HomeMy WebLinkAbout01/03/2006, C5 - EXTENSION OF EXCLUSIVE NEGOTIATING AGREEMENT WITH WESTPAC REGARDING PARKING LOT NO. 2 council Ndig D� 3
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C I T Y OF SAN LUIS OBISPO
FROM: Jonathan Lowell, City Attorney
Shelly Stanwyck,Assistant City Administrative Officer `" V
SUBJECT: EXTENSION OF EXCLUSIVE NEGOTIATING AGREEMENT
WITH WESTPAC REGARDING PARKING LOT NO.2
CAO RECOMMENDATION
Authorize the Mayor to execute a First Amendment to Exclusive Negotiating Agreement extending
the term of the negotiation period set forth in the August 23,2005 Exclusive Negotiating Agreement
through May 31, 2006.
DISCUSSION
The parties have been meeting to discuss the possibility of sale of Parking Lot No. 2 to WestPac
Investments Inc. to allow for private redevelopment of much of the block bordered by Broad,Marsh
and Garden Streets. The City has requested additional information from WestPac for further
analysis by economic consultant Allan Kotin. Additional time is needed to gather and evaluate this
information. Thus,both staff and WestPac believe that a 120 day extension beyond the original 150
day negotiation period(that expires January 31,2006)is warranted.
At the time of preparation of this report, a closed session regarding potential terms of the proposed
sale of this City owned parcel is contemplated for noon, Wednesday, January 11, 2006. The
January 3 meeting should adjourn to that closed.session.
FISCAL IMPACT
None
ALTERNATIVES
Council could.decide not to extend the period of the Exclusive Negotiating Agreement. This is not
recommended as City staff may find it does not have sufficient information to evaluate the
development proposal and the potential sale of City property.
ATTACHMENT
1. First Amendment to Exclusive Negotiating Agreement
G:\Agenda-Ordinances-Resol\Parking Lot 2 ENA Extension Westpac.doc
Cs /
ATTACHMENT I
FIRST AMENDMENT TO
EXCLUSIVE NEGOTIATING AGREEMENT
This First Amendment to Exclusive Negotiating Agreement is made and entered into in
the City of San Luis Obispo on this day of January 2006 by and between the City of San
Luis Obispo, a municipal corporation, hereinafter referred to as City, and WestPac Investments,
Inc. and or assigns, hereafter referred to as WestPac.
WHEREAS, on August 23, 2005 the parties entered into an Exclusive Negotiating
Agreement relating to a proposal for redeveloping a significant portion of the City's downtown
in the Garden Street area;
WHEREAS, the term of such Exclusive Negotiating Agreement is 150 days; and
WHEREAS, the parties have commenced negotiations, but require additional time in
which to carry out their obligations under the Exclusive Negotiating Agreement.
NOW THEREFORE, the parties agree as follows:
The term of the Exclusive Negotiating Agreement is hereby extended through
May 31, 2006.
ATTEST: CITY OF SAN LUIS OBISPO,
A Municipal Corporation
By:
Audrey Hooper, City Clerk Mayor David F. Romero
APPROVED AS TO FORM: WESTPAC INVESTMENTS, INC.
By:
PdnP. owell, City Attorney fG niarshall, President
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