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