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1 RiversideCA.gov
1 RiversideCA.gov
PUBLIC-PRIVATE PARTNERSHIP (P3)
PRIMER FOR THE PUBLIC PORTION OF
THE RIVERSIDE ALIVE PROJECT
Community & Economic Development
Economic Development, Placemaking and
Branding/Marketing Committee
April 21, 2022
RiversideCA.gov
2 • May 2019: the City Council:
– Selected the joint development proposal from the Greens Group and Griffin|Swinerton to construct a mixed-use hotel, residential, commercial, offic e, convention center expansion, public amphitheater, and new public parking garage project. – Directed staff to negotiate a Purchase and Sale Agreement with the Greens Group for the private portion of the Property. – Directed staff to negotiate a Lease and Lease-Back Agreement with Griffin|Swinerton for expansion of the Convention Center and construction of a public amphitheater and new public parking garage.
BACKGROUND
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3 • September 2019 : City Council approved separate ENA’s with the Greens Group and Griffin|Swinerton with a term of 24 months with one 6-month option to extend.
• May 2020 : City Council directed staff to continue
negotiations on the Riverside Alive project and return to City Council with an update.
• October 2021: Staff provided the City Council with several project options – City Council reaffirmed their desire for the Riverside Alive project as originally proposed.
BACKGROUND CONT.
RiversideCA.gov
4 • November 2021 : Staff provided the City Council with a presentation on the original Riverside Alive project.
• March 2022: the City Council approved extensions to the ENA’s with the Greens Group and Griffin|Swinerton.
• Since the City Council reaffirmation, staff has met with both team’s numerous times to procure a Pre-
Development Agreement with Griffin|Swinerton and a
Purchase and Sale Agreement with Greens Development.
BACKGROUND CONT.
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31 Strategic Priority No. 3 – Economic Opportunity
Goal No. 5.3 – Cultivate a business climate that welcomes innovation, entrepreneurship, and investment.
Cross-Cutting Threads
STRATEGIC PLAN ALIGNMENT
RiversideCA.gov
32 That the Economic Development, Placemaking and
Branding/Marketing Committee: receive and file an update and Public-Private Partnership (P3) primer from Griffin|Swinerton for the public development portion of the Riverside Alive project.
RECOMMENDATION
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