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Co � I �-Z <br /> . Within the first 90 days from this effective date, the developers will submit detailed <br /> development program, site plans, and revised financial proforma; <br /> • ThE Agency will not solicit proposals from any other developer for development on <br /> the E' Camino / Vera site during the 180 day tertn; and <br /> . The Agency will not enter into a DDA with both developers unless it reaches DDA's <br /> acceptance to the Agency with both, and both DDAs will provide that the close of <br /> escrow for the transfer of either parcel of the property is conditioned on the <br /> simultaneous close of escrow for both parcels. <br /> Alternative <br /> Should the City and Agency Board not approve the ERNs, staff would have to solicit <br /> request for proposal (RFP) or request for qual�cation (RFQ) for the EI Camino / Vera <br /> Street site, thereby delaying the development of affordable housing on the site. <br /> Fiscal Impact <br /> In the event the Agency cannot agree with FCH on the DDA, the Agency shall reimburse <br /> FCH and HCC for certain pre-development expenses, inGuding surveys, geotechnical, soil <br /> analysis provided the Agency pre-approves the expenses in writing prior to the expense <br /> being incurred or at the Agency's sole discretion, thereafter. <br /> Conclusion <br /> Staff has prepared two exclusive rights to negotiate documents, one for First Community <br /> Housing for the development of up to 60 residential rental units, and the other for <br /> Peninsula Habitat for Humanity for the construction of up to nine for-sale residential units. <br /> � /� <br /> Debbi Jon� s�- omas, S san Moeller, <br /> Housing C6ordinator Redevelopment Manager <br /> i <br /> � <br /> o Patterson, Ed verett <br /> Community Development Services Director City Manager <br /> Attachments: <br /> ERN for First Community Housing <br /> ERN for Peninsula Habitat for Humanity <br /> I:IE/ Camino-Vera Housinp SifelEl Camino ERN Report Revf.doc <br />