FROM:
Housing
SUBJECT:
Title
Extension to Exclusive Negotiation Agreement for Courtplace Apartments
End
RECOMMENDATION:
Recommendation
Approve an extension to the Exclusive Negotiation Agreement (ENA) between the Fontana Housing Authority and the Related Companies of California, LLC, to facilitate the development of an affordable multifamily housing community at the Southridge Detention Basin and authorize the City Manager to execute the Agreement.
End
COUNCIL GOALS:
• To promote affordable housing by construction of high-quality multi-family housing which also serves to address the affordability needs of this community.
DISCUSSION:
The Southridge Detention Basin encompasses approximately 4.78 acres of vacant land currently owned by the City of Fontana. The rectangular shaped property is generally located on the west side of Sierra Avenue between Santa Ana Avenue to the north and Jurupa Avenue to the south.
In order to facilitate development of the Southridge Detention Basin, in February 2020, the City entered into an Exclusive Negotiating Agreement (ENA) with the Related Companies of California, LLC. Under the terms of the ENA, the City agreed to not negotiate or discuss the sale or disposition of this property with any other development entities. Subsequent to the original ENA, there have been three additional amendments extending the ENA. Those amendments are dated August 2020, February 2020, and August, 2021.
As part of the ENA, the developer agreed to conduct various studies and to complete any and all required due diligence on the Southridge Detention Basin. Through the ENA process the developer has produced a Site Plan, Elevations and a Pro-Forma for the proposed multi-family development also known as the Courtplace Apartments. The developer has also submitted a Design Review Application to the Planning Department.
The Developer has requested an additional extension to the ENA for a period through July 15th, 2022. The additional time will allow the developer to complete any and all required entitlements, finalize and execute a Disposition and Development Agreement (DDA), prepare and submit construction plans for the off-site improvements, and to prepare and submit an application for tax credit financing for construction of the Courtplace Apartments.
Approval of the 4th amendment to the ENA with the Related Companies of California LLC will facilitate development of the Courtplace Apartments at the Southridge Detention Basin, a high-quality affordable housing community in South Fontana.
FISCAL IMPACT:
None
MOTION:
Approve staff recommendation.