As part of the Lake District Specific Plan, located east of Peabody Road and northwest of Vanden Road, within the greater Train Station Specific Plan, One Lake Holding, LLC (“developer”) is proposing to construct the Canon Station Planning Area 4 – Neighborhood 5 subdivision (“subdivision”). The subdivision consists of 97 low-density, single-family residential homes that directly abuts the future Lake Trail Park, providing direct access to future park amenities including a pedestrian pathway guiding residents to the future Lake Club House. Approval of the final map and execution of the Agreements will obligate the developer to construct all public and private improvements, including streets, underground utilities, streetlights, and landscaping, to serve the future residents of the proposed subdivision.

The subdivision is deliberately designed to allow quick access to the future Lake Trail Park for future residents. The multiple cul-de-sacs abutting the Lake Trail Park will provide future residents a sense of community and familiarity with their neighbors as they travel from within the subdivision to one of the four park access points. The Lake Trail Park will be brought before Council for consideration at a later date.

Completion of this subdivision will finish development of the northwest half of Planning Area 4, northwest of Lake Club Drive.

The developer has provided all the necessary bonds and insurance, and paid the fees, required to enter into this Agreement. Pending council authorization to execute this Agreement, the City can assign approximately $15.2M, in 2021 dollars, to the developer. This future assignment will require the developer to design and construct transportation improvements such as Vanden Road/Jepson Parkway improvements from the end of existing widening improvements (Jepson Phase 2A) to the future Great Park. The fee assignment is equal to the cumulative total of previously accrued fee assignments, escalated to 2021 dollars, in addition to fee assignments for Neighborhood 5, as specified below:

• Planning Area 4 – Neighborhood 7 ($1,416,221.97, 2020 dollars)
• Planning Area 4 – Neighborhood 4B & 4C ($2,001,183.33, 2020 dollars)
• Planning Area 4 – Neighborhood 4A ($1,913,631.45, 2020 dollars)
• One Lake Apartments ($3,885,354.50, 2021 dollars)
• Planning Area 4 – Neighborhood 8 ($2,067,787.00, 2021 dollars)
• Planning Area 4 – Neighborhood 5 ($3,754,916.24, 2021 dollars)

As part of the development obligations, the developer will be providing dust control by frequently applying water to the site throughout construction, which is a typical mitigation. Additionally, hours of construction will be limited to 7 a.m. – 5 p.m. to minimize construction impacts. The developer will also provide public outreach to notify residents and nearby business owners of anticipated construction impacts.