Economic Development, Placemaking and Branding/Marketing Committee TO: ECONOMIC DEVELOPMENT, PLACEMAKING DATE: APRIL 21, 2022 AND BRANDING/MARKETING COMMITTEE FROM: COMMUNITY & ECONOMIC DEVELOPMENT WARD: 1
DEPARTMENT
SUBJECT: RECEIVE AND FILE UPDATE AND PUBLIC-PRIVATE PARTNERSHIP (P3) PRIMER FROM GRIFFIN|SWINERTON FOR THE PUBLIC DEVELOPMENT PORTION OF THE RIVERSIDE ALIVE PROJECT ISSUE:
Receive and file update and Public-Private Partnership (P3) primer from Griffin|Swinerton for the public development portion of the Riverside Alive project.
RECOMMENDATION:
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.
BACKGROUND:
In May of 2019, the City Council: 1) selected the joint development proposal from the Greens Group and Griffin|Swinerton to construct a mixed-use hotel, residential, commercial, office, convention center expansion, public amphitheater, and new public parking garage project; 2) directed staff to negotiate a Purchase and Sale Agreement (PSA) with the Greens Group for the private portion of the Property; and 3) 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.
In September of 2019, the City Council approved separate Exclusive Negotiation Agreement’s with the Greens Group and Griffin|Swinnerton with a term of 24 months (to September 21, 2021) with one 6-month option to extend (to March 22, 2022).
In May of 2020, in the midst of the COVID-19 pandemic, the City Council directed staff to continue negotiations on the Riverside Alive project and to return to City Council with an updated plan.
On October 12, 2021, staff provided the City Council with an update on the Riverside Alive project and shared several development options for the private development portion of the project (e.g. hotels, office, multi-family residential, etc.). At the conclusion of staff’s presentation, the City Council reaffirmed their desire for the Riverside Alive project as originally proposed.
On November 2, 2021, staff provided the City Council with a presentation on the original Riverside Alive project proposed at Public Parking Lot 33, the landscape plaza fronting the Riverside Convention Center, and the former Utilities Plaza Building.
On March 22, 2022, the City Council approved extensions to the Exclusive Negotiation Agreement’s with the Greens Group and Griffin|Swinerton.
DISCUSSION:
Since the City Council meeting on November 2, 2021, City staff and Griffin|Swinerton have met at least six times, including one joint meeting with Greens Development. Most recently, Griffin|Swinerton provided a Pre-Development Agreement, which is currently under review, with the goal of presenting it to the City Council for consideration in June or July 2022. Griffin|Swinerton’s anticipated scope of work includes the expansion of the Riverside Convention Center, construction of a new public parking garage, and construction of a new outdoor public amphitheater.
Additionally, since the City Council meeting on November 2, City staff and Greens Development have also met at least six times, including one joint meeting with Griffin|Swinerton. Most recently, Greens has submitted a draft development program, and staff is awaiting a draft Purchase and Sale Agreement with the goal of presenting it to the City Council for consideration in June or July 2022. Greens Development’s anticipated scope of work includes the construction of new hotels, retail, office space, and multi-family units.
STRATEGIC PLAN ALIGNMENT:
This item contributes to Strategic Priority 3 – Economic Opportunity and, more specifically, Goal 3.3: Cultivate a business climate that welcomes innovation, entrepreneurship, and investment.
This item aligns with each of the five Cross-Cutting Threads as follows:
Community Trust: receiving an update regarding the P3 for the Riverside Alive project, in an open session/community forum, demonstrates that Riverside is committed to community trust and makes decisions based on the public’s best interest.
Equity: receiving an update regarding the P3 for the Riverside Alive project, which could lead to the Riverside Alive project, demonstrates that Riverside will ensure that the community shares in the benefits of community progress.
Fiscal Responsibility: receiving an update regarding the P3 for the Riverside Alive project demonstrates that Riverside is a prudent steward of its property resources.
Innovation: receiving an update regarding the P3 for the Riverside Alive project demonstrates that Riverside is committed to collaborative partnerships, such as those with Griffin|Swinerton, LLC, to ensure successful development of the Riverside Alive project.
Sustainability and Resiliency: receiving an update regarding the P3 for the Riverside Alive project demonstrates that Riverside is committed to the present and future reliability and resiliency of City-owned properties to be developed by Griffin|Swinerton, LLC that include the public portion of the future Riverside Alive development.
FISCAL IMPACT:
There is no fiscal impact associated with this report.
Prepared by: Chris Christopoulos, Acting Community & Economic Development Director Certified as to
availability of funds: Edward Enriquez, Chief Financial Officer / City Treasurer Approved by: Rafael Guzman, Assistant City Manager
Approved as to form: Phaedra A. Norton, City Attorney Attachment: Presentation
Public-Private Partnership Primer for Riverside Alive Update • Page 3