HomeMy WebLinkAbout0559.000Neveoober I, 199G
THE HONORABLE CITY COUNCIL
PAUl ALTO, CA
Members of the Counoil:
Bl>oort in Brief
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This report sakes the foHewlng rec"""",,,dations: that the Council approve the us.
of the housing lo-lle. funds In the amount of SI,092,881.41 plus interest; and
2) • contribution of $) million dollars to the PaTo Alto Housing Corporation for
the purchase of 630 los Robles Avenu •.
PALO At TO !!O!!SING C01!PORATJ 011 (PNiC I PROP03AL
The f,10 Alto Housing Corporation (PAHC) has approached staff .. Hn • proposal to
enl ist tity support for the purda.e of 630 Los Roble. Avenue. PAHC ha. entered
Int •• purch ••• centract with the owners of 33-unit townhouses at 630 tos Robles
Avenu.e.
PAHC has prepared a detailed analysis of their propos.l for financing the
prQject~ Their inalys1s accompanies this report. In general. PAHC proposes to
p""chase 630 Los Roble. for S3.9 .illlon, Including clOSing costs and fees. They
will obhill I S2.1 .111ion loan from a eonsorthm of saving and 10al'l institutions
speclolizing i. this type of financing. Th. balance of U.S million will be made
up frotll resldenthl houslng-in-lieu funds of approximatel, SJ.l ~ill!on and $I
.!l1l00 ffOll the City. Of the $I million, SlOO,OOO would be for renovation work,
suc~ as roof repair, termite work. etc., to ~ placed in an account from w~1ch
PAHC would req~est reimbursements is ~xpend;t~re$ ar~ .ade.
Sal. of the well sites is expected to be completed in the first Quarter of 1991.
Staff ho, recoomended to the Finane •• nd Poblic Work. Coomltt •• that bot~ tne
Bryant and Middlefi.ld sites b. sold for a total ~iol.wo bid of 51.45 million.
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In ord~r to meet t~e contracted close of escrow date of December 14, 1990, the
City contribution would need to be ta •• n from the City's C.p;tal Reserv! to be
paid from revenues rece1~~ from the sale of the well sites.
The contribution of lOOnies to the Palo Alto Housing Corporation is not considered
• praject under CEQA requfreaents. Therefore. n~ environmental findings are
required for this City Council action.
St.ff recomoends t~at Council:
1) Appro,'. the use of bouslng-in-Heu funds toward the purchase of 630 los
Rob 1 es Avenue i
2) Approve the contribution of $I mill ion from the Reserv. for CapH;1
Projects fer the purchase of 630 Los Robles Avenue andi
3) Approve us. of proceeds received from the s.le of Middlefield Well site,
If approved by Council on November 26, and tt,e Bryant Well site to
reimburse the Reserve for Capital Projects.
Respectfully submitted,
It; I!jl '{. dl'4',j[; /<.d!1£0,-,,-
VIlllAM V. FELlMAN
Real Property Manager
E~f.( 1-(~v,-u»h. ,y
EMILY/HARRISON
01re,tgr of fina~te
WILlIAM ZAIIEft
t ity "anager
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