Laserfiche WebLink
review and City Council approval of funding, the City may provide a grant of City parks <br />funds in an amount not to exceed $300,000 to defray costs associated with <br />development of the creekside trail. Following completion of construction of the creekside <br />trail by the Developer the City shall be responsible for maintenance and operation of the <br />creekside trail at City expense. <br /> <br />Permitted Transfers – For purposes related to tax credit financing, the DDA permits <br />transfers to specific partnerships provided the entity is reasonably satisfactory to the <br />City. <br /> <br />Defaults, Remedies and Termination – This section of the DDA defines the Developer <br />or City default, remedies and procedures for cure or termination. <br /> <br />The DDA exhibits include the following: <br /> <br />· Diagram of the Fee Parcels, the State Lands Property, and the Creekside Trail <br />Parcels <br />· Form of Grant Deed <br />· Memorandum of Option and DDA <br />· Regulatory Agreement and Declaration of Affordability Covenants <br />· Certification of Completion <br />· Project Scope <br />· Financing Plan <br />· Schedule of Performance <br /> <br />ALTERNATIVES <br />The City Council may determine not to proceed or may modify the terms of the <br />Disposition and Development Agreement. In such case the project may not proceed as <br />planned and would likely have negative consequences to the developer’s project <br />financing that may make the project infeasible. <br /> <br /> <br />FISCAL IMPACT <br />The City will receive $1 for the sale of the site to the developer. The City’s estimated fair <br />market value of the site is approximately $12 million dollars. The City has not committed <br />any other financial assistance to the project with the exception of consideration of a <br />future request for childcare and parks funds up to $300,000 each, contingent upon fund <br />availability, conformance to City requirements and City Council approval. <br /> <br /> <br />ENVIRONMENTAL REVIEW <br />Consistent with CEQA Guidelines Section 15332, City staff has determined that the <br />proposed Project qualifies for exemption from review under the California Environmental <br />Quality Act (“CEQA”) as an in-fill development project because: (a) the proposed <br />Pproject is consistent with the applicable general plan designation and all applicable <br />6.3.B. - Page 5