Title
Due Diligence Update and Discussion Regarding the Potential Purchase of Property Located at 1735 and 2551 Central Avenue, Commonly Known as CB Fox and Reel Deal
Body
The County entered into a purchase agreement at the end of last year (December 2020) to purchase the CB Fox and Reel Deal properties for strategic needs, and an opportunity to influence more beneficial use of the properties than contemplated by private development. The agreement execution started a 90-day due diligence period where the County staff and design consultants would investigate the existing conditions, restrictions, and opportunities.
Attachments A and B are presentations reflecting the progress made to date on the due diligence efforts. The purpose of the presentations is to inform, educate and receive feedback on the information presented. Additional due diligence work is still needed including further parking analysis and construction cost estimation. The scenarios are only intended to provide a visual guide and framework to aid the discussion about what is feasible and what potential development scenarios could support the community’s strategic goals and plans. Furthermore, it is important to note that the scenarios presented all have variations and alternatives that could be considered should the County purchase the properties.
Staff and the design consultant will present final reports to the Council next month, March 16th. The purpose of the due diligence report is not to make final staff recommendations or seek decisions about the end uses, but solely to aid in deciding about purchasing the properties. If purchased, the final path forward and development conditions imposed or implemented by the County as the property owner, will be informed by discussion and public input.
Attachments
A - Staff Presentation
B - Design Consultant Presentation