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IREPORT <br /> To the Honorable Mayor and .C.. ty Counc,I <br /> From the C ty Manager <br /> <br />August 5, 2002 <br /> <br /> Subject <br /> GID 1-64 Development Agreement Temporary Extension <br /> <br /> Recommendation <br />Introduce an Ordinance approving and authorizing the fifth amendment to the <br />Development Agreement with Redwood Shores Properties, for a second temporary <br />extension period of sixty (60) days, up to and including October 23, 2002. <br /> <br /> Background <br />On May 20th, 2002, after a public hearing, the City Council approved the concept to <br />pursue an extension of GID 1-64 Development Agreement with Redwood Shores <br />Properties. City Council directed staff to begin the process and negotiations with <br />Redwood Shores properties for a three year extension without the sunset clause. <br />Under the new extended Development Agreement, the City intends to designate one of <br />its three representatives of the Management Committee to the Redwood Shores <br />Homeowners Association. The City would also like to have the support of Redwood <br />Shores Properties to designate two of its three representatives to the Redwood Shores <br />Owners Association, and the Shores Business Center Association. <br /> <br />On June 3, 2002, City Council approved a sixty (60) day extension (up to August 23, <br />2002) to allow time for the preparation of all documents necessary to extend the <br />Development Agreement for another three years. Due to the complexity of the different <br />parties involved in this new agreement, the final documents are not yet completed. <br />Therefore, the City and Redwood Shores Properties have agreed to temporarily extend <br />the existing Development Agreement for an additional sixty (60) days. <br /> <br />Alternative <br />Not approve the Amendment to the Development Agreement, and/or modify it as <br />necessary. <br /> <br />Fiscal Impacts <br />The approval of this Development Agreement extension will insure the continuous <br />revenue, which supports the infrastructure construction in the Redwood Shores <br />General Improvement Distdct 1-64, as well as complete build-out of necessary <br /> <br />Chu Chang ~-'"[J~ '"~uce Lie{Istrand - t Ed Everett <br />Senior Civil Engineer Community Development Services Director City Manager <br /> <br />JP/CHU:ss <br />s/hbrary/repo~s/chu/GID 1-64 Development Agreement Extension <br /> <br /> <br />