https://metro.legistar.com/Gateway.aspx?M=LD&From=RSS&ID=4799016&GUID=C2EDD4A1-AA1E-4A3C-B40A-A24F5A01BAE3&G=A5FAA737-A54D-4A6C-B1E8-FF70F765FA94Legistar15https://metro.legistar.com/Gateway.aspx?M=LD&From=RSS&ID=4799016&GUID=C2EDD4A1-AA1E-4A3C-B40A-A24F5A01BAE3&G=A5FAA737-A54D-4A6C-B1E8-FF70F765FA94C2EDD4A1-AA1E-4A3C-B40A-A24F5A01BAE3-2025-06-09-06-42-41Title: CONSIDER: A. AUTHORIZING the Chief Executive Officer (“CEO”) to execute a Joint Development Agreement (“JDA”), ground lease and other development-related documents (collectively, the “Development Documents”) with A Community of Friends (the “Developer”) or an affiliate of the Developer, for the construction and operation of a 49-unit affordable housing project with up to 7,500 square feet of ground floor commercial space (the “Project”) on a portion of Metro-owned property at the northeast corner of 1st and Lorena Streets in Boyle Heights (the “Site”), all in accordance with the Summary of Key Terms and Conditions (“Term Sheet”) attached hereto as Attachment A; B. AUTHORIZING an exception to the Joint Development Policy, to allow for a $711,963 (approximately 57%) discount to the $1,254,963 adjusted fair market capitalized rent for the Site under the ground lease, which is above the current policy limit of 30%; C. CONSIDERING the environmental effects of the Project as shown in the Mitigated Negative Declaration prepared for the Project by the City of Los Angeles (City of LoMon, 09 Jun 2025 06:42:41 GMT