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BACKGROUND Original PUD Application On July 10, 2013, the Planning Commission recommended the approval of PUD-87, a Planned Unit Development (PUD) application by Ring Financial, Inc., to construct 345 apartment units, an approximately 38,781-square-foot retail center consisting of four buildings, and related infrastructure on an approximately 16-acre site located at 3150 Bernal Avenue. On August 6, 2013, the City Council approved PUD-87 by adopting Ordinance No. 2075. On December 10, 2013, the Staff Review Board, acting under its authority, approved a minor subdivision application by Ring Financial, Inc. for Vesting Tentative Map 10184 to subdivide the subject property into four parcels: • Lot 1 for the 345 apartment units; and • Lot 2 for one commercial building; and • Lot 3 for two commercial buildings; and • Lot 4 for one commercial building. On September 8, 2015, CP IV Vintage, LLC (successor to Ring Financial, Inc.) entered into an offsite improvement agreement to construct public improvements within the public right-of-way along the Stanley Boulevard and Bernal Avenue frontage, submitted performance and labor and material bonds, and paid all inspection fees. In March 2016, CP IV Vintage, LLC entered into a subdivision agreement, submitted performance and labor and material bonds, and paid all development fees. On March 24, 2016, the Director of Engineering/City Engineer, acting under his authority, approved Parcel Map 10184. All off-site and subdivision improvements have been constructed and the public improvements are ready for acceptance. DISCUSSION Construction of Off-Site Improvements The off-site improvement agreement provided for the construction of the following public improvements: • The traffic signal at the intersection of Bernal Avenue and Utah Street; and • A street light and approximately 150 feet of 18-inch storm drain pipe on Nevada Court; and • Median island, 12-foot wide right turn lane, bus stop, and six-foot wide sidewalk improvements along the Stanley Boulevard frontage; and • A bus stop, shelter, and trash receptacle on westbound Stanley Boulevard located approximately 350 feet west of the Stanley Blvd./Bernal Ave. intersection; and • A fire hydrant, a bus stop and six- to six-and-a-half-foot wide sidewalk improvements on northbound Bernal Ave. along the project frontage; and • Landscaping along the Stanley Boulevard and Bernal Avenue frontage. Page 2 of 4