MEETING DATE:
AUGUST 11, 2015
SUBJECT:
Title
RESOLUTION NO. SHA 2015-014 - DEVELOPMENT AND LOAN AGREEMENT (DLA) WITH RICHMAR STATION SAN MARCOS (DEVELOPER) FOR PROPERTY ACQUISITION AND RELATED COSTS FOR AN AFFORDABLE HOUSING DEVELOPMENT IN THE RICHMAR NEIGHBORHOOD AND APPROVAL OF THE PROPERTY TRANSFER AS REQUIRED BY SECTION 33433 OF THE HEALTH AND SAFETY CODE
Body
Recommendation
Recommendation
ADOPT a resolution of the City Council acting solely in its capacity as the Successor Housing Agency (SHA) approving; (1) DLA; (2) Loan for property acquisition in the amount $1,306,770; (3) Loan for relocation, demolition and related predevelopment costs in the amount $921,100; (4) Section 33433 Report; and (5) Transfer of real property to the Developer in accordance with the terms of the DLA.
Body
Board or Commission Action
City Council as SHA approved the Exclusive Negotiating Agreement and predevelopment loan on September 9, 2014.
City Council as SHA approved the Supplemental Housing Support Agreement on December 9, 2014.
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 related predevelopment loan of $392,500 for the Richmar Station development. The project is currently envisioned as a new construction, mixed-use affordable housing community of up to 120 rental units, possibly to be built in two phases. The commercial component may include up to 22,000 square feet of ground floor space along West Mission Road. The development will be built to LEED Silver or equivalent and will feature a community room. The development may also include a "commun...
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