SR 05:080 - Laserfiche WebLink

Recently staff met with the owner who indicated a preference to sell the property to a developer committed to an affordable project. However, he also indicated a willingness to work with the City if it is willing to lead a development effort or provide the financial support needed to assure project affordability. He requested the City provide a clear indication of its interest in the property and/or development process prior to taking action with another developer. Staff informed the owner that it would seek Council direction on this matter. DISCUSSION As noted in the preceding section, several concepts for developing the Vineyard Avenue property have been explored during the past year. At this time, staff is seeking the Council's direction prior to proceeding further. Staffhas identified three possible scenarios or options that outline potential City involvement with the site: A. No Direct Action (i.e., to purchase the land or identify a developer). In this scenario, the City would advise Mr. Auf der Maur to sell the property and/or directly secure a developer with a commitment to affordable housing. The City would request the opportunity to work closely with thc developer during the initial predevelopment stages in an attempt to maximize the number of affordable units and determine the unit types/mix (i.e., senior rental or ownership, family ownership, etc) consistent with the developer's overall development plan. Option A potentially has the following benefits to the City: · Would be consistent with its past practice of not being directly involved purchasing and developing private property. · Does not require the City to select and secure the services of a developer. · Because the City will encourage an affordable housing use on the site, a City financial contribution will probably be necessary. However, this option would not obligate City funds to be used for the project until there is full project approval. · Does not require the City to lead a development review/approval effort. · Still leaves the potential for coordination with the relocation needs related to the Kottinger Place redevelopment project depending on the type of development planned for the site. · Allows for a "typical" planning/project review process. The primary drawback to Option A is that the City's ability to direct and control the development would be limited. As a result, there may not be an effort to secure a developer for an affordable senior development. However, the owner has indicated his intent to pursue a developer committed to providing an affordable project. SR:05:080 Page 3