Metro - File #: 2017-0630

• File #: 2017-0630
• Type: Program
• Status: Agenda Ready
• File created: 9/14/2017
• In control: Executive Management Committee
• On agenda: 11/16/2017
• Title: 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"...
• Sponsors: Planning and Programming Committee
• Indexes: Affordable Housing and Sustainable Communities Program, Agreements, Boyle Heights, Budget, Budgeting, California Environmental Quality Act, Central Los Angeles subregion, Chavez /Soto Station Joint Development (Project), City of Los Angeles, Construction, Exclusive Negotiation Agreement, Federal Transit Administration, Grant Aid, Guidelines, Housing, Joint development, Joint Development Agreement, Joint Development Policy, Metro Gold Line Eastside Extension, Outreach, Program, Project, Property Agreement, Purchasing, Safety, Soto Station, Westside/Central Service Sector, Zoning
• Related files: 2017-0808

Date	Action By	Action	Result
11/16/2017	Executive Management Committee

Meeting_Body
EXECUTIVE MANAGEMENT COMMITTEE
NOVEMBER 16, 2017

Subject
SUBJECT: CESAR E. CHAVEZ AND SOTO JOINT DEVELOPMENT

Action
ACTION: AUTHORIZE EXECUTION OF A JOINT DEVELOPMENT AGREEMENT AND GROUND LEASE WITH LA VERANDA, L.P.

Heading
RECOMMENDATION

Title
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 (In-Fill Development Projects) of the CEQA Guidelines in accordance with the Qualifying Criteria set forth on Attachment C and authorize the Chief Executive Officer to file a Notice of Exemption for the Project consistent with such exemption.

Issue
ISSUE

In November 2015, the Board authorized execution of an Exclusive Negotiation Agreement and Planning Document ("ENA") with Abode Communities for the Site. The ENA has allowed staff and Abode to explore the feasibility of the proposed Project, conduct additional, project-specific community outreach, undertake CEQA clearance for the Project and negotiate the key terms and condi...