HomeMy WebLinkAbout4/19/2000 - STAFF REPORTS (10) DATE: APRIL 19, 2000
TO: CITY COUNCIL
FROM: REDEVELOPMENT DIRECTOR
APPROVAL OF AN AGREEMENT WITH KEYSER MARSTON &ASSOCIATES, INC. FOR
PRO FORMA ANALYSIS OF DESERT WALK PROJECT(APN 513-560-002, 513-560-004,
513-560-007, 513-560-008, 513-560-009) IN CENTRAL BUSINESS DISTRICT PROJECT
AREA (PROJECT AREA #1)
RECOMMENDATION:
It is recommended that the City Council approve the Contractual Services Agreement
with Keyser Marston &Associates, Inc. to conduct a pro forma analysis of the Desert
Walk Project in the Central Business District Project Area in an amount not to exceed
$7,500.
BACKGROUND:
The City and Community Redevelopment Agency have received a request for
City/Agency assistance from Excel Legacy Corporation, owners of the former
Desert Fashion Plaza, in their revitalization of the property. Staff has been
negotiating the nature and amount of possible City and/or Agency assistance for
the past several months, In order to determine the true level of need for public
assistance in the project, it is recommended that the City and Agency use the
services of a professional real estate economics firm to analyze Excel's
assumptions about casts, revenues, and financing gap.
Keyser Marston has previously done work for the City and Agency on this project.
The last analysis was in 1998 to determine the gap in the previous, Palm Springs
Promenade, proposal.
Funds are available for this contract in account 001-1100-42690.
JO N . RAYMVN
Rede lopment a or
APPROVED
City Manager
ATTACHMENTS:
1. Minute Order
8A
I
MINUTE ORDER NO.
APPROVING A CONTRACT IN AN
AMOUNT NOT TO EXCEED $7,500 WITH
KEYSER MARSTON &ASSOCIATES OF
LOS ANGELES FOR A FINANCIAL
ANALYSIS OF THE DESERT WALK
PROJECT IN DOWNTOWN PALM
SPRINGS
I HEREBY CERTIFY that this Minute Order, approving a contract, in the amount not to
exceed $7,500 including expenses, with Keyser Marston &Associates of Los Angeles
for a pro forma and financial analysis of the Desert Walk project, was adopted by the
City Council of the City of Palm Springs, California, in a meeting thereof held on the 191h
day of April, 2000.
PATRICIA A. SANDERS
City Clerk