...Title
Actions Related to the Arena Hotel Redevelopment and Homekey Program Transition.
...Recommendations
Adopt a resolution authorizing:
(a) The Housing Director, or his designee, to negotiate and execute:
(1) An Exclusive Negotiation Agreement for a three-year term, and two six-month extensions, at the City’s discretion, and any ancillary documents with Episcopal Community Services of San Francisco and affiliates, allowing them to entitle a development that for a final proposal for:
(i) the conversion of the existing Arena Hotel project into housing units restricted to households with area medium income and rents consistent with the project's HomeKey agreement; and
(ii) the potential future construction of mixed-income housing on the existing parking lot portion of the site, serving households earning at or below 120% of the area median income; and
(2) A Right of Entry Agreement with Episcopal Community Services or its affiliates to allow access to the Arena Hotel property to conduct the due diligence necessary to satisfy the milestones to be set forth in the Exclusive Negotiation Agreement; and
(3) A three-year Exclusive Negotiation Agreement with the possibility of two six-month extensions, at the City’s discretion, and any ancillary documents, including a Right of Entry Agreement with the second highest scoring respondent, Propertyworx LLC or its affiliates for the final proposal of a housing development project on the Arena Hotel property, if Episcopal Community Services is unable to successfully execute an agreement with the City or does not comply in a timely and diligent manner with any material obligation under the Exclusive Negotiation Agreement; and
(b) The City Manager, Housing Director, or their designees, to negotiate and execute:
(1) An amendment to the Homekey Program Standard Agreement with the California Department of Housing and Community Development to remove A0729 San Jose L.P., Urban Housing Communities LLC, and HomeFirst Serv...
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