AgdaPkt 2005-01-24 - Laserfiche WebLink

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roo A~ 2 the feasibility of the projects and the need for Agency financial assistance. (The Council/Agency Board will consider the PHH DDA on February 14, 2005.) Since then, FCH has prepared conceptual drawings, obtained a construction cost estimate for the project, prepared a financial pro forma, and has prepared a preliminary financing plan for the project. FCH is requesting that the Agency enter into a Disposition and Development Agreement so that it can demonstrate site control and proceed with the development of the project. FCH is also. requesting financial assistance from the Agency. Description of the First Community Housing Rental Project As proposed, the project will provide 58 rental apartments, 1,200 square feet of ground floor retail space, and 112 parking spaces to serve residents and retail customers. The complex will consist of four stories of residential units above one level of podium parking and one level of subterranean parking. The site area is approximately 27,300 square feet. The residential units will range from studios to three bedroom units and average 841 square feet per unit and will be 100% accessible to persons with physical disabilities. The project will serve families, with 43 two and three bedroom units. All of the units will carry long-term affordability restrictions making the units affordable to households earning from 20% to 50% of the Area Median Income (AMI) adjusted for household size appropriate to the unit. Monthly rental rates will range from approximately $373 for a studio to $1,400 for the three bedroom units designated for 50% of AMI households. Project Issues 1. Plannina Entitlements- On December 7, the Architectural Review Committee reviewed the project's conceptual drawings. The ARC reached consensus on the designs for both the First Community Housing and the Peninsula Habitat for Humanity 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. FCH has submitted plans showing the requested modifications. On December 13, Council approved the necessary General Plan Amendment, Zoning Map Amendments, and Precise Plan by taking actions as recommended by the Planning Commission to approve the entitlements for the project. The Planning Commission also approved a Mitigated Negative Declaration for the project. 2. Need for Financial Assistance- The project requires financial assistance in order to be financially feasible. The Agency's financial advisor, Keyser Marston Associates Inc. has evaluated the project and recommends that the Agency provide a $1.35 million land grant and a $3.16 million development loan to complete the development of the project. The project requires assistance due to a number of considerations. DJT:cje Redev Shared/2005 Staff ReportslO1-2005/FCH DDA 2