Item 3 - Exhibit 05 - Letter of JustificationFEDR-56845\2294304.1
1331 N. California Blvd.
Fifth Floor
Walnut Creek, CA 94596
T 925 935 9400
F 925 933 4126
www.msrlegal.com
Michael E. Di Geronimo
Direct Dial: 925 941 3247
michael.digeronimo@msrlegal.com
Offices: Walnut Creek / San Francisco / Newport Beach
August 18, 2020
Town of Los Gatos Planning
Commission
110 E. Main St.
Los Gatos, CA 95030
Re: Letter of Justification for Proposed Charles Schwab Use at 35 University
Avenue
Dear Honorable Commissioners:
This letter outlines the justification for efforts by Federal Realty Investment Trust
(“Federal”) and Charles Schwab (“Schwab”) to locate an innovative community
banking and financial services use at 35 University Avenue in the Town (“Project
Site”). The Project would allow Schwab to provide a wide range of interactive
banking and brokerage services to area residents and small businesses while
bolstering the commercial and financial viability of the Town. The Project would also
fill an impending vacancy of the Project Site by Gap Stores, the current tenant of the
site.
Schwab has operated in the Town for more than twenty years. During that time,
Schwab has provided vital financial and banking services to Town residents and
small businesses at its existing 335 N. Santa Cruz location. While Schwab’s
existing location was adequate to meet the financial services needs of its clients
twenty years ago, like its competitor banks and financial services institutions,
Schwab’s business model and the needs of its clients have evolved significantly in
recent years. Whereas Schwab used to focus on offering office style financial
advice to its clients, it now offers a full range of modern banking and financial
services that require a more pedestrian and community focused space. This is at
least partially due to the fact that with the advent of online banking and financial
“apps” customers are seeking more in person interaction and advice from banks and
financial advisors. The Project would meet these changing needs of Town residents
and small businesses and help foster the Town’s unique “small town” identity while
also supporting its commercial viability and wellbeing.
As already outlined in Federal’s zoning consistency letter submitted with this
application, the Project is consistent with the Town’s General Plan and will promote
several of the Town’s core goals for the Central Business District. These include
General Plan goals and policies: (1) aimed at encouraging community-oriented
EXHIBIT 5
Town of Los Gatos Planning Commission
August 18, 2020
Page 2
FEDR-56845\2294304.1
services that maintain the small-town character of the Town, (2) encouraging
development and retention of small businesses and independent stores and shops,
and (3) encouraging land use patterns that promote the “pedestrian scale and
orientation of the Central Business District.” (Town General Plan LU-14, 29; General
Plan Goal 10.) The Project would do this by introducing a modern pedestrian and
community-oriented space that will provide a range of modern financial and banking
services to local residents and small businesses.
Moreover, as outlined in Federal’s zoning consistency letter, the Project would
introduce a modern use that is in all key aspects consistent with bank and savings
and loan office uses that are conditionally permitted at the Project Site.
For all of the reasons outlined above we respectfully request that the Commission
approve a Conditional Use Permit for the Project. Such an approval would allow the
applicant to introduce a strong and vibrant business operator that will be vital to the
continued success of the Town’s Central Business District, particularly in these
uncertain times.
Very truly yours,
MILLER STARR REGALIA
Michael E. Di Geronimo
Michael E. Di Geronimo
cc: Amber Maglio (via email)