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<br />22206 920 Shasta
<br />Affordable Housing Plan and Density Bonus Request
<br />November 5, 2024
<br />
<br />
<br />The to-be-donated property will be subject to the California Land Reuse and Revitalization Act of 2004
<br />(CLRRA) Agreement for 920 Shasta, 920 Shasta Street, Redwood City (Site Code: 202450 and Docket
<br />Number HAS-FY22/23-121) (CLRRA Agreement). A subsequent Remedial Action Plan will be developed
<br />under the CLRRA Agreement and will specify the measures to assess and remediate the property,
<br />including provision of a Response Plan, if necessary, to eliminate any unreasonable risk. Compliance
<br />with the CLRRA and all resulting steps, such as assessment and development of a Response Plan, would
<br />preclude a condition that could constitute a material constraint on development of affordable housing
<br />on the property. Based on a recent Phase 1 Assessment and Limited Phase II Site Assessment, it is
<br />anticipated that design features to reduce any risk to an acceptable level for residential uses would
<br />include installing a passive sub-slab depressurization system with a vapor barrier. The passive sub-slab
<br />depressurization system is a project cost and will be part of the total development cost for the project.
<br />Abode Communities will be responsible for implementing the environmental mitigation and covering all
<br />expenses.
<br />
<br />Project Financing Plan
<br />
<br />The Financing Plan provides the estimated total development costs, estimated sources and uses of
<br />funds and timeline to apply for funding sources. The timeline includes backup sources identified should
<br />any of the competitive sources not be awarded.
<br />
<br />Development Costs
<br />
<br />Construction Sources Total Per Unit
<br />Tax Exempt Construction Loan $46,802,385 $468,024
<br />Taxable Construction Loan $8,800,151 $88,002
<br />State HCD AHSC $3,142,500 $31,425
<br />KM-ECR, LLC Capital Contribution $7,000,000 $70,000
<br />LP Equity $3,647,909 $36,479
<br />Donated Land $9,999,900 $99,999
<br />GP Equity $100 $1
<br />Deferred Costs $9,471,463 $94,715
<br />Total $88,864,408 $ 888,644
<br />
<br />Permanent Sources Total Per Unit
<br />Permanent Loan $6,864,829 $68,648
<br />State HCD AHSC $20,950,000 $209,500
<br />Donated Land $9,999,900 $99,999
<br />KM-ECR, LLC Seller Gap Financing $7,000,000 $70,000
<br />LP Equity (Federal and State) $36,479,086 $364,791
<br />GP Equity $7,570,593 $75,706
<br />Total $88,864,408 $888,644
<br />
<br />
<br />Sources and Uses of Funds
<br />ATTY/RESO.0029/CC RESO APPROVING ARCHITECTUAL PERMIT, TENTATIVE PARCEL MAP (920 SHASTA) – EXHIBIT B
<br />REV: 04-22-25 VR
<br />
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