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Report regarding a resolution approving the First Amendment to the Purchase and Sale Agreement and Joint Escrow Instructions with Eden Housing, Inc. for the sale of a portion of the City-owned property at 201 Baden for a senior affordable housing development. (Nell Selander, Economic & Community Development Director)
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RECOMMENDATION
Recommendation
Staff recommends adopting a resolution approving the First Amendment to the Purchase and Sale Agreement and Joint Escrow Instructions with Eden Housing, Inc. for the sale of a portion of the City-owned property at 201 Baden for a senior affordable housing development.
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BACKGROUND
The City-owned property at 201 Baden Avenue ("the Property") is improved with a retired firehouse. The Property is comprised of three land parcels (APNs 012-335-100, 012-335-110 and a third parcel, which has not been assigned an APN) totaling approximately 22,460 square feet (0.51 acres).
In 2017, the City determined that the unused Property presented an opportunity for redevelopment development 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. Since the development team's selection, the residential developer has been replaced by Eden Housing, Inc ("Eden"), a nonprofit affordable housing developer.
In November 2021, the City and Eden executed a Purchase and Sale Agreement (the "PSA") pursuant to which Eden would purchase approximately 0.3-acre portion of the Property (the "Eden Parcel"), the portion not occupied by the retired firehouse, for a senior affordable housing project. The PSA specifies a purchase price of $1.00 and a close of escrow date of no later than December 31, 2022, to comply with the Surplus Land Act.
KFC Parcel
While roughly 50 units could be accommodated on the Eden Parcel, more than 80 units could be...
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