CC Resolution No. 02-218- RESOLUTION NO. 02-218
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CUPERTINO
AUTHORIZING EXECUTION OF IMPROVEMENT AGREEMENT
BETWEEN THE CITY AND DEVELOPER, STEVENS CREEK APARTMENTS, A
CALIFORNIA LIMITED PARTNERSHIP (VERONA APARTMENTS ~ CUPERTINO CITY
CENTER), APN 369-01-029
WHEREAS, there has been presented to the City Council a proposed improvement
agreement between the City of Cupertino and developer, Stevens Creek Apartments, a Califomia
limited partnership, APN 369-01-029, for the installation of certain municipal improvements at
Verona Apartments ~ Cupertino City Center and said agreement having been approved by the
City Attorney, and Developers having paid the fees as outlined in the attached Exhibit A;
NOW, THEREFORE, BE IT RESOLVED THAT the Mayor and the City Clerk are
hereby authorized to sign the aforementioned agreement on behalf of the City of Cupertino.
PASSED AND ADOPTED at a regular meeting of the City Council of the City of
Cupertino this 2nd day of December, 2002, by the following vote:
Vote
Members of the City Council
AYES:
NOES: None
ABSENT: None
ABSTAIN: None
Chang, James, Lowenthal, Kwok, Sandoval
ATTEST:
Cit~
Resolution No.02-218
Page 2
DEVELOPMENT:
LOCATION:
EXHIBIT "A"
SCHEDULE OF BOND, FEES, AND DEPOSITS
Stevens Creek Apartments, a California limited partnership
Verona Apartments @ Cupertino City Center
APN 369-01-029
A. Faithful Performance Bond: Off-site: $ 30,645.00
Onsite: $ 600,298.00
THIRTY THOUSAND SIX HUNDRED FORTY-FIVE AND 00/100 DOLLARS
SIX HUNDRED THOUSAND TWO HUNDRED NINETY-EIGHT AND 00/100 DOLLARS
B. Labor and Material Bond: Off-site: $ 30,645.00
Onsite: $ 600,298.00
THIRTY THOUSAND SIX HUNDRED FORTY-FIVE AND 00/100 DOLLARS
SIX HUNDRED THOUSAND TWO HUNDRED NINETY-EIGHT AND 00/100 DOLLARS
C. Checking and Inspection Fees: $ 31,547.00
THIRTY-ONE THOUSAND FIVE HUNDRED FORTY-SEVEN AND 00/100 DOLLARS
D. Indirect City Expenses:
N/A
E. Development Maintenance Deposit
TWO THOUSAND AND 00/100 DOLLARS
$ 2,000.00
F. Storm Drainage Fee:
PAID
G. One Year Power Cost:
N/A
H. Street Trees: By Developer
I. Map Checking Fee:
N/A
J. Park Fee: Zone III $1,498,500.00
ONE MILLION FOUR HUNDRED NINETY-EIGHT THOUSAND FIVE HUNDRED AND 00/100 DOLLARS
K. Water Main Reimbursement:
N/A
Maps and/or Improvement Plans:
As specified in
Item #23 of agreement
M. Street Reimbursement Cost: $ 6,750.00
SIX THOUSAND SEVEN HUNDRED FIFTY AND 00/100 DOLLARS
N. Pedestrian Crossing Reimbursement: $ 30,000.00
THIRTY THOUSAND AND 00/I00 DOLLARS