On November 8, 2013, the State Department of Finance (DOF) approved an Implementation Agreement between the Successor Agency and the Great Wolf Lodge confirming the obligations of the parties. Pursuant to the DDA, the Successor Agency must provide offsite improvements to be constructed on Harbor Boulevard from Twintree Lane to the north boundary of the Great Wolf Lodge parcel.

The Successor Agency established a sign program as part of the offsite improvements for the DDA to provide funding for property owners in the Grove District Resort Area to replace signs that do not conform with the updated sign regulations for the Resort Area.  The Successor Agency negotiated agreements with property owners adjacent and to the north of the Great Wolf Lodge parcel to replace their signs pursuant to the program (see Attachment 3). Under the sign agreement, the Successor Agency will reimburse the property owner up to $50,000 per sign towards the cost of removing the signs and replacing them in conformance with the updated City sign Ordinance. The property owners have obtained bids from sign companies and have submitted them to the Successor Agency for consideration. The lowest responsible bidder was Coast Signs with a bid of $95,887 for the construction of three new signs.  In addition, it is estimated that each sign will cost up to $1,500 in permits that will bring the total cost to $100,387 (see Attachment 1).

Upon approval by the DOF, the Successor Agency will release 50 percent of the sign reimbursement amount upon execution by the Owner of the contract for demolition and replacement of the signs. The Successor Agency will release 25 percent of the reimbursement amount upon completion of the sign demolition. The Successor Agency will release the remaining 25 percent of the reimbursement amount upon completion of the replacement sign construction, as evidenced by approval of the final inspection by the City's Building Official.

The total cost of $100,387 will be paid from the Successor Agency’s Redevelopment Property Tax Trust Fund.

It is recommended that the Oversight Board:

• Adopt the attached Resolution approving the Sign Replacement Grant Agreement; and

• Authorize staff to transmit the Resolution and Sign Replacement Grant Agreement to the State Department of Finance.

By:     Greg Blodgett, Senior Project Manager

Attachments:

1:   Sign Contract

2:   Resolution

3:   Sign Agreements