AgdaPkt 2005-02-28 - Laserfiche WebLink

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7,B-2- very low and extremely low income rental units. This transaction with PHH will build out the site originally purchased by the Agency. A copy of the DDA with PHH is available in the City Clerk's office for review by Agency Board members. Description of the Peninsula Habitat for Humanity Project As proposed, the project will consist of eight (8) for-sale town home units: one (1) two- bedroom unit and seven (7) three-bedroom units, with attached 2-car garages. All eight (8) units will carry 45-year affordability covenants limiting occupancy to very-low income households earning no more than 50% of the Area Median Income (AMI). The project will be constructed at 124-126 Lincoln Avenue which is part of the EI Camino & Vera Avenue site. It is located in the downtown area of Redwood City and is 15,000 square feet, or approximately .30 acre. It includes one single story, handicap accessible unit and seven three story units with a total of 18 parking spaces. Each unit will have a small private yard, and there will be approximately 920 square feet of open space. . According to Keyser Marston and Associates Inc. (KMA), the sales price of each town home will range from $195,634 to a maximum of $300,000, significantly less than market rate prices in the area. Issues 1. Project Entitlements: On December 7, 2005 the Architectural Review Committee (ARC) reviewed the project's conceptual drawings. The ARC reached consensus on the designs for both PHH and FCH portions of the project as submitted with some additional recommendations for the applicants to address with staff. A copy of the minutes from that meeting is on file with the Agency. On January 24,2005, the City Council approved the necessary General Plan Amendment, Zoning Map Amendments, and Precise Plan by taking as recommended by the Planning Commission to approve the entitlements for this project. The Planning Commission also approved a Mitigated Negative Declaration for the project. 2. Need for Financial Assistance: KMA, the Agency's financial advisor, has evaluated the project and recommends that the Agency provide a $807,500 land grant, a $321,000 development grant, and a not to exceed $74,000 water facility fee subsidy to assist in the development of the project. As indicated in the summary report, this project requires financial assistance primarily to provide ownership opportunities for very low income families. The sales prices are restricted and must remain affordable for very low income families for 45 years. The Agency's responsibilities under the agreement by and between the Redwood City Redevelopment Agency and the Developer are as follows. a. The Agency will convey the site to the Developer at no cost (the Land Grant of $807,500). A condition precedent for conveyance of the site will be the Developer's ability to secure all funding sources to complete the project to the satisfaction ofthe Agency. Redevelopmentshared/2005 Staff ReportslO2-2005/PHH DDA Page 2 of 4