AgdaPkt 2025.09.08 Joint SA PFA - Laserfiche WebLink

Browse Search

Page 2 of 4 City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org In September 2007, the City and the On Broadway project developer approved the First Amendment to the Parking Facilities Agreement. The First Amendment adjusted the City’s parking fees based on use. The hourly rate during peak hours was reduced from $5.00 per hour to $2.50 per hour. Additionally, providing the first 90 minutes of parking was approved as free for all parking patrons. In December 2013, the parties agreed to a Second Amendment, which identified temporary replacement parking while Block Two (Crossing 900) was developed. This amendment expired in 2015, after the development was completed. Now, staff recommend that the City Council approve a Third Amendment to the Agreement, which amendment would: 1) extend the Agreement’s term for an additional 10 years; 2) reduce the required minimum number of parking spaces reserved for the public; and 3) confirm the City’s satisfaction of the condition to provide certain parking as further explained below. ANALYSIS First, the parties desire to extend the term of the Parking Facilities Agreement for an additional 10 years until July 31, 2036. The initial 20-year term of the Parking Facilities agreement ends in mid-2026. Second, the parties agreed to reduce the parking obligations for the City from 1850 parking spaces to 1550, with the option to reduce the number further if parking studies show sufficient parking supply for the development’s operations following the initial reduction. The parties agree that the reduction in parking reserved for the public will not impact the economic vitality of the Theater or other downtown businesses. The Theater has reduced its seating capacity through a recent remodel and no longer requires the previous amount of parking to support its operations. Moreover, this reduction in the required parking allows the City to move forward with alternative uses for some of its parking facilities, such as the expansion of the outdoor business program or a downtown park. Finally, the proposed amendment also recognizes the new status of 900 Middlefield (Crossing 900) as a private development and the City’s satisfaction of a condition in the original Agreement to make available 290 parking spaces at this lot. Since this site is no longer under City ownership, the City cannot directly make parking available, as identified in the original Parking Facilities Agreement. However, through a disposition and development agreement with the City, the new owner of the property has agreed to make available 290 parking spaces for public use during evenings and weekends. Additionally, through the development agreement and parking covenant, the owner of 900 Middlefield will provide four hours of validation for theater goers parking in the 290 spaces. Through the Third Amendment, the parties acknowledge that the City’s obligations regarding the 900 Middlefield lot are satisfied. Staff recommends approval of the proposed amendment and authorizing the City Manager to execute the Third Amendment. This amendment will provide the City with additional flexibility to its downtown parking supply while also ensuring consistent parking availability for the tenants of the development. 8.G. - Page 2 of 40 119