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COUNTY OF SAN MATEO
Inter-Departmental Correspondence
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Board of Supervisors
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DATE:
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November 8, 2005
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BOARD MEETING DATE:
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November 15, 2005
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SPECIAL NOTICE/HEARING:
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None
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VOTE REQUIRED:
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Majority
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TO:
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Honorable Board of Supervisors
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FROM:
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Steve Alms, Manager, Real Property Division
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SUBJECT:
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Agreement with Tuscan Tower LLC for the purchase and sale of a remnant road parcel at 490 Winslow Street, Redwood City.
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Recommendation
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Adopt a resolution:
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1)
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authorizing the execution of an agreement with Tuscan Tower LLC for the purchase and sale of a remnant road parcel at 490 Winslow Street, Redwood City, and
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2)
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authorizing the County Manager, or designee, to execute documents, notices, and escrow instructions in connection with the Agreement.
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Vision Alignment
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This action meets the County's commitment to offer a full range of housing choices, and addresses Goal 9, in that it will provide additional housing for people at all income levels.
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Background
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The County acquired the Winslow St. road remnant by eminent domain in cooperation with Redwood City’s realignment of Winslow Street. Approximately 2,000 square feet of the 5,000 square foot parcel was incorporated into the Winslow Street right-of-way, and has been granted to the City for that purpose. The remaining 3,056 square foot “road remnant” is less than the minimum size required for independent development in the City.
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Streets and Highways Code § 960 provides that whenever “the board of supervisors determines that any real property, or interest therein, acquired by the County for highway purposes is no longer necessary for those purposes, the county may sell or exchange the real property, or interest therein, in the manner and upon the terms and conditions approved by the board of supervisors.”
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Discussion
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Tuscan Tower LLC owns the property at 417 – 439 Fuller Street, which is immediately adjacent to the Winslow Street road remnant. Tuscan Towers proposes to acquire the remnant to develop condominium housing. Combined with the Buyer’s adjacent property the site will total approximately18,000 square feet in area, The Buyer will compensate the County for the remnant by constructing two affordable units in addition to any affordable housing that may be required by the City. The two additional affordable units will have deed restrictions which require that they be maintained as affordable housing. In addition, Buyer will reimburse the County for its administrative costs incurred in the transfer of the property, provided that such costs do not exceed $50,000.
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If Buyer fails to record a subdivision map within three years of the date of the transfer of title, or to commence construction of the project within four years of such date, the County may choose between two options. The first option is that title to the property will revert to the County. The alternative is for the County to require Buyer to pay the County an additional cash consideration of $600,000 for the property.
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The sale of this remnant to Buyer will increase the total number of units of new housing that can be constructed at the site, which will directly effect the number of affordable units that the City can be expected to require of the developer. By entering this Agreement, the County demonstrates its commitment to affordable housing by facilitating the construction of two affordable units that would not otherwise exist.
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The Director of the Department of Housing concurs in this recommendation.
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Fiscal Impact
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By entering this Agreement, in lieu of cash the County accepts the construction of two affordable housing units as compensation for the property. In addition, the Buyer will reimburse in cash the administrative costs of the County in connection with the property transfer.
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