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Consider adopting a resolution approving the Sixth Amendment to the Disposition and Development Agreement for Green Valley Corporate Park
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Published Notice Required? Yes ___ No _ X_
Public Hearing Required? Yes ___ No _X _
RECOMMENDATION:
It is recommended that the Solano Consolidated Oversight Board (SCOB) adopt the resolution approving the Sixth Amendment to the Disposition and Development Agreement for Green Valley Corporate Park.
DISCUSSION:
Background:
In December 1999, the Fairfield Redevelopment Agency and H.J. Shein, Inc., entered into a Disposition and Development Agreement (the "DDA"), for the sale of approximately 109 acres of land as defined below. The DDA was approved in 1999 and subsequently assigned to Green Valley Land, LLC, Green Valley Building 1, LLC and Green Valley Building 12, LLC (collectively the "Developer"). The DDA was amended by a First Amendment dated November 20, 2000, a Second Amendment dated June 4, 2001, a Third Amendment dated October 7, 2004, Fourth Amendment dated March 2, 2011, and a Fifth Amendment dated January 18, 2018.
The Successor Agency to the Fairfield Redevelopment Agency (the "Successor Agency") still owns approximately ?35.72 acres within the Green Valley Corporate Park (the "Site"). The proposed Sixth Amendment to the DDA (the "Amendment") would expand the allowable uses in the DDA to include public facility on any portion of the Site, subject to the zoning of the property; and eliminate a condition to construct no less than 20,000 square feet of commercial/retail space. In the event of a change in zoning, the method used to determine value of any portion of the Site will be the greater of the existing value prior to a change in zoning, or the value derived from an appraisal assuming the change in zoning. The intent of the proposed Amendment is to mitigate volatility in the commercial real estate market affecting the successful disposition of the Site; and offer a zoning desig...
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