The Sobrato Organization (“Developer”) proposes to redevelop that certain real property located at 1255 Pear Avenue in Mountain View, Santa Clara County, California, with a new phased mixed-use development consisting of up to 635 residential units (220 units in the “South Residential” or “First Residential Phase” and 415 in the “North Residential” or “Second Residential Phase”) and a new 231,210 square foot office building, which will involve the demolition of an existing 103,513 square foot existing industrial building and retaining an existing 156,317 square foot office building.
The Property is within the North Bay Shore Precise Plan (“NBPP”), which was approved by the City of Mountain View on or about December 12, 2017. The NBPP includes the Local School District Strategy, a City policy related to impacts on schools that will serve the residents in the North Bayshore Development Area.
On October 23, 2018, the City approved the Project by Resolution No. 18259.
The District expects that the impacts from the projected development within the NBPP will cause the Districts to construct new schools or significantly increase the capacity of existing schools, to accommodate the additional students that will be generated by the new development.
The District has determined that statutory school fees will not generate sufficient funds to concurrently provide the necessary school facilities to house the students anticipated to be generated from the Project.
The Developer has agreed to provide an amount, in addition to the statutory school fees, to the District pursuant to the City’s Local School District Strategy. The Development Agreement is a three-party agreement between the Developer, the District, and the Mountain View Los Altos Union High School District.
Total Funding is approximately $5,500,000, portions of which may be adjusted annually beginning in June, 2020, based on an inflationary index.
That the Board of Trustees approve the proposed Developer Mitigation Agreement: Mountain View Whisman School District & Mountain View-Los Altos Union High School District & The Sobrato Organization.