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REPORT <br />To the Honorable Mayor and City Council <br />From the City Manager <br /> <br />February 13, 2017 <br /> <br />SUBJECT <br />Extension to the Exclusive Negotiating Rights Agreement for the Bradford Street <br />Affordable Housing Development <br /> <br />RECOMMENDATION <br />By motion, approve a six-month extension to the Exclusive Negotiating Rights <br />Agreement with MidPen Housing Corporation for the Bradford Street Affordable <br />Housing Development and authorize the City Manager or designee to execute the <br />extension <br /> <br />BACKGROUND <br />In June 2015, the City issued a Request for Proposals (“RFP“) to select a developer to <br />develop an affordable housing development on vacant land owned by the City. Through <br />a competitive process, on April 11, 2016 City Council selected MidPen Housing <br />Corporation (“MidPen”) as the developer of the Bradford Street Affordable Housing site <br />for the development of affordable rental housing, a childcare center and public open <br />space along Redwood Creek. <br /> <br />On May 23, 2016 the City Council approved an Exclusive Negotiating Rights Agreement <br />(“Agreement”) with MidPen for the Bradford Street Housing Development and <br />authorized the City Manager to execute the Agreement. <br /> <br />ANALYSIS <br />In order to proceed with the next steps for the development of the Bradford site, the City <br />entered into the Agreement with MidPen to conduct negotiations for the purpose of <br />preparing a Disposition and Development Agreement (“DDA”). The purpose of the <br />Agreement was to establish procedures and standards for the negotiation of the DDA <br />which will include specific conditions for site conveyance, the scope and terms of <br />affordability restrictions, unit type and unit mix for the Development, and the terms, if <br />any, under which the City may provide financial assistance for the construction of the <br />Development. <br /> <br />During the term of the Agreement, both parties agreed to act diligently and in good faith <br />to negotiate a DDA that will describe the terms and conditions that will govern the <br />conveyance of the property and the development of the project. The terms and <br />conditions shall include: (i) the disposition price and terms for conveyance of the <br />6.1.H. - Page 1