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- REPORT :� . - <br /> :�,: .. <br /> C�� I B-1 <br /> To the Honorable Mayor, City Councll, and Redevelopment Agency Board <br /> From the City Manager and Exeeutive Director <br /> May 24, 2004 <br /> Subject <br /> Two Exclusive Right to Negotiate Agreements for the EI Camino / Vera Street Affordable <br /> Housing Development Project <br /> Recommendation <br /> 1) Approve the Exciusive Right to Negotiate with First Community Housing; <br /> 2) Approve the Exclusive Right to Negotiate with Peninsula Habitat for Humanity; and <br /> 3) Authorize the City Manager and the Executive Director to execute the two Exclusive <br /> Right to Negotiate agreements and to begin negotiating the development and <br /> disposition agreements with First Communiry Housing and Peninsula Habitat for <br /> _ Humanity. <br /> Background <br /> On January 27, 2004, First Community Housing (FCH) and Peninsula Habitatfor Humanity <br /> (PHH) presented a proposal to the Housing and Human Concems Committee (HHCC) for <br /> the development of an affordable housing project on the EI Camino / Vera Street site in <br /> order to meet City and Agency housing goais. The City and the Redevelopment Agency <br /> currently co-own the site. HHCC deferred the proposal to staff for further analysis of the <br /> project. After staff met with FCH and PHH to ciarify the project scope and consulted with <br /> Keyser Marston Associates, a reai estate advisory firm, regarding the feasibility of the <br /> project, HHCC recommended that the Council and Agency enter into Exclusive Right to <br /> Negotiate (ERN) agreements with FHC and PHH. <br /> On March 22, 2004, the Council and Agency Board approved the recommendation of the <br /> HHCC and authorized staff to enter into an exclusive right to negotiate with FCH and PHH. <br /> FCH will develop up to 60-rental units, including, but not limited to, ground floor retail (up to <br /> 3,000 sqft), community room, exercise room, and a computer lab while PHH will construct <br /> nine-units of for-sale housing. <br /> ERN Term Summarv <br /> The Agency will negotiate two Development and Disposition Agreements, one with FCH <br /> and another with PHH for 180 days after the effective date of the ERN agreements. <br /> '� Key terms of the agreement, include, but not limited to: <br /> I:IEI Camino-Vere Housing SitelEl Cemino ERN Report Revl.doc <br />