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I oW N o,� MEETING DATE: 12/06/10 <br />ITEM NO: <br />!p AGENCY AGENDA REPORT <br />DATE: NOVEMBER 19, 2010 <br />TO: CHAIR AND MEMBERS OF THE REDEVELOPMENT AGENCY <br />FROM: GREG LARSON, EXECUTIVE DIRECTOR <br />SUBJECT: 20 DITTOS LANE <br />STAFF RECOMMENDS THAT THE AGENCY BOARD ADOPT <br />RESOLUTION APPROVING FIRST AMENDMENT TO FIRSTAMENDED <br />AND RESTATED EXCLUSIVE RIGHT TO NEGOTIATE AGREEMENT <br />THAT WOULD FACILITATE AN EFFORT TO REDEVELOP THE <br />APPROXIMATELY 1.58 -ACRE PARCEL AT 20 DITTOS LANE <br />RECOMMENDATION <br />Staff recommends that the Agency Board adopt resolution approving the First Amendment to <br />First Amended and Restated Exclusive Right to Negotiate Agreement that would facilitate an <br />effort to redevelop the approximately 1.58 -acre parcel at 20 Dittos Lane. Staff recommends this <br />action in order to extend the Negotiating Period under the Agreement through March 31, 2011 <br />and to authorize an update of the ERNA Schedule. <br />BACKGROUND <br />In 2008 ROEM Development Corporation approached Town staff indicating an interest in <br />developing affordable housing in Los Gatos. In April 2009, ROEM Development Corporation <br />submitted a Statement of Qualifications and a Development Proposal for potential affordable <br />apartments at 20 Dittos Lane. Since that time staff has held extensive discussions with ROEM <br />and the Town Council to determine the feasibility of the proposal. The initial development <br />proposal is available for review at the Town Clerk's office. <br />PREPARED BY : BUD LORTZ <br />Project Manager <br />Reviewed by: ` Assistant Town Manager /Deputy Director Town Attorney /General <br />Counsel Clerk Administrator /Secretary Finance <br />Community Development <br />1151 \04\910950.2 <br />NAMGR \AdminWorkFiles\2010 Council Repoits \12 -06 -10 Dittos Lane doc (Bud).doc <br />