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H On May 7, 2019, the Parties entered into a Second Exclusive Negotiation <br />Agreement (No. A-2019-062) which was effective until May 7, 2020. <br />I. On April 22, 2020, the Parties entered into the First Amendment to the <br />Second Exclusive Negotiation Agreement, which is effective until November 6, 2020. <br />J. The Developer proposes the development of the Property with a Mixed Use <br />Project including apartments, commercial (including retail and food/beverage <br />establishments), a seventy-five (75) room Hotel Project and a Parking Structure, which <br />will contain 444 total parking spaces including 211 public parking spaces ("Project'). <br />K. In compliance with Government Code Sections 52201 and 53083, the City <br />has prepared and made available to the public, and City Council has reviewed the <br />Summary and Subsidy Report detailing the sale of the Property as furtherance of an <br />economic opportunity for the City. <br />L. Pursuant to Government Code Section 52200.2 the sale of this Property is <br />an Economic Opportunity for the City, for the following reasons: <br />1. The sale of the Property will result in an increase of at least 15 <br />percent of total property tax resulting from the Project at full implementation when <br />compared to the year prior to the Property being acquired by the City. Government Code <br />Section 52200.2(b). <br />2. The Project will result in the creation of nineteen affordable housing <br />units. Government Code Section 52200.2(c) <br />3. The Project is a transit priority project (see Public Resources Code <br />Section 21155(b)) in compliance with Government Code Section 522002(e): <br />(a) The Projects contains 63% residential use based on total building <br />square footage and has a floor area ratio of 4.2. <br />(b) The Project has a minimum density of 121 dwelling units per acre. <br />(c) the Project is within a transit priority area as defined by Public <br />Resources Code (PRC) Section 21099(a)(7). A transit priority area is an <br />area within one-half mile of a major transit stop that is existing (or planned <br />under certain conditions). A major transit stop includes the intersection of <br />two or more major bus routes with a frequency service interval of 15 minutes <br />or less during the morning and afternoon peak commute periods (PRC <br />§21064.3). The Project site is within 0.15 miles of the intersection of Bus <br />Routes 53/53X (north -south along Main Street), 55, and 64/64X (east -west <br />via 1st Street). <br />t bA-i / <br />