REPORT TO COUNCIL
SUBJECT
Title
Action on Second Amendment to the Exclusive Negotiations Agreement with Republic Metropolitan LLC for the site located at 500 Benton Street [APN: 230-08-061]
Report
BACKGROUND
In February 2018, the City of Santa Clara, Santa Clara Valley Transportation Authority ("VTA"), and the Developer jointly entered into an agreement entitled "Exclusive Negotiation Agreement" ("Agreement") for development of a student housing project at the Caltrain Santa Clara Station Park-N-Ride lot. The lot consists of a larger parcel owned by the City (1.73 acres), and a smaller parcel owned by VTA (0.71 acres). The Parties entered into the Agreement to allow the Developer to process a site plan and corresponding environmental review and to negotiate the terms of a Disposition and Development Agreement (the "DDA") and ground lease pursuant to which the Developer would conduct specified development activities related to the Property.
The ENA provided for a negotiating period of twelve (12) months with an option for an extension of an additional six (6) months, subject to the discretion of the City Manager and the execution of an amendment. On February 8, 2019, an extension was granted for a period of six (6) months. The ENA expires on August 5, 2019.
In March of 2019, the Developer submitted a Planning Application to the City of Santa Clara for environmental clearance and applicable land use changes.
The proposal included:
* 186 (555 beds) Student Housing Units
* 20,200 square feet Retail
* 11,400 square feet Office
* 100 Transit Parking Stalls (Per Caltrain request to replace lost parking)
* Type III construction: Modified Wood-Frame Construction
A key consideration in the overall configuration of the site plan is the potential relocation of a City water well located in the middle of the site.
On June 6, 2019, the VTA Board reviewed the project to provide direction to VTA staff regarding policy objectives for VTA-owned land. The VTA Board stat...
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