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File #: 15-1271    Version: 1 Name:
Type: Consent Calendar Status: Approved
File created: 12/9/2015 In control: City Council
On agenda: 2/2/2016 Final action: 2/2/2016
Title: Subject: Letter Agreement between The Irvine Company, LLC, a California limited liability company and the City of Cupertino, a municipal corporation agreeing to an advance contribution of $200,000 to be used for the I-280/Wolfe Road Interchange Improvement Project and to be credited against Irvine Company’s $7,000,000 future contribution that is currently contemplated as a Development Agreement item for their proposed development for the Hamptons Apartment Project at 19500 Pruneridge Avenue
Attachments: 1. Staff Report, 2. A - Draft Funding Agreement

Title

Subject:  Letter Agreement between The Irvine Company, LLC, a California limited liability company and the City of Cupertino, a municipal corporation agreeing to an advance contribution of $200,000 to be used for the I-280/Wolfe Road Interchange Improvement Project and to be credited against Irvine Company’s $7,000,000 future contribution that is currently contemplated as a Development Agreement item for their proposed development for the Hamptons Apartment Project at 19500 Pruneridge Avenue

 

Recommended Action

1)                     Authorize the City Manager to execute an agreement with the Irvine Company, LLC to accept an advance contribution of $200,000 to be used for the I-280/Wolfe Road Interchange Project

2)                     Amend approved FY 15/16 Operating Budget by an additional expense amount of $1,200,000 for I-280/Wolfe Road Interchange Project budget

     3)  Amend approved FY 15/16 Operating Budget by an additional revenue amount of $1,200,000 for I-280/Wolfe Road Interchange Project budget