RRA - Item 3 - Eaton Village Presentation (Robert McCoy)ROSEMEAD REDEVELOPMENT AGENCY
1 8836 VALLEY.BLVD.. ROSEMEAD, CA 91770 • (818) 288-6671 • Telecopier 8183079218
TO: HONORABLE CHAIRMAN
AND MEMBERS
ROSE-MEAD REDEVELOPMENT AGENCY
FROM: FRANK G. TRIPEPI, EXECUTIVE DIRECTOR 1
DATE: SEPTEMBER 21, 2000
RE: EATON VILLAGE PRESENTATION-ROBERT McCOY
This item was deferred at the last meeting in order to provide Mr. McCoy additional time to
update his proforma. The City Manager will meet with Mr. McCoy's attorney Monday morning,
September 25"', at 10:30 a.m. to discuss the specifics of the economic assistance the developer
needs from the Agency. We Nvill provide you with copies of an), information we receive.
GE N1 D 1%
LP 9 r 2000
(TEI I No. 3
ROSEMEAD REDEVELOPMENT AGENCY
• 8838 VALLEY BLVD.. ROSEMEAD, CA 91770 • (818) 288-6671 • Telecopier 8183079218
Q
REDEVELOPMENT AGENCY MEMORANDUM
FROM:. EXECUTIVE DIRECTO~.~
RE: - EATON VILLAGE PROJECT UPDATE
DATE: SEPTEMBER 25, 2000
Today, we met with Mr. McCoy, the developer on the proposed
Eaton Village project. As of this time, he has modified his list of
requirements of the Agency in order to make this project viable.
He has reduced his subsidy to $8.6 Million dollars. He is willing
to settle for 50% of our sales tax generated by the proposed center.
He says that El Monte is giving 100% of their sales tax. He says
that there is a good possibility that Walmart may be one of the
tenants, with the possibility of Sam's Club being the other. We
have some issues with that proposal as it relates to parking, but
those can be discussed later. He does require condemnation help
with some of the properties, and he hopes to have a final update by
tomorrow night.
At the conclusion of today's meeting, we asked him for a list of
tenants, which we haven't seen yet and without one, it's very
difficult to put together an. accurate Proforma.
Mr. McCoy will be here tomorrow evening with his attorney to
speak to the Agency. _
AGENCY A(xE.N-Di!l
SEP 26
ITEM: No. N3.
D
O
Z
r
r
D
C~
r
S
O
z
n
n
m
Z
1
m
A
J
T
D
D
r
w
O
r
m
<
A
v
c
3
v
T
O
Z
y
m
O
w '0
`o> 4
~ .nor
0
coal
W
Q10~
O
z
Pok
V
0
n
CL
0
n
*h
A
.Z
0
w®
W
A
0
4
0
u
W
fop
0
A
ILQ
A
0
t0
q~
•r
A
N
k
ago
m
c
PIL
0)
PIL
Ac
Y•
n
D
~
O
a
O
A
N
0,4
4
A
CL
O~
%O
C
•
L"
W
A
O
.
~
.a
p
us
r
to
r.
A
~
A
=
l0
~
A
~
A
A
d
C
tn
A
o
+
A
?
A
N
A
O
A
d
®
.
plo-
x
CL
8
.
f*
-k
w
to
N
C7
W
OR
k
d
3
~Q
n
Oe
O
%O
O
C
N
1
O
Z
IA
ri;
Z
m
z
n
N
D
z
t9
M
m
on
MR
3
ut
CL
f.
O Y L. V A 0 0
J
)p 10: 29A
C=1 .f Y OF L L MUlVTE
c c.)NrAa LINK Y RT.nE VTr.UPM F.NT ~tGh'NCY
1-1?.3.1 VALt.ky BOULEVARD • FL MONTE, (-.A 917:VI-329:1
(62(W)80-2249 • I AX: (626) 4.14-2183
September 25, 2000
Robert E. McCoy
417 South I Till Street, Suite 400
Los Angeles CA 90013-1112
Rc: Eaton Village Shopping Center
Dear Mr. McCoy:
This is to inform you that the Redevelopment Agency Board, at its regularly scheduled
September 12, 2000 meeting, reviewed your request, and approved, in concept, that the
Agency would:
i . Participate in the formation of a Parking District, which would have the
authority to use eminent domain, both within and potentially outside the
boundaries of the Northwest LI Monte Redevelopment Project Area, for the
acquisition of properties for the proposed shopping center, and
2. Participate in the financing of parking structures within the Parking District
through the issuance of.tax-exempt bonds, which would be repaid through
increased sales tax revenues.
The final legal and financial documents will require review and approval ol'the El Monte
City Council as well as ol'thc E-1 Monte Community Redevelopment Agency. We look
forward to working with you toward the implementation of the project.
-
Sincprcly,
old O Joh nson
xecutive Ur ctor
lJipjl I ,1, mflv h:f MON 11.
HAROLD U. JO tAWMN
IMMY L. GWIRRREL EUGENE W. MOY
n;nN n. MIRFLES ) -,..,.,i..,-.,,l nbu.,,,u
P.02