15 - Laserfiche WebLink

Page 2 The parties agree upon the following principles: 1. Statement of Principles. These Principles of Agreement are a joint statement by the Property Owners and the City intended to provide a concept vision and scenario for a cooperative planning process for the improvement of Nevada Street and the zoning of the adjacent Properties. This is not a legally binding agreement and each party retains all of its legal options, including the option to withdraw from this cooperative process. The City, specifically retains the right to condemn easements for water and sewer lines through the participating Properties if needed, but the parties contemplate that the planning process initiated by these principles of agreement will make that unnecessary. The parties understand that discretionary City zoning and planning processes, including appropriate environmental review, must precede any legally binding agreement. 2. Process and Land Acquisition. City will diligently undertake at its cost to develop, consider and, if appropriate, adopt commercial zoning for the Properties consistent with General Plan, street improvement plans for Nevada Street, and a development agreement regarding improvement obligations between the parties. The parties contemplate that upon adoption of a mutually agreeable zoning and development agreement for the Properties: a. All property owners will grant City ownership in fee to the full Nevada Street right of way at no cost to the City. Reasonable access points (curb cuts) from Nevada Street to the adjacent Properties shall be specified at the time dedication is made. b. Irby will grant City ownership in fee to the lands on the Arroyo side of Nevada Street at no cost to the City. c. Zia will grant City ownership in fee of lands in the Arroyo area at no cost, if desired by the City, subject to boundaries respecting existing buildings on the Zia property and reasonable arrangements that address the total quantity of the Zia parcel being taken by the Nevada Street bisection of that property, plus the Arroyo /trail area. The parties assume the planned Arroyo trail will follow the Nevada Street right of way on the Zia property in order to cross Stanley Boulevard at a controlled intersection. That leaves a question regarding whether the City would want the arroyo section of the Zia property, which City will address as part of this planning process. d. Kaplan will grant City ownership in fee of lands on the Arroyo side of Nevada Street at no cost, except that the 1560 sq. ft. flat area which is between the Nevada Street right of way and 20 feet from top of bank of the Arroyo shall be compensated at fair market value for commercial property or by additional floor area over and above the baseline floor area ratio provided by the adopted zoning for the Kaplan Property, E.g. If the adopted floor area ratio is .5 then the remainder Kaplan property will receive the right to build an additional 780 sq. ft. above its base entitlement. The parties may explore alternate arrangements to make Kaplan whole for the subject area such as use of that space for public parking with parking credit to the Kaplan Property.