AgdaPkt 2006-08-28 - Laserfiche WebLink

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8A Page 3 Since 2002, City Council has approved four consecutive short term extensions of this agreement: August 23,2002 (4th amendment), October 22, 2002 (5th amendment), June 23, 2003 (6th amendment), September 30, 2003 (7th amendment), and was further continued by the 8th amendment for a period of three (3) years to September 30, 2006. Under this extended Agreement (2003 - 2006), the City has designated one of its three representatives to the Redwood Shores Community Association, and the Developer has designated two of its three representatives to the Redwood Shores Owners Association and to the Shores Business Center Association. Under this structure, the representation has reflected the additional needs from local residents and business owners, and enables them to co-manage the remaining facility fee balance. Part E - GID 1-64 Develooment Agreement Extension (2006 - 2009) The 1982 Development Agreement (subject to approval of this three (3) year extension to September 30, 2009) will terminate on September 30, 2006. On March 14, 2006, Redwood Shores Properties signed the Assignment and Assumption Agreement for Development Agreement GID 1-64 with Redwood Shores Properties, LLC, and sold all of Area H to a third party purchaser, Max Keech (Keech Properties, LLC), on March 23, 2006. Subsequently, Redwood Shores Properties revoked the proxy right of the Redwood Shores Owners Association and Shores Business Center Association. Upon the request of Keech Properties, LLC, a three-year extension was proposed by the GID 1-64 Facility Fee Management Committee on June 21, 2006, to allow the consideration of development of Area H under the GID 1-64 Development Agreement as anticipated. The GID 1--64 Facility Fee and cost estimate for the infrastructure required to develop Area H will be reassessed upon the submittal and approval of a development plan from Keech Properties, LLC. Alternative Not approve the Amendment to the Development Agreement, and/or modify it as necessary . Fiscal Impacts The approval of this Development Agreement extension will insure continued revenues, which support infrastructure construction in the Redwood Shoes General Improvement District 1-64 (including Area H), as well as complete build-out of necessary public faciliti ~au Peter Ingram ):. ~ Chu Chang, P.E. rett Manager, Engineering Community Development City Manager and Construction Director ICHU:ss sAibrarylreportslchuIGlD 1-64 Development Agreement ExtensiolL ff' Amendment Page 3 of 3 -