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REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO STAFF REPORT DATE: October 15, 2008 TO: Steve Hollister, Interim Executive Director APPROVED AND FORWARDED TO REDEVELOPMENT AGENCY __ .~~ Stephen L. Hollister Interim Executive Director FROM: Luke Sims, Community Development Directo BY: Cynthia Battenberg, usiness Development Manager SUBJECT PROJECT/PROJECT DESCRIPTION: MATTER OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO AUTHORIZING THE INTERIM EXECUTIVE DIRECTOR TO ENTER INTO A LETTER OF INTENT WITH LANGON HOMES FOR DEVELOPMENT OF 1595 WASHINGTON AVENUE AND 268 PARROTT STREET (APNs: 075-0005-011-01 and 075-0005-012, respectively) SUMMARY AND RECOMMENDATION Staff recommends that the Redevelopment Agency of the City of San Leandro authorize the Interim Executive Director to enter into a letter of intent with Langon Homes for development of the City and Agency-owned properties at 1595 Washington Avenue and 268 Parrott Street. BACKGROUND Analysis In 1998, the City of San Leandro purchased the single family home at 268 Parrott Street from Charles Simonian for $125,000 as part of a plan to expand downtown parking. In 2004, the Redevelopment Agency (Agency) acquired the adjacent parcel at 1595 Washington Street from East Bay Municipal Utility District for $465,000 with the intention of land-banking it in order to control the future of this strategic downtown corner. In 2005, the Agency released a Request for Proposals for 1595 Washington Avenue and 268 Parrott Street as a consolidated development site (Site). The combined parcels total 18,375 square feet, approximately 0.42 acres. Six development proposals were received and following staff analysis and interviews, in January 2007, the Agency entered into exclusive negotiations with EF Communities; Britt Evans, CEO. In June 2007, EF Communities officially withdrew its development proposal from negotiations due to changing market conditions. In September 2007, the City adopted the Transit Oriented Development Strategy (TOD Strategy) for the downtown and the Site was identified as one of the 39 opportunity sites in the downtown.