Agda Pkt 2025.11.24 Joint SA PFA

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ELCO YARDS STATE DENSITY BONUS LAW REQUEST 10/22/2025 The following letter constitutes a revision to the State Density Bonus Law Request originally proposed by Greystar GP II, LLC’s (Former Applicant) on 10/12/2020. High Street No. Cal. Development (High Street, Residential Developer, Applicant), on behalf of IQHQ Elco Yards LP, (IQHQ, Owner) is submitting a formal letter of intent for the proposed revisions pertaining to Parcels A and D pursuant to the State Density Bonus Law (SDBL) (Government (Govt.) Code Sections 65915 et. seq.) and Zoning Code Section 32.19(D)(2) for the 1601 El Camino Real redevelopment project. This request does not propose any modifications to the originally approved density bonus requests for Parcel F, therefore, letter references the original approved language from the original Density Bonus Request. The Applicant is requesting the proposed modifications to the original State Density Bonus Law Request (Original Request): • To provide an update on the total affordable units provided on Parcel A and D, following the approval to satisfy a portion of the commercial affordable requirement with an impact fee. At building permit issuance, the Project intends to take advantage of the City’s Affordable Housing Incentive program, which would temporarily reduce the Affordable Housing Ordinance (“AHO”), but utilizing the incentive will not impact the Project’s State Density Bonus Request. • To modify the original request to improve the financial viability of Parcels A and D. The modifications are detailed further below. Project Summary and Status Elco Yards is a mixed-used development previously known as South Main Mixed-Used Project, generally located at the intersections of El Camino Real and Maple (Project). The Project received City Council Approval in November 2020 for the following uses: • 530,000 square-feet of office/R&D uses, on Parcel B, C and E • 540 residential units on Parcels A, D, and F • 28,000 square feet of retail (including 19,000 square feet of family friendly entertainment), 8,400 square- feet of child-care • 40,000 square feet of publicly accessible open space For reference, below is a map identifying Parcels A, B, C, D, E (E-North and E-South), and F, and their respective zoning: 8.B. - Page 25 of 120 188