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<br />6.1F <br />Page 1 <br /> <br />REPORT <br /> <br />To Redeve'opment Agency Board <br />From the Executive Director <br /> <br />November 13,2006 <br /> <br />Subject <br />Purchase vacant property at 777 Bradford Street for development of an <br />affordable senior housing project and possible childcare facility. <br /> <br />Recommendation <br />1. By motion, authorize the Executive Director to execute purchase and sale <br />agreement (allowing for non-substantive changes to draft agreement) <br />between Richard Gardella and Agency to purchase Bradford Street <br />Assessor's Parcel Number 052-372-170 for $1.2 million plus Agency's share <br />of the closing costs; <br />2. By motion, approve the following appropriations to fund the purchase <br />transaction: <br />a) $204,319.24 from COBG Fiscal Year 2006/07 funds <br />b) $322,579.51 from HOME Fiscal Year 2006/07 funds <br />c) $175,000.00 from RDA Capital Fiscal Year 2006/07 funds <br />d} $150,000.00 from 1991 Bond Proceeds Fiscal Year 2006/07 <br />e} $353,101.25 from housing set-aside funds allocated in the <br />Redevelopment Agency's Fiscal Year 2005/06 Housing Capital Budget <br /> <br />Background <br />In 2004, the Family Service Agency of San Mateo County offered 707 Bradford <br />Street (Assessor Parcel Number - APN 052-037-200) for sale. The <br />Redevelopment Agency determined that the 707 Bradford site, combined with <br />two adjacent city-owned vacant parcels (APN 052-372-240 and 052-372-999) <br />and 777 Bradford - a privately owned vacant lot (APN 052-372-170), would <br />provide a contiguous area of approximately one acre to develop an affordable <br />senior housing and childcare care project as shown in the attached "Project Area <br />Map." In August 2004, the Redevelopment Agency purchased 707 Bradford for <br />$1.4 million to landbank for an affordable senior housing project and childcare <br />facility. <br /> <br />After the purchase of 707 Bradford, the Agency continued efforts to assemble <br />land by approaching the owner of the remaining property, 777 Bradford (APN <br />052-372-170), a .28 acre undeveloped vacant lot abutting Redwood Creek, <br />between Jefferson and Main Street. An appraiser retained by the Agency <br />determined the property's fair market value at $1.2 million. The owner, Richard <br />Gardella, submitted a letter dated August 25, 2006 stating his interest in selling <br />his property to the Agency for the appraised fair market value of $1.2 million. <br /> <br />REDEVSHARED_2006 STAFF REPORTS_11-2006_Gardella <br />