AgdaPkt 2017-07-24 Closed and Joint SA FPA

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6.1.J. - Page 2 ANALYSIS In order to proceed with the next steps for the development of the Bradford site, the City entered into the Agreement with MidPen to conduct negotiations for the purpose of preparing the DDA. The purpose of the Agreement was to establish procedures and standards for the negotiation of the DDA, which will include specific conditions for site conveyance, the scope, and terms of affordability restrictions, unit type and unit mix for the Development, and the terms, if any, under which the City may provide financial assistance for the construction of the Development. During the term of the Agreement, both parties agreed to act diligently and in good faith to negotiate a DDA that will describe the terms and conditions that will govern the conveyance of the property and the development of the project. The terms and conditions shall include: (i) the disposition price and terms for conveyance of the property, (ii) conditions precedent to the conveyance of the property, (iii) requirements pertaining to the development of the project including site remediation if applicable, entitlements, design, density, phasing and development schedule, (iv) requirements regarding affordability and occupancy restrictions, and (v) project financing, including the terms of any City financial assistance for the project. The Agreement also provided MidPen with the Right of Entry to the property in order to conduct physical due diligence activities including tests, studies, and analysis. Both parties have continued to work together in good faith and are currently reviewing an administrative draft DDA. However, review of the administrative draft and preparation of the draft DDA was not be completed prior to Council's regular meeting of July 24, 2017, the last Council meeting prior to the expiration of the Agreement extension (August 17, 2017). Therefore, staff is requesting a 60 -day extension. While it is expected Council will consider approval of the DDA on August 28, 2017, the 60 -day extension will allows slightly more time in case the Council requests changes that require additional negotiation. Staff is recommending that the Council approve a 60 -day extension and authorize the City Manager or designee to execute the written extension as necessary to mitigate title or other environmental matters. ALTERNATIVES There are no feasible alternatives. FISCAL IMPACT None ENVIRONMENTAL REVIEW This does not constitute a project under CEQA.