DATE:
December 12, 2023
CATEGORY:
Consent
DEPT.:
Community Development
TITLE: 701-747 West Evelyn Avenue
Development Agreement—Marwood
(Second Reading)
RECOMMENDATION
Adopt an Ordinance of the City of Mountain View Approving a Development Agreement Between the City of Mountain View and C -M Evelyn Station, LLC, to Construct a Four -Story Commercial Building Containing 28,090 Square Feet of Office and 6,500 Square Feet of Retail with a Rooftop Terrace and No Parking on a 0.26 -Acre Site Located at 701-747 West Evelyn Avenue, to be read in title only, further reading waived (Attachment 1 to the Council report). (First reading: 7-0)
SUMMARY
On November 7, 2023, the City Council held a public hearing and approved the first reading of an ordinance for a Development Agreement (DA) between the City of Mountain View and C -M Evelyn Station, LLC, for the 701 -747 West Evelyn Avenue Commercial Project (Attachment 2 — Council Report Dated November 7, 2023 ). This Consent item is the second reading and final adoption of the ordinance for the DA. If adopted, the ordinance will be effective on January 11, 2024, and the DA will be effective upon full execution by the parties soon thereafter.
Following the November 7 , 2023 City Council meeting, staff has identified and made minor nonsubstantive revisions to the DA to clarify the City Manager’s role in the Parking Agreement and include the information indicated to be filled in subsequent to the Council action. These changes are shown in underline in Attachment 1. The final ordinance will include a clean version of the DA with these tracked changes removed.
FISCAL IMPACT
The City’s current share of the County of Santa Clara property taxes from the project site is approximately $17,000 and $21,000 per year for the General Operating Fund (GOF) and Parking District, respectively. If the site were redeveloped with the proposed project, the City would receive approximately $53,000 and $66,000 in additional GOF and Parking District property tax revenue per fiscal year, respectively.
701-747 West Evelyn Avenue Development Agreement—Marwood (Second Reading)
December 12, 2023
The project is also subject to the City’s Housing Impact Fees based on the net new commercial floor area of the project. The estimated fee for the project, which is required to be paid prior to building permit issuance, is approximately $680,000. Other fees also will apply.
Under the terms of the DA, the applicant will provide $8 million toward a new parking structure or other costs supporting access to downtown. The DA also provides the project with the right to receive 65 parking permits annually at no cost for 10 years and at 25% discount for the next 20 years, which would result in a reduction in revenue to the parking permit program. The annual value of 65 parking permits under the current parking permit program is approximately $25,610 (at $394 per permit).
PUBLIC NOTICING
The City Council’s agenda is advertised on Channel 26, and the agenda and this Council report will appear on the City’s website. The ordinance was published at least two days prior to adoption in accordance with City Charter Section 522.
Prepared by:
Eric Anderson
Advanced Planning Manager
Approved by:
Audrey Seymour Ramberg
Assistant City Manager
EA/4/CAM
899-12-12-23CR
203241
Attachments: 1. Ordinance for the Development Agreement
2. Council Report Dated November 7, 2023