Agdapkt 2010-12-06 clsd and regular

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AnAC Page 3� Plan further provides that, in the event the subject moderate income affordable units are offered for sale and insufficient buyers are eligible for purchasing them, the Developer will be allowed to sell the available units at market rate, but will be required to pay a variable "in-lieu" fee to the City for each unit sold to a non-moderate income purchaser. The Special Tax Formula provides that units purchased by moderate income purchasers shall have a zero Special Tax, however, in the event the units are sold at market rate the Special Tax will apply on the same basis as � other market rate units. i Entitlements and Zoning For the One Marina project, the City has approved a Planned Community Permit; a i Development Agreement, including an Affordable Housing Plan, a Child Care Plan, and an Infrastructure and Financing Plan. An overall parcel Vesting Tentative Map that covers the entire 33.24 acre project site, a Vesting Tentative Map for the first phase (56 units) and roadway and landscape plans for the reconstruction of Bair Island Road in accordance with the requirements of the Precise Plan have also been approved by the City. The existing, approved Peninsula Park Precise Plan and Amended Environmental Report are in full force and effect with respect to the Project. More specific approvals such as a tentative map specific to the hotel/retail site are needed for other phases of construction to proceed. The City has completed its processing of the Developer's building permit application for the first 14 home, phase 1 building and is prepared to issue the subject permit upon request by the Developer and payment of the required fees. [Dave, this will be the case by 11-22] Planned Community Permit. In accordance with the administrative requirements established in the Peninsula Park Precise Plan and Article 52 of the Redwood City Zoning Ordinance, the Developer obtained a Planned Community (PC) Permit for the residential portion of the site (231 units), with specificity regarding the first phase of development, totaling four auto court buildings with 56 units and the associated street, public open space and landscaping improvements. This permit requires that subsequent phases be subject to the review and approval of the Planning, Housing, and Economic Development Director upon confirmation that significant changes have not been made from the initial approval and pending the verification of additional Project level details as required by the Peninsula Park Precise Plan, the Development Agreement, and/or applicable City code or ordinances. Vesting Tentative Maps for Large Lots and Phase 1. In July 2010 the City approved a Vesting Tentative Map re-subdividing the property into four legal parcels - two for the residential component, one for the hotel/commercial component and one for the preserved marina basin. An additional Vesting Tentative Map was also approved for Lot 2, which is intended to accommodate the first phase of residential development of 56 units in four buildings (14 units per building) adjacent to Bair Island Road and east of the future hotel site. City staff will need to review and approve subsequent phases of the Project's Tentative Maps. For example, the Developer will submit updated Tentative and Final Maps to establish the proposed residential units as for-sale condominiums. In association with the condominium maps, the Developer will also need to prepare covenants, conditions and restrictions to establish, among other things, responsibilities for shared common areas including, but not limited to, open space and landscape amenities. With the City approvals currently in place, the Planning, Housing, and Economic Development Director of the City has the ability to approve subsequent condominium Tentative Maps provided that significant changes have not been made from the initial approval. -25- I