The Foster City Council, by a majority vote, rescinded the 4-acre land as a reserved space for educational purposes. Along with this, it also rejected the proposal of the Magnolia Foundation to build a charter school in the community.
Those who voted to rescind were: Mayor Pam Frisella, Council Member Linda Koelling, and Council Member Rick Wykoff. Council Member Art Kiesel was absent. The only dissenting vote was cast by Vice Mayor John Kiramis.
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July 7, 2008
Council Approves Mirabella Increase
The Foster City Council voted overwhelmingly to allow the developer Sares Regis to increase the number of units in its proposed Mirabella Project by 25%. This translates to an increase from 331 to 420 units and from 65 to 70 affordable housing units. (Note, by law about 20% of total units should be for affordable housing.)
Sares Regis requested the increase as necessary (i.e. to meet their required rate of return or profit) in the light of economic factors such as inflation, increased construction cost, affordability of financing, and decline in residential real estate values. Sares Regis will own and operate the Mirabella.
The Council voted as follows: