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File #: 17-520    Version: 1
Type: Community & Economic Development Status: Agenda Ready
File created: 12/13/2017 In control: Office of Economic Development
On agenda: 1/9/2018 Final action:
Title: Agreement with Silicon Valley Creates for the Creative Center for the Arts.
Sponsors: City Council
Attachments: 1. Memorandum, 2. Agreement
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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...Title

Agreement with Silicon Valley Creates for the Creative Center for the Arts.

...Recommendations

(a)                     Conduct a Public Hearing regarding an economic development subsidy in connection with a below-market Ground Lease Agreement for a privately-funded cultural and arts facility at the former Japantown Corporation Yard in the amount of $5,749,920 over the 55-year term.

(b)                     Adopt a resolution authorizing the City Manager or his designee to execute a Ground Lease Agreement with Silicon Valley Creates, a non-profit organization, for a 0.75-acre, City-owned parcel (APN: 249-39-044) at the former Japantown Corporation Yard site (between Jackson Street and Taylor Street at N. 7th St.) for the construction and operation of the Creative Center for the Arts, for a term of 55 years and for an amount of $1 per year.

CEQA: Japantown Corporation Yard Redevelopment Project Final Environmental Impact Report and addenda thereto, Resolution No. 74384. Council District 3. (Economic Development)