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F.AVC14 0 V c <br />JULY 19, 2010 <br />TITLE: <br />REPLACEMENT HOUSING PLAN FOR <br />609, 613, AND 615 E. SIXTH STREET <br />AGENCY SECRETARY USE ONLY: <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 1st Reading <br />❑ Ordinance on 2nd Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For_ <br />CONTINUED TO <br />FILE ' <br />IV EXECtPrIVE DIRECTOR <br />Adopt a resolution approving the Replacement Housing Plan for residential properties located at <br />609, 613, and 615 E. Sixth Street. <br />DISCUSSION <br />The Community Redevelopment Agency (Agency) currently owns 49 parcels within the Station <br />District area. These parcels have been acquired on a voluntary basis over a period of years, with <br />the intent of ultimately developing new residential units of varying types and ranges of affordability, <br />in a manner that enhances the Lacy Neighborhood and supports the transit vision for the area. On <br />June 7, 2010, the Agency approved a Disposition and Development Agreement with the team of <br />the Related Companies of California, LLC and Griffin Realty Corporation, a California Corporation <br />(the Developer). The proposed concept for the Agency -owned parcels in the Station District calls <br />for the construction of approximately 112 rental units and 32 for sale units. The first component of <br />the Developer Project would be 74 podium apartment units to be rented to extremely -low and very - <br />low income households. The 74 unit project (R-1) was submitted for State tax credit financing in <br />early July 2010. If successful in securing the credits, construction will commence in March 2011 <br />and take approximately 24 months to complete. <br />The Agency is also in the process of acquiring the three subject properties because they are within <br />the immediate vicinity and needed to complete the assemblage of properties in order to <br />accomplish the 74 units planned for the site. Once acquired, the units will be demolished to <br />facilitate the anticipated development. California Redevelopment Law requires that the <br />Community Redevelopment Agency (Agency) shall adopt a Replacement Housing Plan (Exhibit 1) <br />by resolution. The law requires that the plan include the following: <br />4-1 <br />