Item 3.1 Visual slideshow presented by Staff at MeetingPoway Town Center
Development Agreements
Actions
City
•Purchase, Sale & Development Agreement
•Property Exchange Agreement
•Gov’t Code 52201 Summary Report
•Loan Agreement
•Housing Authority
•Affordable Housing, Purchase and
Development Agreement
•Property Exchange Agreement
•Loan Agreement
Vicinity Map
Properties 1 -5
City-owned
Properties 6 & 7
Housing Authority-
owned
Exchange Agreement Properties
1
7
6
Property 1 –1.54 Acres
Properties 6 & 7 –2.91 Acres
Exchange Agreement -Future
City Properties
AH
Property
Exchange Agreement -Future
Properties 1 -7 City-
owned
Property 8 -Housing
Authority-owned
Payment of
$1,493,305 from City
Sales Proceeds to
Affordable Housing
Fund
Purchase, Sale & Development
Agreement
•Establishes Sales Price -$6,420,500 for
City-owned land
•Open Escrow & Initial Deposit
•Due Diligence
•Entitlements/Close of Escrow
•Project Phasing
Gov. Code 52201 Summary Report
Provides that a city may sell or
lease property to create an
economic opportunity.
◦The cost of the agreement to the City
◦Estimated value of the interest to be
conveyed
◦An explanation of why the sale of the
property will assist in the creation of
economic opportunity
Summary Report Findings
Property Sale will:
Property will sell at value that exceeds the appraised value
Create an economic opportunity by facilitating the development of the City Parcels in alignment with the PRSP
Increase the City’s revenue base (property tax, sales tax, etc.)
Increase the supply of housing
Stimulating economic activity and job growth within the City
Catalyst for the revival of the City’s Town Center area and mixed-use core
City Loan Agreement
$1,700,000 (Seller Carryback)
Recording against the Retail Properties
4 year loan
Interest rate = 5 year Treasury Bill + 2.25%
Affordable Housing, Purchase and
Development Agreement
Purchase Price $1,200,000 for Authority-
owned land
•Due Diligence
•Tax Credits and Other Funding Sources
•Entitlements/Close of Escrow
•Project Phasing
Affordable Housing Loan
Agreement
Up to $2,200,000
◦$1,500,000 acquisition and development
◦Up to $700,000 for City Development Impact
Fees
55 year loan
3% Interest rate
Repayment from Residual Receipts (cash
flow)