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17-0516_SOUTH COAST INVESTORS II, LLC_D2_PowerPoint PresentationPLAZA BANDERAS HOTEL DEVELOPMENT AGREEMENT AMENDMENT - DA 17 -001 City Council Applicant Jake Griffith South Coast Investors II, LLC 1 May 16, 2017 City Council REQUESTED ACTION May 16, 2017 2 A Request from South Coast Investors II, LLC to extend the term of the current Plaza Banderas Hotel Project Development Agreement 1 year from August 3, 2017 to August 3, 2018. City Council PLAZA BANDERAS PROJECT LOCATION May 16, 2017 3 City Council 4 2011 APPROVED PLAZA BANDERAS PROJECT •Hotel Building -124 Rooms •Restaurant Building •Retail/Office Building •Parking/Landscaping May 16, 2017 City Council 5 May 16, 2017 2011 APPROVED PROJECT - Hotel City Council 6 May 16, 2017 2011 APPROVED PROJECT – Office/Retail City Council 7 May 16, 2017 2011 APPROVED PROJECT – Restaurant City Council 8 May 16, 2017 PROJECT BACKGROUND •October 5, 2010 - City Council approved Plaza Banderas Hotel Project •July 5, 2011 - City Council approved project DA with an original 5-year term •June 2, 2015 - City Council approved DA assignment from Stroscher G3, LLC to South Coast Investor II, LLC •May 17, 2016 – City Council approved one-year extension to DA City Council 9 May 16, 2017 DEVELOPMENT AGREEMENT SUMMARY •Extends Validity of Project Entitlements and related Project EIR. •Freezes Development Impact Fees to 2011 rates . •Provides City with Easement Interest for Parking Lot Air Parcel •Provides no other mitigation measures/exactions beyond those identified in project EIR. City Council 10 May 16, 2017 PROJECT STATUS •December 2015 – Applicant submits “Inn at the Mission” project applications. •September 2016 - Applicant withdraws “Inn at the Mission” project applications. •2016 – Plaza Banderas Rough Grading permit issued by City. Rough Grading generally complete. •April 2017 - Applicant informs City that plans for Plaza Banderas Hotel project with internal modifications will be submitted soon. City Council 11 May 16, 2017 IF DEVELOPMENT AGREEMENT IS NOT EXTENDED: •Hotel Entitlements would become null and void. •Easement Interest for Parking Lot Air Parcel would become null and void. •Proposed Hotel Project would have to submit new applications and proceed through new entitlement process with possibly new CEQA analysis required. •New project would be subject to current Development Impact Fees. City Council 12 May 16, 2017 PLANNING COMMISSION RECOMMENDATION On April 25, 2017, the PC recommended that the City Council: •Grant the requested 1-year extension as a second amendment to the DA •Find that said DA amendment is consistent with the previously certified Project EIR City Council 13 May 16, 2017 Questions