Meeting_Body
REGULAR BOARD MEETING
APRIL 23, 2020
Subject
SUBJECT: 103RD ST/WATTS TOWERS STATION JOINT DEVELOPMENT
Action
ACTION: APPROVE RECOMMENDATION
Heading
RECOMMENDATION
Title
AUTHORIZE the Chief Executive Officer ("CEO") to execute an Exclusive Negotiation Agreement and Planning Document ("ENA") with Watts Station LP, a California limited partnership, for the development of 3.67 acres of Metro-owned property at the 103rd St/Watts Towers Station ("Site") for 18 months with the option to extend up to 30 months.
Issue
ISSUE
Staff have completed evaluation of an Unsolicited Joint Development Proposal ("Conceptual Proposal") for the Site and, having determined that it would advance Joint Development policy goals, are recommending pursuing the proposal under an ENA. The proposal offers construction of a 100% affordable housing development on Metro-owned land, including 83 units at or below 60% Area Median Income ("AMI") for seniors, families and artists. The Site is part of a larger proposed development that will offer an additional 130 affordable housing units on adjacent property, renovation of the historic Watts Train Station, neighborhood-serving retail and pedestrian-friendly design that will activate the station area and support transit ridership.
Background
BACKGROUND
On June 28, 2018, Metro received a Conceptual Proposal from Watts Station LP, a partnership formed by Thomas Saffron & Associates Development Inc. and Housing Corporation of America, a 501(c)3 non-profit ("Proposer"). An evaluation committee made up of Metro staff from Joint Development, Operations, and Rail Engineering reviewed the Conceptual Proposal and, after receiving CEO approval in February 2019 to proceed, invited the Proposer to submit a Phase 2 proposal ("Detailed Proposal"). In September 2019, after several phases of detailed evaluation, the evaluation committee recommended advancement of the proposal. On November 12, 2019, as per Federal Transit Administration...
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