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Agency staff reduce Eagle Ridge reimbursement request to $933,363.59, board directs circulation to developer
Summary
Staff told the board that Eagle Ridge OPA invoices totaling $1.4 million included $454,207.58 already reimbursed to a third party, leaving $933,363.59 of eligible costs; the board directed staff to circulate a draft confirmation to the developer and return with the item in May.
Agency legal staff and the redevelopment director discussed a draft confirmation of reimbursement for the Eagle Ridge owner participation agreement at the end of the agency’s April meeting.
Megan told the board that the OPA developer had submitted costs totaling $1,400,000 but that $454,207.58 had been reimbursed to a third party under a separate development agreement. "As a result of that reduction, there's a reduction in the percentage that is reimbursed for engineering fees and general conditions," Megan said, and staff calculated the total eligible costs for reimbursement as $933,363.59.
Board members confirmed they wanted staff to circulate the draft confirmation to the OPA developer and bring the revised paperwork back at the May meeting for formal action. Brad (city staff) said he and Megan would ensure the document is circulated to the developer and then presented to the board.
The item was treated as a direction to staff rather than a final approval of payment. Staff said the revised confirmation will be circulated to the developer and returned to the board at the May meeting for further action.
What happens next: staff will circulate the draft confirmation to the OPA developer and present the item at the May meeting for the board to consider formal approval of reimbursements.
