AgdaPkt 2000-06-26 - Laserfiche WebLink

Browse Search

Alternatives 4A.~ Staff has assumed that the land, whether it is leased or sold for child care, would include significant deed and/or zoning restrictions to guarantee child care usage well into the foreseeable future. There are several alternatives for future actions regarding developing child care on this parcel of land. 1) Long-term land lease to a private developer who would construct a child care facility and operate it or lease it to child care operator. PROS: CONS: Minimum City involvement and expense City maintains ownership and control of property Given site and financial challenges listed, it is unlikely that child care could be developed without non-traditional financing (Le. the project would not likely qualify for a traditional bank loan). 2) Sell the property to a private party to develop the child care. PROS: CONS: The City would get the proceeds on the sale of the property. The sale price is likely to be less than other Redwood Shores land of similar size due to site and access issues listed above. City cashes out of any future property value increases Unlikely that child care could be developed without non-traditional financing 3) Develop the child care facility ourselves. Lease to operator or operate ourselves. PROS: CONS: City maintains control High up-front costs, although they would likely be recovered over many years through lease to an operator. Physical access would not meet the standard that we would demand from a private developer. City would have to hire a Project Manager to oversee the construction at a cost of approximately $100,000. Child care would probably not be available for a few years. It would take the City longer to do this than a developer. It is not one of the City's 'core competencies' to develop raw land. 4) Do nothing at this time. PROS: Land will increase in value; we mayor may not find a higher and better use 3 '- .T