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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 improvements on an approximately 16 -acre site located at 3150 Bernal Avenue. On August 20, 2013, City Council approved PUD -87 by adopting Ordinance No. 2075. On December 10, 2013, the Staff Review Board approved a minor subdivision application by Ring Financial, Inc. for the 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 off-site improvement agreement to construct the improvements within the public right-of-way along the Stanley Boulevard and Bernal Avenue frontage, submitted the required performance and labor and material bonds, and paid all inspection fees. In March 2016, CP IV Vintage, LLC entered into a subdivision agreement for the balance of the required improvements, submitted performance and labor and material bonds, and paid all development fees. On March 24, 2016, the Director of Engineering approved Parcel Map 10184. All off-site and subdivision improvements have been now constructed and the public improvements are ready for acceptance. DISCUSSION Construction of Off -Site Improvements The off-site improvements agreement provided for the construction of the following public improvements: • The traffic signal at the intersection of Bernal Avenue and Utah Street; and • A streetlight and approximately 150 linear feet of 18 -inch storm drainpipe on Nevada Court; and • Median island, 12 -foot wide right turn lane, bus stop, shelter, trash receptacle 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 intersection at Stanley Blvd. and Bernal Ave.; and Page 2 of 4