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b. Repair/replace street (to centerline), sidewalk, curb and gutter on both street <br /> frontages as required by City Ordinance (same as #1 .b.). <br /> <br /> c. An additional condition in the Development Agreement (which allows an additional <br /> 2,200 square feet of office space), is the improvement of the remaining portion of <br /> Willow Street. The improvements consist of curb, gutters, and sidewalks on both <br /> sides, street pavement for the entire width, and some storm drainage work. The <br /> estimate of cost for these improvements is $124,931. <br /> <br />Summary of Estimated Costs: <br /> <br /> Undergrounding of Middlefield Road $58,134.00 <br /> (Required by Ordinance) <br /> <br /> Willow Street Frontage Improvements 40,000.00 <br /> (Required by Ordinance) <br /> <br /> Remainder of Willow Street Improvements 124,931.00 <br /> (In Development Agreement only) <br /> <br /> Total $223,065,00 <br /> <br />Language Concerning Termination of the DA <br />The City Attomey has included this language requested by the owner/developer's attorney. <br /> <br />Other Issues <br />In addition to these items that were mentioned specifically in the motion, Council also <br />speculated on the time it would take for the owner/developer to recover these costs in the <br />approximately 2,200 square feet of additional building they would be able to build and rent. <br />Assuming a conservative rent of $2.00 per square foot, 2,200 square feet would generate <br />an additional $4,400 per month for the life of the building. Given these assumptions the <br />owner/developer would recover the entire cost of all improvements in approximately 51 <br />months, or 4.25 years. The cost of constructing the "remaining" portion of Willow Street <br />($124,931.00) could be recovered in 28 months. <br /> <br />During the discussion of this item, mention was made of the code enforcement 'history' of <br />the site, and staff has prepared the attached chronology of code enforcement issues. The <br />owner did seek to work affirmatively with the code enforcement staff but it is also true that <br />the burned out buildings remained essentially untouched on the site for probably 1-~ <br />years. <br /> <br />There was also discussion, prompted in part by the comments of the neighbor - Juan <br />Salvador Vilorio - about parking on the unimproved portion of Willow Street. The street <br />in its unimproved state currently accommodates much more on-street parking than with <br />people parking parallel. These cars are, in essence, parking in part of the required front <br /> <br /> -3- <br /> <br /> <br />