Board Packet 032107 - Sonoma Marin Area Rail Transit - Home Page

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M E M O R A N D U M DATE: March 21, 2007 TO: FROM: RE: SMART Board of Directors John Nemeth, Rail Planning Manager Santa Rosa Railroad Square, Exclusive Negotiating Agreement (ENA) Agenda Item XI Issue Summary Approval of an amendment (attached) to the Exclusive Negotiating Agreement (ENA) would allow SMART to continue current negotiations for development of the Railroad Square property in Santa Rosa, through June 19, 2007. Analysis / Background On September 20, 2006, the SMART Board approved a 180 day ENA with New Railroad Square, LLC, led by Creative Housing Associates. Progress has made during that time period toward a mutually satisfactory agreement. This amendment provides for a 90 day extension of the exclusive negotiating period, and also provides another $50,000 exclusivity fee from the developer to offset negotiation-related expenses incurred by SMART. A $50,000 exclusivity fee was also provided at the start of the original ENA period, of which SMART has expended just over $40,000. Future extensions of the exclusivity period after June 19, 2007, are allowed for under the original agreement, subject to SMART Board approval. Next Steps Staff will execute the amendment and continue negotiations with the New Railroad Square, LLC, working towards a potential final development agreement. Staff will consult the Real Estate Committee, Real Estate Ad Hoc Committee and full SMART Board during the process for policy direction and guidance. Staff Recommendation Staff recommends Board approval of the ENA amendment. 13 of 15 4040 Civic Center Drive, Suite 200 San Rafael, California 94903 LHames@sonomamarintrain.org (415) 492-2855 / (Fax) 492-2854
Page 1 and 2: AGENDA: SMART DISTRICT BOARD MEETIN
Page 3 and 4: I Call to Order MINUTES OF SMART BO
Page 5 and 6: costs have increased due to scope c
Page 7 and 8: 218 issue. Chair Kerns asked if the
Page 9 and 10: M E M O R A N D U M DATE: March 15,
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Page 15: IN WITNESS WHEREOF, the parties her

Board Packet 032107 - Sonoma Marin Area Rail Transit - Home Page

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