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the properties and provide information about a proposed development concept, financial security of the developer, track record and experience with transit oriented developments, and purchase price. The recommended purchaser will be approved via authorization of a Purchase and Sale Agreement by the Successor Agency and Oversight Board. City staff will recommend that strong preference be given to developers with an achievable plan to acquire as many of the adjacent properties as possible, thus taking maximum advantage of one of the remaining opportunity sites in Downtown San Leandro. Zoning for this district would permit mixed-use residential with retail on the ground level. Residential development can be up to 75 units per acre. The maximum building height is 75 feet. Staff estimated the current site value as $37 per square foot based on a recent appraisal for a comparable parcel located immediately across East 14th Street. The Successor Agency intends to conduct full appraisal for the property prior to sale and the appraisal cost will be deducted from escrow as part of the closing. Advancement of planning objectives of the successor agency The Town Hall Square site was identified as a strategic opportunity site in the City of San Leandro's 2007 Transit Oriented Development Strategy. Additionally, the RDA's 2010-2014 Implementation Plan called for the Agency to "continue assisting with land assembly and design to redevelop Town Hall Square, the underutilized block bounded by Hays, Davis, and East 14th Streets in the downtown core." History of previous development proposals and activity In June 2004 the Agency hired MVE Partners, an architectural firm, to explore the development capacity of the block and create conceptual design renderings of the site. Those plans envisioned a mixed-use project with ground floor retail and residential condominiums on the upper floors. In 2005, after issuance of an RFP, the RDA executed an Exclusive Negotiating Rights Agreement with The Olson Companies for development of Town Hall Square. The Agreement subsequently expired prior to the submittal of a development proposal. In 2008, the Agency approved an Exclusive Negotiating Agreement with Innisfree Ventures II for this site, however that agreement also expired due to challenges related to assembling adjacent parcels. In both cases the developers were unable to acquire additional properties and propose a viable project. Description of property's potential for transit oriented development Town Hall Square was identified as a Strategic Opportunity site in the City of San Leandro's 2007 Transit Oriented Development Strategy. The site is four blocks from the San Leandro BART station and within the retail core of Downtown San Leandro. Construction of a bus rapid transit 7 1 San Leandro I Long Range Property Management Plan I November 2015