SR-414-002 (2)
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Redevelopment Agency MeetIng 12/11/84
Santa MonIca, Callforn~a
TO:
Cha~rperson and Redevelopment Agency
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FROM:
Redevelopment Agency Staff
SUBJECT: RecommendatIon to AuthorIze the
NegotIate and Execute Agreements
Affordable Replacement Hous~ng
Redevelopment Project
ExecutIve DIrector to
to Purchase SItes for
for the Ocean Park
INTRODUCTION
ThIS report transmIts Information and recommendatIons concernIng
the acqul SI ti on of Sl tes for the devel opmen t of f lfty-f i ve af-
fordable housIng unl ts as part of the completIon of the Ocean
Park Redevelopment ProJect under the approved Alternate Plan. The
report recommends that the Redevelopment Agency authorize the
ExecutIve DIrector to negotIate and execute an agreement to pur-
chase the second set of several SItes for thIs development.
BACKGROUND
In January, 1984, the Redevelopment Agency approved an lmplemen-
tatlon strategy and timelIne for completion of fifty-five housIng
unIts for low and moderate Income households as part of the Ocean
Park Redevelopment Project. On November 23, 1984 the Redevelop-
ment Agency authorIzed the ExecutIve Director to negotIate and
execute agreements to purchase three lots on Fourth Street for
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the development of approximately seventeen of these unIts. These
negotIatIons are well underway and staff antIcIpates that the
Purchase Agreements wi II be executed WI thIn the next several
weeks. In order to construct all fIfty-fIve units the Agency must
locate and acquire between three to six addItIonal lots, depend-
ing on lot SIze, locatIon and zoning.
The Redevelopment Agency bUdget for FY1984-85 Includes $2,269,998
In account number 18-720-263-535-905 for the acquIsitIon of all
of the necessary si tes. On October 23, 1984 the Redevelopment
Agency and CIty CouncIl found the expendIture of funds for this
purpose to be of benefIt to the Ocean Park Redevelopment ProJect.
DISCUSSIon
As dIscussed In the report to the Agency on October 23, 1984, the
Agency has contracted wIth Community CorporatIon of Santa MonIca
to act as an acqUIsItIon agent to IdentIfy and obtain control of
suitable SItes on behalf of the Redevelopment Agency. Community
CorporatIon has been inVOlved In locating sUItable SItes, and
wi th staff reVIew and approval, negotIatIng purchase or optIon
agreements for the Redevelopment Agency.
All purchase or optIon agreements shall be submItted to the Agen-
cy for revIew and approval before becomIng effectIve. The presen-
tatIon to the Agency of suffICIent s1tes to develop all fIfty-
fIve unlts IS targeted to be completed in January, 1985. A draft
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Request for Proposals for development of these unIts WIll also be
submItted to the Redevelopment Agency at that tIme.
AcqUISItIon of SItes at 6th and Ashland and 3005 HIshland
CommunIty CorporatIon has located two lots at 6th and Ashland and
3005 HIghland in the Ocean Park neIghborhood that are SUI table
for thIS type of development and avaIlable for purchase at rea-
sonable terms. The Ashland lot has 8,646 square feet, IS zoned R-
3 and can accornodate approximately eight units. The Highland lot
has II, 390. 4 square feet, is zoned R-2 and can accommodate ap-
proxImately ten unIts. Both lots are vacant and do not require
rent control approvals prIor to development. The two propertIes
are not contIguous, but are close enough to each other to be
covered under one constructIon contract wIthout increaSIng costs,
and to facIlItate joint management as rental or cooperative prop-
ertles. The Sl tes are close to buses, schools and services for
famIlIes and elderly reSIdents. A map of the SItes is attached as
ExhibIt "A".
The surroundIng property uses are a combinatIon of SIngle-famIly
houses and multI-unIt apartment bUIldIngs and condominIums. The
neIghborhood surroundIng these SItes has been notIfIed by mall of
the Agency's tentatIve interest In purchasing and developIng
these lots. A copy of the letter sent to the reSIdents IS at-
tached (ExhIbIt "B").
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The sItes are beIng sold by two separate owners. CommunIty Cor-
poration has entered Into a Purchase Agreement wIth each of the
respectIve owners that establ~shes a fIrm prIce and terms, and is
assIgnable to the Redevelopment Agency. These Purchase Agreements
are attached as ExhIbit "C" to th~s report, WIth a letter from
Communi ty CorporatIon offerIng the Agreements for aSSIgnment to
the Agency.
As sta ted In the Agreemeo ts, the Redevelopment Agency, as the
aSSIgnee of CommunIty CorporatIon of Santa Monica, may purchase
the 6th and Ashland property for $255,000, or $29.49 per square
foot. The prIce for the 300'5 HIghland property IS $250,000.00 or
$21. 94 per square foot. All other terms and condl tlons of the
purchase WIll also be aSSIgned to the Agency.
FINANCIAL/BUDGETARY IMPACT
Funds for site acqUIsItIon In preparation for the development of
fifty-fIve unIts of affordable hOUSIng as part of the Ocean Park
redevelopment proJect have been approprIated In the FY1984-85
bUdget as Account 18-720-263-535-90'5 ($2,269,998.00). No addI-
tIonal budgetary actIon is reqUIred.
RECOMMENDATIONS
It IS recornmended that the Redevelopment Agency authorIze the
ExecutIve DIrector to negotiate and execute an assignment of the
Purchase Agreements to purchase the propertIes at 6th and Ashland
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and 3905 HIghland as descrIbed In thIS report.
Prepared By:
ExhIbItS:
Ann Sewll1, HousIng Program Manager
Department of Community and EconomIC Development
NotIce to NeIghbors
Map of SItes
Purchase Agreements
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