AgdaPkt 2013-09-09 - Laserfiche WebLink

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7.A. - Page 8 Within the Precise Plan, Stanford has committed to provide 2.4 acres of publicly accessible open space. This contribution to the City's open space needs is immediately adjacent to Spinas Park. The additional acreage is not intended for active uses, such as sports, but will provide much needed urban open space for the adjoining neighborhoods and the City as a whole. Development Aqreement Term Of critical concern to Stanford was a Development Agreement with enough time and surety to enable the redevelopment of the property at the Stanford's pace, rather than that of a development entity. Their goal was to have a thirty-year window in which to complete their work. To accommodate Stanford's vision and still maintain sufficient oversight, the Agreement is built around three ten-year terms. The initial term of the Agreement is ten years, and Stanford has the right to extend for an additional two ten-year terms. To obtain the first ten-year extension, Stanford must (1) have obtained building permits for at least 350,000 square feet of net new development, or (2) have paid or prepaid 100% of the Bicycle Contribution and that portion of the Neighborhood Streets Enhancement Program, Community Sustainability Fund, and Water Tank Contributions equal to the amount it would have paid had it obtained the building permits for the 350,000 square feet of net new development. To obtain the second extension, Stanford must still be the owner of the property, or at least the property for which they are requesting the extension. Prior to this twentieth anniversary date, they must have obtained certificates of occupancy for 500,000 square feet of net new development or paid or prepaid the full amount of the Neighborhood Streets Enhancement Program, Community Sustainability Fund, and Water Tank Contributions. The determination as to Stanford's compliance with the conditions for each extension will be made by the City Council after review and recommendation by the City Manager. Each development project will be reviewed by the City for conformity with the Precise Plan and a Planned Community Permit is required for each building. During the Initial Term and the First Term Extension the required findings for issuing Planned Community Permits is limited to consistency with the Precise Plan. If the Second Term Extension is granted, the City's review is broadened to include a CEQA review to determine if identified impacts are substantially greater than previously identified, and if so, to determine the necessary action to either approve or reject the project. Council's approval of the Precise Plan, EIR, and Development Agreement will complete nearly five years of work to bring Stanford to Redwood City. Further, it will ensure that the City will benefit in many ways as a community beyond the redevelopment of an s