AgdaPkt 2010-08-09 - Laserfiche WebLink

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t5 . L I::S Pa e 1 REPORT To the Honorable Mayor and City Council From the Cit Mana er August 9, 2010 SUBJECT Initiation of proceedings to establish a special financing district for public infrastructure improvements incidental to the One Marina project (Project). RECOMMENDATION 1. Approve by resolution, appointment of consultants in connection with the formation of a community facilities district and the issuance of bonds, authorization for the Finance Director to accept deposits from the Project developer, and approval for a Deposit/Reimbursement Agreement between the City and the Project developer; and 2. Approve by resolution, intention to establish the City of Redwood City Community Facilities District No. 2010-1 (District) and authorization for the levy of a special tax to pay for public improvements required pursuant to the development agreement and eligible fees, expenses of the District, and debt service on bonded indebtedness of the District; and 3. Approve by resolution, intention to incur bonded indebtedness within the proposed District in an amount not to exceed $17,000,000. . BACKGROUND The One Marina project was initially known as the Marina Shores Village project when the first entitlements were approved by Council in the late spring of 2004. At that time the project included 1,930 housing units, a 200 room hotel, 50,000 square feet of retail, and 150,000 square feet of office space. Later that year the voters approved a referendum that overturned the City's decision on this project. In 2006 the developer submitted a new application for this project that included 796 multi-family residential units and a hotel that could contain as many as 200 rooms. Following the City's approvals the developer began pursuing Federal and State permits. I n May 2009 the State rendered a decision that made the project in its then form infeasible. The developer submitted a revised application on June 15 of this year that included only 231 multi-family residential units, a 200 room hotel, and a marina with up to 40 boat slips. Under this application the project became known as the One Marina project. On July 20, the Planning Commission approved the Planned Community Permit for this project which will allow it to move forward. The Project will be situated on approximately 33.24 acres of land north of U.S. Highway 101 between Blair Island Road and Redwood Creek. The site is currently home to an impound car storage lot, several paved parking lots, five partially occupied office