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F. In late December 2023, the applicant completed demolition of all existing <br />onsite buildings, including the former Northgate market. <br />G. To date, the applicant has been unable to secure acceptable construction <br />financing to start the project. This is due to high interest rates affecting <br />construction loans and land development costs, resulting in additional delays to <br />the project's ability to begin vertical construction. Current loan interest rates have <br />been 300-500 basis points above historical norms, which not only increases the <br />cost of construction financing, but also constricts the flow of lender dollars for <br />construction projects. <br />H. It is the Planning Division's policy to recommend no more than one-year <br />extensions at a time, mainly in an effort to encourage the construction of <br />previously approved projects. <br />I. The applicant filed a request for the third and final one-year extension on <br />September 27, 2024. The extension request came before the City Council on <br />November 19, 2024. <br />J. In accordance with the California Environmental Quality Act (CEQA) and the <br />CEQA Guidelines, the extension for this project is exempt pursuant to Section <br />15061(b)(3). This determination has been made as it has been determined that the <br />proposed action to extend the existing, approved entitlement does not have the <br />potential to cause a significant effect on the environment, as the existing, approved <br />entitlement has already been evaluated pursuant to CEQA. <br />Section 2. Site Plan Review No. 2020-03 and Variance No. 2020-06 are each <br />hereby extended for a period of one (1) year until December 15, 2025. This decision is <br />based upon the evidence submitted, which includes, but is not limited to, the Request <br />for Council Action dated November 19, 2024, and exhibits attached thereto, and any <br />public testimony, all of which are incorporated herein by this reference. <br />Section 3. This Resolution shall take effect immediately upon its adoption by <br />the City Council, and the City Clerk shall attest to and certify the vote adopting this <br />Resolution <br />ADOPTED this 1911 day of November, 2024. <br />Mayor <br />Resolution No. 2024-068 <br />Page 2 of 3 <br />