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Report regarding adoption of a resolution accepting $250,000 from Fairfield Residential as prepayment for the Industrial Area Community Facilities District. (Christina Fernandez, Assistant to the City Manager and Sky Woodruff, City Attorney)
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RECOMMENDATION
Recommendation
It is recommended that the City Council adopt a resolution accepting $250,000 in prepayment from Fairfield Residential for the Industrial Area Community Facilities District.
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BACKGROUND/DISCUSSION
Fairfield Residential is moving forward with development of a multifamily residential project at 200-214 Airport Boulevard. Condition #39 of the Conditions of Approval (Council Resolution No. 100-2019) requires Fairfield to participate in the South San Francisco Industrial Area Community Facilities District (IA-CFD). Fairfield has agreed to prepay their IA-CFD obligation in an amount totaling $500,000.
Per Condition #39, the Applicant agrees to participate in the yet to be formed South San Francisco Industrial Area Community Facilities District (IA-CFD) at an annual tax rate of no more than $0.25 per gross project square foot on the 200-214 Airport Boulevard Property. In the event an IA-CFD is not formed, Applicant agrees to contribute the equivalent of an annual community benefit fee of no more than $0.25 per gross project square foot on the 200-214 Airport Boulevard property for a term of 30 years. Such payment can be made on an annual basis or be pre-paid as mutually agreed upon by the Applicant and the City of South San Francisco.
In accordance with the payment instructions contained in the attached Discharge Approval Statement, Fairfield's payment will be made in two installments-one $250,000 payment prior to issuance of building permits and one $250,000 payment prior to issuance of certificate of occupancy for the Project. Fairfield's obligations referenced herein will be satisfied and discharged upon payment of the final installment.
FISCAL IMPACT
Prepayment of th...
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