Finance and Citywide Projects Committee Supplemental Material

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  • DISCUSSION REGARDING THE VACATION OF PORTIONS OF OCEAN TERRACE, 74TH AND 75TH STREETS (THE “CITY RIGHT OF WAY AREAS”) IN FAVOR OF OCEAN TERRACE HOLDINGS, LLC AND TO REVIEW THE PROPOSED DEVELOPMENT AGREEMENT PROVIDING, AMONG OTHER TERMS, FOR THE DEVELOPER TO (1) GRANT TO THE CITY A PERPETUAL UTILITY, ROADWAY AND PEDESTRIAN ACCESS EASEMENT OVER, ACROSS AND UNDER THE CITY RIGHT-OF-WAY AREAS; AND (2) DEVELOP, DESIGN, AND CONSTRUCT, AT THE DEVELOPER’S SOLE COST AND EXPENSE (EXCEPT FOR PAYMENT OF CERTAIN CITY FEES), CERTAIN PUBLIC PARK AND STREETS CAPE IMPROVEMENTS IN THE VICINITY OF OCEAN TERRACE, BETWEEN 73RD STREET AND 75TH STREET, WITH SUCH PUBLIC IMPROVEMENTS HAVING A VALUE OF APPROXIMATELY FIFTEEN MILLION DOLLARS ($15,000,000)
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