Title
Resolution to Affirm and Approve CORE as the selected developer of 319 South Fifth and Authorize the City Administrator and City Attorney to Begin the Negotiation Process for Sale of the Property
Memorandum
On March 17, 2014, City Council passed a resolution (R-14-098) directing the City Administrator to market 319 S. Fifth Ave (also known as the "Library Lot") for sale.
With the resolution, City Council expressed a desire for development of the site to be a mix of uses including commercial, residential and public space. As a condition for development rights, Council wanted the City to seek, at a minimum, that any development includes the following features: public open space, private maintenance of the public space, and pedestrian access to the public space. Council indicated it would select the purchase offer that best responds to mixed-use, density, integration with surrounding uses, and the public space.
On April 7, 2014, City Council passed a resolution (R-14-0334) regarding an Urban Public Park Location on the Library Lot Site. This included a desire for a public space to be approximately 12,000 square feet with creative use of the space and that the City would work with the developer of the remaining portion of the Library Lot site to ensure that the public space and adjacent development complement and support each other's successful uses.
Furthermore, on April 7, 2014 Council adopted a resolution (R-14-172) recognizing the needs for additional affordable housing in the City and directing that 50% of any and all proceeds, after fees and closing costs, from the sale be allocated to the Affordable Housing Fund.
Following a competitive selection process, staff retained CBRE to assist the City with the Library Lot transaction. CBRE conducted a national offering for proposals and assisted staff in evaluating the respondents, including assisting with interviews and follow-up questions and completing a best and final offers (BAFO) rou...
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