For City Council Meeting [October 12, 2021]
TO: Honorable Mayor and City Council
APPROVAL: Marcus Fuller, City Manager
FROM: Marcus Fuller, City Manager
Title
Request the City Council Adopt a Resolution No. 7782 of the Successor Agency to the Rialto Redevelopment Agency Approving a Purchase and Sale Agreement by and between the Successor Agency to the Rialto Redevelopment Agency and NewMark Merrill Companies, LLC, for 15.09 Acres Located West of Riverside Avenue and North of Valley Boulevard at a Purchase Price of $3,508,758; and Approve a First Amended and Restated Exclusive Negotiating Agreement by and between the City of Rialto and NewMark Merrill Companies, Inc. Relating Thereto. UPDATED STAFF REPORT
(ACTION)
Body
BACKGROUND:
The Successor Agency's Long-Range Property Management Plan identifies several parcels within the Gateway commercial area that are intended for future economic development, including a 15.5 acre residual site remaining after the development of Fire Station 205, located to the west of Riverside Avenue and north of Valley Boulevard (the "Property"). The Property is generally shown below.
In 2017, the City Council entered an Exclusive Right to Negotiate Agreement (the "Initial ENA") with NewMark Merrill Companies, LLC (the "Developer") as the preferred developer for a commercial center on the site. The Initial ENA subsequently expired.
On November 18, 2020, the Economic Development Committee (EDC) met with the Developer to discuss potential tenants for the site. At the conclusion of the meeting, the EDC directed staff to present a new Exclusive Right to Negotiate Agreement (the ("Subsequent ENA") with the Developer to the City Council for consideration.
On December 8, 2020, the City Council approved the Subsequent ENA consistent with direction provided by the EDC. On April 28, 2021, the Developer presented the EDC an update on their leasing commitments on the commercial center.
On June 22, 2021, the City Council approved a ...
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