REPORT TO HOUSING AUTHORITY
SUBJECT
Title
Action on an Exclusive Negotiation Agreement (ENA) with Freebird Development Company for 2330 Monroe Street
Report
EXECUTIVE SUMMARY
Following an extensive community outreach process, the City issued a Request for Proposals (RFP) for the development of an affordable housing project on the City owned property located at the southeast corner of Monroe Street and San Tomas Expressway (2330 Monroe Street). Staff completed its review of the submitted proposals and recommended the selection of Freebird Development Company. City Council approved the recommendation at the September 11th meeting and Staff is now bringing forward an Exclusive Negotiation Agreement (ENA) for approval to allow the project to proceed.
BACKGROUND
After redevelopment agencies (RDA) were dissolved on February 1, 2012, the City, as Housing Successor to the dissolved RDA, assumed all housing assets (including land) of the former redevelopment agency and these assets were placed into a Housing Successor Fund. The Housing Successor must initiate development activities on any land that it obtained from the former RDA consistent with the intent to provide housing that is 100% affordable to persons and families of low and moderate income within five years after the Department of Finance confirmed the property as a housing asset. The 2.474-acre property located at 2330 Monroe Street is one of those properties (Property). It was confirmed as a housing asset by the Department of Finance on July 13, 2013, and the City's evaluation and selection of a developer properly initiates development activities within the appropriate time period.
Site Description
2330 Monroe Street is a vacant City-owned parcel at the southeast corner at the intersection of San Tomas Expressway and Monroe Street. The site adjoins the rear yards of eleven (11) single family residential properties to the east and south on Sheraton Drive and El Capitan Ave. Multifamily development is l...
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