Laserfiche WebLink
4th and Mortimer Mixed-Use Development Project Located at 409 and 509 East Fourth <br />Street <br />November 19, 2024 <br />Page 3 <br />4 <br />6 <br />3 <br />0 <br />in inflation measures and the Federal Reserve’s recent 50-point rate drop, the applicant <br />has expressed optimism to staff that rates will continue to fall and more favorable <br />construction financing terms will be available in 2025. As a result, the applicant is <br />requesting a third and final one-year entitlement extension pursuant to Section 41-647 of <br />the SAMC. <br />On June 11, 2024, the project building permits were extended until January 31, 2025, by <br />the City’s Building Official. Therefore, the applicant intends to begin vertical construction <br />by the first quarter of 2025, in order to effectuate its entitlements within a timely manner. <br />The applicant remains committed to building this project, as evidenced by their choosing <br />to pull building permits and paying over $4.5 million in permitting and impact fees to date. <br />Since the applicant has obtained building permits, paid permitting and impact fees, and <br />completed demolition, the Planning Division recommends that the entitlements for the <br />development be extended for a period of one year to December 15, 2025. <br />ENVIRONMENTAL IMPACT <br />In accordance with the California Environmental Quality Act, the approval of the time <br />extension is exempt from CEQA per Section 15061(b)(3). This determination has been <br />made as it has been determined that the proposed action to extend the existing, approved <br />entitlement does not have the potential to cause a significant effect on the environment, as <br />the existing, approved entitlement has already been evaluated pursuant to CEQA. <br />FISCAL IMPACT <br />There is no fiscal impact associated with this action. <br /> <br />EXHIBIT(S) <br />1. Resolution Extending SPR No. 2020-03 and VAR No. 2020-06 for One Year <br />2. Original Resolution No. 2020-093 <br />3. Resolution No. 2022-093 (1st One-Year Extension) <br />4. Resolution No. 2023-088 (2nd One-Year Extension) <br />5. Full project plans <br />Submitted By: Minh Thai, Executive Director of the Planning and Building Agency <br />Approved By: Alvaro Nuñez, City Manager