AgdaPkt 2008-07-28 Clsd and Reg - Laserfiche WebLink

Browse Search

7A Page 2 existing terms of the Development Agreement, the developer of Area H would be required to pay for improvements, apply for reimbursement, pay the Facility Fee, and receive reimbursement from those same funds. For these reasons, staff recommends that Council accede to the developer's request to amend the GID 1-64 Development Agreement to exclude Area H as the payment/reimbursement mechanism ceases to benefit either the developer or the City during the final phase of major development of Redwood Shores. If Council approves the proposed exclusion, the developer, Keech Properties, LLC, has indicated readiness to proceed with the development of Area H independent of the provisions in the GID 1- 64 Development Agreement. The subdivision map for Area H was approved on July 7, 2008 and includes the dedication of five parcels for public benefit. GID 1-64 - Facility Fee The provisions of the GID 1-64 Development Agreement will continue in effect until September 30, 2009. Until that time, any other additional development activity in Redwood Shores, although necessarily very limited in scope, will be subject to the terms and conditions of the Development Agreement. The Development Agreement allows for an annual adjustment of the Facility Fee payable by the developer upon application for a Building Permit. The Facility Fee has not been adjusted since 200612007. Staff recommends that Council take this opportunity to authorize updating the Facility Fee amounts for Fiscal Years 2007/2008, 2008/2009, and 2009/2010 to maximize potential revenues. GID 1-64 Budget for FY 200812009 and FY 200912010 Please see attached ALTERNATIVES Council may choose to otherwise direct staff. FISCAL IMPACT The GID 1-64 budget has no direct impact on the General Fund. If adopted, the balance of the GID 1-64 budget will fund proposed projects. Any balance remaining after the expiration of the GID 1-64 Developer Agreement will be expended to benefit ,~IJ::ismd1~. ~ s.ipeterVorametsanti, P.E. Chu Chang, P.E. Acting Manager, Engineering & Construction Acting Director, Community Development . Peter Ingram V. - ./ City Manager ~ ATTACHMENTS , 1, Ordinance to amend the GID 1-64 Development Agreement: to exclude Area H and to update the GID 1-64 Facility Fees for Fiscal Years 2007/2008,200812009, and 200912010 2. Proposed GID 1-64 Budget for FY 2008-2009 and FY 200912010 3, Report - The GID 1-64 RELATED DOCUMENTS IN CITY CLERK'S OFFICE Tenth Amendment to the Development Agreement