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Home My WebLink AboutAG RPTS 1995 0920 RDA REGANNOTATED MOORPARK REDEVELOPMENT AGENCY REGULAR MEETING AGENDA WEDNESDAY, SEPTEMBER 20, 1995 7:00 P.M. Moorpark Community Center 799 Moorpark Avenue 1. CALL TO ORDER: 9:30 p.m. 2. ROLL CALL: All Agency members present. 3. PUBLIC COMMENT: None. 4. CONSENT CALENDAR: None. S. ACTION /DISCUSSION: A. Consider Review of Proposals for Gisler Field Housing_ Proiect. Staff Recommendation: 1) Reject all bids, 2) sell the property for housing development, and 3) authorize staff to negotiate with interested developers to bring back three formal purchase proposals to the Agency for consideration. All bids rejected; referred back to Committee. 6. CLOSED SESSION: None. 7. ADJOURNMENT: 10:25 p.m. ITT • A* MOORPARK REDEVELOPMENT AGENCY MO0RPARK CM.O+OPWA AGENDA REPORT 1=600APWWAGENCY TO: Chairman and Members of the FROM: Steven Hayes, Redevelopment VIVI O CD- Moorpark Redevelop W ✓' ACTION. Manag�r,� � �' BY DATE: September 5, 1995 (Mtg. 09/20/95) SUBJECT: Review of Proposals for Gisler Field Housing Project BACKGROUND The Moorpark Redevelopment Agency directed staff to proceed with the drafting of a Request for Proposals for the development of the Gisler Field Housing Project. The Request for Proposals were sent to over 30 developers and agents. The Agency has received six proposals. On August 31, 1995, the Economic Development /Affordable Housing Committee ( Councilmember Patrick Hunter and Councilmember Bernardo Perez - the "ED /AHC ") reviewed the financing and costs to the Agency as proposed by the various developers. DISCUSSION As stated above the Moorpark Redevelopment Agency has received six proposals for the development of the Gisler Field Housing Project. The attached spreadsheet shows that the lowest responsive Proposal was submitted by Cabrillo Economic Development Corporation and Many Mansions, which was for a subsidy of $1,600,000 (see line 29 of the spreadsheet) for financing the project. Taking into consideration the average sales price of the units is $174,200 (see line 14 of the spreadsheet) for the Cabrillo Proposal, there is an average subsidy of $72,727.27 needed for the low and very low housing units (see line 54 of the spreadsheet). This is the amount of subsidy necessary to realize 15 low, 15 very low and 20 market price units. Stated in an other way, the Agency would be paying $1,600,000 to make 22 units affordable (30 units minus the mandated 8 units). As opposed to paying affordable units the proceeds could be us benefit more people. townhomes, mobilehome site. $1,600,000 to purchase and additional 22 Agency could sell the property and the ed to help finance a project which would The Agency could assist condominiums, park, or an apartment complex on another OMA The ED /AHC also recommended that if the property is to be sold that staff prepare conditions of approval as a requirement for development that a developer would have to meet. The conditions would include the requirements that a block wall be constructed on the west property line, only single story along the west property line, only 50 units could be constructed and other conditions that were contained in the Request for Proposals. The Agency has the authority under Redevelopment Law to sell this property in several ways. It can go sole source with a preferred developer, it can negotiate the sale with more than one, or it can go out to bid. Staff is proposing that the Agency send out Requests for Qualifications to obtain a list of interested developers. After review of the qualifications of the developers staff would negotiate the sale of the property and bring three proposals forward to the Agency. RECOMMENDATION Staff and the Economic Development /Affordable Housing Committee recommends that the Moorpark Redevelopment Agency reject all bids, that the property be sold for housing development. Staff further recommends that the Agency authorize staff to negotiate with interested developers to bring back three formal purchase proposals to the Agency for consideration. SGHH023- 08/16195,- September 1.3, 1995 01OU00 3 C: GISLER FIELD EXHIBIT "A" CEDC - CABRILLO ECONOMIC DEVELOPMENT CORPORATION VL - VERY LOW INCOME UNITS 50 UNIT HOUSING PROJECT MM - MANY MANSIONS V - LOW INCOME UNITS N/I - NOT IDENTIFIED COLMER PRISKE SPENCER WEST 1 ITEM LAS BRISAS CEDC /MM DEVELOPMENT JONES DEVELOPMENT VENTURE 2 3 TEAM MEMBERS 4 5 DEVELOPER MICHAEL KEELE CEDC /MM COLMER PRISKE -JONES SPENCER WEST VENTURE 6 CONTRACTOR LES JILSON MAINSTREET N/I PRISKE -JONES N/I WEST VENTURE 7 ARCHITECT ESSICK & ASSOC. MAINSTREET N/I N/I N/I VAN WECHEL 8 ENGINEER RICK ENG. RAMSEYER N/I N/I N/I PHB & ASSOC. 9 ATTORNEY EPHRAIM KRANITZ RIORDAN N/I PRISKE -JONES N/I N/I 10 11 12 BASIC DATA 13 14 AV. SALES PRICE $166,190 $174,200 NOT IDENTIFIED $200,500 $163,400 $173,920 15 AV. UNIT SIZE 1,419 1,450 NOT IDENTIFIED NOT IDENTIFIED NOT IDENTIFIED 1,367 16 DEAL STRUCTURE AGENCY CARRIES AGENCY CARRIES CASH AT CLOSE PHASED CASH AGENCY CAARRIES NOT CLEAR 17 LAND PRICE $1,500,000 $1,500,000 $1,500,000 $1,500,000 $1,500,000 $1,430,000 18 19 20 SCENARIO #1 20M /15L /15VL 21 SUBSIDY REQUIRED 22 23 CASH $1,500,000 $1,600,000 $1,600,000 $3,379,000 $1,925,085 $3,151,536 24 QUIMBY $182,000 NO NEGOTIATE $0 $0 $0 25 TRAFFIC $150,000 NO NEGOTIATE $0 $0 $0 26 ASSESSMENT $195,000 NO NEGOTIATE $0 $0 $0 27 LAAOC $138,600 NO NEGOTIATE $0 $0 $0 28 CITY FEES $0 NO $0 $200,023 $0 29 TOTAL CITY $2,165,600 $1,600,000 $1,600,000 $3,379,000 $2,125,108 $3,151,536 30 31 32 (1) 33 34 COLMER PRISKE SPENCER WEST 35 ITEM LAS BRISAS CEDC /MM DEVELOPMENT JONES DEVELOPMENT VENTURE 36 37 L&M PURCHASE PRICE 38 39 VL 3 BR $89,474 $76,667 NOT SHOWN $79,167 $83,087 $48,310 40 VL 4 BR $89,474 $83,667 NOT SHOWN $79,167 $83,087 $55,628 41 L 3 BR $125,263 $116,667 NOT SHOWN $109,865 $115,374 $82,867 42 L 4 BR $125,263 $123,667 NOT SHOWN $109,865 $115,374 $93,111 43 44 45 SUBSIDY PER UNIT 46 TYPE FOR 30 UNITS 47 L&VL WITH 20 MARKET 48 49 VL 3 BR $76,716 $97,533 $0 $121,333 $80,313 $125,610 50 VL 4 BR $76,716 $90,533 $0 $121,333 $80,313 $118,292 51 L 3 BR $40,927 $57,533 $0 $90,635 $48,026 $91,053 52 L 4 BR $40,927 $50,533 $0 $90,635 $48,026 $80,809 53 54 AV. SUBSIDY PER UNIT $98,436.36 $72,727.27 $72,727.27 $153,590.91 $96,595.82 $143,251.64 55 56 SCENARIO #2 57 SUBSIDY REQUIRED 20VL /20L 20VL /20L 20VL /20L 20VL /20L 20VL /20L 20VL /20L 58 59 ADDITIONAL $550,000 $527,000 $250,000 $954,100 ($8,142) $1,050,406 60 TOTAL $2,715,600 $2,127,000 $1,850,000 $4,333,100 $2,116,966 $4,201,942 61 62 63 64 SCENARIO #3 65 SUBSIDY REQUIRED 5VL /45L 11VL/39L 50VL&L 25VL/25L 20VL /30L 50L 66 c67 ADDITIONAL $800,000 $527,000 $1,500,000 $1,910,200 $472,118 $1,212,714 c68 TOTAL $2,965,600 $2,127,000 $3,100,000 $5,289,200 $2,597,226 $4,364,250 C,69 (2) 70 71 COINER PRISM SPENCER WEST 72 ITEM LAS BRISAS CEDC /MM DEVELOPMENT JONES DEVELOPMENT VENTURE --------------------------------------------------------------------------------------------------------------------------------------------------------------- 73 --------------------------------------------------------------------------------------------------------------------------------------------------------------- 74 SCENARIO #4 75 SUBSIDY REQUIRED 8VL /12L 25VL 16VL /22L 18L 76 77 ADDITIONAL ($483,600) $527,000 $671,986 ($1,580,406) 78 TOTAL $1,682,000 $2,127,000 $4,050,986 $1,571,130 79 80 81 SCENARIO #5 82 SUBSIDY REQUIRED 20L 9VL /11L 83 84 ADDITIONAL $665,600 85 TOTAL $2,831,200 86 87 88 SCENARIO #6 ($765,798) $2,613,202 89 SUBSIDY REQUIRED 3VL /5L 90 91 ADDITIONAL ($1,731,918) 92 TOTAL $1,647,082 93 94 95 SCENARIO #7 96 SUBSIDY REQUIRED 5L /15M 97 98 ADDITIONAL ($1,729,139) 99 TOTAL $1,649,861 100 =----------------------------------------------------------------------------- - - - - -- -------------------- - - - - -- 101 102 REQUIREMENTS WITH AGENCY: 50 UNITS 15 FOR LOW OR MODERATE 7.5 FOR VERY LOW 103 104 REQUIREMENTS WITH OUT AGENCY: 50 UNITS 7.5 FOR LOW OR MODERATE 3 FOR VERY LOW c C (3) G"7