AgdaPkt 2002-05-20 - Laserfiche WebLink

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Part D - GID 1-64 Development Aqreement Extension (2002-2005). The 1982 Development Agreement (subject to approval of this three (3) year extension to June 23, 2005) will terminate on June 23, 2002. As of the date of termination, not all planned improvements within Redwood Shores Peninsula have been completed. In the current five (5) year (2002-2003 to 2006-2007) GID 1-64 Capital Improvement Program, $4.0 million in projects are scheduled to be constructed. A three (3) year extension of the Development Agreement would allow the completion of the facilities, as anticipated by the Development Agreement. Under this extended Agreement (2002-2005), the City will designate one of its three representatives to Redwood Shores Homeowners Association, and the Developer will designate two of its three representatives to Redwood Shores Owners Association and to the Redwood Shores Business Owners Association. This new representation will reflect the additional needs from local residents and business owners, and enable them to co-manage the remaining_' ~ .~ility ?.e balance. Once the planned projects are completed, this newly configured group would also deal with the dissolution of the GID Committee and the distribution of any surplus fund, as stated in the Agreement. Alternative Not approve the Amendment to the Development Agreement, and/or modify it as necessary. Fiscal Impacts The approval of this Development Agreement extension will insure the continuous revenue, which supports the infrastructure construction in the Redwood Shoes General Improvement District 1-64, as well as complete build-out of necessary facilities. Chu Chaag ~~//M'an/~(°'~laP~ettrercs-°"n Ed I~v~erott Senior Civil Engineer -,_,,~ineering & Construction City Manager JP/CHU:ss s/librarylrepo~ts/chu/GID 1-64 Development Agreement Extension