Title
Resolution accepting Fairfield 200 Airport LP's prepayment of $250,000 to partially satisfy its obligations associated with the East of 101 Community Facility District in connection with its development of a mixed-use multifamily residential project at 200 Airport Boulevard.
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WHEREAS, Fairfield 200 Airport LP ("Developer") is constructing a new mixed-use multifamily residential project at 200 Airport ("Project"); and
WHEREAS, pursuant to Condition #39 of the Conditions of Approval for Resolution No. 100-2019 approving the Project and Section 3.1(4) of the Community Benefits Agreement between the City of South San Francisco ("City") and Developer, Developer agreed to participate in the yet to be formed South San Francisco Industrial Area Community Facilities District ("East of 101 Community Facility District") at an annual tax rate of no more than $0.25 per gross Project square feet or in the event that the East of 101 Community Facility District is not formed, Developer agreed to contribute the equivalent of an annual community benefit fee of no more than $0.25 per gross Project square feet for a term of thirty (30) years; and
WHEREAS, Condition #39 and the Community Benefits Agreement provides that Developer's payments can be made on an annual or pre-paid basis as mutually agreed upon by the parties; and
WHEREAS, the Developer and City have agreed that upon payment of five hundred thousand dollars ($500,000) made in two installments, Developer will have fully satisfied its obligations pursuant to Condition #39 and Section 3.1(4); and
WHEREAS, the Developer has made its initial payment of two hundred and fifty thousand dollars ($250,000) prior to issuance of building permits for the Project and this resolution serves to accept that initial payment on behalf of the City; and
WHEREAS, the Developer will make its second installment payment of two hundred and fifty thousand dollars ($250,000) prior to issuance of a certificate of occupancy for th...
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