1303 HERMOSA AVENUE BUILDING – GROUND LEASE REIMBURSEMENT FOR COSTS INCURRED IN ONSITE
 AND OFFSITE IMPROVEMENTS

 

Recommendation:

That the City Council approve the reimbursement to the developer for the City’s share of costs incurred associated with building certain improvements and that the City Council appropriate $7,555.50 from the Downtown Enhancement Fund.

Background:

The 1303 Hermosa Avenue site was leased to a developer that has completed the three-story retail and office building. The building has received its final and is fully leased. During the course of the construction there were several items that became known and needed to be addressed to ensure the project and public improvements matched. This included the installation of flashing between the parking structure and the Western side of the building, and sidewalk and drainage items. The developer is seeking reimbursement for some of these items. These include, reconstruction of the NW corner of 14th Court $1,550.00; replace swale and gutter at 14th Court $3,700.00 (City share $1,850.00); replace curb at entry to parking structure $3,400.00 (City share $1,700.00) and sheet metal flashing between parking structure and building $4,911.00 (City share $2,455.50). The total requested based on negotiations with staff is $7,555.50. This amount seems to be reasonable and necessary in order to having a complete project that integrated the two buildings.

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