AgdaPkt 2020-03-09 Joint - Laserfiche WebLink

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6.C. - Page 2 of 111 constructing a 109,375 square foot, 3 -story office building. On July 30, 2019, the Planning Commission approved the Architectural Permit, Conditional Use Permit, Tentative Map and Affordable Housing Plan for the 1180 Main Street Office Project through Resolution No. 19-10. ANALYSIS The developer's engineer completed the parcel map, improvement plans, and specifications compliant with the Subdivision Map Act, Redwood City Ordinances, City Standards, and to the satisfaction of the City Engineer. The parcel map merges the two existing lots into one lot. Water improvements include the installation of a new 8" public water main within Elm Street, as well as services to the site. Public storm drain improvements include short segments of pipe near the Main/Elm and Lathrop/Elm intersections, as well as new green infrastructure areas within Elm. Public sanitary sewer improvements include a replaced sewer main on Elm and a service lateral to the site. The project also includes the construction of a bridge over the existing concrete -lined channel within the site, which would be open to the public and incorporated into a 10,000 square foot public park on the western portion of the lot. A pedestrian path adjacent to the Caltrain tracks is also included, connecting Main and Elm Streets to Maple Street. A cycle track is included along the Maple street frontage, as well as improvements to create a new 4 -way stop at Lathrop and Maple. Frontage improvements including sidewalk, street trees, streetlights, and street paving are proposed on the Maple, Lathrop, and Elm frontages. Undergrounding of existing overhead utilities on Lathrop and Main will also be completed as part of the project. The developer, Premia 1180 Main Owner, LLC, has posted Performance and Labor Security Bonds in the amount of $2,407,836 as required by the Improvement Agreement. The developer anticipates completion of all improvements by the end of 2021. All work associated with this project is being paid for by the developer. The conditions of approval require an Affordable Housing Impact Fee Agreement with the developer and HIP Housing to facilitate the use of Affordable Housing Impact Fees in the amount of $2,149,020 to help finance the purchase by HIP Housing of a 10 -unit property located at 3592 Rolison Road. If the acquisition does not occur as required by the proposed agreement, then the Affordable Housing Impact Fee would be paid directly to the City. The form of an Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants between the City and HIP Housing is included as an exhibit to the Affordable Housing Impact Fee Agreement. FISCAL IMPACT There is no fiscal impact to the City as a result of this action. Page 2 of 3 City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore P9