HomeMy WebLinkAboutInformational Item - C16920 Westfield Final PaymentCITY OF PALM DESERT/
PALM DESERT REDEVELOPMENT AGENCY
STAFF REPORT
REQUEST: INFORMATIONAL ITEM — WESTFIELD FINAL PAYMENT
SUBMITTED BY: CATHERINE WALKER, SENIOR MANAGEMENT ANALYST
DATE: AUGUST 26, 2004
Background:
Pursuant to the December 9, 1999 Agreement between the City of Palm Desert and the
Westfield Corporation, the City purchased a parking easement in the amount of
approximately $10 million. Westfield has been paid according to the payment schedule
outlined in the Agreement, with retainage held in the amount of $1,424,892.80. The City
is releasing this final retainage payment, but withholding a portion until the items
described below have been accomplished.
Discussion:
On July 21, 2004 staff met with Chris DeBolt, Director of Development for the Westfield
Corporation, to discuss those obligations as outlined in the Agreement that have not yet
been accomplished. The Monterey median, bus shelter, and Art in Public Places fees
were determined to be the responsibility of the Wesffield Corporation as per the
Agreement between the City of Palm Desert and Westfield. It was agreed that the total
cost plus twenty-five percent of the above -mentioned projects would be withheld from
the City's final payment of $1,424,892.80 to the Wesffield Corporation. Upon
completion of these tasks, the money will be reimbursed to Wesffield as follows:
1) Art In Public Places fees in the amount of $46,021.85.
2) Monterey median/North Entrance Westfield ShoppingTown in the amount of
$40,000. The work to be done is as follows: removal of delineators on Monterey
Avenue, landscape of the median, removal of gutter and curb, irrigation, new
curbing and asphalt. The Monterey Avenue improvements were identified in the
Traffic Impact Study for the expansion of the Palm Desert Town Center. The
mitigation measures identified in the project Traffic Impact Study, as approved by
the Department of Public Works, are considered as project conditions of approval
as per item No. 8 of Resolution No. 98-102. Public Works staff is proposing to
perform this work as part of other improvements taking place along this section of
Monterey.
Staff Report
Westfield Final Payment
August 26, 2004
Page 2 of 2
3) The Bus Bay Project with an estimated cost of $357,068. This cost is comprised
of earthwork, demolition, construction of curb, gutter, and sidewalk, landscaping,
signage, shelters (3) and utilities. The construction of the bus bay is the
responsibility of the Westfield Corporation as per the Agreement.
Staff will retain funds in the amount of $553,862.31 from the final payment of
$1,424,892.80. This report is provided for your information only; no action is required.
Submitted by:
Catherine Walker,
CW:nmo
Approval:
Approval:
McCarthy, ACM C evelopment
Carlos L. Ortega, City Manager Paul S. Gibson, Director of Finance
G:IRDAWiamh Ortega\Wpdata\CathylStaff Reports\Westfield Final Payment 082604.doc