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File #: 19-0487    Version: 1 Name:
Type: Agreement Status: Passed
File created: 5/8/2019 In control: City Council
On agenda: 5/15/2019 Final action: 5/15/2019
Title: City Council and Corona Housing Authority consideration of First Amendment to Disposition and Development Agreement between the City of Corona and Lab Holding, LLC for the acquisition and development of (17) Corona Housing Authority properties and (9) City of Corona properties generally located East of Main Street between East Fourth Street and West Eighth Street, and West of Ramona Avenue (Corona Mall Property) originally approved May 17, 2017.
Attachments: 1. Staff Report, 2. Staff Report with Attachments

AGENDA REPORT
REQUEST FOR CITY COUNCIL AND
CORONA HOUSING AUTHORITY ACTION



DATE: 5/15/19

TO: Honorable Mayor and City Council Members
Honorable Chairman and Board of Commissioners

FROM: Management Services - Economic Development

SUBJECT:
Title
City Council and Corona Housing Authority consideration of First Amendment to Disposition and Development Agreement between the City of Corona and Lab Holding, LLC for the acquisition and development of (17) Corona Housing Authority properties and (9) City of Corona properties generally located East of Main Street between East Fourth Street and West Eighth Street, and West of Ramona Avenue (Corona Mall Property) originally approved May 17, 2017.

End
RECOMMENDED ACTION:
Recommended action
That the:

1. Corona Housing Authority approve and authorize the Executive Director, or his designee, to execute the First Amendment to Disposition and Development Agreement with Lab Holding, LLC.

2. City Council approve and authorize the City Manager, or his designee, to execute the First Amendment to Disposition and Development Agreement with Lab Holding, LLC.

Body
ANALYSIS:
Beginning in the early 2000's the Corona Redevelopment Agency began to acquire properties within the Corona Mall area in hopes of assembling enough property for a complete redevelopment of the area. On June 29, 2011 Governor Brown signed Assembly Bill 1X 26 (AB 1X 26) eliminating Redevelopment Agencies in the State of California. Pursuant to Resolution 2012-04 adopted January 11, 2012, the City of Corona became the Successor Agency to the Redevelopment Agency. As part of Corona's wind down of redevelopment activities, as required by AB 1X 26, the properties within the Corona Mall area were transferred to the Corona Housing Authority allowing for the development of housing, if feasible, or the sale of such properties at market value with proceeds being returned to the Corona Housing Authority. Ultimately, it was determined that a housing de...

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