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File #: 2020-0279   
Type: Agreement Status: Passed
File created: 4/6/2020 In control: Board of Directors - Regular Board Meeting
On agenda: 8/27/2020 Final action: 8/27/2020
Title: CONSIDER: A. AUTHORIZING the Chief Executive Officer (CEO) to execute a Purchase and Sale Agreement and agreements containing conditions, covenants, restrictions and easements with SMV Housing, L.P. (Developer), an affiliate of LTSC Community Development Corporation (LTSC), that provide for Developer's purchase from Metro of approximately 33,682 square feet of real property (Metro JD Property) next to the Vermont/Santa Monica B (Red) Line Station and the construction and operation of a mixed-use, affordable housing project (Project) on the Metro JD Property and adjacent Developer-owned property (collectively, Site), subject to Federal Transit Administration (FTA) and California Transportation Commission (CTC) concurrence; B. ADOPTING the attached resolution (Attachment D) authorizing the CEO or his designee to apply for, receive an allocation of funds, and to enter into, execute, and deliver a State of California Standard Agreement, and any and all other documents required or deemed ...
Sponsors: Planning and Programming Committee
Indexes: Affordable Housing and Sustainable Communities Program, Budgeting, California Environmental Quality Act, California Transportation Commission, Children, City of Los Angeles, Construction, East Hollywood, Exclusive Negotiation Agreement, Federal Transit Administration, Grant Aid, Guidelines, Joint development, Joint Development Policy, Land, Landscaping, Maps, Market value, Metro Rail B Line, Outreach, Partnerships, Pedestrians, Program, Project, Purchasing, Resolution, Safety, Station 618, Station 620, Station 622, Transfers, Transit Oriented Community, Transit Oriented Development, Vermont & Santa Monica Jd (Project), Westside/Central Service Sector
Attachments: 1. Attachment A - Site Map, 2. Attachment B - Project Rendering and Site Plan, 3. Attachment C - PSA Terms and Conditions, 4. Attachment D - HCD TOD Grant Resolution, 5. Attachment E - Qualifying Criteria for CEQA Exemption, 6. Presentation
Meeting_Body
PLANNING AND PROGRAMMING COMMITTEE
AUGUST 19, 2020

Subject
SUBJECT: VERMONT/SANTA MONICA JOINT DEVELOPMENT

Action
ACTION: APPROVE RECOMMENDATIONS

Heading
RECOMMENDATION

Title
CONSIDER:

A. AUTHORIZING the Chief Executive Officer (CEO) to execute a Purchase and Sale Agreement and agreements containing conditions, covenants, restrictions and easements with SMV Housing, L.P. (Developer), an affiliate of LTSC Community Development Corporation (LTSC), that provide for Developer's purchase from Metro of approximately 33,682 square feet of real property (Metro JD Property) next to the Vermont/Santa Monica B (Red) Line Station and the construction and operation of a mixed-use, affordable housing project (Project) on the Metro JD Property and adjacent Developer-owned property (collectively, Site), subject to Federal Transit Administration (FTA) and California Transportation Commission (CTC) concurrence;

B. ADOPTING the attached resolution (Attachment D) authorizing the CEO or his designee to apply for, receive an allocation of funds, and to enter into, execute, and deliver a State of California Standard Agreement, and any and all other documents required or deemed necessary related to the California Department of Housing and Community Development Transit-Oriented Development (TOD) Housing Program in an amount not to exceed $5,000,000 (TOD Grant) to fund station plaza improvements in support of the Project; and

C. FINDING that the Project is categorically exempt from the California Environmental Quality Act (CEQA) pursuant to Section 15332/Class 32 (In-Fill Development Projects) of the CEQA Guidelines, and statutorily exempt pursuant to Public Resources Code Section ?21080.27(a)(3) and Section ?21080.27(b)(2) and to authorize the CEO to file a Notice of Exemption for the Project consistent with such exemptions.

Issue
ISSUE

In January 2017, Metro received an Unsolicited Joint Development Proposal from the Developer which contemplated joint dev...

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