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File #: 20-751    Version: 1 Name:
Type: Consent Calendar Status: Agenda Ready
File created: 8/7/2020 In control: Council and Authorities Concurrent Meeting
On agenda: 9/1/2020 Final action: 9/1/2020
Title: Action on Amended and Restated Disposition and Development Agreement with Monroe Street Housing Partners L.P for the Project at 2330 Monroe Street and Related Budget Amendment [Council Pillar: Promote and Enhance Economic, Housing and Transportation Development]
Attachments: 1. Freebird DDA, 2. City Loan Agreement, 3. City Promissory Note, 4. Seller Promissory Note, 5. Seller Deed of Trust, 6. Seller Assignment of Rents and Leases, 7. Redline pages DDA, 8. Resolution, 9. Resolution No. 20-8886
REPORT TO COUNCIL

SUBJECT
Title
Action on Amended and Restated Disposition and Development Agreement with Monroe Street Housing Partners L.P for the Project at 2330 Monroe Street and Related Budget Amendment [Council Pillar: Promote and Enhance Economic, Housing and Transportation Development]

Report
BACKGROUND
The City, as Housing Successor to the dissolved redevelopment agency, was designated to assume all housing assets (including land) of the former redevelopment agency and these assets were placed into a Housing Successor Fund. As the Housing Successor, the City must initiate development activities on any land that it obtained from the former redevelopment agency within five years after the Department of Finance confirmed the property as a housing asset and consistent with the intent to provide housing affordable to persons and families of low and moderate income.

The City issued a Request for Proposals (RFP) in 2018 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). Monroe Street Housing Partners L.P (Freebird) was selected as the Developer for the site through an RFP process and the Council approved an Exclusive Negotiation Agreement (ENA) with Freebird in December 2018 to allow the project to proceed. On January 28, 2020, Council approved land use entitlements and a Disposition and Development Agreement for the project.

The subject property is currently vacant. It is bordered to the west by San Tomas Expressway and to the north by Monroe Street and bounds the rear yard of single-family residences to the south and east. Neighboring land uses include single-family houses to the north, south and east, two-story multifamily residential uses across Monroe Street to the northeast, and the San Tomas and Monroe Neighborhood Park across San Tomas Expressway to the west.

The proposed project consists of a single 65-unit building v...

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