REPORT TO COUNCIL
SUBJECT
Title
State of Santa Clara Real Estate and Development Market Presented by Urban Land Institute
Report
COUNCIL PILLAR
Promote and Enhance Economic, Housing and Transportation Development
BACKGROUND
Unique economic and market conditions are affecting real estate and development at the national and local level. In particular, development opportunities are being affected by high interest rates, construction costs, challenges to obtain capital, and shifting trends in building utilization. Staff has been learning about pipeline development projects requesting pauses or pivots to evolve to these conditions.
DISCUSSION
This study session is intended to provide the City Council with information on factors that are affecting the real estate and development market as well as a deeper understanding of how development projects are financed and deemed viable to begin construction. The study session will be presented by Urban Land Institute (ULI) - San Francisco, which is the Bay Area chapter of a national nonprofit education and research organization comprised of cross-disciplinary real estate and land use experts.
ENVIRONMENTAL
The action being considered is a study session only and does not constitute a "project" within the meaning of the California Environmental Quality Act ("CEQA") pursuant to CEQA Guidelines section 15378(b)(5), an administrative activity that will not result in direct or indirect physical changes to the environment.
FISCAL IMPACT
The total expense for ULI to conduct research and prepare presentation materials is $5,000, which will be covered by available funds in the City Manager's Office Contract Fund. While the study session is not a budgeted expense, underspending in other areas allows for the cost to be absorbed by the City Manager's Office.
COORDINATION
This report has been coordinated with the City Manager's Office and City Attorney's Office.
PUBLIC CONTACT
Public contact was made by posting the Council agenda o...
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