Title
Subject: Shorenstein Realty Investors Three, L.P.-Agreement
From: Community and Economic Development Agency
Recommendation: Conduct A Public Hearing And Upon Conclusion Adopt The Following Pieces Of Legislation:
1) An Agency Resolution Authorizing The Agency To Enter Into An Eleventh Amendment To The Disposition And Development Agreement With Shorenstein Realty Investors Three, L.P., Regarding The City Center Project: (1) Allowing For A Residential Land Use Option On Block T-12; (2) Establishing Eight Million One- Hundred Thousand Dollars ($8,100,000) As The Residential Sales Price For Block T-12; (3) Reducing The Time Limit To Develop Block T-12 By Three Years, To A One Year Option To Purchase; And (4) Extending The Time Limit To Develop Blocks T-5/6 By Four Years To December 31, 2013(TITLE CHANGE)