https://metro.legistar.com/Gateway.aspx?M=LD&From=RSS&ID=3210582&GUID=3AB946CC-2FF1-442E-A0B4-CEB9EC19F7D8Legistar15https://metro.legistar.com/Gateway.aspx?M=LD&From=RSS&ID=3210582&GUID=3AB946CC-2FF1-442E-A0B4-CEB9EC19F7D83AB946CC-2FF1-442E-A0B4-CEB9EC19F7D8-2025-06-09-06-23-22Title: CONSIDER: A. AUTHORIZING the Chief Executive Officer to execute and enter into a joint development agreement (“JDA”), ground lease (“Ground Lease”) and other related documents with La Veranda, L.P. (the “Developer”), an affiliate of Abode Communities, for the construction and operation of a mixed-use, affordable housing project (the “Project”) on 85,378 square feet of Metro-owned property located near the corner of Cesar E. Chavez Avenue and Soto Street in Boyle Heights (the “Site”) in accordance with the Summary of Key Terms and Conditions attached hereto as Attachment A; B. AUTHORIZING an exception to the Joint Development Policy, to allow for a 42% discount to the fair market rent for the Site under the Ground Lease (above the current policy limit of 30%) to allow the Project to be financially feasible while meeting the community’s desire for deeper affordability of the housing units; and C. FINDING that the Project is exempt from the California Environmental Quality Act ("CEQA") pursuant to Section 21080(b)(9) of the California Public Resources Code and Section 15332 (IMon, 09 Jun 2025 06:23:22 GMT