Resolution authorizing approval of the Avista Properties VII, LLC Boardwalk Improvement Agreement with Avista Properties VII, LLC.  The property is located at 41 S. Ocean Avenue in the Main Street Community Redevelopment Area (CRA).  The agreement outlines Avista's obligations with regard to construction and dedication to the City of a public boardwalk extension along the eastern edge of its property and other public improvements.  Following the issuance of a Certificate of Occupancy for the protect, the agreement provides for CRA Annual Incentive Payments from Annual Project TIF Revenue during the five year Incentive Period not to exceed the costs of the public improvements. The incentive payments are to be paid no later than April 30th of each year during the five-year Incentive Period.  The TIF paid to Avista will cost up to $3,121,004. Based on projected tax revenues, the City will receive as a return on investment $6,414,650 over the life of the CRA ($9,514,650 over a 20 year period).

Recommendation:  Deputy City Manager recommends adoption of the Resolution.