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3 Public Hearing 3rd and Broadway 1Slide October 20, 2020PBA/CDAand Broadway rd
3 in 1980)(built : Public Parking Structure with 440 parking spaces Current Use: 1.43 acresSite SizeStreet rd: 201 W. 3Site Address 2Slide October 20, 2020PBA/CDAand Broadway rd
3 heart of downtownStreets in the th and 4 rd 3project that would connect use -develop a mixedDemolish the structure and 2.$8.6 millionEstimated cost: -standard bring it to baseline
Repair parking structure to 1.Council Committee were presented with two options:In 2013, the Development and Transportation City Background 3Slide October 20, 2020PBA/CDAand Broadway
rd
3 applicationsPlan Review of the Addendum, Density Bonus and Site and recommended City Council approval Addendum, Variance and Tentative Map Commission voted 6:0:1 to approve the October
28, 2020 the Planning •IndustriesNegotiation Agreement with Caribou Entered into an Exclusive -2016 •QualificationsReleased Request for -2014 •Background 4Slide October 20, 2020PBA/CDAand
Broadway rd
3 EIR2010tocomparedwhendevelopmentproposedwithoccurwouldimpactsgreatersubstantiallyornewnoconcludesAddendum•AreaPriorityTransitawithinimpactsignificantaconsideredimpactsparkingandaesthetic:743SB•anal
ysiscapacitysewerandplan,managementqualitywaterpreliminaryhydrology,I,Phasenoise,parking,traffic,emissions,GHGandqualityshadow,andShade:PreparedStudiesProject•spaceopenofacres5.15anddevelopment,retai
lofSF000,387units,residential075,4:analyzedEIRCodeZoningTransit2010•Addendum 5Slide October 20, 2020PBA/CDAand Broadway rd
3).%85(levelrd3on%93•2ConcessionMassing•required)forecourtor(courtyarddecksroofasDesigned•1ConcessionSpaceOpen•).stories-10(stories16•WaiverStories•).0.3(2.4•WaiverRatioAreaFloor•totalspaces•-spaces2
•-space1•studiospace1•Parking Standard (State Law)•unitsto•)%35(BonusDensity•-3bed,-6studios,10•of%50-30years,55•unitsincome-very19•Density Bonus State Law 6Slide October 20, 2020PBA/CDAand
Broadway rd
3 parking spaces Public 211 –83 Hotel spaces–196 Residential spaces–Parking•75 rooms–Story-10–Hotel•13,419 sq. ft.–Retail•bedrooms (14%)-25 two•bedrooms (30%)-51 one•95 studios (56%)•low
income)-apartments (19 veryunit 171 –Story -16–Residential•Use-Development: MixedProposed 7Slide October 20, 2020PBA/CDAand Broadway rd
3 Sycamore Street Special Event Promenade and Broadway rd Plaza at 3 Pedestrian Level 8Slide October 20, 2020PBA/CDAand Broadway rd
3 VALET 46 parking spaces444 parking spacesotelHoom R75 Commercial SF of 13,419 171 Residential Units Site Plan Review 9Slide October 20, 2020PBA/CDAand Broadway rd
3 feet128 –STORIES-10feet194 –STORIES-16 Building Heights Slide October 20, 2020PBA/CDAand Broadway rd
3 P1Vehicle Entry/Exit and Lobby public parking spaces on site440 Currently •211 public parking spaces (Levels P1 to 4)•Public Parking Slide October 20, 2020PBA/CDAand Broadway rd
3 futureparticipation options if the project is sold in the structure operational agreements, and all city , parking propertyof the conveyance Method •achievedeveloper for the ilestones
M•transactionof the Outlines the terms •Formalizes Negotiated Deal Points•owned property-disposition of Cityontract between a developer and City involving C•What is a DDA?Slide October
20, 2020PBA/CDAand Broadway rd
3 A Community Workforce Agreement–Reciprocal access–will be soldspaces which the 211 parking A process –Parking related responsibilities–Share of City profits should project sell to
new developer–year 2underperforming after Hotel conversion option of hotel –Performance Schedule–Developer Responsibilities–City’s Responsibilities–DDA establishes•What’s in this DDA?Slide
October 20, 2020PBA/CDAand Broadway rd
3 Total$13M parkingpublic 7M$–improvements public $6M –expenseEstimated •$3M–DonationLand •away-providing a public rightStreet Private as a Reconstruct Sycamore –Construction of 211
public parking spaces–Site Prep for construction of project–Demolition of existing parking structure–City:Public Improvements Funded by •City Responsibilities Slide October 20, 2020PBA/CDAand
Broadway rd
3 including City debt service Fund all operating expenses •Manage and operate public parking •option to convert to residential)Design and operate hotel (with •Public ImprovementsBuild
all improvements including •at over $100 million)estimated (Provide funding for development •Process all entitlements•Developer Responsibilities Slide October 20, 2020PBA/CDAand Broadway
rd
3 constructionfrom start of On or before 24 monthsCompletion of ConstructionWithin 90 days of closing of escrowPermits and Building PermitsGrading Issuance of Demolition,financing.of
Within 90 days of Developer proof(City)Financing for Public Improvements financingof Within 60 days of Developer proofof EscrowOpeningconstruction drawings.Within 90 days of approval
of Commitmentand Hotel Operator Proof of FinancingApproval.Within 8 months of City Council Planand Grading Construction DrawingsOF PERFORMANCETIMEFUNCTION Performance Schedule Slide
October 20, 2020PBA/CDAand Broadway rd
3$1255 years less than •$1254 years less than •$1253 years less than •$125than 2 years less •follows:amount the below falls room the revenue per available converted to residential if
Can request to be •conversioncertain economic criteria will be set to allow for During the first 5 years, but not sooner than 2 years, •Hotel to ResidentialCriteria for Conversion of
Slide October 20, 2020PBA/CDAand Broadway rd
3 developer’s costsabove 15% of City shares in profits •formulaparticipation share of profits based on City receives a Sold, Should the Project be •Revenue Sharing and City Participation
Slide October 20, 2020PBA/CDAand Broadway rd
3 revenuesyears, City receives 40% of net parking If hotel converts to residential or after 30 •costsoperating Developer services City’s debt and all •perpetuityto manage Public Parking
in Developer •Applicable to 211 Public Parking Spaces•Parking Operations Slide October 20, 2020PBA/CDAand Broadway rd
3 Parking to remain Public in perpetuity•City15 years = $8 million net to –10 years = $5 million net to City–5 years = $3.5 million net to City–Example: that, higher of $15 million or
appraised value.parking for $15 million for first 15 years. After 211 public Developer has option to purchase •Purchase Option for Public Parking Slide October 20, 2020PBA/CDAand Broadway
rd
3*Peak Time Data Collected on 12/5/19 at 12pm 44%76%41%22%68%24%for publicspaces available % of total 8824216688477109daily users# of spaces for 111313234312223331Peak Time*# of Users
at 199555400400700440total spaces# of TotalLotBush & rd 3Main& th 5Birch& rd 3Spurgeon& th 5Broadway& rd 3 Downtown Parking Inventory Slide October 20, 2020PBA/CDAand Broadway rd
3 Downtown Parking Walking Distances Slide October 20, 2020PBA/CDAand Broadway rd
3$45,000Utility Tax/Misc.$82,000Sales Tax$270,000Hotel Visitor’s Tax$340,000PropertyAmountTaxes Cityfor construction jobs 510 create Estimated to •$737,000Estimated annual revenue: •Project
Benefits Slide October 20, 2020PBA/CDAand Broadway rd
3 for the Communityisitor’s Tax Increase General Fund Revenues Votel HProperty, Sales, and ;term Jobs-Long•211 Public Parking Spaces in Perpetuity•utdoor areas and meeting roomO–Hotel
rooftop lounge–Sycamore St. and special event promenade–Publicly Accessible Space:•Low Income Units On site-19 Very•Community Benefits Slide October 20, 2020PBA/CDAand Broadway rd
3 daysENA for 60 nd approve above: Extension of 2Alternative Action if Council does not •Agreementand Development Disposition •Site Plan Review Applications•Waiversand Concessions Density
Bonus Agreement with •Addendum •Will ConsiderCity Council Slide October 20, 2020PBA/CDAand Broadway rd
3 Tobin White, Studio 111–Architect•PlaceworksHalligan, Bill –CEQA•Selena Kelaher–FregosoVince –Minh Thai–AgencyPlanning & Building •Taig Higgins–Nabil Saba–Public Works Agency•Judson
Brown–Elisa Stipkovich–Marc Morley–Steven Mendoza–AgencyDevelopment Community •Staff Team Slide October 20, 2020PBA/CDAand Broadway rd