Item 15 - Annual Review of Development Agreement with CF Poway Ltd
,- AGENDA REPORT SUMMARY ~
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TO: Honorable Mayor and Members of the City Council
FROM: James L. Bowersox, City Man~ ~
INITIATED BY: John D. Fitch, Assistant City Manage~l1r
DATE: December 19, 1995
SUBJECT: Annual Review of Development Agreement with CF Poway, Ltd.
ABSTRACT
California Government Code Section 65865.1 requires that the City Council annually
review compliance with the terms of Development Agreements that have been entered into
with developers. It is recommended that the City Council find that CF Poway, Ltd. has
complied with the terms of the Development Agreement for the development of the
Pomerado Business Park.
ENVIRONMENTAL REVIEW -
This item is not subject to CEQA review.
- FISCAL IMPACT
None.
ADDITIONAL PUBLIC NOTIFICATION AND CORRESPONDENCE
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A copy of this report has been sent to CF Poway, Ltd..
RECOMMENDATION
It is recommended that the City Council find that CF Poway, Ltd. has demonstrated good
faith compliance with the terms of the Development Agreement entered into on December
30, 1985.
ACTION
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~AGENDA REPOR--
CITY OF POW A Y
This report is included on the Consent Calendar. There will be no separate discussion of the report prior to approval by the
City Council unless members of the Council, staff or public request it to be removed from the Consent Calendar and
discussed separately.U you wish to have this report pulled fOf discussion. please filt out a slip indicating the report number
and give it to the City Clerk prior to the beginning of the City Council meeting.
TO: Honorable Mayor and Members of the City Council
FROM: James L. Bowersox, City Man~ .
INITIATED BY: John D. Fitch, Assistant City Manage~lt
DATE: December 19, 1995
SUBJECT: Annual Review of Development Agreement with CF Poway, Ltd.
BACKGROUND
On December 30, 1985, the City of Poway entered into a Development Agreement
with CF Poway, Ltd. to provide for the development of the Pomerado Business
Park within the South Poway Community Plan Area. Annually thereafter, the -
City Council has reviewed the development progress of the industrial park
development to determine compliance with the Development Agreement.
FINDINGS
Attached is a letter from the developer which accurately describes the
progress that has been made to date. Staff has determined that the work
accomplished under the Development Agreement is in compliance with the
provisions of the South Poway Community Plan.
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FISCAL IMPACT
None.
RECOMMENDATION
It is recommended that the City Council find that CF Poway, Ltd. has
demonstrated good faith compliance with the terms of the Development Agreement
entered into on December 30, 1985.
Attachment: Letter from C. F. Pomerado, Inc.
8:\d8~cf
ACTION:
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DEe 1 9 1995 ITEM 15
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November 27, 1995
RECEIVED
Mr. John Fitch NOY 2 8 1995
Asst. City Manager CITY OF POWAY
City of Poway CITY MANAGERS OFFICE
P.O. Box 789
Poway, CA 92074-0789
Re: Annual Review of Pomerado Business Park Development A2reement
Dear John:
This letter contains a brief description of the progress made by CF Poway, Ltd. under the
Development Agreement dated December 30, 1985 with the city of Poway in the
development of the Pomerado Business Park.
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Our goal continues to be to sell property and promote development within the Park.
To date for 1995, we have closed three land deals, ranging in size from .95 acres to 2.5
acres, and there is a 4.2 acre deal in escrow due to close in the next couple of months.
The leasing activity in the Park continues to be a shining star as evidenced by the attached
Absorption Study and that fact that the vacancy rate has remained constant dropping to
5.2% this year compared to 5.4% as of November 1st, 1994.
- CF has continued to demonstrate, as it has over the past decade, its commitment to the city
in compliance with all the Development Agreement conditions.
Very truly yours,
_ ") -., '-<\.. h_ I
(::;
Linda Richardson
Marketing Coordinator
Ene.
cc: S. Craig, CFCL
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cr Pome",do.lnc.
3 of 5 13000 Grtgg Street, Powa~', California 92064 DEe 1 9 1995 ITEM 15
Telephone 16191<86.2032 FAX 1619r <86,3021
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POMERADO BUSINESS PARK ABSORPTION STUDY
11/1195 VACANCY
PROJECT NAME PROJECT SIZE SPACE AVAILABLE RATE
Cor-O-Van Moving & Storage 72,000 0 0.0%
Executone Information Systems 114.886 0 0.0%
Johnson Moving & Storage 33,600 0 0.0%
Kirkham Business Center 18,000 0 0.00/.
Lincoln Business Center 128,360 5.299 4.1%
Madden Enterprises 126,300 0 0.0%
Mailing Concepts 21,000 0 0.0%
Modular Building Concepts 2,200 0 0.0%
Mrs. Leepers Noodles 114.000 0 0,0%
Olhausen Pool Tables 58.099 0 0.0%
Players Sports Building 65,825 18,000 27.3%
Pomerado Ridge Phase I 41,152 0 0.0%
Pomerado Ridge Phase II 22.873 0 0.0%
Poway Business Park 71,270 0 0.0%
Scenic View Business Park 110,961 15,742 14,2%
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Sciacca Buildings 49,540 0 0.0%
Stowe Business Park - Multi-Tenant 39,296 0 0.0%
Stowe Business Park - Single Tenant 90,418 0 0,0%
Stowe Industrial Park 57,000 8,691 15.2%
Sunshine Biscuits 18,500 18,500 100.0%
United FabriCare 21,000 0 0,0%
Total 1,276,280 66,232 5.2%
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POMERDO BUSINESS PARK
Land Sales in Chronological Order
Avg.ls.f. Date
Purchased by: Type of Entity Amount Lot II's Acres of land Closed
Lincoln Property Developer $1,756.177 34,35 6,744 $5.98 12/18/87
Ruh II Developer $863,019 37 3.358 $5.90 02/29/88
Bothwell Int'I Ltd.. Developer $1,834,000 12-18,29,30 6.959 $6.05 02/29/88
Ruhl Developer $3,155,959 24,26,43.44 12.304 $5.89 02/29/88
Cor-O-Van User $1.254,629 42 4.993 $5,77 04/04/88
Pro-Taker User $981.564 38 3,664 $6.15 04/27/88
Sunshine Biscuits User $354 ,208 9 1.251 $6.50 OS/20/88
Pomerado Properties Developer $937,934 10-11,19-21 3.076 $7,00 06/30/88
Allen Jaffe 8-T-S $2,174,341 1,2 7,327 $6.81 02/14/89
D&B Partners User $1,091,528 3-2.3-3 3.541 $7,08 03/31/89
NDC Real Estate Developer $3,249,728 3-4.3-5.8 1 0.400 $7,17 04/19/89
Pomerado Ridge B-T-S $793,946 3-7,3-8,3-10 2.514 $7,25 06/30/89
Flagship Commercial Developer $327.414 3-6.1 & ,2 0.989 $7,60 08/04/89
McMahon/Oliphant B-T-S $488.090 28 1.494 $7.50 09/25/89
Sciacca (McMahon/OI B-T-S $929,135 45 2.844 $7.50 11/16/89
Karz, Stanley Bldg.1I3 $1.955,992 33 1.931 $7,50 12/08/89
Miletich, Velko Bldg.1I2 $3,512.384 36 3.233 $7.50 12/26/89
Hunter Douglas Inc. Bldg.lll $5,182.000 4 6.412 $7.93 03/30/90
Maio Plumbing User $522,082 3-9 1.621 $7.39 05/31/90
Mailing Concepts Bldg.1I4 $1,259.000 31 1.146 $7,50 10/17/90
Modular Bldg Concept User $466.822 77 1,299 $8.25 11/07/90
D&B Partners User $435,000 3-1 2,010 $5.00 06/16/94
DCWG, Inc, User $42,703 24-2 0.313 $3,00 11/30/94
- Schwan's Enterprises User $321 ,734 25 2.462 $3.00 09/05/95
Apricorn, Inc. User $122,185 68 0.935 $3.00 09/15/95
Apricorn, Inc. User $131,732 69 0.950 $3,18 11/20/95
TOTAL $34,143.305 93.770 $6.28
. This land sale was treated as a reduction in land basis.
27 -Nov-95 1 Comps.wrl
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