AgdaPkt 2000-04-24 - Laserfiche WebLink

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S�ii -'S . evidence of the City's intent to replace the units. One for One Affordability Requirements - The units to be developed under the One for One Replacement law requires that: 1) the unit bedroom counts be the same or larger than the units removed, that 2) the units remain affordable for a minimum of 10 years, and 3) that the units be affordable to households with incomes of the households that were displaced from the site previously. Housing units developed by Habitat will be available to family households eaming 50% or below the median income. The maximum sales price for a un.it at the Rolison site is $195,000, for a three-bedroom unit and $160,000 for a two-bedroom unit. The units must remain affordable for low-income families for a term of 30 years. Mortgages for the purchase of units in this development will be made by Habitat, acting as its own lender. Recorded Deed Restrictions limits the future sales prices and appreciation is tied to changes in median income. Habitat has the first right to purchase at resale. If Habitat fails to exercise its right to purchase, City and Redevelopment Agency shall have the first right to purchase. These restrictions assure that the units will remain affordable over the 30-year term. Environmental Conditions - The soil on the site was determined to contain low levels of contaminants at limited locations on the site. Council awarded a bid for remediation work on March 27. Soil remediation is currently underway to remove Iow level contaminants (lead, pesticides, and some hydrocarbons) as a condition of land transfer. This work is being completed pursuant to a WorkPlan approved by San Mateo County Environmental Health. Transfer of the�land at this time is being carried out with the commitment that the City will cause the remediation work to be completed and signed off by County Health. Offsite Improvements - A number of the offsite improvements for this project carry out goals stated in the Friendly Acres Neighborhood Plan. Staff proposes that certain improvements be made to the Alley and Rolison Road street parking in conjunction with Habitat's development. For coordination purposes, some of the work will be completed by Habitat and the City will bid other work. Council will see a request in the CIP for improvements to the alley estimated at $.19Q,OOQ. Other improvements relating to fencing and street trees is estimated at $65,000 will be funded from Redevelopment Housing Funds or Community Development Block Grant funds already allocated to this project. Specific funding agreements for this work will be brought to Council over the next year when the specific work is ready to proceed. Subsidies to the Project — There are two levels of subsidy in this project. 1). The first subsidy proposed for this project is as land donation with a restricted grant deed. The value of the land subsidy is $2,284,182 plus accrued equity. The source of funding for this subsidy includes $556,782 from CDBG funds, $282,400 from HOME funds, and $1,445,000 representing the Redevelopment Agency Housing Fund partnership. 2). The second subsidy relates to an estimated $355,000 in offsite • improvements that will be provided in conjunction with this project to further improve the quality of life for neighborhood residents. Habi#at will pay $100,000 from their own funds for sidewalk and curb replacement along Rofison and - Haven. Staff recommends that $190,000 come from the City's CIP for , _ _ __.. �.. _ ,