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Proceeds from the sale of the two parcels will be allocated on a per -square -foot basis. As noted above, proceeds from the sale of 268 Parrott Street are owed to the City of San Leandro. Proceeds from the sale of 1595 Washington Avenue will be remitted to the Alameda County Auditor -Controller for distribution to the local taxing entities. The estimated current value for these parcels is an estimate generated by staff based on a recent appraisal for another property in downtown San Leandro, adjusted slightly to account for the location (reduced visibility and traffic count). The Successor Agency intends to conduct full appraisal for the properties prior to sale and the appraisal cost will be deducted from escrow as part of the closing. The zoning code calls for mixed use development and requires, ground floor retail on Washington Avenue, residential density up to 24 units per acre (10 units total on the site), a maximum building height of 75 feet, and a maximum office density of 2.0 FAR. Advancement of planning objectives of the successor agency The site was identified as a strategic development opportunity in the City's 2007 Transit Development Strategy. Additionally, the Redevelopment Agency's 2010-2014 Implementation Plan includes a goal to "redevelop 1595 Washington Avenue at Parrott Street" to "provide mixed-use retail and multi -family residential consistent with the TOD Strategy." History of previous development proposals and activity In 2005, the RDA issued an RFP for the parcels as a consolidated development site. Following analysis of the proposals received, the Agency entered into an Exclusive Negotiating Rights Agreement (ENRA) with EF Communities. In June 2007, EF Communities withdrew its proposal due to changing market conditions. In July 2007, the City entered into and ENRA with John Benjamin Company LLC for development of the site. In August 2008, the ENRA term expired. In October, 2008, the RDA executed a third ENRA for development of the site, this time with Langon Homes. The agreement expired prior to initiation of any development activity. Description of property's potential for transit oriented development These properties were jointly identified as a Strategic Opportunity site in the City of San Leandro's 2007 Transit Oriented Development Strategy. The site is five blocks from the San Leandro BART station and adjacent to the retail core of Downtown San Leandro. 11 San Leandro I Long Range Property Management Plan I November 2015