2A Work Session 2012 0409 - Laserfiche WebLink

Home

File Number: 12 -160 housing developer, BRIDGE Housing Corporation ( "BRIDGE "), proposed the San Leandro Crossings Masterplan, a multi - phased, mixed use, transit oriented development called San Leandro Crossings ( "Crossings ") located near downtown and the San Leandro Bay Area Rapid Transit (BART) Station. Westlake is a private developer and owner of land parcels west of the San Leandro BART Station on which the Crossings project is to occur. Under the Crossings Masterplan, there were 700 total residential units planned all together of which 300 residential units were to be built under Phase 1. In Phase 1, BRIDGE proposed to develop a 100 unit affordable multifamily rental housing development called the Alameda at San Leandro Crossings on a vacant lot owned by Westlake west of the BART Station. Westlake proposed to develop an additional 200 market rate rental units called the Cornerstone at San Leandro Crossings on a separate site, which is currently a BART parking lot, across the street and east of the BART station. The final component of Phase 1 was for Westlake to build a BART parking garage to replace the BART east parking lot spaces (329 spaces) lost due to an eventual land swap between BART and Westlake. By working with BRIDGE, Westlake would also comply with the majority of its affordable housing production obligations under the City's Inclusionary Zoning Ordinance. In early 2008, Westlake, BRIDGE, the City, and the Redevelopment Agency of the City of San Leandro (RDA) jointly applied for funding under two State grant programs (Transit- Oriented Development Grant and Infill Infrastructure Grant Programs), administered by the State Housing and Community Development Department (HCD). These two grant programs were funded through Proposition 1C bond proceeds. The City, RDA, Westlake and BRIDGE were awarded approximately $24.5 million in grant funding from State HCD in Summer 2008 for infrastructure improvements related to the Alameda and BART replacement garage. The RDA then approved a $9.1 million Housing Set -Aside loan to BRIDGE for the Alameda in April 2009. Both the Alameda and Cornerstone projects received their planning entitlements from the City in 2009. BRIDGE was also awarded federal low income housing tax credits for the Alameda in late 2009 by the State. In Spring 2010, Westlake, BRIDGE, the City and RDA mutually decided to delay moving forward with the Crossings due to the worsening economy, challenging requirements for the two new State HCD grant programs, and inflexible State funding deadlines. BRIDGE returned its State tax credit award shortly thereafter. As the economic slowdown around the State continued, the State realized that grantee cities such as San Leandro were unable to proceed with their TOD development projects as quickly as planned and extended the deadline until June 30, 2012 for Proposition 1C grant recipients to submit executed funding agreements to State HCD. State HCD is requiring the Crossings develop a minimum of 200 residential units in order to retain the Proposition 1 C funds awarded to it. In 2011, Westlake and BRIDGE began discussions with OSlsoft, an innovative high technology company that develops real time data software for manufacturers around the world. OSlsoft is headquartered at 777 Davis Street in San Leandro adjacent to and north of Westlake's property next to the San Leandro BART Station. OSlsoft is also the founder of Lit San Leandro, a public - private partnership to stimulate economic development and businesses in San Leandro through an 11 mile fiber optic loop in San Leandro which OSlsoft is privately financing. OSlsoft is growing rapidly as a company and has been working with Westlake and BRIDGE in recent months to develop a technology campus on Westlake's property west of the BART Station. City of San Leandro Page 2 Printed on 41312012