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<br />5. Update on Development Projects <br />Mission Bell Apartments. Hanson Hom informed the Committee that the Mission Bell <br />Apartments were for sale and that several prospective buyers have been discussing the <br />possibility of acquiring the 25-unit property with Housing Division staff. The Agency has an <br />OPA with the current owners which requires that the 25 units be available to the following <br />income groups: seven units at very low-income rents (50% of area median income or <br />"AMI"); seven units at low-income rents (80% of AMI); six at moderate-income rents (not <br />exceeding 120% of AMI); and the remaining five units at market rents. In exchange for the <br />rent obligations, the Agency financed a major portion of the rehabilitation and seismic <br />upgrade of the building with a forgivable loan. One proposal under discussion with Allied <br />Housing, Inc. would expand the number of affordable units and lengthen the time frame far <br />the affordability covenants. Under the preliminary proposal from Allied, 13 units would be <br />set-aside for extremely low-income residents (30% of AMI); six at 40% of AMI and 6 at <br />50% of AMI. The Committee concurred with the need to retain the building as an affordable <br />housing development but desired more details before any commitment was given to put more <br />set-aside money into the property. <br />Miscellaneous Developments. Luke Sims briefly summarized some recent real estate <br />transactions including several large industrial leases: a 230,000 square foot lease at 1717 <br />Doolittle Drive for Sitcom Furniture; a 35,000 square foot lease at 2901 Williams Street for <br />East Bay Produce; a 130,000 square foot lease to The Annex, a coffee importer at 1951 Fair <br />way Drive; and the sale of 14710 Wicks to Pavel's Yogurt Company. He also noted that <br />construction would soon commence on the long anticipated development of the Firehouse <br />Office Building at 1040 Davis Street. Hanson Hom noted that the Planning Commission <br />approved the Use Permit application for the proposed self-storage and business park <br />development at 14340 Washington Avenue. <br />6. Discussion Regarding Selection of Committee Chairperson <br />It was the consensus of the Committee that Councilmember Bill Stephens will serve as Chair <br />of the Business Development Committee. <br />7. Discussion Regarding Committee Meeting Dates and Times <br />It was the consensus of the Committee that the regular meeting time for the Business <br />Development Committee shall be the second Thursday of the month from 4:00 p.m. to 5:30 <br />p.m. in the Sister Cities Gallery Room. <br />8. Public Comments <br />None. <br />