MEETING DATE:
SEPTEMBER 9, 2014
SUBJECT:
Title
RESOLUTION NO. SHA 2014-008 - AN EXCLUSIVE NEGOTIATING AGREEMENT AND PREDEVELOPMENT LOAN WITH RICHMAR STATION SAN MARCOS, LP FOR A NEW AFFORDABLE HOUSING COMMUNITY IN THE RICHMAR NEIGHBORHOOD
Body
Recommendation
Recommendation
Staff recommends that the City Council in its capacity as the Successor Housing Agency (SHA) adopt the attached resolution approving the Exclusive Negotiating Agreement (ENA) and predevelopment loan with Richmar Station San Marcos, LP (the Developer) for a new affordable housing community.
Body
Board or Commission Action
N/A
Relevant Council Strategic Theme
Planning for the Future
Relevant Department Goal
Facilitate Affordable Housing Production
Introduction
The Developer has approached the City about building a new mixed-use, mixed-income affordable housing community of up to 120 rental units for seniors and/or veterans. 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 better and will feature a community room. The new development will be built on various vacant, underutilized and commercially active properties in an area defined by West Mission Road to the south, Richmar Avenue to the north, Pleasant Way to the west and Firebird Lane to the east. It may also include adjacent properties immediately across Richmar Avenue to the north.
Discussion
The Developer is a partnership between Hitzke Development and National CORE, both affordable housing developers with favorable records of performance in San Marcos and each bringing unique corporate capabilities to the partnership. The Developer proposes to develop a site of up to 4.5 acres which includes twenty-five parcels. Ownership is divided between the City, the SHA, and five different owners, including the VFW post. The City or SHA owns most of the property (see attached map).
The fin...
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