10A Action 2008 0303 - Laserfiche WebLink

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Proposition 1C Support Resolution 2 March 3, 2008 • On February 4, 2008, the City of San Leandro Redevelopment Agency, San Francisco Bay Area Rapid Transit District (BART) and Westlake Development Partners, LLC entered into an Exclusive Negotiating Agreement to assess the feasibility of development on the developer's property, the East BART Parking Lot and other BART-owned surface parking areas in a manner consistent with the goals and objectives of the TOD Strategy. • Westlake Development Partners, LLC would be the master developer for San Leandro Crossings, and would utilize a phased approach and consolidation of BART parking and shared parking. The grant application would be for the first phase of development and would consist of approximately 200 market-rate residential units and up to 5,000 square feet of commercial retail space on the existing BART parking lot on the east side of San Leandro Boulevard, plus astand-alone 80-120 units of below-market-rate development by BRIDGE Housing and a BART replacement parking structure on property controlled by Westlake Development Partners. These below-market-rate units would address the housing needs of low, very-low and extremely-low households. Future phases of development will be pursued on additional property controlled by Westlake Development Partners as well as the remaining BART property at the San Leandro Station. Approximately 400 residential units, commercial development and an expanded parking structure to accommodate the displaced BART parking are anticipated for the future phases of development. • The BART parking lot on the east side of San Leandro Boulevard was identified as an opportunity site in the TOD Strategy; however the parking needs to be replaced. Replacement of the parking is expensive, with costs of approximately $30,000 per space in structured parking. The Prop 1 C TOD Housing Infrastructure application provides an avenue for funding of this replacement parking. The application process is extremely competitive with a significant amount of points awarded to applications that address the affordability needs of the community. An application with abelow-market-rate component is necessary to compete with other applications within the Bay Area as well as California. This application conceives astand-alone development that will be able to apply for tax credits and other financing that market rate developers would not be able to apply for with inclusionary units. • The deadline for the application is March 7, 2008. The resolution will complete the application packet for the Prop 1 C TOD Housing Infrastructure grant. Current City Council Policy Not applicable. Previous City Council Action(s) On February 4, 2008, the City Council and Redevelopment Agency approved an Exclusive Negotiating Agreement with BART and Westlake Development Partners, LLC. City Council Committee Review and Action Not applicable.