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7.A. - Page 29 of 41 Z. MODIFICATIONS TO ORIGINAL (09/15/2019) APPLICATION Most of the modifications in the GPAI request further expand two critical components of the proposal: 1) establishment of a conceptual, setback line for the assumed Caltrain track expansion and 2) additional commitments and specifics regarding the proposed onsite affordable housing program. In addition, and perhaps most importantly because the City is initiating the process for the Transit Sub -District, the application language has been modified to reflect that Lowe will be supporting, not leading, these efforts. Lowe's General Plan Initiation Request proposal includes keeping both Safeway and CVS open at Sequoia Station during construction, and relocating them into new, modernized spaces once the first phase of construction is complete. Ultimately, for Caltrain to complete the proposed track expansion, additional land right of way will be needed -- because of recent development on the north side of the tracks, expansion into Sequoia Station, the Transit Center, and the Perry lots is expected. The setback line reflected in the updated application is an approximate area of potential land dedication required to support Caltrain's 2040 expansion plans. The exact location of this expansion line will be determined during the study process. Expanded tracks without the corresponding redevelopment of Sequoia Station would likely require the demolition of several structures, including the existing Safeway and CVS stores. Due to the current ownership structure/property lines, it will take a significant, collaborative redevelopment effort between the landowners and Lowe to ensure that Safeway and CVS remain open and onsite, which Lowe is prepared to do. A key goal of the proposed redevelopment is the retention of Safeway/CVS at Sequoia Station, along with additional upgraded, modern and pedestrian -friendly neighborhood -serving retail, while also providing right of way land for these much-needed mass transportation improvements. Since our original submittal, we have also been working to establish more details on the affordable housing proposal for the Sequoia Station property and have partnered with Eden Housing. Based on Eden Housing's experience with affordable housing underwriting standards, we have come up with the targeted unit mix and affordability levels detailed in the table below. Rather than simply pursuing a market -rate housing program with 20% affordable units (as required by the City's Affordable Housing Ordinance), and assuming proposed densities as well as currently available tax credits and commercial linkage fees, we expect to deliver a 100% affordable housing project on-site. Implementation of a 100% affordable on-site program would supply an additional 180 desperately needed below market rate housing units than a typical market rate housing project would provide. In total, 223 very -low and low-income units and two moderate rate manager units (225 total) are proposed, including 56 much needed three-bedroom units at the very -low and low-income levels. Sequoia Station Estimated Unit Mix & Affordability Levels Required Affordability Levels 225 Units - Proposed Eden Housing Program 225 Units - Affordable Housing Ordinance Requirements Very Market Very Market Low Moderate Total Low Low Moderate Rate Total Low Rate Studio 37 31 0 0 68 Studio 3 3 7 54 68 11313 25 20 0 0 45 1 BR 2 2 5 36 45 2 BR 31 25 1 0 56 2 BR 3 3 6 45 56 3 BR 31 25 1 0 56 3 BR 3 3 6 45 56 Totals 124 100 2 0 225 Totals 11 11 23 180 225 11901 Harrison Street, Suite 1430, Oakland, California 94612 510.669.5882 I www.lowe-re.com 223