HomeMy WebLinkAbout2003-07-08 - AGENDA REPORTS - GATE KING INDUSTRIAL PARK PROJ (2)CONSENT CALENDAR
DATE:
SUBJECT:
DEPARTMENT:
Agenda Item:
CITY OF SANTA CLARITA
AGENDA REPORT
City Manager Approval
Item to be presented by:
July 8, 2003
J'�d
Vincent P. Bertoni
GATE KING INDUSTRIAL PARK PROJECT SECOND READING
Planning and Building Services
RECOMMENDED ACTION
City Council adopt an ordinance which approves Zone Change 99-002.
City Council adopt an ordinance which approves Development Agreement 99-002.
BACKGROUND
On June 24, 2003, the City of Santa Clarita City Council certified the Final Environmental
Impact Report and approved the Gate King Project which consisted of Tentative Tract Map
50283 and the associated entitlements.
In addition, the City Council introduced two ordinances and passed them to a second reading for
tonight's meeting. The first ordinance consists of rezoning the project site from RE (Residential
Estate), CC (Community Commercial), IC (Industrial Commercial), ICPD (Industrial
Commercial Planned Development), and OS (Open Space) to IC (Industrial Commercial), ICPD
(Industrial Commercial Planned Development), and OS (Open Space). The second ordinance
consists of a development agreement contract between the developer and the City for a period of
15 years.
FISCAL IMPACT
Council directed staff at the January 28, 2003 City Council meeting to hire a consultant to
perform an economic feasibility analysis to verify the developer's claims of economic feasibility
constraints. At the regular City Council meeting of February 11, 2003, the City Council
appropriated $20,000.00 from the Council Contingency Fund to hire the Conley Consulting
Group. The Conley Consulting Group did complete the report which concluded that the
applicant's return on investment would be 8.1%, which is lower than the industry standard of
15-20%. In addition, the applicant's return is based on the previous conditions, thus with the
proposed amendments his investment return improves.
ALTERNATIVE ACTIONS
1. Other action as determined by the Council
ATTACHMENTS
Zone Change Ordinance
Development Agreement Ordinance
Development Agreement Contract (Attachment A) available in the City Clerk's Reading File