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1306 MAIN STREET ACQUISITION <br />Greystar pays the City fair market value for 1306 Main St: <br />• $8,000,000 to City of Redwood City <br />' ' - ' <br />• Relocation cost for 3 residents and manager <br />Greystar also pays the full cost of replacing the 22 BMR units, of <br />which 19 are vacant, to 1304 EI Camino Real: <br />• Eliminates need of environmental remediation for City <br />• ^'$14,000,000 total replacement cost <br />• Increased affordability level <br />_ <br />Currently: 22 VLI <br />Proposed: 15 VLI and 8 ELI <br />Greystar delivers 100% affordable offsite at 1304 EI Camino <br />"NO CHECKS" <br />lo DIAB REAL: <br />ooAFOUTS <br />INSTEAD OF IMPACT FEES <br />• -$25,000,000 total with No Request of City Gap Funds <br />SPACE FOR <br />SUPPORTIVE i <br />■ 15 Units Extremely Low Income <br />SERVICES pl <br />■ 15 Units Very Low Income <br />uI �! <br />Jul <br />■ 8 Units Low Income <br />• 25% of units for developmentally disabled with Housing <br />G, <br />Choices and SMC Mental Health AssociationMIL <br />1 <br />13 <br />