HomeMy WebLinkAboutAG RPTS 1995 1004 RDA REGANNOTATED
MOORPARK REDEVELOPMENT AGENCY
REGULAR MEETING AGENDA
WEDNESDAY, OCTOBER 4, 1995
7:00 P.M.
Moorpark Community Center 799 Moorpark Avenue
1. CALL TO ORDER:
7:30 p.m.
2. ROLL CALL:
All Agency Members present.
3. PUBLIC COMMENT:
4. CONSENT CALENDAR:
A. Consider Approval of Minutes of the Regular Meeting of the
'Z� Moorpark Redevelopment Agency of September 6 1995. Staff
MIAlU't-45� Recommendation: Approve the minutes as processed.
T3ooK-
Approved
S. ACTION /DISCUSSION:
A. Consider Request b A enc Member Perez to Reconsider the
"� "` September 20, 1995 Redevelopment Agency Action Relative to
Review of Proposals for Gisler Field Housing Project.
Approved Reconsideration.
IF ITEM 5.A. PASSES, THE AGENCY CAN CONSIDER ITEM S.B. AS FOLLOWS.
B. Reconsideration of Review of Proposals for Gisler Field
Housing Project. September 20, 1995 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.
Approved staff recommendation with amendment to #2 to offer
property for sale with conditions on development.
6. CLOSED SESSION:
None.
7. ADJOURNMENT:
8:30 p.m.
ITEM
MOORPARK REDEVELOPMENT AGENCY M00APN K CAUFOOM
AGENDA REPORT IMEWNWWWAOEMY
p mono
TO: Chairman and Members of the Moorpark Redevelop r °�
�I1CT10N
FROM: Steven Hayes, Redevelopment Managgr�
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
;QWW'U
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- Ofl/16/95- September
13, 7995
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
C�
(1)
33
34
COLNER
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
X67 ADDITIONAL
$800,000
$527,000
$1,500,000
$1,910,200
$472,118
$1,212,714
X68 TOTAL
$2,965,600
$2,127,000
$3,100,000
$5,289,200
$2,597,226
$4,364,250
C:69
ul (2)
70
71
72 ITEM
73
74 SCENARIO #4
75 SUBSIDY REQUIRED
16
77 ADDITIONAL
78 TOTAL
79
80
81 SCENARIO #5
82 SUBSIDY REQUIRED
83
84 ADDITIONAL
85 TOTAL
86
87
88 SCENARIO #6
COLMER
PRISKE SPENCER
WEST
LAS BRISAS CEDC /MM DEVELOPMENT
JONES DEVELOPMENT
VENTURE
8VL /12L 25VL
16VL/22L
18L
($483,600) $527,000
$671,986
($1,580,406)
$1,682,000 $2,127,000
$4,050,986
$1,571,130
20L
$665,600
$2,831,200
9VL /11L
($165,798)
$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
97
98 ADDITIONAL
99 TOTAL
100
101
102 REQUIREMENTS WITH AGENCY:
103
104 REQUIREMENTS WITH OUT AGENCY
C
C
G%
50 UNITS 15 FOR LOW OR MODERATE
50 UNITS 7.5 FOR LOW OR MODERATE
(3)
5L /15M
($1,729,139)
$1,649,861
7.5 FOR VERY LAW
3 FOR VERY LAW