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HomeMy WebLinkAboutCD Village at Loch Lomond Marina Development PPTVILLAGE AT LOCH LOMOND MARINA CITY COUNCIL MEETING –APRIL 20, 2020 HISTORY -BACKGROUND Mixed-Use development approved by City in 2007 Retain and improve full-service marina Develop new grocery store and n’hood commercial Develop 81 housing units (17 BMR for sale units –20%) Develop marina green/boardwalk, playground/recreation uses Park improvements publicly-accessible/privately maintained (CFD) Expand and preserve seasonal wetland No activity for six years -Great Recession CONSTRUCTION STARTS 2013-2014 Final Subdivision Maps recorded (2) Phase 1 –division of marina into large parcels; backbone improvements Phase 2 –division of residential area into lots (The Strand); infrastructure, lot pad grading, utilities, and offsite improvements Two Subdivision Improvement Agreements + posting of securities ($5 M and $1.9 M bonds) The Strand 1 44 units built (11 BMR units) 5 units unbuilt Seasonal wetland restored Andy’s Market Marina Green & Boardwalk Playground Marina Day Use Parking Public access path Breakwater Roads and utilities Public access path CURRENT STATUS COMPLETED IMPROVEMENTS, CFD FORMED, SIAs EXPIRED Center Plaza Flooding Improvements Bird Viewing Offsite Roadway and Utility Improvements Kayak Dock NOT COMPLETED/ NOT BUILT Kayak Launch The Strand 2 32 units (4 BMR units) Mixed Use Bldg 5 units (2 BMR units) Harbormaster Restaurant + Yacht Club improvements Boat Repair Bldg Fueling Facilities FLOODING IMRPOVEMENT PLANS RECENT ACTIVITY New management at MVA (Property Owner) Negotiating sale of marina –Safe Harbor Marinas Potential sale of The Strand-Phase 2 and Mixed-use Bldg New Consolidated Subdivision Improvement Agreement Proposal to “buy-out” (release) 6 unbuilt BMR Units NEW CONSOLIDATED SIA Covers two phases- Completion of Phase 1 + flooding improvements Completion of Phase 2 –The Strand + offsite improvements Current securities (bonds) from expired agreements would be released ($5 M and $1.9 M) New securities would be posted ($2.4 M) Work to be completed by December 31, 2021 Phase 1 Phase 2 BMR AGREEMENT AMENDMENT Current requirement = 17 BMR for sale units; 11 built/occupied in The Strand Phase 1 Terms of BMR Agreement allow for a buy-out utilizing a specific formula factoring in market rate sales price Buy-out amount = $3.68 Million Added to City’s Affordable Housing Trust Fund 2/3rd of BMR units built; consistent with housing priority policies; would make available funding for other affordable project BUILDING CONSTRUCTION SCHEDULE Agreements do not cover building construction schedule City approvals of project include only one building schedule mandate (Andy’s Market) City actions did not include a Development Agreement Staff has assessed and employed measures to stimulate and incentive completion of project Property sales, if successful include estimated time frames for construction RECOMMENDED ACTIONS Adopt resolution authorizing Mayor and City Manager to sign Consolidated Subdivision Improvement Agreement Adopt resolution authorizing City Manager to sign MOU Adopt resolution authorizing City Manager to sign BMR Agreement Amendment QUESTIONS PLACEHOLDER SLIDES