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9.C. - Page 2 <br /> several public meetings before the Housing and Human Concerns Committee, the <br /> Planning Commission, and the City Council. <br /> The parcel at 707 Bradford was acquired in 2004 with former Redwood City <br /> Redevelopment Agency (RDA) Low-Moderate Housing Set Aside (LMH) funds for 1.4 <br /> million and the parcel at 777 Bradford was acquired for $1.2 million with a combination <br /> of Community Development Block Grant (CDBG), HOME Investment Partnership <br /> Program (HOME) and former RDA-LMH funds. It is estimated that the subject property <br /> has a current value of at least $8,000,000. <br /> After acquisition of the two parcels, the City completed the demolition of an existing two- <br /> story office building on 707 Bradford and completed Phase I and II Environmental Site <br /> Assessments. Due to lengthy environmental assessment process, a specific <br /> development project was not identified within the required federal CDBG and HOME <br /> program limitations. As a result, in 2009, the former RDA used its LMH funds to <br /> reimburse both the CDBG and HOME acquisition funds. This transaction removed <br /> federal funding from the Site and related requirements. In 2011, the parcels were <br /> transferred from the RDA to the City. The use of RDA LMH funds requires the inclusion <br /> of below market rate housing in the Project. <br /> The purpose of this report is for the Council to provide feedback on the RFP. Staff will <br /> incorporate the feedback and release the RFP in late May or June 2015, following some <br /> revisions to incorporate final legal review. <br /> ANALYSIS <br /> Draft Request for Proposals <br /> City staff has prepared the attached Draft Request for Proposals, Bradford Affordable <br /> Housing, May 2015 (Attachment 1). The RFP was developed in the standard format for <br /> RFP and includes the following key sections: <br /> • Goals and Objectives <br /> • Mandatory Requirements <br /> • Request for Proposals Details <br /> • Evaluation Criteria <br /> • Schedule <br /> Goals and Objectives: <br /> Creation of Affordable Housing- As described in the RFP, the City's primary goal is the <br /> development of a well-designed, mixed-use project that includes affordable rental <br /> housing. The project should include the long-term enhancement of both the economic <br /> and physical development of the Downtown. The RFP has identified several objectives <br /> to achieve the overall goal: <br />