REPORT TO ECONOMIC DEVELOPMENT, COMMUNICATIONS, AND MARKETING COMMITTEE
SUBJECT
Title
Discussion on Use of the $5 Million San Jose Settlement Funds Designated for Affordable Housing and Transportation
Report
BACKGROUND
In January 2018, the City of Santa Clara (City) and the City of San Jose reached a settlement over their disputes related to the Santana West Development Project, located in San Jose and near Santa Clara city limits.
As part of the Santana West Development Project Settlement Agreement, the City received $5 million from the City of San Jose for affordable housing and transportation improvements in Santa Clara.
DISCUSSION
Staff will discuss the City's affordable housing and transportation needs, and is requesting that the Economic Development, Communications, and Marketing Committee (Committee) provide a recommendation to the City Council based on the potential project list for the Santana West Development Project Settlement Affordable Housing and Transportation Funds. The provided project list included below exceeds the $5.0 million available and it is acknowledged that the Committee may recommend other projects within the City's housing and transportation needs.
Potential Project List
Affordable Housing
Charities Housing has purchased a 1.41-acre site (61,419 square feet) located at 1601 Civic Center Drive in Santa Clara. The settlement fund is necessary to provide financial participation in the project with the expectation that Charities would also arrange for a variety of other public and private sources of financing, including Measure A funding. Early yield studies have shown that with $6 million from the City, the 100% low-income family housing development could achieve approximately 120 units, with a building height of 6 stories and one level of underground parking.
Transportation
El Camino Real Bicycle Lanes - $5.5 million
Benton Bicycle Lanes - $1.4 million
Lick Mill Boulevard Ped Beacons Upgrade - $0.5 million
Total - $7.4 mill...
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