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Downtown Development Project: Leveraging City Property for Economic Growth

Explore potential development projects for the Bank of America and City-owned properties as per the Downtown Specific Plan. Consider residential ownership vs. rental units, desired density and economic value. Recommend project financing options and agency subsidies.

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Downtown Development Project: Leveraging City Property for Economic Growth

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  1. Council/Agency Consideration Criteria • Approach the Bank of America property? • Leverage City/Agency property? • Compliance with Downtown Specific Plan? • Residential, Ownership – VS – Rental? • Density and intensity of development desired? • Which project most likely to be financed and delivered? • Economic value to the Downtown? • Agency Subsidy?

  2. Recommendation • Receive the Owner Participation development proposal presentations from the prospective developers. • Direct and authorize the City Manager/Executive Director to enter into an Exclusive Negotiation Agreement between the City of San Buenaventura, the Redevelopment Agency of San Buenaventura and a preferred Owner Participant. • Provide direction to staff regarding key considerations included in this Administrative Report, including the inclusion of the Bank of America property, residential unit type, project density, City/Agency land utilization/leveraging, and Downtown Specific Plan compliance.

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