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8.B. - Page 4 <br /> Altamont Road <br /> Staff has been approached by at least two parties interested in acquiring a lot owned by <br /> the City on Altamont Road. The parcel, APN 058-342-150, appears to be a lot created <br /> at the time of the subdivision of this area. Because it appears to be a discrete, legally <br /> created lot intended for residential use, there does not appear to be a greater city goal <br /> in retaining it. One of the interested parties, at one time, owned or represented the <br /> adjacent property, which has a single-family house. The other interested party has <br /> requested the opportunity to acquire the property and develop it with a single family <br /> residence. <br /> Staff recommends that a preliminary title report be obtained by the City and, if no <br /> unusual conditions or circumstances are identified, that an RFP be prepared and <br /> generally circulated for a competitive pricing and development opportunity. <br /> If the Council is supportive of these recommendations, staff will prepare a Request for <br /> Proposals for the Public Works Corporation Yard and notify the interested parties <br /> regarding the process for the other three sites. <br /> Bradford Street Properties <br /> The City as the Housing Successor to the former Redwood City Redevelopment Agency <br /> is the owner of the Bradford Street properties. The City remains committed to <br /> development of affordable housing on this site and is planning for a senior affordable <br /> housing project and perhaps childcare project will be built on this site. In the interim, <br /> there are currently short-term parking constraints arising from the pressure of new <br /> development in the Downtown. Recognizing that there remains a need for affordable <br /> housing in the Downtown, there is an immediate need to alleviate parking demands <br /> created by limited duration activities such as Kaiser's current construction project. The <br /> Bradford Street properties could provide relief space for some of this demand on a <br /> temporary basis. With Council approval, staff will work to develop the property as <br /> interim parking using short term leases to meet specific demands until the property can <br /> be developed as anticipated. <br /> Proceeds from the Sale of Property <br /> With the proposed sale of City properties, the City will have a new revenue source that <br /> should be recognized as one-time monies that need to be carefully planned. Staff <br /> recommends the following as a starting scheme for distributing the proceeds from future <br /> land sales and leases: <br /> Housing: 10% <br /> Economic Development 10% <br /> Capital Projects 30% <br /> Future Land Acquisition 50% <br />