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THE CITY OF v 1I ® �.. u. II Mai 1. 111 '. pLEASANTONO MEMORANDUM Date: June 6, 2017 To: Mayor Thorne and City Council Members From: Nelson Fialho, City Manager Adam Weinstein, Deputy Director of Community Development AI/ Subject: Item 5, Second reading and adoption of Ordinance No. 2163 approving a Development Agreement with Ponderosa Homes II Inc., as filed under Case PUD-113 On May 2, 2017, the City Council introduced a draft ordinance approving a Development Agreement for Case P17-0155 (Ponderosa-Valley Trails Project). As part of this first reading, the City Council approved an amendment to section 4.2 of the Development Agreement requiring the project applicant to pay $367,500 for the design and construction of a restroom in Valley Trails Park, plus $70,000 to offset the ongoing maintenance and operation costs for the restroom (a total of $437,500). This amendment is not reflected in the Development Agreement contained in your agenda packet. Therefore, section 4.2 of the Development Agreement contained in your agenda packet should be amended to read as follows: 4.2 Valley Trails Park Improvements. Prior to issuance of the first building permit, Developer shall deposit • . . . . . • • • • - • • • . - four hundred and thirty seven thousand five hundred dollars ( -500$437,500) into a segregated and interest-bearing account designated by the City for use by the City to fund the design, construction, operation and maintenance of a restroom or other improvements(s) in the Valley Trails Park. Said improvements shall be determined by the City through a development review process. This requirement is in addition to any requirements to fund or construct improvements that may be contained in the Project Approvals. Developer will not receive credits against payment of City park fees for this amount.