AgdaPkt 2004-08-09 - Laserfiche WebLink

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� � �- 2 Because properties in downtown seldom tumover in an arms length transaction, the Redevelopment Agency desires to purchase 707 Bradford to landbank it for affordable housing. Should other adjacent parcels become available, the Agency will consider purchasing these properties to assemble sufficient land for affordable housing and/or a childcare facility. In addition to the need to create affordable housing as required by redevelopment law, the 707 Bradford location is desirable for its proximity to employment, shops, and services, including medical facilities and access to mass transit, all within walking distance. A childcare facility at the 707 Bradford site is a consideration, but requires further analysis of its financial viability. The subject of childcare came from Council priority to create childcare facilities and programs. In 2001, a site near Franklin Street Apartments was identified but determined infeasible because of the need to build over a culvert. Staff then looked at a city-owned parcel at Bradford Street near Main by developing concept drawings combining city-owned with the adjacent FSA property with intent of FSA partnering with City to operate childcare facility. At that time, Gardella, et al was not interested in selling his adjacent vacant lot to the City or Agency for childcare. However, now Gardella, et al is open to the discussion of selling his land for Agency use. An appraisal of Gardella's property is underway and will be completed by early September 2004. A draft concept plan has been prepared that demonstrates the viability of senior housing and childcare if the FSA, Gardella, and .city parcels were combined. The draft plan illustrates befinreen 50 to 76 units of senior housing and a capacity of 50 children. At the conclusion of the land assemblage, the Agency will issue a request for proposal for the development of affordable housing, possibly for seniors only and / or childcare. If affo�dable housing is not developed, the Agency must return $1,127,438 of set-aside funds to the housing set-aside account. Alternative The alternative is for the Agency to not purchase 707 Bradford, which will limit the opportunity to assemble adequate land for affordable housing or an affordable site for childcare. As men6oned earlier, properties in the downtown infrequently turnover; therefore it would be in the interest of the Agency to purchase the property. FSA will sell 707 Bradford to someone else if the Agency does not purchase it. Fiscal Impact Estimated Cost Property $1,400, 000 Closing Costs & Due Diligerrt Rpts $27,000 Total 51,427,000 Fundins� Source RDA Housing Set-Aside'04-'05 $1,127,438 RDA General Fund -Childcare Site Aoquisition '02-'03 $299,562 Total 51,427,000 , � , � i % � � � ' � /G �/ / _ ! � � De bi Jones s Susan Moeller ` Ed Everett Housing Coordi Redevelopment Manager City Manager Attachment: Pur�hase and Sa/es Agreement for 707 Bradford