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7.A. - Page 276 <br /> The DDA sets a schedule of performance for both the City and the developer to <br /> complete the steps necessary for the City to sell the property to them. Before the City <br /> will complete the close of escrow, the developer must have submitted for and the City is <br /> prepared to issue building permits for the project. Specifically, the developer must be <br /> ready to obtain the building permit for excavation, shoring, waterproofing, and <br /> foundation, as well as the building's superstructure. This is important so that there are <br /> no delays in the construction once the property is transferred. Additionally, the <br /> developer must begin construction within 30 days of the close of escrow. Once escrow <br /> closes, the developer has 36 months to complete the project. <br /> Beyond the actual construction of the building, the DDA requires the developer and <br /> future owners to appropriately maintain the property and quickly deal with graffiti. <br /> Within the Agreement are notice of the development fees required of the developer, <br /> public improvements to be constructed, parking requirements, and requirements for <br /> public benefit contributions. The developer is required to provide parking consistent <br /> with the requirements of both the Parking Facility Agreement that supports the On <br /> Broadway (Cinema) project and the shared parking rules of the Downtown Precise Plan. <br /> The DDA confirms these requirements through a Parking Agreement and also sets a <br /> ceiling and a floor for parking rates that can be charged. The Parking Agreement <br /> requires the parking provided per the PFA be provided at a rate consistent with the <br /> Jefferson Garage rates (which support the downtown validation programs). This <br /> Agreement also caps the rates for the other publicly available (shared) parking at 125% <br /> of the Jefferson Garage rate. The developer is providing $50,000 for development and <br /> implementation of a smartphone parking application. This system will provide real time <br /> information on parking availability along Broadway, as well as in both of the City <br /> garages. The system can be expanded to encompass additional streets as necessary. <br /> As noted in the Precise Plan discussion, the concept of a Depot Circle has been <br /> replaced with a new public plaza adjacent to the Caltrain station. This 6,000 square foot <br /> space will link with two other publicly accessible open spaces adjacent to the new <br /> buildings to provide increased opportunity for activity along this edge of Downtown. <br /> The City is obligated through the Agreement to transfer the property in a timely manner <br /> in accord with the Schedule of Performance. The City also has required payment of <br /> prevailing wages for the construction of the project. Although there is no public funding <br /> in the project, building the structure with this requirement ensures quality jobs in <br /> Redwood City for the contracting community. <br /> General Plan and Zoning Compliance <br /> General Plan Compliance: Both the project and the Downtown Precise Plan amendment <br /> are consistent with the site's 2010 General Plan land use designation of Mixed Use — <br /> Downtown. <br /> Zoninq Compliance: If the amendment to the Downtown Precise Plan is approved, the <br /> project will conform to the intent of the Downtown Precise Plan and all applicable <br /> regulations therein. <br /> Environmental Review <br />