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II. SUMMARY OF THE PROPOSED AGREEMENT A. Description of the Site and the Proposed Development Site The subject site ("the Site") is approximately 62,500 square feet and is located adjacent to the San Leandro-Oakland border on the easterly side of East 14~' Street, extending from Broadmoor Boulevard to Cambridge Avenue. The property is improved with a 1950's vintage car dealership, which is currently vacant and unused. The vacant buildings total 14,000 square feet and consist of a showroom and shop structures. The most recent tenant was Cox Chrysler, which vacated in December 1996. The neighborhood surrounding the site is characterized by older strip commercial uses. Tenants include a retail gun store, a Pac Bell facility, and an old General Motors facility that is currently being used as a multi-tenant retail establishment. Many of the buildings are deteriorating. Positive new developments in the neighborhood include the San Leandro Civic Center and the recently completed Carlton Plaza senior assisted living complex. Developer The Developer is American Baptist Homes of the West (ABHOW), anon-profit corporation established for the purpose of developing affordable senior housing. Contributor 'The Contributor is San Leandro Investors, LLC. The Contributor is the owner/builder of the Cherrywood single family development in the Joint Redevelopment Project Area. As part of meeting its inclusionary housing obligations for the Cherrywood development, the Contributor is providing $500,000 to this ABHOW affordable senior project. The $500,000 contribution from the Contributor will be used to fund the extraordinary demolition, site preparation, asbestos removal, and project start-up costs, and to fund the purchase and operation of a van to transport residents. Project Description The proposed Project ("the ABHOW Project") will consist of approximately 60 senior rental housing units. The units will be deed restricted to very low income seniors. All of the units will be one-bedroom units, averaging approximately. 540 square feet. One unit will be reserved for the on-site manager. The Project's buildings will range from two to three stories. Sixty (60) on-site surface parking spaces will be provided at the rear of the property. The project will also provide community amenities, including a recreation room and laundry facilities. 001-001.doc Keyser Marston Associates, Inc. 19096.023 Page 3