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1.
Developer/Builder Purchases Undeveloped Land.
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A major
developer/builder ("Developer"), has contracted
to purchase over 200 undeveloped acres of property located
in the heart of the Silicon Valley, near the corporate headquarters
of several major software companies.
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2.Property
has "Mixed Use" Designation.
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This
infill property is designated "mixed use" under
the City’s general plan. Developer plans to develop a master
planned community on the property, with a mix of about 3,000
residential units and 500,000 square feet of neighborhood
retail, office, and research and development facilities,
parks and trails, a public school and other public facilities
and amenities. The project’s location presents an ideal
opportunity for Developer to use innovative housing strategies
to complement and support nearby jobs, while providing commercial
and retail services that are highly desirable for both the
new community and the existing surrounding neighborhoods.
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3.
City Requires Detailed Plans.
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Developer
intends to develop the project over 5-10 years. Unfortunately,
the City’s planned development regulations for mixed use
developments require as a condition of approval that Developer
submit detailed plans for the entire site, including individual
lot designs and plot plans.
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4.
Need for Certain Assurances from City to Proceed.
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These
requirements do not provide Developer with the flexibility
it needs to respond to changes in the market as the project
develops. Thus, to assure an adequate return on its investment
in this unique and expensive property, Developer needs assurance
that it will be able to refine and alter exactly what it
builds, and that neither the City Council nor the voters
(through the initiative or referendum processes) can prevent
development from proceeding in the future. If these entitlements
can be obtained, Developer will proceed with its purchase
of this very valuable real estate.
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