Agdapkt 2010-12-06 clsd and regular

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ATTAC�-I ge 36 r� , Anticipated Development in the District The Developer has provided fhe following information with respect to development within the District. No assurance can be given that all information is complete. No assurance can be given that development of the property will be completed, or that it will be completed in a timely manner. Since the ownership of the parcels is subject to change, the development plans outlined below may not be continued by a subsequenf owner if the parcels are sold, although development by any subsequenf owner will be subject to fhe Peninsula Park Precise Plan, fhe Development Agreement between the City and R. C. Peninsula Park, LLC, the One Marina Planned Community Permit, tentative maps, and fhe policies and requirements of the City. No assurance can be given that the plans or projections detailed below will actually occur. Planned development within the District is locally referred to as the "One Marina" project and encompasses 33.24 acres planned by the Developer and entitled by the City for 231 single- family residential units in twenty-four buildings, a hotel of up to 200 rooms and 10,000 square feet of community serving commercial space, all (other than residential units sold as "affordable") to be subject to a Special Tax; as well as a preserved marina basin of approximately 13.79 acres, three on-site parks, inner and outer esplanades and a public hand boat launch, all of which is initially subject to a Special Tax as undeveloped property but which is expected to be exempt when the Project is completed. The residential portion is planned for approximately 16.6 acres and the commercial portion for approximately 2.8 acres. Of the residential use area, approximately 9.64 acres is expected to be utilized for the 231 homes, hotel and commercial uses. The balance of the land will be used for roadways, parks, open space and owner's association property, all to be exempt from the Special Tax. Additionally, the property includes the approximate 13.79 acres which is a preserved marina basin connected to the San Francisco Bay and will be permanently undevelopable and is initially subject to the Special Tax as undeveloped land but will likely be exempt in the future as homeowners association property. The Developer has been involved in planning and entitling the Project for over 10 years. The originally planned project, to be known as Marina Shores Village, included 1,900 residential units in multiple towers up to 240' in height, retail and office space and a separate property known as Petes Harbor. The Marina Shores Village project was approved by the Redwood City City Council and Planning Commission and an Environmental Impact Report (EIR) was completed for it, but the project approval was overturned by a voter initiative known as Measure Q in 2004. Development of a revised project including up to 796 residential units, a hotel of up to 200 rooms and 10,000 square feet of community serving retail called Peninsula Park, was again approved by the City but was subsequently blocked by the State's Regional Water Quality Control Board, United States Army Corps of Engineers and other federal agencies, which would not allow the Developer to fill in part of the marina basin. The current project eliminates the towers and all marina fill and is now entitled by the City for construction of townhomes as high as three stories on the upland portion of the property. The current One Marina project requires no marina fill and can be constructed without recertification of the Environmental Impact Report or amendment to the existing Precise Plan completed for the proposed Peninsula Park project. United States Army Corps approval will be required for limited bank stabilization in the park areas and installation of the hand boat launch and planned 20 to 40 non commercial boat slips. Residentia/ Component. The 231 residential units will be a for-sale product contained within 24 detached structures. Although the buildings resemble an attached, townhome design, -22-