AgdaPkt 2006-11-13 - Laserfiche WebLink

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6.1F Page 2 The Agency has conducted an additional Phase 2 environmental site assessment (ESA) as requested by the San Mateo County Health Department. The ESA consisted of additional soil and ground water testing on the site proposed for purchase. Green Environment Inc., an environmental consulting firm, was hired by the Agency to conduct the analysis, and concluded that remedial action of soil and groundwater is not warranted. Staff is waiting for the County to assess the analysis and provide their recommendations. Richard Gardella has signed the sale and purchasing agreement and Redevelopment Agency staff requests authorization to fully execute the agreement. Key terms are as follow: Purchase Price: Escrow Close: Effective Date of the P&S Agreement: $1,205,000 November 15, 2006 November 13, 2006 A conceptual site plan demonstrates the preliminary feasibility of the proposed senior housing and childcare project as shown in the attached "Conceptual Site Plans." The plan illustrates between 50 to 76 units of senior housing and a childcare capacity of 50 children. A childcare facility as part of the senior housing project proposed for this site is consistent with 2004-2006 Council priorities. A financial feasibility analysis of the childcare facility development and operations will need to be conducted. At the conclusion of the land assembly process, the Redevelopment Agency will issue a request for proposals for the development of the project. Alternative If the Agency does not purchase the Gardella property, the opportunity to develop the site as affordable housing and childcare could not occur because of inadequate land assemblage. Furthermore, the Agency's 2004 purchase of 707 Bradford for affordable housing development would need to be sold to replenish the Redevelopment housing set-aside fund which was used to purchase the property. It is uncertain when the Agency would have another opportunity to assemble land in the Downtown area for a similar project. Fiscal Impact Use of Funds Amount Property $1,200,000 Closing Cost (Estimated) 5.000 Total $1,205,000 Source of Funds Account # RDA General 803-71483 $175,000.00 RDA Housing Set-Aside 2005/06 806-71625 353,101.25 1991 Bond Proceeds 373-71383 150,000.00 CDSG 2006/07 204,319.24 Home 2006/07 322.579.51 Total $1 205 000.00 REDEVSHARED_2006 STAFF REPORTS_11-2006_Gardella 2