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7.1.N. - Page 1 <br /> REPORT <br /> To the Honorable Mayor and City Council <br /> From the Real Estate Subcommittee <br /> June 23, 2014 <br /> SUBJECT <br /> Negotiation with Greystar for the potential disposition of City-owned property <br /> RECOMMENDATION <br /> Authorize the City Manager to enter into negotiations with Greystar for the potential <br /> disposition of City-owned property, APNs 053-171-060 and 070, for inclusion in a <br /> housing development <br /> BACKGROUND <br /> The City acquired the two parcels of land that formerly fronted on Jefferson Street in the <br /> 1990s as part of the undercrossing project. The properties were acquired with grant <br /> funds through the Transportation Authority and SamTrans. Staff has initiated <br /> discussions with SamTrans to dispose of the properties or use them for any purpose <br /> other than a transportation purpose. Once this has been resolved, the city will need to <br /> conduct its analysis under Article V, Chapter 2 of the Redwood City Municipal Code to <br /> determine whether the properties are surplus land. <br /> ANALYSIS <br /> Greystar is currently developing the 311-unit housing project at 145 Monroe, a project <br /> within the Downtown Precise Plan. They have entered into contracts with the three <br /> property owners of the block bounded by Franklin Street, Jefferson Street, and Wilson <br /> Street. These three properties, a single-family house, an apartment complex, and a <br /> bakery, surround the City's property. The City's property consists of two parcels, APN <br /> 053-171-060 and 053-171-070, which total 17,800 square feet. Part of the City land is <br /> an embankment for the Jefferson undercrossing over which the City would retain <br /> ownership. The remainder, which Greystar requests to acquire for inclusion in their <br /> project site for development of a housing project, is 11,968 square feet. <br /> Disposition of the property would support the City's goals of implementing the <br /> Downtown Precise Plan, building transit-oriented housing, removing ongoing <br /> maintenance obligations associated with remnant parcels of land, and the provision of <br /> community benefits. Greystar would be responsible for all legal descriptions and <br /> engineering work to re-configure the properties for inclusion in their development. <br /> Pursuant to the City's Property Disposition Policies, staff has obtained a Preliminary <br /> Title Report and has commissioned a Property Appraisal. Subject to Council's <br /> authorization, the subcommittee supports staff's proposal to negotiate an agreement <br />