RDA Min 1993-06-21 - Laserfiche WebLink

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. , I '. During the Board's discussion, Board Member Greenalch explained that when this development was first considered the Housing and Human Concerns Committee recommended rental units on this site, but the Agency Board preferred and approved affordable ownership units. Board Member --- Greenalch described the selection process the WarrenlWhipple Committee used to select ButlerlStellar whose proposal was superior in terms of content, project design and responsiveness to the RFP. Butler Stellar is a local firm with a proven track record as evidenced in the quality of their development in Belmont. Board Member Greenalch described the negotiation process regarding the final subsidy. In response to the Board's questions, Director Church described the costs of acquisition of the land; the negotiation process; and the inevitable changes that will occur to the development proposal through the planning process. Mr. Church provided justification for cost items in the proposal and described purpose of an ERN. Mr. Church described what constitutes "afforda~e housing"; the origin~ twenty-three unit propos~ was unrealistic and compromised the quality of the development; and advised that ButlerlStellar were confident that the fifteen units would be marketable at $160,000 to $180,000 (the range established by the Whipple/Warren committee.) Board Members discussed amount of subsidy this project would require; ways to renegotiate through the DDA; possibilities of second mortgages; and financial impacts if selling prices were raised to $200,000 to $220,000 from the proposed selling prices of $160,000 to $180,000 per unit. Chairwoman Buchan asked if anyone from the audience would like to speak: Joseph Steinfeld, Main Street, Redwood City, discussed the policy of granting subsidies and where they would do the most good. Board Member Greenalch asked staff to investigate bonus densities and how they could apply to this development; and, suggested that three more units, for a total of eighteen, would provide more affordable units while maintaining the quality standards set by the Board. MEMO 6/22/93 TITLE READ. MIS: GASPARINI/lA BERGE RESOLUTION NO. RD 93-07 APPROVING AGREEMENT CONFERRING ON BUTLER/STEllAR CORPORATION THE EXCLUSIVE RIGHT TO NEGOTIATE WITH AGENCY CONCERNING WHIPPlE/WARREN HOUSING PROJECT ADOPTED BY UNANIMOUS ROLL CALL VOTE. ------------------------------------------------------------------------------- I Special Redevelopment Agency Meeting Minutes I June 21, 1993 - Page 2 MINUTES BOOK NO.1 Page No. 123