Meeting_Body
PLANNING AND PROGRAMMING COMMITTEE
FEBRUARY 17, 2021
Subject
SUBJECT: 1ST & SOTO JOINT DEVELOPMENT
Action
ACTION: APPROVE RECOMMENDATIONS
Heading
RECOMMENDATION
Title
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 joint venture between Bridge Housing Corporation - Southern California and East LA Community Corporation (collectively, the "Developer") or an affiliate of the Developer, for the construction and operation of a mixed-use affordable housing project (the "Project") on a portion of the Metro-owned property at and adjacent to the Metro L Line (Gold) Soto station 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 $3,117,000 (approximately 72%) discount to the $4,317,000 fair market capitalized rent for the Site under the ground lease, which is above the current policy limit of 30%;
C. CONSIDERING, pursuant to Public Resources Code Section 21155.2, the environmental effects of the Project as shown in the Sustainable Communities Environmental Assessment prepared for the Project (City of Los Angeles, Department of City Planning, Case No. ENV-2019-2314-SCEA) attached hereto as Attachment B;
D. ADOPTING the additional measures regarding archaeological and paleontological resources set forth on Attachment C;
E. FINDING that the Project is a transit-priority project that meets all the requirements of Public Resources Code Section 21155.1(a), (b) and (c)(1) and is declared to be a sustainable communities project that is exempt from the California Environmental Quality Act ("CEQA"); and
F. AUTHORIZING Metro staff to file with the County Clerk and the State Clearinghouse a Notice of Exemption for the Project...
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