REPORT TO COUNCIL
SUBJECT
Title
Action on Amendment No. 2 to the Billboard Banking Agreement with Outfront Media, LLC to Allow a Banked Credit for the Removal of a Two-Sided Static Billboard Located at 4545 Stevens Creek Boulevard Until June 30, 2022
Report
COUNCIL PILLAR
Promote and Enhance Economic, Housing and Transportation Development
BACKGROUND
In April 2011, the Council revised the City Council Policy Statement for Billboard Relocation Agreements (Relocation Policy) (Attachment 1) providing that relocation or construction of a billboard may only occur with the removal of billboards from the City's existing inventory. More specifically, billboard relocation could only occur based upon removal of a sign face or panel at a ratio of 3:1 (three billboard faces removed for each relocated, new or reconstructed face). The policy was aimed at the overall net reduction of sign faces.
In 2017, Outfront Media, LLC (Outfront) expressed interest in constructing a new two-sided digital billboard within the City at a future date. In accordance with the Relocation Policy, Outfront would be required to remove a total of six existing billboard faces. Outfront removed a two-sided billboard structure located at 4545 Stevens Creek Boulevard to accommodate redevelopment of the site and requested City approval to bank two billboard faces as a credit on a future billboard site.
On May 9, 2017, City Council approved the Billboard Banking Agreement (Agreement) with Outfront to allow credit for the removal of the two-sided static billboard located at 4545 Stevens Creek Boulevard. The Agreement allowed credits to be banked until December 31, 2020. As consideration, Outfront agreed to remove an additional non-banked billboard face at 2550 Lafayette Street by December 31, 2020 (Attachment 2).
In December 2019, Outfront approached the City with a request to amend the Agreement, to extend the termination date from December 31, 2020 to December 31, 2024. After discussions with s...
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