TO: LINDA REICH, CITY MANAGER
FROM: HYE JIN LEE, PE, DIRECTOR OF PUBLIC WORKS
SUBJECT
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Majestic Chino Heritage, LLC - Vesting Parcel Map. No. 20071 and Subdivision Improvement Agreement.
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RECOMMENDATION
1) Approve Vesting Parcel Map No. 20071; 2) approve the Subdivision Improvement Agreement with Majestic Chino Heritage, LLC, a Delaware limited liability company; and 3) authorize the City Manager to execute all necessary documents on behalf of the City.
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FISCAL IMPACT
The Developer shall pay to the City a one-time lump sum in the amount of $10,417,000 prior to issuance of a certificate of occupancy. This amount shall be subject to an annual escalation of three percent (3%), commencing on October 31, 2021, and increasing annually thereafter until paid in full.
CITY OF CHINO MISSION / VISION / VALUES / STRATEGIC ISSUES
The recommendation detailed above further the City's values and strategic issues that serve as key pillars on which identified priorities, goals, and action plans are built, by fostering:
* Positive City Image
* Responsible Long-Range Planning
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Expenditure:
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BACKGROUND
On May 17, 2021, the Planning Commission approved applications submitted by Majestic Chino Heritage, LLC (Developer) for the development of the southeast corner of Mountain Avenue and Bickmore Avenue (Exhibit A). The approved applications include: PL18-0118 (Site Approval) for the construction of a 1,168,710-square-foot speculative warehouse building on Parcel 1 of the project site; PL18-0119 (Vesting Tentative Parcel Map No. 20071) to subdivide the approximately 97-acre project site into two parcels, consisting of Parcel 1 at approximately 54 acres and Parcel 2 at approximately 43 acres; PL18-0120 (Site Approval) for the construction of a 914,040-square-foot speculative warehouse building on Parcel 2; and PL19-0011 (Specia...
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