REPORT TO COUNCIL
SUBJECT
Title
Approve the Purchase and Sale Agreement for 1050 Innovation Way and 1060 Innovation Way, Sunnyvale (A Portion of Former Onizuka Air Force Station) and Approve Budget Modification No. 22
Report
BACKGROUND
On February 7, 2017, Council considered RTC No.16-0664, which provided background, history and possible options for the sale of 1050 and 1060 Innovation Way property (the "Onizuka Property"). Council authorized staff to proceed with a Request for Proposal (RFP) for real estate broker services for the sale of the property on the open market. The services also included determining the benefits and risks associated with increasing the density, which requires going through a planning process, and the possible concerns with extending the timeline of the sale in order to increase the density.
On April 25, 2017, Council authorized the City Manager to execute an agreement with Kimley, Horn and Associates not to exceed $200,000 to complete the environmental document to amend the Moffett Park Specific Plan (MPSP) and rezone 1050 & 1060 Innovation Way. The purpose of the amendment to the Moffett Park Specific Plan was to look at removing the restriction on the use of the development reserve with the current zoning of Moffett Park Industrial zoning district (MP-I) and examine amending the land use designation and zoning to Moffett Park-Transit Oriented Development zoning district (MP-TOD). MP-I has a base zoning of 35% Floor Area Ratio (FAR) with potential for 50% and 60% FAR, based on green building achievements. MP-TOD has a base zoning of 50% FAR with potential for 70% and 80% FAR, based on green building levels. (RTC No. 17-0365).
On May 9, 2017, Council authorized the City Manager to execute an agreement for real estate brokerage services with Cushman & Wakefield. Cushman &Wakefield completed an analysis to maximize the City's benefit from the sale and provide answers as to whether the Onizuka Property should be sold with FAR 35%, ...
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