AgdaPkt 2013-07-22 - Laserfiche WebLink

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7.A. - Page 5 development, while still maintaining a strong commitment to excellent design. These changes are detailed in Attachments 2, 3, and 4 of this report. Disposition and Development Aqreement (DDA) The DDA (Attachment 9) details the terms of the purchase and sale of City property and defines the obligations of the Developer and the City. It sets a schedule of performance for the delivery of the property through escrow, timelines for the delivery of required permits, and timelines for the ultimate delivery of the project. The DDA establishes that the property will not be transferred by the City to the Developer until building permits are ready to be issued. The first building permit package includes excavation, shoring, waterproofing, and foundation. The remaining superstructure permit must also be ready for issuance at the close of escrow. Once construction begins, presently anticipated for early September 2013, the Developer has 36 months to complete all work. If the Developer should default on the Agreement, the City retains the right to re-acquire the property. The DDA establishes the process for pursuing this option. The DDA also provides the Developer the opportunity to return to the Council for amendments to the Agreement, should changes become necessary. Beyond the actual construction of the building, the DDA requires the developer and future owners to appropriately maintain the property and quickly deal with graffiti. Within the Agreement are notice of the development fees required of the developer, public improvements to be constructed, parking requirements, and requirements for public benefit contributions. The developer is required to provide parking consistent with the requirements of both the PFA that supports the On Broadway (Cinema) project and the shared parking rules of the Downtown Precise Plan. The DDA confirms these requirements through a Parking Agreement and also sets a ceiling and a floor for parking rates that can be charged. The Parking Agreement requires the parking be provided at a rate consistent with the Jefferson Garage rates (which support the downtown validation programs). This Agreement also caps the rates for the parking at 125% of the Jefferson Garage rate. The developer is providing $50,000 for development and implementation of a smartphone parking application. This system will provide real time information on parking availability along Broadway, as well as in both of the City garages. The system can be expanded to encompass additional streets as necessary. As noted in the Precise Plan discussion, the concept of a Depot Circle has been replaced with a new public plaza adjacent to the Caltrain station. This 6,000 square foot space will link with two other publicly accessible open spaces adjacent to the new buildings to provide increased opportunity for activity along this edge of Downtown. The City is obligated through the Agreement to transfer the property in a timely manner in accord with the Schedule of Performance. The City also has required payment of prevailing wages for the construction of the project. Although there is no public funding