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File #: 16-0665   
Type: Report to Council Status: Public Hearing/General Business
Meeting Body: City Council
On agenda: 6/30/2016
Title: Adoption of Two Resolutions Authorizing the Successor Agency Executive Director to Execute the 2016 Modified and Restated Amended Disposition and Development and Owner Participation Agreement and Related Documents Pertaining to the Sunnyvale Town Center Project
Attachments: 1. Attachment 1 Property Boundary Map for 2016 MRADDOPA, 2. Attachment 2 Project Status - December 2015, 3. Attachment 3 Sunnyvale Town Center Site Plan (Ground Floor), 4. Attachment 4 Sunnyvale Town Center Site Plan (Second Floor), 5. Attachment 5 CEQA Findings and Analysis for MRADDOPA, 6. Attachment 6 Overview of Proposed Changes (revised), 7. Attachment 7 Draft 2016 MRADDOPA (redlined version), 8. Attachment 8 - Not included, 9. Attachment 9 Summary of Minimum Project Changes, 10. Attachment 10 Successor Agency Staff Report (June 28, 2016), 11. Attachment 11 Draft MRADDOPA (showing changes since June 28 version), 12. Attachment 12 Resolution - MRADDOPA Part A, 13. Attachment 13 Resolution - MRADDOPA Part B, 14. Attachment 14 Final Draft 2016 MRADDOPA w/ Exhibits, 15. Attachment 15 Second Amendment to Public Parking Ground Lease.pdf, 16. Attachment 16 Projections of Developer TIF Payment and Property Tax Revenue, 17. Attachment 17 Letter from Rossi, Hamerslough, Reischi & Chuck, June 28, 2016, 18. Supplemental Memo 06-30-2016, 19. Supplemental Exhibit B-2 Minimum Project Map 06-30-2016
REPORT TO REDEVELOPMENT SUCCESSOR AGENCY

SUBJECT
Title
Adoption of Two Resolutions Authorizing the Successor Agency Executive Director to Execute the 2016 Modified and Restated Amended Disposition and Development and Owner Participation Agreement and Related Documents Pertaining to the Sunnyvale Town Center Project

Report
REPORT IN BRIEF
This staff report supplements the report provided for the Successor Agency study session on June 28, 2016 (RTC No. 16-0551). As mentioned at the study session, further edits and additional attachments to the draft 2016 Modified and Restated Amended Disposition and Development and Owner Participation Agreement (2016 MRADDOPA) were still pending when the study session staff report was issued. The most recent discussions with the Developer have resulted in several additional proposed revisions and attachments to the 2016 MRADDOPA. Additionally, this supplemental report further discusses the effects of the 2016 MRADDOPA in reducing the financial and environmental liabilities on the Successor Agency and taxing entities, and the increase in potential property tax revenues to the taxing entities.

Staff recommends that the Successor Agency take the following actions:
1. Find for the reasons set forth in Attachment 5 of the June 28, 2016 Staff Report (RTC No. 16-0551) that the proposed 2016 Modified and Restated Amended Disposition and Development and Owner Participation Agreement (MRADDOPA) is categorically exempt from environmental review pursuant to CEQA Guidelines Section 15304 and 15305 and that no additional environmental review is necessary as the proposed amendments are within the scope of the previous environmental analysis for the Downtown Program Improvement Update, pursuant to CEQA Guidelines Section 15168(c)(2).
2. Adopt the Resolution authorizing the Successor Agency Executive Director to execute the 2016 Modified and Restated Amended Disposition and Development and Owner Participation Agreement, Part A and r...

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