AgdaPkt 2010-09-13 - Laserfiche WebLink

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7.8 REPORT To the Honorable Mayor and City Council From the Cit Mana er September 13,2010 SUBJECT Amendment NO.1 to the Development Agreement with R.C. Peninsula Park, LLC RECOMMENDATION Hold Public Hearing and introduce an Ordinance approving First Amendment to the Development Agreement by and between the City of Redwood City and R.C. Peninsula Park, LLC, for the development of the Peninsula Park development project. BACKGROUND On December 17, 2007, City Council approved the Development Agreement and Precise Plan for the Peninsula Park development project. At that time, the developer, R.C. Peninsula Park, LLC, intended to construct 796 multi-family residential units, 10,000 square feet of retail space, and a 200 room hotel. The Development Agreement, by and between the city and the developer, sets forth certain rights, terms, and conditions for the development of a project subject to the parameters described in the Precise Plan. The Development Agreement provides assurances to the city and the developer about public improvements, benefits, amenities, project scheduling, project commitments, and land use policies. On July 20,2010, R.C. Peninsula Park, LLC, returned to the Planning Commission with a much reduced project scope. The Planning Commission approved the revised project as a multi-family residential development consisting of 231 units, 10,000 square feet of retail space, and a 200 room hotel. The Planning Commission also approved Vesting Tentative Maps for the re-subdivision of parcels to include new conditions of approval for the revised development. The Planning Commission staff report and meeting minutes provide more detailed information about the changes to the project and the Commissions' actions (See Attachment No.3). On August 9, 2010 the City Council adopted a Resolution of Intent to establish a Mello- Roes Community Facility District to finance public infrastructure improvements incidental to the One Marina project. The proposed Redwood City Community Facilities District 2010-1 One Marina Project, if formed, may issue tax-exempt bonds for the exclusive purpose of financing public infrastructure. On September 13, 2010, in a separate staff report, Council is asked to hold a public hearing and call a special election. Based on those results, Council may adopt a resolution to form Redwood City CFD 2010-1. The property owners, current or future, are responsible for interest payments and bond repayment through a special property tax assessment. The reduction of the development from 796 to 231 residential units requires revision of the Development Agreement previously executed for the larger envisioned development. Changes to the Development Agreement reduce the extent of public improvements that the developer will be responsible for in proportion to the reduced project size. It also proportionally revises the affordable housing component of this project.