AgdaPkt 2018-04-09 Joint SA PFA - Laserfiche WebLink

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REPORT To the Honorable Mayor and City Council From the City Manager April 9, 2018 SUBJECT Final Acceptance - One Marina RECOMMENDATION By Motion, accept the construction improvements for the One Marina project, and authorize the release of bonds in accordance with the Improvement Agreements BACKGROUND On December 17, 2007, City Council approved a Development Agreement and Precise Plan for the Peninsula Park development project which included townhome (condominium) housing units, retail space and a hotel. Later on September 13, 2010, City Council approved Amendment No. 1 to the Development Agreement to reflect a reduction in housing units proposed by R.C. Peninsula Park, LLC (Developer). This project is now commonly known as One Marina. The One Marina project was constructed in phases as contemplated by the amended Development Agreement and consistent with market conditions at that time. Due to the revised project and phased approach various City Council actions have been required. On June 13, 2011, City Council approved a parcel map to create four parcels: one for future hotel development, and three for phased townhome development. Later on September 12, 2011, City Council approved a final map for Phase 1 to develop 56 townhomes, and on July 9, 2012 City Council approved a revised final map to increase this figure to 60 townhomes for Phase I. Public improvements associated with this phase of work included reconstruction of a portion of Bair Island Road, and City Council accepted these improvements on February 27, 2012. No further City Council action is required for the Phase 1 townhome development or for the associated improvements on a portion of Bair Island Road. On January 28, 2013 and April 7, 2014, City Council respectively approved Phase 2 and the Final Phase. These approvals included two additional final maps and associated agreements for these remaining phases of the One Marina project. Phase 2, which informally included what was known as both phase 2 and phase 3 but was approved at once, consisted of 115 townhomes. Final Phase included 74 townhomes, together 6.2.A. - Page 1