Title
Report regarding a resolution authorizing the City Manager to execute a Third Amendment to the Purchase and Sale Agreement with Eden Housing for the former City-owned parcel at 201 Baden Avenue and another resolution approving Budget Amendment Number 25.055 to remove a budget designation for the project and approving the rescission of a Letter of Intent to fund a canceled affordable housing project at 201 Baden Avenue (Pierce Abrahamson, Management Analyst II)
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RECOMMENDATION
Staff recommends that the City Council adopt two resolutions. The first would authorize the City Manager to execute a Third Amendment to the Purchase and Sale Agreement with Eden Housing for the former City-owned parcel at 201 Baden Avenue and reimburse Eden Housing for predevelopment costs associated with the canceled senior affordable housing project at the site. The second resolution would approve Budget Amendment Number 25.055 to remove a budget designation in Fund 823 for the project and approve the rescission of a Letter of Intent to fund the canceled affordable housing project using the Local Housing Trust Fund (LHTF) grant award from the California Department of Housing and Community Development (HCD).
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BACKGROUND
The former City-owned property at 201 Baden Avenue ("the Property") is improved with a retired firehouse. In 2017, the City determined that the underutilized Property presented an opportunity for redevelopment and issued a Request for Qualifications ("RFQ") to potential developers. Based on the RFQ responses, the City selected a development team comprised of a commercial owner/user to restore and convert the firehouse to office and a residential developer. Ultimately, Eden Housing, Inc ("Eden"), a nonprofit affordable housing developer, was selected as the housing development partner.
In November 2021, the City and Eden executed a Purchase and Sale Agreement (the "PSA") pursuant to which Eden would purchase an approximately 0.3-acre portion of the Pro...
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