AgdaPkt 2008-01-07 - Laserfiche WebLink

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[ REPORT 6.1C Page 1 January 7, 2008 SUBJECT Peninsula Park Development Agreement BACKGROUNO On December 17, 2007, the city council held a public hearing with respect to the proposed Peninsula Park project. At the close of the public hearing, the city council adopted a resolution approving a mitigation and monitoring plan, a resolution approving the precise plan for the project, introduced an ordinance amending the zoning map for the project, and with respect to the development agreement, conditioned its introduction of an ordinance on (i) making minor revisions to Section 8 Adiustment if Comoetina Proiects are Subiect to Lesser Affordable Housing Reouirements of the Affordable Housing Plan to enumerate each of the circumstances by which the Developer's obligation to finance affordable housing may be reduced; and (ii) the Developer submitting to Redwood City language addressing the use of union labor on the private portions of the project. The city council directed that the proposed development agreement, with amended language, be placed on this agenda. Section 8 of the Development Agreement has been revised as directed by the city council to enumerate the separate and independent circumstances by which Developer's obligation to finance affordable housing may be reduced and reads in pertinent part as follows: "The City acknowledges that Developer's obligation to finance affordable housing pursuant to this Affordable Housing Plan has been negotiated as a VOluntary contribution on Developer's part. City agrees that if at any time prior to the eighth (8th) anniversary of the issuance of the first certificate of occupancy for the residential portion of the Project, City requires other developments (i) to make an in-lieu affordable housing contribution of less than $10,000 per market-rate home; QL(ii) to pay less than $100,000 per Affordable Home;" Q! With respect to proposed language to use union labor on the private portions of the Peninsula Park project, the Developer provided the following language to be added as recital 15 to the Development Agreement: "Developer intends to build the Project using union workers pursuant to an agreement acceptable to both Developer and the Building Trades Council of San Mateo County, and City hereby agrees not to interfere in the negotiation of any such agreement unless and to the extent such agreement relates to the construction of Public Property Improvements (as defined in Section 4.2 below)."