrow and commence construction is currently November 2020, with completion of construction in April 2023. The Developer is proposing an extension to these deadlines with a new close of escrow date of August 2021; commencement of construction in September 2021; and completion of construction in January 2024.
BACKGROUND
A Request for Proposal (RFP) was issued on April 3, 2014, for a mixed-use multi-phase development in the South Stadium area that included several properties owned by the Successor and Housing Successor Agency to the former Redevelopment Agency (RDA). On October 30, 2014, the Council and RDA selected Noyan Frazier Capital LLC as the developer and on February 25, 2016, a DDA was approved that focused on a proposed Phase 1 mixed use, multi-story building with residential units over ground floor retail. The original DDA included an outside date of December 31, 2017. On June 21, 2018, the First Amendment to the DDA was approved by Council. The First Amendment extended the outside date to April 11, 2020. On August 15, 2019, the ...
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