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<br />~c-,- <br />. .,- provided a design treatment along EI Camino rather than because they believed it would <br />add to the project economics. The CG Zone allows office uses at street level and in this <br />market, new space along EI Camino was more likely to be leased by office use than retail. <br />Shea has indicated flexibility on the issue of retaining or eliminating the retail component. <br /> <br />The proposed six-month extension would permit the parties to come to some agreement <br />on the revised shape of the project, and for the developer to take the new project through <br />preliminary planning and design review. Some of the options discussed include: <br /> <br />. Doing the project in phases -- possibly Franklin to the tracks first, Franklin to EI <br />Camino second. 0 <br />. Possibly eliminating other parcels that may be high cost but small in area, and <br />building the entire project as townhouses, eliminating the condominiums. <br /> <br />In our estimation, the Shea portion of the Franklin Project will be almost totally redesigned. <br />While the Architectural Review Committee (ARC) has seen the current project many times <br />and is very familiar with the site, they will need time to consider the radical changes we <br />anticipate. Staff believes that a six-month extension is justified. In addition to the time for <br />ARC review of plans, our renegotiations with Shea will take place through the summer <br />when some time will be lost. <br /> <br />The Board has the opportunity to continue the relationship with Shea Homes or seek <br />another developer. Staff believes that the obstacles facing this project are going to be <br />common to any developer and that Shea knows more about the site constraints and offers <br />us the chance to conclude the negotiations faster than with a successor developer. <br /> <br />Alternative <br />1. Allow the DDA to expire and seek a successor developer. <br />2. Allow the DDA to expire and wait on further steps until the market becomes more <br />stable. <br />3. Approve the DDA amendment with Shea but for a different time period. <br /> <br />Fiscal Impact <br />If the extension is granted, Shea will have to fund the completion of the various studies <br />already under way, as well as the costs for redesign. <br /> <br />Michael Church <br />Executive Director <br /> <br />EdEe ~ <br /> <br />1-- <br />- - <br />.- ;..;:.,.-~=- <br /> <br />City Manager <br /> <br />Attachment <br />1. Resolution and Amendment to the DDA <br />2. Request for Extension from Shea Homes <br />