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ANALYSIS <br />During the term of the Agreement, both parties acted diligently and in good faith to <br />negotiate the DDA that describes the terms and conditions that will govern the <br />conveyance of the property and the development of the project. The terms and <br />conditions include: (i) the disposition price and terms for conveyance of the property, (ii) <br />conditions precedent to the conveyance of the property, (iii) requirements pertaining to <br />the development of the project including site remediation if applicable, entitlements, <br />design, density, phasing and development schedule, (iv) requirements regarding <br />affordability and occupancy restrictions, and (v) project financing, including the terms of <br />any City financial assistance for the project. The Agreement provided Developer with <br />the Right of Entry to the property in order to conduct physical due diligence activities <br />including tests, studies and analysis. The DDA includes the proposed development <br />terms and defines obligations and responsibilities of the Developer and the City and <br />includes the following key elements as further defined in the DDA: <br /> <br />Project Scope - Subject to City’s approval of plans, compliance with CEQA, and the <br />terms and conditions of the DDA, the Project is proposed to include the construction of <br />not less than 117 apartments that will be rented to low-income senior households as <br />affordable rents, one manager’s unit, ground floor commercial space designed for use <br />as a childcare center, 59 residential parking spaces, at least 15 commercial parking <br />spaces, a car sharing parking space, the publicly accessible creekside trail and related <br />improvements. <br /> <br />Legal Description of the Real Property - The City is the owner of the real property <br />consisting of three contiguous parcels located on Bradford Street between Main Street <br />and Jefferson Avenue within the boundaries of the City’s Downtown Precise Plan, <br />known as San Mateo County Assessor’s Parcel Nos. 052-372-200, 052-372-170 and <br />052-372-240. A portion of the property (State Lands Property) was conveyed to the City <br />in trust, and is subject to certain reserved rights held by the State of California. The City <br />intends to complete a land exchange with the State Lands Commission and complete a <br />lot-line adjustment pursuant to which two parcels will be created from the State Lands <br />Property. When the foregoing actions are completed, one of the resulting parcels will be <br />released from the State Lands Trust, and will be conveyed to the Developer for <br />development of the Project concurrently with the conveyance of the Land. The City will <br />retain ownership and maintenance of the other parcel that will comprise a portion of the <br />creek setback area for Redwood Creek, defined as the Creekside Trail parcel. <br /> <br />Design Review; Conditions of Approval; Environmental Review - Developer will submit <br />design documents for the Project, including a site plan, elevations and schematic <br />drawings, for review and approval by the City Planning Commission or City Council, as <br />applicable. <br /> <br />Financing Plan - Developer shall provide to City a preliminary financing plan for <br />development and operation of the Project that shall include a development budget, <br />identification of proposed sources and uses for construction and permanent financing, <br />and preliminary development and operating pro formas. Developer shall submit for City <br />6.3.B. - Page 2