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Resolution No. 2024-XXX <br />Page 2 of 4 <br />G.To date, the applicant has been unable to secure acceptable construction <br />financing to start the project. This is due to high interest rates affecting <br />construction loans and land development costs, resulting in additional <br />delays to the project’s ability to begin vertical construction. Current loan <br />interest rates have been 300-500 basis points above historical norms, <br />which not only increases the cost of construction financing, but also <br />constricts the flow of lender dollars for construction projects. <br />H.It is the Planning Division’s policy to recommend no more than one -year <br />extensions at a time, mainly in an effort to encourage the construction of <br />previously approved projects. <br />I.The applicant filed a request for the third and final one-year extension on <br />September 27, 2024. The extension request came before the City Council <br />on November 19, 2024. <br />J.In accordance with the California Environmental Quality Act (CEQA) and <br />the CEQA Guidelines, the extension for this project is exempt pursuant to <br />Section 15061(b)(3). This determination has been made as it has been <br />determined that the proposed action to extend the existing, approved <br />entitlement does not have the potential to cause a significant effect on the <br />environment, as the existing, approved entitlement has already been <br />evaluated pursuant to CEQA. <br />Section 2. Site Plan Review No. 2020-03 and Variance No. 2020-06 are each <br />hereby extended for a period of one (1) year until December 15, 2025. This decision is <br />based upon the evidence submitted, which includes, but is not limited to, the Request <br />for Council Action dated November 19, 2024, and exhibits attached thereto, and any <br />public testimony, all of which are incorporated herein by this reference. <br />Section 3. This Resolution shall take effect immediately upon its adoption <br />by the City Council, and the City Clerk shall attest to and certify the vote adopting this <br />Resolution. <br />[Signatures on the following page]