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Community Assets & <br /> Development Department <br /> <br /> MEMORANDUM <br /> <br /> <br />DATE: February 1, 2018 <br /> <br />TO: Economic Development Commission <br /> <br />FROM: Janice Gundlach, Asst. Director of Community Assets & Development/Planning Director <br /> <br />SUBJECT: Korean Church Redevelopment Update <br /> <br />During the City Council’s 2018 Teambuilding Retreat, redevelopment of the Korean Church property <br />garnered a lot of discussion. Council and staff broke into small groups to brainstorm on what could <br />happen on this property. The consensus was the property should be redeveloped with mixed income <br />multi-family, multi-generational (senior) housing. Other topics included engagement with the <br />neighborhood, traffic, and a desire to create a neighborhood identity. After a lot of thought on next steps, <br />staff recommended to Council that informal developer meetings are held with the development <br />community to see what kind of market interest materializes. The development community prefers these <br />informal developer meetings to the RFP/RFQ process. <br /> <br />Staff, with input from the City’s broker and public finance consultant, developed a list of 20 developers to <br />reach out to and seek input from. These developers focus in the areas of market rate multi-family, <br />affordable multi-family, senior, and single family and townhome development. Meetings are scheduled <br />for February 12, 14, 19, and 21. The purpose of the meetings is to introduce the site to the development <br />community and learn what the market can absorb for this site in the immediate future. Following these <br />meetings, staff is hopeful at least one developer will express serious interest in redeveloping the property <br />and City staff can begin working on a site plan and redevelopment contract. This process will include <br />review and recommendations from the EDC to the City Council. <br /> <br />This update is necessary as the Commission will be involved in the next steps, whether it be selecting a <br />developer or re-evaluating next steps should the informal developer meetings not produce a <br />redevelopment partner. Staff is looking for feedback from the Commission on the process being <br />undertaken with developer meetings and next steps. <br /> <br />Attachment <br /> Map <br /> <br /> <br />