Resolution PC-98-7 Flatirons Funding

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RESOLUTION NO, PC- 98-7 RESOLUTION RECOMMENDING THE APPROVAL OF A SECOND AMENDMENT TO THE DEVELOPMENT AGREEI#!IENT FOR THE ELECTRONIC ARTS HEADQUARTERS MASTER PLAN (FLATIRONS FUNDING) On motion of Planning Commission Member Ve r d o n e duly seconded and carried, the following resolution was adopted: V IHEREAS, an application has been submitted by Electronic Arts Redwood, Inc. as agent for Flatirons Funding, Limited Partnership (the "Applicant ") for a Second Amendment to the Development Agreement approved by the City Council on . August 26, .1996 by Ordinance Igo. 2114, and as amended by the City Council on ..... , 1998 by Ordinance No. (the Development Agreement as previously amended shall be referred to as the "Development Agreement on the property generally described as an approximately 45 --acre site at the corner of Redwood Shores Parkway and Twin Dolphin Drive (the `Electronic .Arts Property "); and WHEREAS, under the existing Planned Development Permit (PD 103 07 -5), Vesting Tentative Map, and the Development Agreement, the .Applicant has vested rights to build up to 175,000 square feet of [gross Building .Floor.Area ( "GBFA ") for office use in a building that does not exceed eight stories or 130 feet, whichever is lower, on Lot 1 (referred to .as .Zone 4 .in the Development .Agreement), and up to 225,000 square feet of OBFA for office use in a building that does not exceed eight stories or 130 feet, whichever is lower, on Lot 2 (referred to as Zone 2 .in the Development Agreement); and WHEREAS, the relationship of the proposed buildings in Lots 1 and .2 to the Electronic Arts buildings already constructed would be irnprdved if the location of the proposed buildings were moved about 100 feet southwesterly toward Redwood Shores Parkway, while leaving the basic configuration of the development n this portion of the Electronic Arts Property unchanged; and WHEREAS, this change requires an adjustment to the existing lot lines; and WHEREAS, this . lot line .adjustment requires, in turn.., an amendment to the Development Agreement because it changes the boundaries of Zones 2 .and 4, as defined in the Development Agreement, and because it would locate a parking structure where the Development .Agreement contemplated a Common Area walkway; and WHEREAS, the Development Agreement currently does not guarantee any specific amount of sewage treatment capacity to the Applicant, although it acknowledges that the rights to Redwood Shores Properties' (RSP) rights to sewage treatment capacity had been assigned to the Applicant, to the extent that RSP still had these rights; and DA2"S4.DOC