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7.C. - Page 13 of 178 amenities and infrastructure of the park and neighborhood. With the purchase of the YMCA's current property on Hudson Street, the City also will gain land for a future affordable housing development. The Master Project Agreement ("Agreement") and the Ground Lease details the map of the project site; conceptual site plan and construction phasing plan; common area construction cost allocation; form of ground lease; schedule of performance traffic improvements; purchase agreement for the YMCA on Hudson Street; YMCA community benefits; and basic common area maintenance and operating principles (Attachment 4, Exhibits A through 1). The Agreement sets forth the City and the YMCA's rights and obligations regarding the principal project elements and future collaborations through the phasing of the project and are particularly described within Exhibits A through I. These provisions specifically include the following: • The YMCA is to finance the development and construction of their new Y facility (Exhibit B) • The YMCA shares half of the Common Area Construction costs (Exhibit C) • The City agrees to lease the new YMCA site for 49 years (Exhibit D). Several conditions must be satisfied before the Ground Lease can be executed, including evidence that the YMCA has secured sufficient funding and the plans have been approved. • The City agrees to purchase the YMCA's 1445 Hudson Street property to address City priority needs (Exhibit G) The purchase would occur only after the new YMCA is completed. • The YMCA maintains ownership and operation of the Hudson Street property until occupancy of their new Y facility (Exhibit G) • The YMCA will provide specific community benefits including, but not limited to, senior and veteran discount rates; free community swim for residents each month; free quarterly health education seminars and workshops; scholarship and financial assistance program; swim team access; childcare subsidy/discounts qualifying for financial need; and family and individual volunteer activities (Exhibit H) • The YMCA will share in the common area maintenance costs once Phase 2 project is completed (Exhibit 1) • If the Master Project Agreement is terminated and Phase 2 does not go forward, the YMCA -SV will pay the City liquidated damages, as specified in the Master Project Agreement. The Resolution authorizes the City Manager to execute the Master Project Agreement, and execute other documents as necessary to implement the Master Project Agreement, subject to any minor, technical and conforming changes approved by the City Attorney. FISCAL IMPACT The City Council received the Phase I Schematic Design presentation and estimated construction costs on May 23, 2018, and again at the Phase I Design Development presentation on March 25, 2019. The new Veterans Memorial Building/Senior Center; promenade, East and West Parking lot improvements; traffic calming measures; Veteran and NFL Alumni exhibits; and furniture, fixtures and equipment (FF&E) costs; and building cost escalation were projected for total hard construction costs of $61.7M. Tracking for these total costs are still on target through the Construction Documentation phase that has recently been completed. Page 13 of 17 City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org 436