CITY COUNCIL
Special Meeting
Tuesday, September 12, 2023
Council Chambers & Hybrid
6:00 PM
Amended Agenda
Amended agenda items appear below in RED
Palo Alto City Council meetings will be held as “hybrid” meetings with the option to attend by teleconference or in person. To maximize public safety while still maintaining transparency and public access, members of the public can choose to participate from home or attend in person.
Information on how the public may observe and participate in the meeting is located at the end of the agenda. Masks are strongly encouraged if attending in person. The meeting will be broadcast on Cable TV Channel 26, live on YouTube https://www.youtube.com/c/cityofpaloalto ,
and streamed to Midpen Media Center https://midpenmedia.org.
VIRTUAL PARTICIPATION CLICK HERE TO JOIN (https://cityofpaloalto.zoom.us/j/362027238) Meeting ID: 362 027 238 Phone:1(669)900‐6833
PUBLIC COMMENTS
Public comments will be accepted both in person and via Zoom for up to three minutes or an amount of time determined by the Chair. All requests to speak will be taken until 5 minutes after the staff’s presentation. Written public comments can be submitted in advance to [email protected] and will be provided to the Council and available for inspection on the City’s website. Please clearly indicate which agenda item you are referencing in your subject line.
PowerPoints, videos, or other media to be presented during public comment are accepted only by email to [email protected] at least 24 hours prior to the meeting. Once received, the Clerk will have them shared at public comment for the specified item. To uphold strong cybersecurity management practices, USB’s or other physical electronic storage devices are not accepted.
TIME ESTIMATES
Listed times are estimates only and are subject to change at any time, including while the meeting is in progress. The Council reserves the right to use more or less time on any item, to change the order of items and/or to continue items to another meeting. Particular items may be heard before or after the time estimated on the agenda. This may occur in order to best manage the time at a meeting or to adapt to the participation of the public.
CALL TO ORDER
This meeting will be called to order in honor of California Admissions Day and Suicide Prevention Awareness Week.
CLOSED SESSION (6:00 ‐ 8:00 PM)
1. PUBLIC EMPLOYEE PERFORMANCE EVALUATION Authority: Cal. Gov. Code section 54957(b) Titles: City Manager and City Attorney
AGENDA CHANGES, ADDITIONS AND DELETIONS
PUBLIC COMMENT (8:00 PM ‐ 8:15 PM)
Members of the public may speak to any item NOT on the agenda. Council reserves the right to limit the duration of Oral Communications period to 30 minutes.
COUNCIL MEMBER QUESTIONS, COMMENTS, ANNOUNCEMENTS (8:15 PM ‐ 8:20 PM) Members of the public may not speak to the item(s).
BREAK
ACTION ITEMS (8:20 ‐ 9:50 PM)
Include: Report of Committees/Commissions, Ordinances and Resolutions, Public Hearings, Report of Officials, Unfinished Business and Council Matters.
2. Quasi‐Judicial/Legislative. 3200 Park Boulevard/340 Portage [22PLN‐00287 and 22PLN‐ 00288]: Adoption of a Resolution Certifying an EIR, Adopting Findings of Overriding Considerations, and Adopting a Mitigation Monitoring and Reporting Program; Approval of Applicant’s Request for a Development Agreement, Comprehensive Plan Amendment, Rezoning to Planned Community Zones, and a Vesting Tentative Map with Exceptions to the Private Street Width to Allow Redevelopment of a 14.65‐acre site at 200‐404 Portage Avenue, 3040‐3250 Park Boulevard, 3201‐3225 Ash Street and 278 Lambert.
Environmental Assessment: A Draft EIR for the 200 Portage Townhome Development Project was Circulated September 16, 2022 through November 15, 2022. A Revised Final EIR was Made Available for Public Review on June 2, 2023. The Proposed Development Agreement and Associated Actions is Evaluated as Alternative 3 in the Draft EIR. For More Information Contact the Project Planner, Claire Raybould at [email protected]. Supplemental Report added – Limited Public Testimony on the Supplemental Material may be taken at the discretion of the Council at the September 12 City Council Meeting.
The report for this item can be found here
*. On Sept 5 the Council Received
Presentations and Public Testimony; the Meeting Was Continued to Sept 12 for Council Deliberation and Action ‐ No Public Testimony Will be Heard on Sept 12. *https://www.cityofpaloalto.org/files/assets/public/agendas‐minutes‐ reports/agendas‐minutes/city‐council‐agendas‐minutes/2023/cmr‐2306‐1663.pdf
2. Supplemental Memo ‐ Financial Analysis Prepared by Keyser Marsten Associates
ADJOURNMENT
OTHER INFORMATION
Standing Committee Meetings this week
Policy & Services Committee September 12, 2023 CANCELED Public Comment Letters
Schedule of Meetings
PUBLIC COMMENT INSTRUCTIONS
Members of the Public may provide public comments to teleconference meetings via email, teleconference, or by phone.
1. Written public comments may be submitted by email to [email protected].
2. For in person public comments please complete a speaker request card located on the table at the entrance to the Council Chambers and deliver it to the Clerk prior to discussion of the item.
3. Spoken public comments using a computer or smart phone will be accepted through the teleconference meeting. To address the Council, click on the link below to access a Zoom‐based meeting. Please read the following instructions carefully.
You may download the Zoom client or connect to the meeting in‐ browser. If using your browser, make sure you are using a current, up‐to‐date browser: Chrome 30 , Firefox 27 , Microsoft Edge 12 , Safari 7 . Certain functionality may be disabled in older browsers including Internet Explorer. Or download the Zoom application onto your smart phone from the Apple App Store or Google Play Store and enter in the Meeting ID below.
You may be asked to enter an email address and name. We request that you identify yourself by name as this will be visible online and will be used to notify you that it is your turn to speak.
When you wish to speak on an Agenda Item, click on “raise hand.” The Clerk will activate and unmute speakers in turn. Speakers will be notified shortly before they are called to speak.
When called, please limit your remarks to the time limit allotted. A timer will be shown on the computer to help keep track of your comments.
4. Spoken public comments using a phone use the telephone number listed below. When you wish to speak on an agenda item hit *9 on your phone so we know that you wish to speak. You will be asked to provide your first and last name before addressing the Council. You will be advised how long you have to speak. When called please limit your remarks to the agenda item and time limit allotted.
CLICK HERE TO JOIN Meeting ID: 362‐027‐238 Phone: 1‐669‐900‐6833 Americans with Disability Act (ADA)
It is the policy of the City of Palo Alto to offer its public programs, services and meetings in a manner that is readily accessible to all. Persons with disabilities who require materials in an appropriate alternative format or who require auxiliary aids to access City meetings, programs, or services may contact the City’s ADA Coordinator at (650) 329‐2550 (voice) or by emailing [email protected]. Requests for assistance or accommodations must be submitted at least 24 hours in advance of the meeting, program, or service.
th
1 Special Meeting Se ptember 12, 2023
Materials submitted after distribution of the agenda packet are available for public inspection at www.CityofPaloAlto.org/agendas.
CITY COUNCIL
Special Meeting
Tuesday, September 12, 2023
Council Chambers & Hybrid
6:00 PM
Amended Agenda
Amended agenda items appear below in RED
Palo Alto City Council meetings will be held as “hybrid” meetings with the option to attend by teleconference or in person. To maximize public safety while still maintaining transparency and public access, members of the public can choose to participate from home or attend in person.
Information on how the public may observe and participate in the meeting is located at the end of the agenda. Masks are strongly encouraged if attending in person. The meeting will be broadcast on Cable TV Channel 26, live on YouTube https://www.youtube.com/c/cityofpaloalto ,
and streamed to Midpen Media Center https://midpenmedia.org.
VIRTUAL PARTICIPATION CLICK HERE TO JOIN (https://cityofpaloalto.zoom.us/j/362027238) Meeting ID: 362 027 238 Phone:1(669)900‐6833
PUBLIC COMMENTS
Public comments will be accepted both in person and via Zoom for up to three minutes or an amount of time determined by the Chair. All requests to speak will be taken until 5 minutes after the staff’s presentation. Written public comments can be submitted in advance to [email protected] and will be provided to the Council and available for inspection on the City’s website. Please clearly indicate which agenda item you are referencing in your subject line.
PowerPoints, videos, or other media to be presented during public comment are accepted only by email to [email protected] at least 24 hours prior to the meeting. Once received, the Clerk will have them shared at public comment for the specified item. To uphold strong cybersecurity management practices, USB’s or other physical electronic storage devices are not accepted.
TIME ESTIMATES
Listed times are estimates only and are subject to change at any time, including while the meeting is in progress. The Council reserves the right to use more or less time on any item, to change the order of items and/or to continue items to another meeting. Particular items may be heard before or after the time estimated on the agenda. This may occur in order to best manage the time at a meeting or to adapt to the participation of the public.
CALL TO ORDER
This meeting will be called to order in honor of California Admissions Day and Suicide Prevention Awareness Week.
CLOSED SESSION (6:00 ‐ 8:00 PM)
1. PUBLIC EMPLOYEE PERFORMANCE EVALUATION Authority: Cal. Gov. Code section 54957(b) Titles: City Manager and City Attorney
AGENDA CHANGES, ADDITIONS AND DELETIONS
PUBLIC COMMENT (8:00 PM ‐ 8:15 PM)
Members of the public may speak to any item NOT on the agenda. Council reserves the right to limit the duration of Oral Communications period to 30 minutes.
COUNCIL MEMBER QUESTIONS, COMMENTS, ANNOUNCEMENTS (8:15 PM ‐ 8:20 PM) Members of the public may not speak to the item(s).
BREAK
ACTION ITEMS (8:20 ‐ 9:50 PM)
Include: Report of Committees/Commissions, Ordinances and Resolutions, Public Hearings, Report of Officials, Unfinished Business and Council Matters.
2. Quasi‐Judicial/Legislative. 3200 Park Boulevard/340 Portage [22PLN‐00287 and 22PLN‐ 00288]: Adoption of a Resolution Certifying an EIR, Adopting Findings of Overriding Considerations, and Adopting a Mitigation Monitoring and Reporting Program; Approval of Applicant’s Request for a Development Agreement, Comprehensive Plan Amendment, Rezoning to Planned Community Zones, and a Vesting Tentative Map with Exceptions to the Private Street Width to Allow Redevelopment of a 14.65‐acre site at 200‐404 Portage Avenue, 3040‐3250 Park Boulevard, 3201‐3225 Ash Street and 278 Lambert.
Environmental Assessment: A Draft EIR for the 200 Portage Townhome Development Project was Circulated September 16, 2022 through November 15, 2022. A Revised Final EIR was Made Available for Public Review on June 2, 2023. The Proposed Development Agreement and Associated Actions is Evaluated as Alternative 3 in the Draft EIR. For More Information Contact the Project Planner, Claire Raybould at [email protected]. Supplemental Report added – Limited Public Testimony on the Supplemental Material may be taken at the discretion of the Council at the September 12 City Council Meeting.
The report for this item can be found here
*. On Sept 5 the Council Received
Presentations and Public Testimony; the Meeting Was Continued to Sept 12 for Council Deliberation and Action ‐ No Public Testimony Will be Heard on Sept 12. *https://www.cityofpaloalto.org/files/assets/public/agendas‐minutes‐ reports/agendas‐minutes/city‐council‐agendas‐minutes/2023/cmr‐2306‐1663.pdf
2. Supplemental Memo ‐ Financial Analysis Prepared by Keyser Marsten Associates
ADJOURNMENT
OTHER INFORMATION
Standing Committee Meetings this week
Policy & Services Committee September 12, 2023 CANCELED Public Comment Letters
Schedule of Meetings
PUBLIC COMMENT INSTRUCTIONS
Members of the Public may provide public comments to teleconference meetings via email, teleconference, or by phone.
1. Written public comments may be submitted by email to [email protected].
2. For in person public comments please complete a speaker request card located on the table at the entrance to the Council Chambers and deliver it to the Clerk prior to discussion of the item.
3. Spoken public comments using a computer or smart phone will be accepted through the teleconference meeting. To address the Council, click on the link below to access a Zoom‐based meeting. Please read the following instructions carefully.
You may download the Zoom client or connect to the meeting in‐ browser. If using your browser, make sure you are using a current, up‐to‐date browser: Chrome 30 , Firefox 27 , Microsoft Edge 12 , Safari 7 . Certain functionality may be disabled in older browsers including Internet Explorer. Or download the Zoom application onto your smart phone from the Apple App Store or Google Play Store and enter in the Meeting ID below.
You may be asked to enter an email address and name. We request that you identify yourself by name as this will be visible online and will be used to notify you that it is your turn to speak.
When you wish to speak on an Agenda Item, click on “raise hand.” The Clerk will activate and unmute speakers in turn. Speakers will be notified shortly before they are called to speak.
When called, please limit your remarks to the time limit allotted. A timer will be shown on the computer to help keep track of your comments.
4. Spoken public comments using a phone use the telephone number listed below. When you wish to speak on an agenda item hit *9 on your phone so we know that you wish to speak. You will be asked to provide your first and last name before addressing the Council. You will be advised how long you have to speak. When called please limit your remarks to the agenda item and time limit allotted.
CLICK HERE TO JOIN Meeting ID: 362‐027‐238 Phone: 1‐669‐900‐6833 Americans with Disability Act (ADA)
It is the policy of the City of Palo Alto to offer its public programs, services and meetings in a manner that is readily accessible to all. Persons with disabilities who require materials in an appropriate alternative format or who require auxiliary aids to access City meetings, programs, or services may contact the City’s ADA Coordinator at (650) 329‐2550 (voice) or by emailing [email protected]. Requests for assistance or accommodations must be submitted at least 24 hours in advance of the meeting, program, or service.
th
2 Special Meeting September 12, 2023
Materials submitted after distribution of the agenda packet are available for public inspection at www.CityofPaloAlto.org/agendas.
CITY COUNCIL
Special Meeting
Tuesday, September 12, 2023
Council Chambers & Hybrid
6:00 PM
Amended Agenda
Amended agenda items appear below in RED
Palo Alto City Council meetings will be held as “hybrid” meetings with the option to attend by teleconference or in person. To maximize public safety while still maintaining transparency and public access, members of the public can choose to participate from home or attend in person.
Information on how the public may observe and participate in the meeting is located at the end of the agenda. Masks are strongly encouraged if attending in person. The meeting will be broadcast on Cable TV Channel 26, live on YouTube https://www.youtube.com/c/cityofpaloalto ,
and streamed to Midpen Media Center https://midpenmedia.org.
VIRTUAL PARTICIPATION CLICK HERE TO JOIN (https://cityofpaloalto.zoom.us/j/362027238) Meeting ID: 362 027 238 Phone:1(669)900‐6833
PUBLIC COMMENTS
Public comments will be accepted both in person and via Zoom for up to three minutes or an amount of time determined by the Chair. All requests to speak will be taken until 5 minutes after the staff’s presentation. Written public comments can be submitted in advance to [email protected] and will be provided to the Council and available for inspection on the City’s website. Please clearly indicate which agenda item you are referencing in your subject line.
PowerPoints, videos, or other media to be presented during public comment are accepted only by email to [email protected] at least 24 hours prior to the meeting. Once received, the Clerk will have them shared at public comment for the specified item. To uphold strong cybersecurity management practices, USB’s or other physical electronic storage devices are not accepted.
TIME ESTIMATES
Listed times are estimates only and are subject to change at any time, including while the meeting is in progress. The Council reserves the right to use more or less time on any item, to change the order of items and/or to continue items to another meeting. Particular items may be heard before or after the time estimated on the agenda. This may occur in order to best manage the time at a meeting or to adapt to the participation of the public.
CALL TO ORDER
This meeting will be called to order in honor of California Admissions Day and Suicide Prevention Awareness Week.
CLOSED SESSION (6:00 ‐ 8:00 PM)
1. PUBLIC EMPLOYEE PERFORMANCE EVALUATION Authority: Cal. Gov. Code section 54957(b) Titles: City Manager and City Attorney
AGENDA CHANGES, ADDITIONS AND DELETIONS
PUBLIC COMMENT (8:00 PM ‐ 8:15 PM)
Members of the public may speak to any item NOT on the agenda. Council reserves the right to limit the duration of Oral Communications period to 30 minutes.
COUNCIL MEMBER QUESTIONS, COMMENTS, ANNOUNCEMENTS (8:15 PM ‐ 8:20 PM) Members of the public may not speak to the item(s).
BREAK
ACTION ITEMS (8:20 ‐ 9:50 PM)
Include: Report of Committees/Commissions, Ordinances and Resolutions, Public Hearings, Report of Officials, Unfinished Business and Council Matters.
2. Quasi‐Judicial/Legislative. 3200 Park Boulevard/340 Portage [22PLN‐00287 and 22PLN‐ 00288]: Adoption of a Resolution Certifying an EIR, Adopting Findings of Overriding Considerations, and Adopting a Mitigation Monitoring and Reporting Program; Approval of Applicant’s Request for a Development Agreement, Comprehensive Plan Amendment, Rezoning to Planned Community Zones, and a Vesting Tentative Map with Exceptions to the Private Street Width to Allow Redevelopment of a 14.65‐acre site at 200‐404 Portage Avenue, 3040‐3250 Park Boulevard, 3201‐3225 Ash Street and 278 Lambert.
Environmental Assessment: A Draft EIR for the 200 Portage Townhome Development Project was Circulated September 16, 2022 through November 15, 2022. A Revised Final EIR was Made Available for Public Review on June 2, 2023. The Proposed Development Agreement and Associated Actions is Evaluated as Alternative 3 in the Draft EIR. For More Information Contact the Project Planner, Claire Raybould at [email protected]. Supplemental Report added – Limited Public Testimony on the Supplemental Material may be taken at the discretion of the Council at the September 12 City Council Meeting.
The report for this item can be found here
*. On Sept 5 the Council Received
Presentations and Public Testimony; the Meeting Was Continued to Sept 12 for Council Deliberation and Action ‐ No Public Testimony Will be Heard on Sept 12. *https://www.cityofpaloalto.org/files/assets/public/agendas‐minutes‐ reports/agendas‐minutes/city‐council‐agendas‐minutes/2023/cmr‐2306‐1663.pdf
2. Supplemental Memo ‐ Financial Analysis Prepared by Keyser Marsten Associates
ADJOURNMENT
OTHER INFORMATION
Standing Committee Meetings this week
Policy & Services Committee September 12, 2023 CANCELED Public Comment Letters
Schedule of Meetings
PUBLIC COMMENT INSTRUCTIONS
Members of the Public may provide public comments to teleconference meetings via email, teleconference, or by phone.
1. Written public comments may be submitted by email to [email protected].
2. For in person public comments please complete a speaker request card located on the table at the entrance to the Council Chambers and deliver it to the Clerk prior to discussion of the item.
3. Spoken public comments using a computer or smart phone will be accepted through the teleconference meeting. To address the Council, click on the link below to access a Zoom‐based meeting. Please read the following instructions carefully.
You may download the Zoom client or connect to the meeting in‐ browser. If using your browser, make sure you are using a current, up‐to‐date browser: Chrome 30 , Firefox 27 , Microsoft Edge 12 , Safari 7 . Certain functionality may be disabled in older browsers including Internet Explorer. Or download the Zoom application onto your smart phone from the Apple App Store or Google Play Store and enter in the Meeting ID below.
You may be asked to enter an email address and name. We request that you identify yourself by name as this will be visible online and will be used to notify you that it is your turn to speak.
When you wish to speak on an Agenda Item, click on “raise hand.” The Clerk will activate and unmute speakers in turn. Speakers will be notified shortly before they are called to speak.
When called, please limit your remarks to the time limit allotted. A timer will be shown on the computer to help keep track of your comments.
4. Spoken public comments using a phone use the telephone number listed below. When you wish to speak on an agenda item hit *9 on your phone so we know that you wish to speak. You will be asked to provide your first and last name before addressing the Council. You will be advised how long you have to speak. When called please limit your remarks to the agenda item and time limit allotted.
CLICK HERE TO JOIN Meeting ID: 362‐027‐238 Phone: 1‐669‐900‐6833 Americans with Disability Act (ADA)
It is the policy of the City of Palo Alto to offer its public programs, services and meetings in a manner that is readily accessible to all. Persons with disabilities who require materials in an appropriate alternative format or who require auxiliary aids to access City meetings, programs, or services may contact the City’s ADA Coordinator at (650) 329‐2550 (voice) or by emailing [email protected]. Requests for assistance or accommodations must be submitted at least 24 hours in advance of the meeting, program, or service.
th
3 Special Meeting Se ptember 12, 2023
Materials submitted after distribution of the agenda packet are available for public inspection at www.CityofPaloAlto.org/agendas.
CITY COUNCIL
Special Meeting
Tuesday, September 12, 2023
Council Chambers & Hybrid
6:00 PM
Amended Agenda
Amended agenda items appear below in RED
Palo Alto City Council meetings will be held as “hybrid” meetings with the option to attend by teleconference or in person. To maximize public safety while still maintaining transparency and public access, members of the public can choose to participate from home or attend in person.
Information on how the public may observe and participate in the meeting is located at the end of the agenda. Masks are strongly encouraged if attending in person. The meeting will be broadcast on Cable TV Channel 26, live on YouTube https://www.youtube.com/c/cityofpaloalto ,
and streamed to Midpen Media Center https://midpenmedia.org.
VIRTUAL PARTICIPATION CLICK HERE TO JOIN (https://cityofpaloalto.zoom.us/j/362027238) Meeting ID: 362 027 238 Phone:1(669)900‐6833
PUBLIC COMMENTS
Public comments will be accepted both in person and via Zoom for up to three minutes or an amount of time determined by the Chair. All requests to speak will be taken until 5 minutes after the staff’s presentation. Written public comments can be submitted in advance to [email protected] and will be provided to the Council and available for inspection on the City’s website. Please clearly indicate which agenda item you are referencing in your subject line.
PowerPoints, videos, or other media to be presented during public comment are accepted only by email to [email protected] at least 24 hours prior to the meeting. Once received, the Clerk will have them shared at public comment for the specified item. To uphold strong cybersecurity management practices, USB’s or other physical electronic storage devices are not accepted.
TIME ESTIMATES
Listed times are estimates only and are subject to change at any time, including while the meeting is in progress. The Council reserves the right to use more or less time on any item, to change the order of items and/or to continue items to another meeting. Particular items may be heard before or after the time estimated on the agenda. This may occur in order to best manage the time at a meeting or to adapt to the participation of the public.
CALL TO ORDER
This meeting will be called to order in honor of California Admissions Day and Suicide Prevention Awareness Week.
CLOSED SESSION (6:00 ‐ 8:00 PM)
1. PUBLIC EMPLOYEE PERFORMANCE EVALUATION Authority: Cal. Gov. Code section 54957(b) Titles: City Manager and City Attorney
AGENDA CHANGES, ADDITIONS AND DELETIONS
PUBLIC COMMENT (8:00 PM ‐ 8:15 PM)
Members of the public may speak to any item NOT on the agenda. Council reserves the right to limit the duration of Oral Communications period to 30 minutes.
COUNCIL MEMBER QUESTIONS, COMMENTS, ANNOUNCEMENTS (8:15 PM ‐ 8:20 PM) Members of the public may not speak to the item(s).
BREAK
ACTION ITEMS (8:20 ‐ 9:50 PM)
Include: Report of Committees/Commissions, Ordinances and Resolutions, Public Hearings, Report of Officials, Unfinished Business and Council Matters.
2. Quasi‐Judicial/Legislative. 3200 Park Boulevard/340 Portage [22PLN‐00287 and 22PLN‐ 00288]: Adoption of a Resolution Certifying an EIR, Adopting Findings of Overriding Considerations, and Adopting a Mitigation Monitoring and Reporting Program; Approval of Applicant’s Request for a Development Agreement, Comprehensive Plan Amendment, Rezoning to Planned Community Zones, and a Vesting Tentative Map with Exceptions to the Private Street Width to Allow Redevelopment of a 14.65‐acre site at 200‐404 Portage Avenue, 3040‐3250 Park Boulevard, 3201‐3225 Ash Street and 278 Lambert.
Environmental Assessment: A Draft EIR for the 200 Portage Townhome Development Project was Circulated September 16, 2022 through November 15, 2022. A Revised Final EIR was Made Available for Public Review on June 2, 2023. The Proposed Development Agreement and Associated Actions is Evaluated as Alternative 3 in the Draft EIR. For More Information Contact the Project Planner, Claire Raybould at [email protected]. Supplemental Report added – Limited Public Testimony on the Supplemental Material may be taken at the discretion of the Council at the September 12 City Council Meeting.
The report for this item can be found here
*. On Sept 5 the Council Received
Presentations and Public Testimony; the Meeting Was Continued to Sept 12 for Council Deliberation and Action ‐ No Public Testimony Will be Heard on Sept 12. *https://www.cityofpaloalto.org/files/assets/public/agendas‐minutes‐ reports/agendas‐minutes/city‐council‐agendas‐minutes/2023/cmr‐2306‐1663.pdf
2. Supplemental Memo ‐ Financial Analysis Prepared by Keyser Marsten Associates
ADJOURNMENT
OTHER INFORMATION
Standing Committee Meetings this week
Policy & Services Committee September 12, 2023 CANCELED Public Comment Letters
Schedule of Meetings
PUBLIC COMMENT INSTRUCTIONS
Members of the Public may provide public comments to teleconference meetings via email, teleconference, or by phone.
1. Written public comments may be submitted by email to [email protected].
2. For in person public comments please complete a speaker request card located on the table at the entrance to the Council Chambers and deliver it to the Clerk prior to discussion of the item.
3. Spoken public comments using a computer or smart phone will be accepted through the teleconference meeting. To address the Council, click on the link below to access a Zoom‐based meeting. Please read the following instructions carefully.
You may download the Zoom client or connect to the meeting in‐ browser. If using your browser, make sure you are using a current, up‐to‐date browser: Chrome 30 , Firefox 27 , Microsoft Edge 12 , Safari 7 . Certain functionality may be disabled in older browsers including Internet Explorer. Or download the Zoom application onto your smart phone from the Apple App Store or Google Play Store and enter in the Meeting ID below.
You may be asked to enter an email address and name. We request that you identify yourself by name as this will be visible online and will be used to notify you that it is your turn to speak.
When you wish to speak on an Agenda Item, click on “raise hand.” The Clerk will activate and unmute speakers in turn. Speakers will be notified shortly before they are called to speak.
When called, please limit your remarks to the time limit allotted. A timer will be shown on the computer to help keep track of your comments.
4. Spoken public comments using a phone use the telephone number listed below. When you wish to speak on an agenda item hit *9 on your phone so we know that you wish to speak. You will be asked to provide your first and last name before addressing the Council. You will be advised how long you have to speak. When called please limit your remarks to the agenda item and time limit allotted.
CLICK HERE TO JOIN Meeting ID: 362‐027‐238 Phone: 1‐669‐900‐6833 Americans with Disability Act (ADA)
It is the policy of the City of Palo Alto to offer its public programs, services and meetings in a manner that is readily accessible to all. Persons with disabilities who require materials in an appropriate alternative format or who require auxiliary aids to access City meetings, programs, or services may contact the City’s ADA Coordinator at (650) 329‐2550 (voice) or by emailing [email protected]. Requests for assistance or accommodations must be submitted at least 24 hours in advance of the meeting, program, or service.
th
4 Special Meeting September 12, 2023
Materials submitted after distribution of the agenda packet are available for public inspection at www.CityofPaloAlto.org/agendas.
City Council
Supplemental Report
From: Jonathan Lait, Planning Director
Meeting Date: September 12, 2023
Item Number: 2
Report #:2309-1992
TITLE
Supplemental Memo - Financial Analysis Prepared by Keyser Marsten Associates
ANALYSIS
On Tuesday, September 5 the City Council directed release of the financial analysis completed for the proposed development. As was communicated at that meeting, the information is difficult to interpret and staff has not had the opportunity to develop a narrative. This memo transmits two documents prepared by Keyser Marsten Associates.
The first document is a comparative analysis of three different development proposals that were considered by the ad hoc. The Development Agreement project is consistent with "Concept G."
The second document is an updated "code compliant baseline" requested by staff in November 2022 to provide an equal amount of residential development in the “code compliant” project and the Development Agreement project. Recent staff reports have utilized this updated baseline in describing financial analysis of the project.
ATTACHMENTS
Attachment A: 6.7.22 Financial Analysis
Attachment B: 11.22.22 Financial Analysis
APPROVED BY:
Jonathan Lait, Planning Director
Item 2
Item 2 Supplemental
Report
Item 2: Staff Report
Pg.
1 Packet Pg. 5 of 7
SOBRATO (3/9) SOBRATO 5/25 CITY (3/21)
CONCEPT F CONCEPT G
5% @ 80%, 7.5% @
100%, 7.5% 120%
Land Donation +
$3.75M CBF
Land Donation +
Hsg Contribution
I. Development Scope
A. Revenue Generating Uses
Townhome Development
Units 99 74 74
Sf Saleable Area 214,155 160,104 160,104
R&D/Office Development
Sf of Leasable Area
Cannery Building 140,744 140,744 140,744
Ash Building 4,707 4,707 4,707
Audi Building 11,762 11,762 11,762
Total R&D/Office Development 157,213 157,213 157,213
Total Leasable/Saleable Area (Sf) 371,368 317,317 317,317 B. Non-Revenue Generating Uses
Retail (Sf Leasable Area) 2,500 2,500 2,500
Community Space (Sf Bldg Area) 0 0 0
Open Space (Acres) 2.31 2.31 2.31
Land Donation for Housing 0.00 1.08 1.08
Replacement Parking Spaces 325 325 325
II. Pro Forma Analysis Summaries
A. Townhome Development
Construction Costs
Total $96,738,000 $72,546,000 $73,091,000
Per Sf Saleable Area $452 $453 $457
Net Revenue $166,521,000 $145,763,000 $145,763,000
Per Sf Saleable Area $778 $910 $910
Threshold Profit @ 12% Net Revenue $19,983,000 $17,492,000 $17,492,000 Residual Land Value $49,800,000 $55,725,000 $55,180,000 Affordability Gap $30,115,400 $0 $0
B. R&D/Office Development
Construction Costs
Total $26,569,000 $26,569,000 $26,569,000
Per Sf Leasable Area $169 $169 $169
Stabilized Net Operating Income $9,542,000 $9,542,000 $9,542,000 Project Value
Total $159,033,000 $159,033,000 $159,033,000
Per Sf Leasable Area $1,012 $1,012 $1,012
Threshold Profit @ 10% Project Value $15,903,000 $15,903,000 $15,903,000 Residual Land Value $116,561,000 $116,561,000 $116,561,000 III. Residual Land Value Summary
Townhome Development $49,800,000 $55,725,000 $55,180,000 R&D/Office Development 116,561,000 116,561,000 116,561,000 Total Residual Land Value $166,361,000 $172,286,000 $171,741,000 IV. Offsets for Replacement Parking Spaces $13,163,000 $13,163,000 $13,163,000 V. Community Benefit Fund
Affordable Housing Contribution $5,000,000
Townhome Impact Fees Included in Costs
Bridge Contribution 1,000,000 1,000,000
Sobrato Impact Fee + CBF $3,750,000
Total Community Benefit Fund $1,000,000 $3,750,000 $6,000,000 VI. Net Residual Land Value $152,198,000 $155,373,000 $152,578,000 VII. Value Enhancement Comparisons
A. City Code Compliant Project Alternative
Development Concept Alternatives $152,198,000 $155,373,000 $152,578,000 City Code Compliant Project 103,766,000 103,766,000 103,766,000 Estimated Value Enhancement $48,432,000 $51,607,000 $48,812,000 B. Original Sobrato Proposal Alternative
Development Concept Alternatives $152,198,000 $155,373,000 $152,578,000 Original Sobrato Proposal 171,333,000 171,333,000 171,333,000 Estimated Value Enhancement ($19,135,000) ($15,960,000) ($18,755,000) Prepared by: Keyser Marston Associates, Inc.
File name: 6 7 22 VE Analysis; CC Version Page 1 of 1
Item 2
Attachment A - 6.7.22
Financial Analysis
Item 2: Staff Report
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SUMMARY TABLE
RESIDUAL LAND VALUE & VALUE ENHANCEMENT ANALYSIS
CODE COMPLIANT COMMERCIAL + 74 TOWNHOMES
CANNERY COMMUNITY BENEFITS ANALYSIS
PALO ALTO, CALIFORNIA
I. Development Scope
A. Revenue Generating Uses
Townhome Development
Units 74
Sf Saleable Area 160,104
R&D/Office Development
Sf of Leasable Area
Cannery Building 90,514
Ash Building 4,707
Audi Building 0
Total R&D/Office Development 95,221
Automative Use (Audi Building) 11,762
Total Leasable/Saleable Area (Sf) 267,087
B. Townhome Development
Construction Costs
Total $73,091,000
Per Sf Saleable Area $457
Net Revenue $145,763,000
Per Sf Saleable Area $910
Threshold Profit @ 12% Net Revenue $17,492,000
Residual Land Value $55,180,000
C. R&D/Office Development
Construction Costs
Total $9,444,000
Per Sf Leasable Area $99
Stabilized Net Operating Income $5,779,000
Project Value
Total $96,317,000
Per Sf Leasable Area $1,012
Threshold Profit @ 10% Project Value $9,632,000
Residual Land Value $77,241,000
D. Automative Use (Audi Building)
Property Value
Total $5,307,000
Per Sf Leasable Area $451
II. Residual Land Value Summary
Townhome Development 55,180,000
R&D/Office Development 77,241,000
Automotive Use 5,307,000
Total Residual Land Value $137,728,000
IV. Offsets for Replacement Parking Spaces $0
V. Community Benefit Fund
Affordable Housing Contribution $10,000,000
Bridge Contribution
Sobrato Impact Fee + CBF
Total Community Benefit Fund $10,000,000
VI. Net Residual Land Value $127,728,000
VII. Value Enhancement Comparisons
A. City Code Compliant Project Alternative
Development Concept Alternatives $127,728,000
City Code Compliant Project $103,766,000
Estimated Value Enhancement $23,962,000
Prepared by: Keyser Marston Associates, Inc.
File name: 11 22 22 Code Compliant Commercial_74 THs; Sum 8.5 x 11 Page 1 of 1 Item 2
Attachment B - 11.22.22
Financial Analysis
Item 2: Staff Report
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