Body
Department of Community Development
Reference: First Amendment to 76 Commerce Center Development Agreement
To: Mayor Kenneth J. Kreutzer and Members of City Council
Through: Philip A. Rodriguez, City Manager
Marv Falconburg, AICP, Assistant City Manager
Holly Prather, AICP, Community Development Director
Prepared By: Lauren Simmons, AICP, Senior Planner
Date Prepared: November 8, 2018
STRATEGIC FOCUS AREAS
Recognizable and Well Planned Community
Supportive, Sustainable Infrastructure
PURPOSE
The Development Agreement for Bromley Park, Filing 102, 1st Amendment, also known as 76 Commerce Center (the "Agreement") is for the subdivision located off the eastbound I-76 Frontage Road, north of Bridge Street and south of Baseline Road. The applicant for the project is Hyde Development, LLC ("Applicant" or "Developer"). The Applicant is seeking approval of an amendment to the Agreement in order to move the remainder of the water dedication to Phase 2 ("Amendment").
BACKGROUND
In the Agreement approved on March 20, 2018, the Developer agreed to dedicate 25.17 acre feet of water to satisfy the initial calculated water dedication for all six buildings prior to the first Certificate of Occupancy. To date, the Developer has dedicated 22.33 acre feet of water. There is a balance of 2.84 acre feet of water due.
The Developer is preparing for its first Certificate of Occupancy and will likely need to find a larger block of water shares to satisfy the 2.84 acre feet due to availability and typical quantities of shares on the market. There is also a possibility that a future tenant of 76 Commerce Center will need a larger water dedication than the initial 25.17 acre feet, which was calculated for warehouse uses. The remaining 2.84 acre feet could be dedicated in addition to other water needed for such future tenant.
CRITERIA BY WHICH COUNCIL MUST CONSIDER THE ITEM
When reviewing this Amendment, City Council should consider what the ...
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