03-03-1980 - Laserfiche WebLink

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AYES: NOES: ABSENT: Bricken, Griset, Luxembourger, Serrato, Ward, Yamamoto Markel · '' None A-Various SETTLEMENT OFFER As recommended in the r~port 14-ACRE HOUSING SITE prepared by the Executive AUTHORIZED STAFF Director of Redevelopment and Housing, dated February 27, 1980, pertaining to Settlement Offer, 14-Acre Housing Site (between First and Third, Flower and Ross Streets), MOTION was made by Bricken, seconded by Griset, to authorize staff to proceed with the following: l) Cancellation of agreement between City and Western Center on Law and Poverty, etc., dated March 29, 1977; 2) Continuation of existing cost allocation plan by v/nich Redevelop- ment Agency placed $55,248 into a special interest bearing account to be used for reducing market rate rents for those persons dis- placed from the 14-acre housing site (language of new agreement to be identical to language of existing agreement); administrators of the program to be the Agency or under separate agreement with Goldrich and Kest/Shapell; 3) Amendment of the Disposition Agreement between Redevelopment Agency and Goldrich and Kest/Shapell to eliminate the requirement that the developer provide 58 units of housing in the 14-acre housing site; 4) Preparation, for City and Agency action, of an agreement with developer of the 14-acre housing site which will increase the value to be received for the land in phase two of the. development as follows: (a) Developer to pay upon sale of condominiums phase two, 3% of the gross sales price with a minimum of $1,500.00 per unit to Agency on the first $13,500,000.00 of gross sales; (b) Developer to pay to Agency 10% of the gross sales price over $13,500,000.00; (c) In addition, developer to pay one-half of one percent of gross sales price on all units, provided they have' sold and closed escrow on 80% of the units within six months after receipt of the Certificate of Occupancy, as long as said Certificate of Occupancy is not unreasonably withheld by City; (The above assumes the elimination of subsidized units in phase two; if the units are not eliminated, staff to bring back a revised recommendation.) 5) Inclusion of the 58 units for sale as condominiums in the pre- viously authorized issuance of the SB-99 home mortgage bond. AYES: NOES: ABSENT: Bricken, Griset, Luxembourger, Markel, Serrato, Ward, Yamamoto None None MOTION was made by Bricken, seconded by Ward, to authorize staff to proceed with preparation of a policy statement for Council action in sixty days to limit to the maximum extent possible the City's obligation to commit to the rental housing program. AYES: NOES: ABSENT: Bricken, Luxembourger, Serrato, Ward, Yamamoto Griset, Markel None CITY COUNCIL MINUTES MARCH 3, 1980