2018.05.23 EDC Special - Laserfiche WebLink

Home Browse Search

Community Assets & Development Department MEMORANDUM DATE: May 18, 2018 TO: Economic Development Commission FROM: Janice Gundlach, Asst. Director of Community Assets & Development/Planning Director SUBJECT: Korean Church Redevelopment Concept Proposals The purpose of the special meeting is to engage in a second step in regards to evaluating the Korean Church redevelopment concept proposals and forwarding a recommendation to the City Council on how to proceed in establishing a redevelopment partner. Fortunately, the City received nine viable concept proposals, but unfortunately, the choice has proven difficult with regard to narrowing focus and attempting to move forward. In an effort to narrow focus, the Commission was asked to rank their preferences for housing product type and other project criteria at the May 2nd meeting. This exercise was aimed to focus on the end redevelopment outcomes Commission members desired. The effort is summarized in the table attached. With regard to Housing Product Type, the ranking exercise revealed the following top-three housing product types: • An affordable housing product for families, • An affordable housing product for 55+/senior, and • An owner-occupied product, preferably townhomes over single family. The second aspect to the ranking exercise was to evaluate the various other project criteria that help further distinguish one concept proposal from the next. This ranking exercise revealed at least two priorities: • Accomplishing the Council’s goals identified at the January teambuilding retreat, and • Providing the lowest amount of TIF assistance. The next four highest ranking goals are close in score. High market values, tax capacity, overall tax increment generation, recouping the City’s initial investment, and purchase price are all weighted fairly equally, along with selecting a redeveloper who can master develop the entire site. Ranking these goals helped narrow focus further because: • The Council’s teambuilding goals align very well with an affordable family and senior preferred product type, coupled with a lower density owner-occupied product, such as townhomes, meeting the goals of affordability, 55+/senior, mixed-income, and varying densities. • To keep TIF assistance to a minimum, we can automatically rule out a market-rate rental project based on the amount of subsidy those projects demand.