Agdapkt 2010-12-06 clsd and regular

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� ATTACP g2 3� I THE DISTRICT Formation of the District On August 9, 2010, the City Council adopted a Resolution of Intention to form a community facilities district under the Act, to levy a special tax and to incur bonded indebtedness for the purpose of financing the Improvements and making contributions to certain public facilities. After conducting a noticed public hearing, on September 13, 2010, the City Council adopted the Resolution of Formation, which established Community Facilities District No. 2010-1 (One Marina), set forth the Special Tax Formula within the District and set forth the necessity to incur bonded indebtedness in a total amount not to exceed $17 million. On the same day, an election was held within the District in which R.C. Peninsula Park, LLC (the "Developer°), a Delaware limited liability company (who was then the only eligible landowner voter in the District) unanimously approved the proposed bonded indebtedness and the levy of the Special Tax. See "OWNERSHIP OF PROPERTY WITHIN THE DISTRICT" below. Location and Description of the District and the Immediate Area The District is located in the northeastern area of the City adjacent to the San Francisco � Bay and approximately 25 miles south of San Francisco. Portions of the City in the vicinity of the District include wetlands with extensive sloughs between the bay and the developed portions of the City. Land in the District includes a preserved marina basin (initially subject to a Special Tax as undeveloped property, but which may subsequently be exempt) and is bordered by Redwood Creek to the southeast, which meanders through wetlands and joins the bay approximately 3 miles from the District border, providing boating access from the District. The area in the immediate vicinity of the District includes an apartment and marina development to the north (The Villas at Bair Island Marina, U.S. Highway 101 to the south, Redwood Creek to the east, and development, including office, industrial, office commercial, mini storage and multifamily residential uses, to the west. A portion of the land in the District is improved with dry and wet utilities, street, curbs gutters and streetlights serving existing uses, and a five-building office park of approximately 87,762 square feet of area, all of which will, over time, be demolished for the anticipated construction of the Project. Other current uses of the property (to be terminated) include a restaurant, paved parking lots, a decommissioned marina basin, an impound car lot and an undeveloped dirt lot. The District encompasses 33.24± acres of gross land area, of which approximately 19.45± acres is developable and is currently proposed for development of 231 single-family residential units on approximately 16.6 acres, a hotel of up to 200 rooms, and 10,000 square feet of retail space on approximately 2.8 acres, as further described below. Approximately 9.64 acres represents land planned to be the location of the 231 homes, the hotel and commercial properties, and subject to the Special Tax when the Project is fully developed. The undevelopable portion of the property consists of a preserved marina basin comprising approximately 13.79-acres which is initially not subject to the Special Tax but which is likely to subsequently be exempt as homeowners association property. Primary access and frontage to the property is provided along the east side of Bair Island Road. A network of interior streets are planned to provide access within the Project. The Project will have visibility from Bair Island Road, Redwood Creek and from the Bayshore Freeway (U.S. Highway 101). Pedestrian access to the site is planned via both a separate sidewalk and extension of the Bay Trail along Bair Island Road and via the outer Esplanade along Redwood Creek. The project is also planned to -19-