City Council Considers Business Terms for 15 Acre Site rev2
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For Immediate Release: March 28, 2012
Contact: Steve Toler, Assistant City Manager, (650) 740-7007, stoler@fostercity.org


THE NEW HOME COMPANY AND CITY OF FOSTER CITY
JOINT PRESS RELEASE 
 
For Immediate Release
March 28, 2012 

For More Information Contact:
Charles McKeag, Vice President - The New Home Company Land Division
(925) 244 0700 x 1196 or cmckeag@thenewhomecompany.com 
 
Steve Toler, Assistant City Manager – City of Foster City
(650) 740-7007 or stoler@fostercity.org 

Foster City, CA – At its meeting on April 2, 2012, the City Council will be considering the approval of the Business Term Sheet for the Proposed Acquisition and Development of the City-Owned 15-Acre Site with The New Home Company LLC.
 
Approval of the Business Term Sheet is not an approval of the project itself as the project has yet to be designed and processed through the normal planning process. Rather, it is a set of terms that will guide the City and The New Home Company LLC as development plans are prepared and the detailed agreements under which the City would sell the 15-Acre Site to the Developer are finalized.
 
Some key development terms in the document include the $30 million sale price and payment schedule as well as the development components for a senior-oriented project which include: 200 for-sale dwellings, 138 assisted and independent living units along with some memory care units, 66 senior affordable apartments, 30,000 square feet of retail space (for example, restaurants, cafes, a neighborhood market, personal services, shops) and a town square that will serve as a place for public gatherings and events (for example, a farmers market). The preliminary schedule assumes that the sale of the property will occur in late 2013, with site development occurring in 2014 and the first construction being completed between 2015 and 2017.
 
The Business Term Sheet has been developed following the selection on October 17, 2011 of Foster City Community Partners (“FCCP”), with TNHC acting as lead developer, through a Request for Proposal process to develop a senior residential community on the 15-acre site. The City entered into an Exclusive Right to Negotiate Agreement (“ERNA”) with TNHC on February 6, 2012.
 
The staff report that includes the complete proposed Business Term Sheet and additional background information is available on the City’s website www.fostercity.org.
 
It is expected that there will be a number of public sessions with the Planning Commission and the City Council as this project moves forward. All public meetings will be publicly noticed. Anyone interested in receiving periodic emails about the project may subscribe to the City’s free electronic subscription list by sending an e-mail to 15acre-subscribe@lists.fostercity.org.
 
For more information about the Business Term Sheet or the proposed development project, contact Steve Toler, Assistant City Manager, Foster City, at (650) 740-7007 or stoler@fostercity.org; Curtis Banks, Community Development Director, Foster City, at (650) 286-3225 or cbanks@fostercity.org; or Charles McKeag, Vice President, The New Home Company Land Division, at (925)244-0700 x 1196 or cmckeag@thenewhomecompany.com.  
 
 

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