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7C the City's website) and/or the draft MMRP. ln addition to the identified impacts andPage 10 related mitigation measures presented in the Addendum, the draft MMRP provides both a monitoring and verification checklist. More specifical(y, the monitoring checklist includes references to which entity is required to implement the mitigation measure, which entity is required to monitor and verify implsmentation and what is the timing associated with the implementation of these mitigation me�sures. Similar to the previous discussion regarding the Precise Plan; at the November 13t�' public hearing the Planning Commission recommended approval of the draft MMRP. Since that time City staff has had the oppo�tunity to further review the document in concert with the Developmen# Agreement and the draft Precise Plan. As a result, some af the timing requirements have been updated to insure consistency between alf three dacuments. Included as an attachment to this report is the draft MMRP that was considered by the Planning Commission (Attachment 9); severaE revisions have been incorporated into this document for the City Councii's considera#ion. The revisions are limited to updating the timing requiremen#s in order to help further refine this document and insure consistet�cy u�ith ths Precisp Plan and DP��!epment Agreement. Planning Commission minutes from the public hearing are provided in Attachment 90. Additionally, Under Section 15164(c) of the CEQA Guidelines, an Addendum is not required to be circulated for public review. However, in the interest of fuEl disclosure and public information, the City decided to make the Addendum available for pubfic review and comment for a period of 20 calendar days, from October 19 to November 7, 2007. Development Agreement Part of the project consideration and the City Council's decision-making process includes the adopfiion of a Development Agreement {Attachment 11}, an agraement that establishes specific development rights, terms and condi#ions between the City of Redwood City and the project developer, R.C. Peninsula Park LLC, and subject to the parameters described in the Precise Plan. The Development Agreement provides assurances about financing public improvements, benefits, amenities, project scheduling, project commitments and land use policies to both parties. Because of the high level of detail and intricate nature af the Development Agreemenfi this report serves to high[ight some of the more significant aspects of the Development Agreement and the policy implications put forward for the Council's consideration. The fundamental purpose of the Development Agreement is to delineate what the terms and conditions are for the developer to undertake the projec#, make large investments, and have assurances that they can cor!�plete the project under stable and knawn conditions. Additionally, the City wants certainty#hat#he project is developed in a timely manner, while achieving significant public goals and objectives, such as land use policies. The Development Agreernent alsa covers transactions such as transfers and assignments (in �he event that a portion of the prope�ty is parceled off and sold}, defaults, security fnancing and rights of holders, amendments of agreement, and a series of general provisions.2 2 This fist is not intended to be an exhaustive list of a11 the terms and canditions established in the Develapment Agreement. For a complete list of terms and conditions refer to the draft Deve[opment Agreement in Attachment 12. 10