RDA Min 1998-01-26 - Laserfiche WebLink

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. I I '" City Manager Everett said the tentative, conceptual plan brought by the developers was now about 60% ownership and 40% rental. - Vice Chair Ruskin said that one of the developers had an overriding interest in rental properties, "given the current mix of properties in Redwood City, I would favor a stronger component of "for sale" properties, above the 60%." Chairperson Howard said, "I would not like to see us go way out of balance, quite frankly, because there are large numbers of people in the community who can't afford to buy. They are very hard working, substantial people who need a place to live. Rental is very, very important to them, and I don't want to see them ignored. We have an opportunity to build as much as 500 units. Let's see what the developers can come up with that is a good mix." Redevelopment Agency/City Attorney Schricker said, "The Exclusive Right to Negotiate in addressing this issue based on prior discussions with the Council, has set out a ratio which is approximately 60% ownership, 60/40. That would seem to be consistent with some of your previous discussions. It is not a fixed figure. It is stated approximately, and obviously, negotiations will be undertaken to develop the Disposition and Development Agreement, and your comments obviously will... weigh heavily upon those discussions. But, if that ratio that is expressed in the Exclusive Right to Negotiate should be something other than what I have stated, then I would recommend that you provide direction in that regard." - Director Church advised that the consequences of "trying to be too proscriptive about what the percentage ratio should be, would perhaps be to reduce the amount of rental units that Irvine could develop as part of the project, rather than being able to increase the overall number of units on the site. That isn't likely to happen. But at some point obviously, their costs for the site is going to mean that they would not be able to develop. The economics would go upside down.... The percentages that we included in the ERN are reflective, we think, of the motion that you made when you approved the original offer to participate. If you want to change that it would be good for us to have some sort of motion. .. or let the developers and the staff try to express your interest in the mix of the units as effectively as we can." Director Leipzig said, "I appreciate that and I also appreciate Director Claire's comments about waiting to see what proposal comes back to us. But this is what frustrates me a little bit. At times we are presented with things and (are told) that this will come back to you in six months, nine months and you will have opportunity to give input. In the back of my mind I think, I really want to say something now, but I'll wait. Then when it comes back it is already a done deal. This happens time and time again. Quite frankly, if it had come back 50 to 55%, anything under 60% I would have been very shocked, because I don't remember taking a vote. I remember having an in-depth discussion, I believe with the Planning Commission as well, on this topic.... I was pushing an 80/20. I do remember the -- REGULAR REDEVELOPMENT AGENCY MEETING MINUTE BOOK NO.1 JANUARY 26,1998 MINUTES Page No. 458 PAGE 3