Developer Solicitation and Economic Development Subsidy Report
Kosmont Companies was retained by the City of Santa Clarita Successor Agency to assist with services including the evaluation of downtown revitalization opportunities in Old Town Newhall on Main Street to be anchored by a new library. Kosmont marketed the Agency-owned block Project to retailers and developers, marketed the opportunity site at International Council of Shopping Centers (ICSC) conferences, researched financing solutions for the Project including a potential parking structure, and provided an Implementation Strategy and an Approach presentation to the City/Agency.
Kosmont was retained subsequent to the above services to draft a developer Request for Proposals (RFP) on the City’s behalf in connection with an approximate 1.7 acre mixed-use development opportunity site at the corner of Main Street and Lyons Avenue in Old Town Newhall.
Kosmont reviewed the letters of intent and financial proposals received and advised the City in the selection of a preferred development partner. Kosmont provided additional negotiation support, including detailed pro forma review and evaluation of comparable theater development projects in Southern California. Kosmont also prepared the requisite Economic Development Subsidy Report pursuant to Assembly Bill 562.
In February 2016, City Council approved the mixed-use project.