2020-090 -Approving a Disposition and Development Agreement

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H On May 7, 2019, the Parties entered into a Second Exclusive Negotiation Agreement (No. A-2019-062) which was effective until May 7, 2020. I. On April 22, 2020, the Parties entered into the First Amendment to the Second Exclusive Negotiation Agreement, which is effective until November 6, 2020. J. On October 20, 2020, the Parties entered into the Second Amendment to the Second Exclusive Negotiation Agreement, which is effective until January 5, 2021. K. The Developer proposes the development of the Property with a Mixed Use Project including apartments, commercial (including retail and food/beverage establishments), a seventy-five (75) room Hotel Project and a Parking Structure, which will contain 444 total parking spaces including 211 public parking spaces ("Project"). L. In compliance with Government Code Sections 52201 and 53083, the City has prepared and made available to the public, and City Council has reviewed the Summary and Subsidy Report detailing the sale of the Property as furtherance of an economic opportunity for the City. M. Pursuant to Government Code Section 52200.2 the sale of this Property is an Economic Opportunity for the City, for the following reasons: 1. The sale of the Property will result in an increase of at least 15 percent of total property tax resulting from the Project at full implementation when compared to the year prior to the Property being acquired by the City. Government Code Section 52200.2(b). 2. The Project will result in the creation of nineteen affordable housing units. Government Code Section 52200.2(c) 3. The Project is a transit priority project (see Public Resources Code Section 21155(b)) in compliance with Government Code Section 522002(e): (a) The Projects contains 63% residential use based on total building square footage and has a floor area ratio of 4.2. (b) The Project has a minimum density of 121 dwelling units per acre. (c) the Project is within a transit priority area as defined by Public Resources Code (PRC) Section 21099(a)(7). A transit priority area is an area within one-half mile of a major transit stop that is existing (or planned under certain conditions). A major transit stop includes the intersection of two or more major bus routes with a frequency service interval of 15 minutes or less during the morning and afternoon peak commute periods (PRC §21064.3). The Project site is within 0.15 miles of the intersection of Bus Resolution No. 2020-090 Page 2 of 6