MEETING DATE:
SEPTEMBER 12, 2017
SUBJECT:
Title
RESOLUTION NO. SHA 2017-028 - APPROVAL OF A PROPERTY TRANSFER FROM THE SUCCESSOR HOUSING AGENCY (SHA) TO RICHMAR STATION SAN MARCOS (DEVELOPER) FOR PROPERTY ASSEMBLY FOR A FUTURE AFFORDABLE HOUSING DEVELOPMENT IN THE RICHMAR NEIGHBORHOOD
Body
Recommendation
Recommendation
ADOPT a resolution that the City Council in its capacity as the Successor Housing Agency (SHA) to approve the transfer of property valued at $590,000.
Body
Board or Commission Action
City Council as SHA approval of ENA and predevelopment loan on September 9, 2014
City Council as SHA approval of Supplemental Housing Support Agreement on December 9, 2014
City Council as SHA approval of Development and Loan Agreement, Section 33433 Report and property transfer on August 11, 2015
City Council as SHA approval of property acquisition loan on July 11, 2017
Relevant Council Strategic Theme
Planning for the Future
Relevant Department Goal
Facilitate Affordable Housing Production
Introduction
One of the City's objectives has been the completion of the revitalization of the Richmar neighborhood, including the area between Mission Road and Richmar Avenue eastward to Firebird Lane. To that end, on September 9, 2014 the City Council as SHA approved an Exclusive Negotiating Agreement (ENA) and a related predevelopment loan of $392,500 for the Richmar Station mixed-use affordable housing development. On August 11, 2015 the SHA approved a Development and Loan Agreement, Section 33433 Report, and transfer of the SHA-owned property known as "4-Way Liquor" to the Developer for a loan of $2,227,870 inclusive of the property value, relocation, demolition and associated soft costs. On July 11, 2017 the SHA approved an additional loan of $721,500 for acquisition by the Developer for property known as the "Sabbas property" inclusive of the property value and associated soft costs.
Discussion
Since the inception of the project concept, the Developer ...
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