Laserfiche WebLink
property, (ii) conditions precedent to the conveyance of the property, (iii) requirements <br />pertaining to the development of the project including site remediation if applicable, <br />entitlements, design, density, phasing and development schedule, (iv) requirements <br />regarding affordability and occupancy restrictions, and (v) project financing, including <br />the terms of any City financial assistance for the project. <br /> <br />The Agreement also provided MidPen with the Right of Entry to the property in order to <br />conduct physical due diligence activities including tests, studies and analysis. The term <br />of the original Agreement was 180 days commencing on the effective date of May 23, <br />2016 and permitted the Assistant City Manager to execute an extension up to 90 days <br />by written mutual agreement of the parties. An extension was executed on October 24, <br />2016 to extend the Agreement to February 17, 2017. <br /> <br />Due to unanticipated property title issues, additional time was necessary for the City <br />and the Developer to conduct title research. The title matters are anticipated to be <br />resolved within the next six months. The Agreement terms permit an additional <br />extension upon mutual written agreement of the MidPen and the City. <br /> <br />Staff is recommending that the Council approve a six-month extension and authorize <br />the City Manager or designee to execute the written extension as necessary to mitigate <br />title or other environmental matters. <br /> <br />ALTERNATIVES <br />No feasible alternatives. <br /> <br />FISCAL IMPACT <br />None <br /> <br />ENVIRONMENTAL REVIEW <br />This does not constitute a project under CEQA. <br /> <br />RHONDA COFFMAN <br />HOUSING & GRANTS MANAGER <br /> <br />AARON AKNIN <br />ASSISTANT CITY MANAGER / COMMUNITY DEVELOPMENT DIRECTOR <br /> <br /> <br />6.1.H. - Page 2