Marina Uplands Ground Lease:

The CRA will no longer lease the Marina Uplands from the City.  THE CRA will no longer be responsible for lease payments or proportional debt service payments. The city will nort be responsible for CAM charges. The CRA will take the lead to issue the Phase II Marina Village Development Opportunity on property owned by both the City and the Agency.  The City and CRA will collaborate to evaluate, and select a new private developer(s) and negotiate a development agreement for the Marina Village for final approval by the CRA and the City Council. The CRA will manage and pay for the maintenance of the Marina Uplands for FY 2017/2018.  The CRA anticipates negotiating with the City and potentially the future private developer to assume some of these various costs and operating responsibilities in the future. 

Marina Uplands Funding Agreement:

This agreement and subsequent amendments is proposed to be terminated.  The City shall assume all related bond/debt payments, and capital project costs that were invested in Phase One by the City and Utility District have been completed and will remain unchanged.

Public Improvement Reimbursements Agreement:

This agreement is proposed to be terminated.  The Capital project costs invested in Phase One have been completed and the City and CRA no longer need this agreement.

Program Sponsorship Agreement:

This agreement is proposed to be terminated, the City support for CRA programs is no longer necessary.  The Agency revenue increased by more than $700,000 for the upcoming fiscal year, and the CRA will fund its own program initiatives in the coming months. 

All financial obligations related to the cancelled agreements are also cancelled for the existing fiscal year and the future as of October 1, 2016.