MEETING DATE:
JANUARY 13, 2015
SUBJECT:
Title
RESOLUTION NO. 2015-8026 - CONSIDERATION AND ACTION ON PROPOSED SECOND AMENDMENT TO OWNER PARTICIPATION AND SUBSTANTIAL CONFORMANCE AGREEMENT AND AMENDMENT TO FIRST IMPLEMENTATION AGREEMENT FOR THE PALOMAR STATION PROJECT
Body
Recommendation
Recommendation
ADOPT a resolution authorizing the City Manager and City Attorney to finalize and execute the proposed Second Amendment to Owner Participation and Substantial Conformance Agreement and Amendment to First Implementation Agreement for the Palomar Station Project.
Body
Introduction
Palomar Station is a mixed-use project on approximately 14.3 acres, consisting of 370 dwelling units and a separate, free standing lot intended for commercial use ("Project"). The current owner of the Project is Integral Project Owner II, LLC ("Owner"), successor in interest to The Palomar Station Owner, LLC.
As a part of the Owner's development entitlement conditions, Owner was to contribute to the design and construction of a pedestrian bridge across Mission Road (Pedestrian Bridge). The City has since obtained a federal grant in the amount of $782,640 to be applied to the Pedestrian Bridge, which grant required the City to take over the Pedestrian Bridge project. The City has also received updated construction cost estimates for the Pedestrian Bridge based on changes in scope and design resulting from regulatory input received from NCTD and the California Public Utilities Commission, which construction cost estimates exceed the Project's reasonable fair share contribution to the Pedestrian Bridge.
Staff and the Owner have negotiated amendments to the existing agreements between the parties to address the construction of the Pedestrian Bridge, and the relationship to the residential occupancies for the Project, given these new circumstances. The amendments also address the timing of the Owner's obligation to construct the commercial component of the Pro...
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