05A - JT CC-CRA Station District

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T PH CC -CRA Station District Phase I ,dune 7, 2010 Page After an extensive public outreach process (detailed further below) which garnered a great deal of input on community needs and issues, a determination was rade to set aside six of the 49 parcels for the possibility of open space uses. The proposed concept for the 43 remaining Agent -owned parcels in the Station District (see Exhibit 1) calls for the construction of approximately 112 rental units and 32 for sale units. Of the 112 rental units, all but two (manager units) will be available to persons at or below 0% of the adjusted median income (AMI); and of those, 20% of the units will be offered to residents at 30% AMI. It should be noted that this amount of affordability exceeds that required by State lave, as well as the requirements imposed for state tax credit financing. For comparison purposes, the initial rent for a two bedroom unit at 0 IMI is $918 per month and $576 for 30 AMI; market et rate for the Lacy Neighborhood is approximately $1,272 per month. The term of affordability will be for 55 years. Additionally, six of the for sale units will be offered at 20% AMI. The estimated market price for a 3 bedroom home in the Lacy Neighborhood today i approximately $290,000. The 26 market rate homes will be sold between $250,000 and $300,000. The affordable homebuyers. (120° AMI) will be provided a $30,000 silent second loan, thus reducing the sales price to the range of $220,000 and $270,000. The first component of the Developer Project would be 74 podium apartment units to be rented to extremely -low and very -low income households. If is anticipated that the 74 unit project R- will be submitted for State tax credit financing in Jul} 2010. If successful in securing the credits, construction will commence in March 2011 and take approximately 24 months to complete. The for sale project is slated to commence construction in early 2011 and be completed within 12 months. Acquisition of Additional Properties As part of this action, the Agency is considering purchase agreements to acquire three properties on the R-1 parcel in order to accomplish the 74 units planned for the site. The owners of the three panels have agreed to the terns of purchase in the amount of $230,000 (bog E. 6th Street), $4001000 (613 E. 6th Street) and $115,000 for (617 E. 6th Street). Once the Agency/City Council approve the various actions for the project, staff will prepare a relocation plan to address the needs of the tenants residing in the Additional Properties acquisitions as specified in the Agreement, including these properties, as well as applicable panels under consideration for a proposed part site and present the plan to the Agency at a subsequent meeting. Tenants will be encouraged to remain in the homes until such time as the Agency closes escrow and relocation benefits can be provided. All tenants displaced by this and previous acquisitions in the Station District will be notified upon completion of the new units. Further, at thecommunity's request, the developer is required to give first preference to interested and qualified tenants wishing to return to the new r development. The Developer Project, including the acquisition of additional panels, is addressed and analyzed in the Transit Zoning Code EIR (leo. 2006-0. Certification of the EI, adoption of the CEA 5A-5