Title
AUTHORIZATION FOR THE MAYOR TO EXECUTE THE PROPOSED LETTER OF INTENT WITH MASTRY’S BREWING CO., LLC - 5805 Park Boulevard
Body
NOTE: On October 25, 2019, the Community Redevelopment Agency (CRA) issued a Request for Letters of Interest for the redevelopment of 5805 Park Boulevard. On December 10, 2019, the CRA Board reviewed the proposals received and recommended Mastry’s Brewing Co., LLC for redevelopment of the site. On February 25, 2020, the CRA Board authorized the City Manager to negotiate competitively with Mastry’s Brewing Co., LLC for the redevelopment of 5805 Park Boulevard. On December 8, 2020, the CRA authorized the Chairperson to execute a Letter of Intent (LOI). The LOI sets forth the basic business terms and their respective undertakings and commitments between the CRA, City and the Developer during the negotiation process.
Recommendation
ACTION: (Approve - Deny) Authorization for the Mayor to execute the proposed Letter of Intent.