REQUEST FOR HOUSING AUTHORITY ACTION
SUBMITTED TO: Honorable Chair and Board Members
SUBMITTED BY: Sean Joyce, Interim Executive Director
VIA: Ursula Luna-Reynosa, Director of Community Development
PREPARED BY: Ursula Luna-Reynosa, Director of Community Development
Subject:
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Authorize and direct the Executive Director to execute an Exclusive Negotiating Agreement with Jamboree Housing Corporation to establish an exclusive negotiating period to determine the feasibility of Developer's acquisition of 17642 Beach Boulevard for a mixed-use project consisting of a homeless shelter, affordable housing and various ancillary uses
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Statement of Issue:
The Housing Authority Board is requested to authorize and direct the Executive Director to execute an Exclusive Negotiating Agreement (the "Agreement") with Jamboree Housing Corporation (the "Developer") for the property located at 17642 Beach Boulevard (the "Property"). The purpose of this Agreement is to establish a period during which the Developer may perform studies and investigations and other due diligence activities within the Property and other feasibility and financial analysis to determine the feasibility of Developer's acquisition of the Property and the City and Developer shall exclusively negotiate with each other in an attempt to agree on the terms of an affordable housing agreement, including a ground lease, fee-simple acquisition, or other disposition (an "Affordable Housing Agreement").
Financial Impact:
There is no financial impact associated with this request. If staff and the Developer agree to terms of an Affordable Housing Agreement, staff will return to the Housing Authority for consideration of such agreement and any fiscal impacts will be identified at that time.
Recommended Action:
recommendation
Authorize and direct the City Manager to execute the "Exclusive Negotiating Agreement" with Jamboree Housing Corporation, in a form approved by the City Attorney.
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