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Page 1 of 7 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />STAFF REPORT <br />To the Honorable Mayor and City Council <br />From the City Manager <br />DATE: July 13, 2026 <br />SUBJECT <br />First amendment to Subdivision Improvement Agreement, partial acceptance of improvements, bond <br />reduction for the Elco Yards development project, and authorization to execute license agreements with <br />the Peninsula Corridor Joint Powers Board <br />SUMMARY <br />The Elco Yards development project (formerly the South Main Mixed-Use Project) completed construction <br />of four parcels and a substantial portion of its required backbone infrastructure improvements. The two <br />remaining parcels are approved for high-density residential use and pending sale to a residential <br />developer. Prior to the sale, the developer requested an increase in the bond release amount based on <br />completed infrastructure improvements. <br />In addition, the developer completed its required construction of a domestic water main and a recycled <br />water main within the Peninsula Corridor Joint Powers Board (JPB) right-of-way. The developer and JPB <br />have executed agreements that allowed the construction of these mains. As a condition of accepting these <br />improvements, the City will be required to execute license agreements with JPB to allow ongoing <br />operations and maintenance of these facilities. <br />The recommendations below would authorize acceptance of portions of the construction that have been <br />completed to date and allow the bonds to be reduced to an amount sufficient to secure completion of <br />the remaining improvements. <br />RECOMMENDATION <br />1. By motion, approve and authorize the City Manager to execute the First Amendment to the <br />Subdivision Improvement Agreement for the South Main Mixed-Use Project (Except Parcel F); <br />2. By motion, accept the completed construction improvements for the Elco Yards development and <br />authorize fifty percent release of the bonds in accordance with the Amended Subdivision <br />Improvement Agreement; and <br />7.G. - Page 1 of 104 <br />99