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Home My WebLink About7.1 BRIDGE Housing Affordable Rental Housing Project Unit Reservation and Funding Allocation (2)STAFF REPORT CITY COUNCIL Page 1 of 6 Agenda Item 7.1 DATE:April 20, 2021 TO:Honorable Mayor and City Councilmembers FROM:Linda Smith, City Manager SUBJECT:BRIDGE Housing Affordable Rental Housing Project Unit Reservation and Funding Allocation Prepared by: Amy Million, Principal Planner, Kristie Wheeler, Assistant Community Development Director, and Hazel L. Wetherford, Economic Development Director EXECUTIVE SUMMARY: BRIDGE Housing is seeking to develop a 3.6-acre site located at 6501 Golden Gate Drive within the Downtown Dublin Specific Plan area. This proposal is in response to the City’s Notice of Funding Availability for affordable housing and direction received from the City Council after reviewing the initial proposal on November 17, 2020. The proposed project consists of 308 affordable units to be built in two phases of 136 units and 172 units, and includes ground floor retail, amenity space, and parking. The City Council will consider reserving up to 308 units from the Downtown Dublin Specific Plan Development Pool and related deal points for a Community Benefit Agreement for the affordable housing project. The City Council will also consider appropriating $7.1 million from the City’s Affordable Housing Fund and authorizing the commitment of $2.9 million in Alameda County Measure A-1 Bond funds to BRIDGE Housing for the project. STAFF RECOMMENDATION: Adopt the Resolution Appropriating $7.1 Million From the City’s Affordable Housing Fund and Authorizing the Commitment of $2.9 Million in Alameda County Measure A-1 Funds From Dublin’s Base City Allocation to BRIDGE Housing, authorize the reservation of up to 308 residential units from the Downtown Dublin Specific Plan Development Pool, and provide feedback on the negotiated deal points for a Community Benefit Agreement. FINANCIAL IMPACT: Funds contributed to support construction of the proposed affordable rental housing development would be provided from the City’s Affordable Housing Fund including fees paid to the City by developers to comply with the City’s Inclusionary Zoning Regulation, and by Alameda County Measure A-1 Bond funds. 458 Page 2 of 6 DESCRIPTION: Background On November 17, 2020, the City Council received a report regarding affordable rental housing proposals that had been received in response to the Notice of Funding Availability (NOFA)issued by the City in July 2020 (refer to Attachment 2). The two proposals included a 77-unit project that was part of a larger multi-phase project proposed by BRIDGE Housing at 6501 Golden Gate Drive and the subject of this Staff Report, and a 121-unit project proposed by Eden Housing at 7922 Dublin Boulevard. The City Council directed Staff to continue to work with BRIDGE Housing on refinements to their proposal but also consider potential opportunities to provide funding to both projects. Since that time, Eden Housing has withdrawn their proposal. In addition, the BRIDGE Housing proposal has changed considerably and now would be 100% affordable. Proposal BRIDGE Housing is proposing a two-phase project on a vacant 3.6-acre project site which is located adjacent to the West Dublin/Pleasanton BART station at 6501 Golden Gate Drive as shown in Figure 1 below. The property is bound by I-580 to the south, the future 499-unit St. Patrick Way residential project to the west,Connolly Station residential community to the north, and Golden Gate Drive to the east. Figure 1. Project Location The two-phase project would consist of a total of 308 units. BRIDGE’s NOFA proposal requests funding for 136 units in Phase A (refer to Attachment 3). Table 1 below provides the mix of income levels based on a percentage of area median income (AMI)for these units. BRIDGE has indicated that the remaining 172 units would be 100% affordable and may include moderate- income units but a detailed affordability matrix has not yet been determined. In addition, BRIDGE anticipates that 30%of the units in Phase A would be set aside for special needs populations that could include formerly homeless individuals/families and/or veterans. 459 Page 3 of 6 Table 1. Anticipated Affordability Mix for 136 Units % of Area Median Income (AMI)No. of Units 20 41 40 15 50 40 60 39 Market Rate (Manager’s Unit)1 Total 136 The subject property is located in the Transit-Oriented District of the Downtown Dublin Specific Plan (DDSP) as shown in Figure 2. Figure 2: Transit-Oriented District/Vicinity Map The DDSP provides a list of permitted uses, development standards and design guidelines for all development within the Plan area. The DDSP identified a pool of 2,500 residential units that may be constructed in the DDSP area. A developer must provide a benefit to the community for the use of these units. Since the establishment of the Development Pool, 1,396 units have been reserved and/or constructed. There are 1,104 units remaining in the Pool as shown in Table 2 below. Table 2. DDSP Residential Development Pool Project Address Units Status Total Units in Pool 2,500 Connolly Station 7550 St.Patrick Way 309 Approved 2012 –complete Aster (Bay West) 7544 Dublin Blvd.313 Approved 2013 –complete Valor Crossing (Eden)6707 Golden Gate Dr.66 Approved 2013 –complete Trumark Homes 7144 Regional St.60 Approved 2015 –complete Avesta Development 7601 Amador Valley Blvd.35 Approved 2016 –complete St. Patrick Way 6700 St. Patrick Way 499 Allocated 2018 Regional Street (Eden)6543 Regional St.114 Reserved July 2020 Total Reserved Units (1,396) Remaining Units 1,104 460 Page 4 of 6 The two-phase BRIDGE project proposes an overall residential density of 85.5 units per acre (308 units/3.6 acres = 85.5 unit/acre), which would exceed the maximum density of 85 units per acre allowed under the DDSP by two units. In order to achieve this density, the BRIDGE proposal would rely on a density bonus using State Density Bonus Law. State Density Bonus Law is implemented through the City’s Density Bonus Ordinance and provides incentives to developers for the production of housing affordable to lower income households, senior citizens, disabled veterans, and homeless persons. The following is an overview of the DDSP Development Standards for the Transit-Oriented District and a comparison to the proposed project. Table 3. Overview of DDSP Development Regulations Development Regulation Standard Proposed Density Range 30 to 85 units per acre (108-306 units)308 units Density Bonus 35% based on min. 20% low income units (105 density bonus units) 2 units Building Height 8 floors / 90 feet 5 floors / approx. 65 feet Setbacks: Golden Gate Drive Interior I-580 Freeway 5 feet min. 15 feet max. (80% of bldg. façade) 5 feet min. 10 feet min. TBD – conceptual plan only Parking: Residential 1.5 spaces per unit / 462 spaces .83 spaces per unit / 253 spaces plus 2 spaces for employees1 Commercial 1 per 300 SF / 7 spaces 2 spaces1 Guest Parking Up to 15% of required parking 2 spaces 1 Recent changes in State Density Bonus Law allow qualifying projects, as a matter of right, to obtain lower parking requirements than what would otherwise be required by local government standards. With the passage of Assembly Bill 2345, a 100% affordable housing project located within ½ mile of an accessible major transit stop is entitled to a reduced parking requirement of ½ space per unit unless a higher parking ratio is supported by a parking study. Additionally, the applicant’s proposal includes certain units that serve populations which do not drive and, thus, reduce the need for parking. The proposed parking is currently under review by Staff. The applicant has prepared a conceptual site plan and elevations of the proposed project as viewed from Golden Gate Drive, from the future BART plaza and from the BART platform over Interstate 580 (refer to Attachment 4). The architectural concept for the development is contemporary five story buildings with four floors of residential above ground floor parking, ground floor retail, and amenity space. The conceptual design shows a variety of contemporary building materials (including cementitious panels, metal panels, awnings and railings, brick 461 Page 5 of 6 veneer, and stucco) varying vertical parapet heights, and upper level balconies. The ground level along Golden Gate Drive and Entry Drive is highlighted with property management offices, community rooms, and a retail space that fronts the future BART plaza and will help to activate the streetscape. Community Benefit Agreement As previously discussed, there are 1,104 units remaining in the residential development pool for the downtown. The applicant proposes to utilize 308 units from the Development Pool and must provide a benefit to the community for the use of these units. (DDSP § 3.5, p. 48; § 6.4, pp. 120- 122.) The DDSP lists a number of potential benefits and indicates that the City Council can approve other benefits and the community benefit requirement shall, “[s]o far as possible, be uniformly applied proportionate to the density obtained, while acknowledging that some benefits may be particularly valuable to the City.” (DDSP § 6.4, pp. 120-122.) The applicant and Staff have discussed the terms of the proposed Community Benefit Agreement as follows: In exchange for the allocation of up to 308 units, the applicant will build an affordable housing project in two phases. At a minimum, the project will include 136 units that are affordable to households earning an average of no greater than 43% AMI, and the remaining 172 units will be 100% affordable and may include moderate income units. The applicant is also proposing to make the units which are made affordable for homeless persons, at-risk of becoming homeless persons, and persons with special needs to be fully furnished with appliances, furniture, and basic kitchenware/dishes. In addition, the applicant will, upon occupancy of the project, reserve and construct a warm shell of at least 2,200 square feet of a ground floor café or similar use in the project. The applicant will also provide plaza enhancements to improve pedestrian access to the connection of the West Dublin/Pleasanton BART station. Lastly, any affordable housing credits created by virtue of the construction of affordable housing for 136 units of the project shall accrue to the City. Any affordable housing unit credits created by virtue of the construction of the remaining 172 units of the project shall be shared with the Developer to assist with the financing of the project, if needed. These credits will be limited to the applicable category from which they are created. If the credits are not needed to finance the project, then the credits shall accrue to the City. Any credits the applicant received will not be allowed for use within the DDSP area until the City has exhausted its own credits. Funding Commitment BRIDGE is requesting $10 million in financial assistance for 136 units, or $73,529 per unit. Refer to BRIDGE Housing’s project description and financing plan in Attachment 3. Keyser Marston Associates, a real estate advisory firm, reviewed BRIDGE’s funding proposal and concluded that 462 Page 6 of 6 the development costs and financing plan are consistent with the experiences of other similar affordable housing projects that they had recently evaluated and appears reasonable. Furthermore, the amount of local subsidy that is being requested per unit of development is less than what is being provided for the other comparable projects that they evaluated. Keyser Marston’s review is provided in Attachment 5. Next Steps Next steps will include preparation of complete applications for a Site Development Review Permit and Tentative Parcel Map for consideration and action by the Planning Commission. A Community Benefit Agreement will be brought forward to the City Council for consideration after the Planning Commission takes action on the entitlements. ENVIRONMENTAL DETERMINATION: The action before the City Council is not subject to the requirements of the California Environmental Quality Act (CEQA) as it does not have the potential to result in a direct physical change in the environment or a reasonably foreseeable indirect change in the environment and, thus, does not meet the definition of a project under CEQA Guidelines Section 15378. Future applications for a Site Development Review Permit and Tentative Parcel Map for the proposed project would be subject to CEQA prior to consideration and action by the Planning Commission. STRATEGIC PLAN INITIATIVE: Strategy 3: Create More Affordable Housing Opportunities Objective A: Facilitate production of affordable housing for lower income seniors, workforce and special needs households by leveraging the Alameda County Measure A-1 Bond funds and the City’s Affordable Housing Fund. NOTICING REQUIREMENTS/PUBLIC OUTREACH: Although a public notice is not required, the City mailed a notice to all property owners and occupants within 300 feet of the proposed project. A public notice was published in the East Bay Times and posted in the designated posting places. A copy of this Staff Report was provided to the applicant and was made available on the City’s website. ATTACHMENTS: 1) Resolution Appropriating $7.1 Million From the City’s Affordable Housing Fund and Authorizing the Commitment of $2.9 million in Alameda County Measure A-1 Funds From Dublin’s Base City Allocation to BRIDGE Housing 2) November 17, 2020 City Council Staff Report 3) BRIDGE Housing Project Description and Financing Plan 4) Preliminary Site Plan and Conceptual Architecture 5) Keyser Marston Associates Memorandum 463 Attachment 1 Reso. No. XX-21, Item X.X, Adopted XX/XX/21 Page 1 of 2 RESOLUTION NO. XX – 21 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DUBLIN APPROPRIATING $7.1 MILLION FROM THE CITY’S AFFORDABLE HOUSING FUND AND AUTHORIZING THE COMMITMENT OF $2.9 MILLION IN ALAMEDA COUNTY MEASURE A- 1 FUNDS FROM DUBLIN’S BASE CITY ALLOCATION TO BRIDGE HOUSING WHEREAS,in November 2016, Alameda County voters passed a $580 million Countywide Housing Bond (Measure A-1), which will fund countywide affordable housing development programs; and WHEREAS,$425 million of the Countywide Housing Bond is allocated to the Rental Housing Development fund to assist in the creation and preservation of affordable rental housing for vulnerable populations, and of that $225 million is allocated as “Base City Allocation;” and WHEREAS,the City of Dublin’s Base City Allocation is $7.9 million; and WHEREAS,on July 17, 2020, the City of Dublin issued a Notice of Funding Availability (NOFA) for the creation of affordable rental housing and encouraged qualified affordable housing developers that meet the NOFA requirements to submit proposals; and WHEREAS,$10 million in funding is available, including $7.1 million from the City’s Affordable Housing Fund and $2.9 million in Measure A-1 bond funds, to support predevelopment, acquisition and construction of affordable rental housing; and WHEREAS,BRIDGE Housing submitted a NOFA proposal to develop a two-phase project on a vacant 3.6-acre project site is located adjacent to the West Dublin BART station at 6501 Golden Gate Drive with a total of 308 affordable rental units and requested $10 million in financial assistance for 136 affordable rental units of the overall project. NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Dublin authorizes the appropriation of $7.1 million from the City’s Affordable Housing Fund to BRIDGE Housing for the development of 136 affordable rental units; and BE IT FURTHER RESOLVED that the City Council of the City of Dublin authorizes the commitment of up to $2.9 million in Measure A-1 bond funds from Dublin’s Base City Allocation to BRIDGE Housing for the development of 136 affordable rental units; and BE IT FURTHER RESOLVED that the City Council of the City of Dublin authorizes the City Manager to submit to the Director of the Alameda County Housing and Community Development the recommendation of commitment of Base City Allocation funds to the affordable housing project as described above. PASSED, APPROVED AND ADOPTED this 20th day of April 2021, by the following vote: AYES: 464 Reso. No. XX-21, Item X.X, Adopted XX/XX/21 Page 2 of 2 NOES: ABSENT: ABSTAIN: ______________________________ Mayor ATTEST: _________________________________ City Clerk 465 Page 1 of 4 STAFF REPORT CITY COUNCIL DATE: November 17, 2020 TO: Honorable Mayor and City Councilmembers FROM: Linda Smith, City Manager SUBJECT: Affordable Rental Housing Funding Proposal Prepared by: Kristie Wheeler, Assistant Community Development Director EXECUTIVE SUMMARY: The City Council will receive a report and select a project to receive funding as part of the City’s Notice of Funding Availability to construct affordable rental housing. The two proposals under consideration are: a 77-unit project that is part of a larger multi-phase project proposed by BRIDGE Housing at 6501 Golden Gate Drive, and a 121-unit project proposed by Eden Housing at 7922 Dublin Boulevard. An initial review of the two proposals has been completed and Staff is seeking City Council concurrence with the preliminary selection. STAFF RECOMMENDATION: Receive the report and provide direction on the selection of an affordable rental housing project. FINANCIAL IMPACT: Funds contributed to support construction of the proposed affordable rental housing development would be provided from the City’s Affordable Housing Fund including fees paid to the City by developers to comply with the City’s Inclusionary Zoning Regulation, and by Alameda County Measure A-1 Bond funds. DESCRIPTION: In July 2020, the City issued a Notice of Funding Availability (NOFA) for the creation of affordable rental housing in Dublin (Attachment 1). Approximately $10.0 million in funding is available to support predevelopment, acquisition, and construction of affordable rental housing. These funds would be allocated from the City’s Affordable Housing Fund and Alameda County A-1 Bond funds allocated to projects in Dublin. The funding is intended to help fill the financing gap between a project’s total development cost and other available financing sources. Funding is limited to capital costs only; no financing is available to fund operating subsidies or supportive services. Attachment 2 466 Page 2 of 4 Qualified affordable housing developers meeting the NOFA requirements and demonstrating their ability to finance, design, build and manage affordable rental housing were encouraged to submit proposals. Eligible projects must be new construction rental development and target extremely-low-, very-low- and/or low-income households earning up to a maximum of 80 percent area median income (AMI). Proposals The City received proposals from BRIDGE Housing and Eden Housing for projects within the Downtown Dublin Specific Plan (DDSP) area. A brief summary of each proposal is provided below. BRIDGE Housing BRIDGE is proposing a multi-phase project on a vacant 3.6-acre BART-owned property located adjacent to the West Dublin BART station at 6501 Golden Gate Drive (Attachment 2). The project would consist of a total of 334 units of which 77 units (Phase 1A) are the subject of BRIDGE’s NOFA proposal. The unit mix would include a combination of studios, one-bedroom, two-bedroom, and three-bedroom units, with 35 units affordable to households earning up to 30 percent AMI, 41 units up to 40 percent AMI, and one manager’s unit. In addition, BRIDGE anticipates that 30 percent of Phase 1A (23 units) would be set aside for special needs populations that could include formerly homeless individuals/families and/or veterans. BRIDGE is requesting $8.5 million in financial assistance, or $110,390 per unit. The multi-phase BRIDGE project proposes an overall residential density of 93 units per acre (334 units/3.6 acres = 93 unit/acre), which would exceed the maximum density of 85 units per acre allowed under the DDSP. In order to achieve this density, the BRIDGE proposal would rely on a density bonus using State Density Bonus Law. State Density Bonus Law is implemented through the City’s Density Bonus Ordinance and provides incentives to developers for the production of housing affordable to lower income households, senior citizens, disabled veterans, and homeless persons. Projects that provide 11 percent of the overall project density as very low-income units are entitled to a density bonus of 35 percent. Phase 1A represents 23 percent of the overall project (77 units out of 334 units) and would be affordable to households earning an average of 35 percent AMI. Therefore, the project would be entitled to a density bonus of 35 percent, which equates to an additional 107 units. The current proposal includes a density bonus of only 28 units. However, in discussions with BRIDGE they have expressed an interest in the ability to consider a density bonus of up to 91 units as they refine their financing and development proposal. In addition, the project would likely take advantage of parking reductions and/or concessions allowed under State Density Bonus Law, which would be analyzed when a development proposal is submitted. The following is a summary of BRIDGE’s proposal: No. Units Unit Type Level of Affordability Parking Ratio No. Levels Phase 1A 77 Affordable except manager’s unit) 35% AMI average 0.8 spaces/unit (62 spaces) 6 (1 parking) 467 Page 3 of 4 No. Units Unit Type Level of Affordability Parking Ratio No. Levels Phase 1B 75 Affordable TBD 1.06 spaces/unit (80 spaces) 6 (1 parking) Phase 2 182 Market Rate NA 1.67 spaces/unit (304 spaces) 7 (2 parking) Total 334 1.33 spaces/unit (446 spaces) Eden Housing Eden Housing is proposing 121 units on 1.45 acres located at 7922 Dublin Boulevard, which is currently occupied by Video Only (Attachment 3). The unit mix would include a combination of studios, one-bedroom, two-bedroom, and three-bedroom units, with five units affordable to households earning up to 20 percent AMI, 27 units up to 45 percent AMI, 64 units up to 50 percent AMI, 24 units up to 60 percent AMI, and one market-rate manager’s unit. The proposed project includes 83 units per acre (121 units/1.45 acres = 83 unit/acre), which would comply with the DDSP maximum allowed density of 85 units per acre. In addition, the project would likely take advantage of parking reductions and/or concessions allowed under State Density Bonus Law, which would be analyzed when a development proposal is submitted. Additionally, the DDSP does require ground floor retail along Dublin Boulevard which was not incorporated into Eden’s initial proposal. Eden is requesting $8.0 million in financial assistance, or $66,116 per unit. The following is a summary of Eden’s proposal: No. Units Unit Type Level of Affordability Parking Ratio No. Levels One Phase 121 Affordable (except manager’s unit) 49% AMI average 1.04 spaces/unit (126 spaces) 5 (1 parking) Next Steps Staff has completed an initial review of the two proposals and found that both meet the minimum requirements of the NOFA. BRIDGE and Eden both have exemplary experience completing affordable rental housing projects of similar size and complexity as proposed, and proven track records collaborating with public agencies, maintaining positive cash flow and compliance with regulatory agreements, and providing quality on- site management. In addition, BRIDGE and Eden both have extensive experience with institutional and private financing that includes conventional construction and permanent loans, tax exempt bonds, and low-income tax credits. Staff is preliminarily recommending that the City Council appropriate funds to BRIDGE’s proposal. This recommendation is based on the following key points: • Phase 1A would include deep affordability levels serving households earning an average of 35 percent AMI. 468 Page 4 of 4 • Thirty percent of Phase 1A would be set aside to provide housing for special needs populations including formerly homeless individuals/families and/or veterans. • Phase 1B, which is not requesting NOFA funds, would include 75 affordable units, increasing the overall affordability of the multi-phase project to 45 percent. The City’s financial assistance provided for Phase 1A and the proposed market-rate units proposed in Phase 2 would help make Phase 1B financially feasible. Averaged across Phases 1A and 1B, the City’s financial assistance would be $55,921 per unit. • The project site has immediate access to BART and bus service and is in close proximity to local services such as grocery stores, banks and restaurants. • The project offers opportunities for shared parking by utilizing the 750-space BART parking garage for evening and weekend parking of project residents. • BRIDGE proposes to design, construct, and maintain a plaza where the BART pedestrian overcrossing lands adjacent to the subject property. • If desired, BRIDGE could accommodate a small retail component, likely a café fronting on Golden Gate Drive, that could serve residents and commuters. If the City Council concurs with this recommendation, Staff would continue to work with BRIDGE to refine their proposal and address any concerns raised by the City Council. Next steps would include returning to the City Council with a formal recommendation and requests to authorize the City Manager to execute an agreement with BRIDGE Housing and allocate units from the DDSP residential pool. Future entitlements would include a Site Development Review Permit and Tentative Parcel Map, which would require review and approval by the Planning Commission. STRATEGIC PLAN INITIATIVE: Strategy 3: Create More Affordable Housing Opportunities. Strategic Objective 3A: Facilitate production of affordable housing for lower income seniors, workforce and special needs households by leveraging the Alameda County Measure A-1 Bond funds and the City’s Affordable Housing Fund. NOTICING REQUIREMENTS/PUBLIC OUTREACH: None. ATTACHMENTS: 1. Notice of Funding Availability 2. BRIDGE Project Description 3. Eden Project Description 469 City of Dublin—Notice of Funding Availability – July 2020 Page 1 CITY OF DUBLIN AFFORDABLE HOUSING FUNDS FOR RENTAL HOUSING DEVELOPMENT NOTICE OF FUNDING AVAILABILITY (NOFA) AND REQUEST FOR PROPOSALS (RFP) Proposal Due: September 18, 2020 by 5:00 p.m. City Contact: Jim Bergdoll, Senior Planner, jim.bergdoll@dublin.ca.gov, 925-833-6618 All inquiries and/or questions shall be submitted no later than September 6, 2020 470 City of Dublin—Notice of Funding Availability – July 2020 Page 2 Table of Contents I. INTRODUCTION ......................................................................................................................... 3 Funding Sources............................................................................................................................ 3 Eligible Applicants........................................................................................................................ 3 Eligible Projects and Threshold Criteria ....................................................................................... 3 Sites Under Consideration Separately .......................................................................................... 4 Review of Proposals and Project Selection Process ..................................................................... 4 City Financial Participation .......................................................................................................... 5 Compliance Monitoring Fee ......................................................................................................... 5 Legal Fees ..................................................................................................................................... 6 Insurance Requirements ................................................................................................................ 6 II. EVALUATION AND SELECTION .............................................................................................. 6 Project Selection Criteria .............................................................................................................. 6 III. SUBMITTAL REQUIREMENTS ................................................................................................. 7 Cover Letter .................................................................................................................................. 7 Development Entity ...................................................................................................................... 7 Experience..................................................................................................................................... 7 Description of Proposed Project Concept ..................................................................................... 7 Financing Plan and Proforma ........................................................................................................ 8 Evidence of Site Control ............................................................................................................... 8 Preliminary Title Report ............................................................................................................... 9 Project Schedule ............................................................................................................................ 9 IV. SUPPLEMENTAL MATERIALS ................................................................................................ 9 Applicant’s Financial Statements ................................................................................................. 9 Residential Services Plan .............................................................................................................. 9 Phase I Environmental Assessment for Project Site ..................................................................... 9 Community Outreach Plan ............................................................................................................ 9 Appraisal ....................................................................................................................................... 9 IV. PROPOSAL PROCESS ............................................................................................................... 10 Proposal Submittal ...................................................................................................................... 10 Pre-Proposal Meeting.................................................................................................................. 10 Proposal Process Timeline .......................................................................................................... 11 Public Record .............................................................................................................................. 11 Right to Reject Proposals ............................................................................................................ 11 V. BACKGROUND RESOURCES .................................................................................................. 11 471 City of Dublin—Notice of Funding Availability – July 2020 Page 3 CITY OF DUBLIN NOTICE OF FUNDING AVAILABILITY (NOFA) REQUEST FOR PROPOSALS (RFP) I. INTRODUCTION The City of Dublin (City) is announcing a Notice of Funding Availability (NOFA) for the creation of affordable rental housing in Dublin. Approximately $10 million in funding is available to support predevelopment, acquisition and construction of affordable rental housing. The funding is intended to help fill the financing gap between a project’s total development cost and other available financing sources. The funding available through this NOFA is for capital costs only; no financing is available to fund operating subsidies or supportive services. The City may choose to recommend the project(s) selected through this NOFA for funding from Alameda County Measure A-1 Bond funds for all or part of the total amount awarded. Qualified affordable housing developers/project sponsors (Applicants) that meet the NOFA requirements and demonstrate their ability to finance, design, build and manage affordable rental housing are encouraged to submit proposals. All proposals must be received by September 18, 2020. Funding will be awarded by the City on a competitive basis to the project(s) that provide the best opportunity to address the City’s affordable housing needs. The City will request that Applicants submit additional information after initial selection. Also, the City reserves the right to suspend, amend or modify the provisions of this NOFA, to reject all proposals, to negotiate modifications of proposals, or to award less than the advertised amount of funding available. Funding Sources Funding for this NOFA will be provided from one or more of the following sources: • City Affordable Housing Fund comprised of fees paid to the City by developers to comply with the City’s Inclusionary Zoning Regulations; and • Alameda County Measure A-1 Bond funds (Dublin Base City Allocation). These funds may also be supplemented with other grant funds that the City is successful in securing to support affordable housing. Eligible Applicants Eligible Applicants include nonprofit and for-profit housing developers. Applicants must have demonstrated experience and capacity in the development and management of affordable rental housing. Applicants should have experience completing affordable rental housing projects of similar size and complexity as the proposed project. Eligible Projects and Threshold Criteria Each Applicant is permitted to submit only one project application for this NOFA. • Projects must be new construction rental developments. • Mixed-use projects (containing both residential and nonresidential space) are eligible. Generally, for mixed-use projects, the residential space should be a minimum of two- thirds of the gross square footage of the development. The non -residential component of the 472 City of Dublin—Notice of Funding Availability – July 2020 Page 4 project must be self-supporting. • Site control as defined in Section III-6, Site Control below; • Proposed units must remain affordable for at least 55 years; • Reasonable acquisition and construction costs; the ability to compete well in securing other/competitive funding sources, including, but not limited to: County (Measure A-1 Bond funds), state and federal sources, Low-Income Housing Tax Credits (LIHTC), private equity, and be soundly underwritten; • Leverage other financing sources; • Incorporate high quality design and amenities and properly integrate with neighborhood scale, massing and setting and will be subject to a Site Development Review Permit; • Incorporate appropriate community spaces, amenities and services for the target population; • Applicant must have demonstrated experience with successful affordable housing projects, the ability to timely secure funding sources that minimizes the City’s contribution of local funds, and the capacity to work cooperatively with the community in the design and development of the project; • Target extremely low-income, very low-income, and/or low-income households earning up to a maximum of 80 percent of Area Median Income (AMI); • Projects must meet all criteria established by Alameda County Department of Housing and Community Development (HCD) to qualify for Alameda County Measure A-1 Bond funds, including providing no less than 20 percent of all units developed within the project serving households earning no more than 20 percent of AMI; • Consider a range of household/individual types, including veterans, seniors, disabled, special needs, and at risk of homelessness; and • Include supportive services appropriate for the expected tenant population as an integral component of the project. The ability to satisfy these criteria is in no manner whatsoever a guarantee of project funding, and the City reserves the right in its sole and absolute discretion to modify or waive any of these threshold requirements without further notice to proposers or potential proposers. Sites Under Consideration Separately The two sites noted below have previously been identified for affordable housing. The purpose of this current NOFA is to receive proposals for other sites which are feasible for development. • 6513 Regional Street at St. Patrick Way in Downtown Dublin – 1.3 acres • Transit Center Site D-1 at Martinelli Way and Iron Horse Parkway – +/-1 acre Review of Proposals and Project Selection Process City staff will review all proposals submitted that meet the NOFA requirements. Proposals will be evaluated based on the Applicant and Project Selection Criteria under Section II below. Proposals 473 City of Dublin—Notice of Funding Availability – July 2020 Page 5 that receive favorable staff review will be presented to the City Council, with staff’s funding recommendation, for further consideration and for a final funding decision. Once the City Council has made a final decision, staff will begin negotiation of loan documents with the selected Applicant(s). City Financial Participation At the City’s sole discretion, and depending upon the financial need of the project and applicable project selection criteria responses, the City may generally provide a capital contribution, which may be in the form of a 55-year loan (City Loan) with an interest rate of three percent simple- interest. The selected Applicant(s) must provide adequate security for any predevelopment component of the City Loan, including but not limited to assignment of the purchase agreement and plans and specifications. Any City Loan will be secured by a promissory note and recorded trust deed (Deed of Trust) and will be conditioned upon additional security in the form of a recorded rent regulatory agreement, a notice of affordability restrictions and any additional security the City may require. City Loans may not be used to fund operating subsidies or supportive services. Any Deed of Trust for the City Loan may initially be recorded in second lien position junior to any private lender acquisition/construction trust deed, and further may be subordinated to other state or federal public agency financing if required by law. The City anticipates that the selected Applicant(s) may be required to start construction within two (2) to three (3) years from the date the Loan Agreement is executed (depending on the project details and subject to the City’s discretion) or the Applicant(s) would risk losing the City’s funding commitment. Predevelopment Loan: Depending on the schedule for the project, the City may decide to issue a preliminary predevelopment loan pursuant to a Predevelopment Loan Agreement. As security for a preliminary predevelopment loan, the selected Applicant(s) would be required to assign to the City its rights and obligations, including but not limited to, with respect to certain agreements (including purchase agreement), plans and specifications and approvals. If the project is proceeding and subsequent financing is approved, the preliminary predevelopment loan would be rolled into the subsequent City Loan. If the project proves infeasible, the preliminary predevelopment loan may be forgiven in certain circumstances, as determined by the City, and otherwise pursuant to the terms of the Predevelopment Loan Agreement. Predevelopment Costs: Predevelopment costs are upfront project costs necessary to determine project feasibility and include costs of an initial feasibility study, consulting fees, legal fees, architectural and engineering fees, soil and environmental review services, and other upfront expenses incurred during the preconstruction phase. Predevelopment costs do not include option deposits to acquire site control. Compliance Monitoring Fee The City charges an annual Compliance Monitoring Fee to cover the cost of monitoring compliance with City Agreements for the term (55 years) of the City Loan. Based on the City of Dublin adopted 2020-21 Master Fee Schedule, the annual fee is $2,058 for projects between 21 and 100 units and $2,964 for projects with 101+ units adjusted annually per the Consumer Price Index. 474 City of Dublin—Notice of Funding Availability – July 2020 Page 6 Legal Fees Legal fees, including the cost of the City Attorney, incurred by the City during the negotiation and execution of loan documents, including both the predevelopment loan and the construction loan will be paid directly by the Applicant(s). Insurance Requirements The selected Applicant(s) will be required to comply with the City’s insurance requirements, consistent with affordable multifamily insurance standards. Comprehensive detail about the City’s insurance requirements will be provided upon request. II. EVALUATION AND SELECTION Project Selection Criteria Applicants who submit proposals that meet the requirements of this NOFA will be evaluated according to the criteria below. 1. Applicant Qualifications, Experience and Management of Affordable Rental Housing a. Experience completing affordable rental housing projects of similar size and complexity as the proposed project on time and within budget. Preference will be given to those with demonstrated knowledge; b. Positive track record for collaborative negotiations with public agencies (as demonstrated by references); c. Track record of positive cash flow and compliance with regulatory agreements, property reserves and property management standards for existing projects; and d. Quality and track record of on-site management of rental properties, including ongoing upkeep and maintenance of the property, availability of conflict resolution programs, and highly trained on-site managers that maintain a crime-free, healthy and safe environment. 2. Applicant Financial Capability and Economic Feasibility of Project a. Applicant financial strength and track record in securing the proposed financing; b. Source and amount of equity contributions and other sources of funding; c. Degree of leveraging of affordable housing funds; d. Track record in securing nine percent LIHTC, four percent LIHTC, project-based housing vouchers, or other major funding; and e. Per unit subsidy of affordable housing funding request (lower the better). 3. Public Benefit and Response to City’s Housing Priorities a. Project has housing units that address households with special needs (e.g., seniors, disabled, homeless); b. Project has supportive services and has identified funding to provide for such services; c. Applicant has proven success at gaining community support for affordable housing projects and remaining sensitive to concerns throughout operations; and d. Quality of the proposed structures. Attention to enhancing the quality of life for the future occupants and design compatibility with surrounding neighborhood. 475 City of Dublin—Notice of Funding Availability – July 2020 Page 7 4. Site Appropriateness a. Project site has easy access to public transportation and relevant local services and amenities, such as parks, medical services, fresh foods, schools, etc.; and b. Project is consistent with the site’s General Plan and/or Specific Plan land use designation and zoning. In cases where the land use designation and/or zoning would require an amendment, applicant can demonstrate that the project warrants an amendment to land use and zoning designations and is compatible with surrounding land uses. 5. Completeness, Accuracy, and Quality of Proposal and Budget This includes an overall evaluation of the proposal itself, as evidence of the Applicant’s understanding of the project’s purpose and objectives, knowledge of the field, and ability to prepare concise reports and budgets. It also includes the completeness, accuracy and quality of an Applicant’s response to questions regarding the proposal. III. SUBMITTAL REQUIREMENTS 1. Cover Letter Provide a brief summary of the proposed project and discuss Applicant’s qualifications, why Applicant is uniquely qualified to merit the City’s investment, and why Applicant’s proposal should be selected for funding. Maximum length: two pages 2. Development Entity a. Identify the entity with the legal authority to contract directly with the City, including all joint ventures/limited partners and their percentage ownership interest (if applicable); b. Include resumes of key individuals and their roles; and c. Identify person who has the legal authority to enter into a contractual agreement with the City on behalf of the Applicant. Maximum length: five pages 3. Experience a. Provide evidence of past project experience, particularly with developing affordable housing rental projects. For at least three (3) projects include: a brief narrative description of the project, the Applicant's role, the cost of the project, amounts and sources of funds used to finance the project, the date the project was completed, financial statements for the three most recent years of each projects operations, and indicate if the project was completed on time and within budget; and b. For each of the projects identified above for experience, provide a reference with the city or agency including name, email address and phone number. Maximum length: 24 pages 4. Description of Proposed Project Concept a. Provide a written description of the proposed project, scale of development (number stories), type of construction, size, use of proposed tenants of commercial component (if applicable), occupancy restrictions, number and size of units, number of parking spaces, and type of amenities; 476 City of Dublin—Notice of Funding Availability – July 2020 Page 8 b. Provide basic site information such as property address, Assessor’s Parcel Number, square footage, existing uses, current General Plan land use designation and zoning, and indicate if the proposed project is consistent with the existing General Plan land use designation and zoning, or if a General Plan Amendment and Rezoning are required; c. Describe the property location, neighborhood, transportations options, local services and amenities (full-service grocery store, neighborhood park, pharmacy, medical facility, schools, etc.) within close proximity to the site (include distance, e.g., ¼ mile, ½ mile); d. Provide a graphic depiction of the proposed project consisting of a preliminary site plan and conceptual architecture. Overly detailed architectural renderings or glossy material are discouraged in response to this NOFA; and e. Describe how the project will be managed. Also, provide a list of rental projects that are currently under the company’s management. Include each property’s location, number of units and number of affordable units. Maximum length: five pages 5. Financing Plan and Proforma Provide a narrative description of the proposed method of financing the proposed project including all sources of debt and equity. In the case of a proposed tax credit project, identify the assumed tax credit pricing/cents on the dollar projected in the proposed project’s sources and uses. Given the competitive nature of many of the available county, state and federal funding programs, the narrative should describe the Applicant's approach to alternative financing scenarios as a contingency to the preferred plan. The proposal should also include a complete preliminary financing proforma of the proposed project including: a. Total development cost budget, itemized for each component of the project, identifying predevelopment costs, estimates of land acquisition and site preparation costs (if applicable), direct construction costs (for each component) and all indirect and financing costs, including developer fee, construction escalation, design contingency, and construction contingency of no less than 10 percent; and b. A complete sources and uses of funds table for both construction and permanent financing for each component of the project. The table should clearly indicate the amount of requested affordable housing financial assistance and the proposed repayment terms of such assistance. Maximum length: three pages 6. Evidence of Site Control At the time of proposal submission, the Applicant must show that if the proposal is selected, site control can be maintained until the property can be acquired. As evidence of site control, one of the following documents must be submitted with the application: a. Purchase agreement, including evidence that the agreement is for a term that is sufficient to hold the property until the anticipated date of purchase; b. Option to purchase or lease, binding on seller or landlord, including evidence that options are renewable until the anticipated date of purchase; 477 City of Dublin—Notice of Funding Availability – July 2020 Page 9 c. Executed land sales contract or other enforceable agreement for acquisition; d. Letter of Intent to purchase, signed by both buyer and seller, indicating commitment to execute purchase or option agreement pending Applicant selection by City; or e. Other evidence that Applicant has site control acceptable by the City. 7. Preliminary Title Report A preliminary title report dated within 30 days of the application deadline. 8. Project Schedule A preliminary project schedule identifying the estimated date of achieving key milestones including: securing of all financing commitments, acquisition of the site, start of construction, completion of construction, and lease-up and stabilization of residential and commercial operations (if applicable). Project schedule should start within 30 days of date the Applicant’s project is selected. IV. SUPPLEMENTAL MATERIALS – NOT REQUIRED INITIALLY Additional materials that may be required at a later date for NOFA finalists: 1. Applicant’s Financial Statements The most recent two years’ audited financial statements of the Applicant and each proposed development entity/joint venture partner, if applicable. 2. Residential Services Plan A plan that describes services to be provided to tenants (childcare, computer training, etc.) and demonstrates how supportive services for the tenant population will be provided and funded. The plan should also show funding sources. 3. Phase I Environmental Assessment for Project Site Applicants may be required to provide a copy of the completed Phase I Environment Assessment prepared by a qualified environmental firm. 4. Community Outreach Plan A plan for conducting community outreach to neighbors of the proposed project and community groups may be required. The outreach plan should discuss any anticipated community concerns and how they would be handled. 5. Appraisal An appraisal of the project site may be required that has been completed within six months of the application deadline. All appraisers must be California State licensed/certified. 6. Project Cashflow Projection Project income and project operating expenses, including rents for each unit type, vacancy rate, operating expenses, debt service, and all distributions of remaining cash flow (15-year projection with assumptions for out-year escalations). The table should clearly detail 478 City of Dublin—Notice of Funding Availability – July 2020 Page 10 assumptions on rents for all unit types including utility allowance factors and other sources of income. 7. Mixed-Use Budget For mixed-use projects, a development budget will be required with the costs attributable to the commercial/retail or other nonresidential component clearly delineated from those for the residential component. 8. Project Sustainability Plans Plans may be requested for reduction of negative impacts on the environment through principles and practices that reduce consumption water and non-renewable energy, and minimize waste and negative impact to the environment IV. PROPOSAL PROCESS Proposal Submittal Proposals are due on Friday, September 18, 2020, by 5:00 p.m. and must include: • Hard copies: One (1) original and three (3) copies of complete proposal; and • Electronic copy: All proposal materials must also be submitted on a USB flash drive or via Dropbox. The sources and uses of the proforma, operating proforma and any other budget spread sheet must be submitted in Excel format. Deliver to City of Dublin, Community Development Department Attn.: Housing Division 100 Civic Plaza Dublin, CA 94568 HousingInfo@dublin.ca.gov Inquiries/Questions All inquiries and/or questions regarding this NOFA must be submitted no later than September 6, 2020, and directed to: Jim Bergdoll, Senior Planner, at jim.bergdoll@dublin.ca.gov or (925) 833-6610 Pre-Proposal Meeting Applicants are encouraged to attend a Pre-Proposal meeting on this NOFA: Date: August 4, 2020 Time: 3:00 p.m. Location: Due to the on-going COVID-19 health crisis, the Pre-Proposal meeting will be held via Zoom Video Communications. Please contact Jim Bergdoll at the e-mail address noted above by noon August 3, 2020, to receive a link to the meeting. 479 City of Dublin—Notice of Funding Availability – July 2020 Page 11 Proposal Process Timeline The tentative timeline for evaluating and selecting proposals is presented below: NOFA SCHEDULE EVENT DATE NOFA Released July 17, 2020 Pre-Proposal Meeting August 4, 2020 Proposals Due September 18, 2020, 5:00 p.m. Initial Review of Proposals Completed October 9, 2020 Additional Materials Due from Finalist(s) October 30, 2020 Applicant Interviews, if necessary November 2020 City Council Consideration of Applicant Selection December 2020 Loan, Regulatory Agreements, Negotiation, Securing of A-1 Bond Funds Spring 2021 Public Record Under the California Public Records Act (PRA), ALL DOCUMENTS SUBMITTED IN RESPONSE TO THIS NOFA ARE CONSIDERED PUBLIC RECORDS AND WILL BE MADE AVAILABLE TO THE PUBLIC UPON REQUEST, unless withheld from disclosure for the City’s sole and exclusive benefit pursuant to an exception to disclosure under the PRA or other applicable law. Please do not include confidential information or information that may violate the privacy or intellectual property rights of a third party. Right to Reject Proposals The City reserves the right to reject any and all proposals for any reason, and at its sole discretion. The City reserves the right to alter the guidelines in the NOFA at any time, at its discretion. V. BACKGROUND RESOURCES 1. City of Dublin General Plan: https://dublin.ca.gov/171/General-Plan 2. Housing Element 2015-23: https://dublin.ca.gov/1516/Housing-Element 3. Eastern Dublin Specific Plan: https://dublin.ca.gov/DocumentCenter/View/7776/EDSP- 2016-Update-Full-PDF?bidId= 4. Downtown Dublin Specific Plan: https://dublin.ca.gov/DocumentCenter/View/7859/Amended_DDSP_Dec_2019?bidId= 5. Interactive GIS Portal: https://gis.dublin.ca.gov/Html5Viewer/ 6. Dublin Development Activity: https://dublin.ca.gov/174/Development-Activity 3558099.1 480 W EST D U BL I N BART PR O J ECT D ESC R IPT IO N 1 PROJECT DESCRIPTION Provide a written description of the proposed project, scale of development (number stories), type of construction, size, use of proposed tenants of commercial component (if applicable), occupancy restrictions, number and size of units, number of parking spaces, and type of amenities; We are proposing a phased master plan on 3.7 acres adjacent to the West Dublin BART station. The initial plan includes three phases with the following attributes: Phase 1 Affordable 77 units 62 parking spaces 6 levels (1 pkg) Phase 2 Affordable 75 units 80 parking spaces 6 levels (1 pkg) Phase 3 Market Rate 182 units 304 parking spaces 7 levels (2 pkg) Total 334 units 446 parking spaces The attached conceptual site plan shows detail detailed data including the unit mix, unit sizes, and size of amenities for each building. BRIDGE has just had preliminary design work done and plans to implement some design changes that will increase financial feasibility and unit count. Affordability in Phase 1a will have a range of incomes and rents with an average affordability of 35% in order to be competitive for MHP funds from CA HCD, and also be compliant with Alameda Count A-1 funds. We anticipate a 30% set-aside for a special needs population that could include formerly homeless individuals/families and/or veterans. We will include a service enriched environment for this population to help insure their success, and will provide resident services to the entire building in order to build community and foster personal, financial and educational growth. We are open to discussing the specifics of this population with the City of Dublin to better meet local needs and housing goals. Phase 2 affordability is not yet determined, but will likely also include a similar mix of affordability. Amenities for the affordable phases will include common areas (both indoor and on the courtyard podium deck), counseling suites, recreational facilities, play areas, BBQ areas, and secure parking. Parking will be provided in the ground level garage in mechanical lifts. The site plan provides individual stoops, building lobbies, and amenities on Lane A, Entry Drive and Golden Gate Drive to help create a pedestrian streetscape and reinforce the emerging neighborhood. Private open space will be provided on the second level courtyard in each building. We propose to build a LEED Silver buildings or the equivalent Green Point Rating. All buildings will include transit reader boards in the lobbies to promote transit ridership. Market rate units in Phase 2 will include a more robust amenity package commensurate with market requirements. Provide basic site information such as property address, Assessor’s Parcel Number, 481 W EST D U BL I N BART PR O J ECT D ESC R IPT IO N 2 square footage, existing uses, current General Plan land use designation and zoning, and indicate if the proposed project is consistent with the existing General Plan land use designation and zoning, or if a General Plan Amendment and Rezoning are required; The property is located at 6501 Golden Gate Drive listed by Alameda County as parcel numbers 941-2842-4 and 941-2842-2. The site is approximately 3.77 acres and within the Downtown Dublin Zoning District and will be consistent with the Downtown Dublin Specific Plan and applicable state density bonus laws. 482 W EST D U BL I N BART PR O J ECT D ESC R IPT IO N 3 Describe the property location, neighborhood, transportations options, local services and amenities (full-service grocery store, neighborhood park, pharmacy, medical facility, schools, etc.) within close proximity to the site (include distance, e.g., ¼ mile, ½ mile); The property is located directly adjacent to the West Dublin BART station, and is one of the last remaining vacant parcels near BART. This location is the foundation to a sustainably developed mixed-income community. This location is very well positioned to 483 W EST D U BL I N BART PR O J ECT D ESC R IPT IO N 4 provide rich transportation options, and robust local and neighborhood amenities. The chart below outlines the distances to the various community amenities that residents will have close access to; a. Provide a graphic depiction of the proposed project consisting of a preliminary site plan and conceptual architecture. Overly detailed architectural renderings or glossy material are discouraged in response to this NOFA; Attached is a preliminary architectural site plan and data table describing the project phasing, unit mix, size of amenities, and proposed parking. We have not presented conceptual architecture at this early stage, but would be happy to provide some precedent images showing architectural themes, materials and details that could begin to describe proposed architecture at Golden Gate Drive. This initial site plan does provide proof of concept that the property has a carrying capacity of up to 334 apartments and associated amenities in a phased master plan that can respond to the current and future economic conditions. b. Describe how the project will be managed. Also, provide a list of rental projects that are currently under the company’s management. Include each property’s location, number of units and number of affordable units. BRIDGE formed BRIDGE Property Management Company (BPMC) in 1987 as a financially independent but affiliated nonprofit tax-exempt management company to ensure that the award- winning quality of BRIDGE’s developments would be maintained over time. Revenues from the Transporation Options Distance (walking) West Dublin Bart Station - BART Directly Adjacent West Dublin Bart Station - WHEELS Directly Adjacent Dublin Blvd & Golden Gate Dr - WHEELS 0.2m Local Services and Amentities Safeway 0.4mi Dublin Heritage Park 0.8mi Dublin Sports Grounds 1.1mi Dublin Civic Center 1.1mi Dublin Library 1.1mi Schools Neilsen Elementary 1.4mi Fairlands Elemnetary 3.7mi Valley High School 1.1mi Wells Middle School 1.4mi Healthcare CVS Pharmacy 0.6mi Kaiser- South 0.9mi 484 W EST D U BL I N BART PR O J ECT D ESC R IPT IO N 5 company, in excess of costs, are devoted to aid residents, and to provide supportive social services. BPMC currently manages and co-manages more than 9,000 residential units. BPMC also manages over 300,000 square feet of commercial space within our buildings. BRIDGE’s experience as a building owner for thirty years has provided insight into how to build efficient, sustainable buildings that can be maintained well into the future, while providing a high quality living environment for our residents. BRIDGE currently implements standards for overall site design, building envelope and systems, and unit and common area layouts and finishes, and these are continually updated with feedback from our existing building performance and resident input. Our Approach for West Dublin Bart Our management mission for West Dublin Bart will be to place special emphasis on a comprehensive management plan including:  Compliance – We employ five full-time Compliance Department staff who review and approve resident files and provide valuable ongoing training in both areas. The Compliance staff also conducts regular spot audits of all communities to ensure ongoing compliance.  Maintenance – We have extensive experience in long-term management and budgeting and with our knowledge of maintenance and operational requirements include maintenance work order systems, preventive maintenance plans and cost effective use of vendors and maintenance staff.  Marketing and Waitlist management – Our approach to marketing and rent-up utilizes a range of targeted advertising and promotional activities selected to effectively reach potentially qualified applicants. In addition, we develop community based outreach programs in an effort to attract qualified potential tenants.  Accounting and financial reporting – We use MRI software for on and offsite accounting. We provide owners monthly accounting reports and operating budgets drafted sixty days prior to the end of the fiscal year. The accounting system for our portfolio meets all generally accepted accounting principles.  Resident Services – We have invested a great deal in gaining expertise in this kind of community building. In many locations, our staff works closely with local governmental and community-based agencies to coordinate or enhance provision of these services for residents. The company’s management style is flexible in order to meet the needs of the resident at the property including meeting with the residents to understand their needs and supporting resident organizations to help empower them to be an integral part of their community. Property Location Type Units Property Management Contract Asset Management Only 25 Sanchez, Mission San Francisco Senior 90 90 485 W EST D U BL I N BART PR O J ECT D ESC R IPT IO N 6 255 Woodside, Mission San Francisco Senior 110 110 462 Duboce, Mission San Francisco Senior 42 42 474 Natoma Apartments San Francisco Family 60 60 Acorn I and II Oakland Family 206 206 Acorn III Oakland Family 87 87 Almaden Lake Apartments San Jose Family 144 144 Alta Torre Palo Alto Senior 56 56 Alto Station Mill Valley Family 17 17 Armstrong Place Senior Housing San Francisco Senior 116 116 Arroyo Point Santa Rosa Family 70 70 AveVista Oakland Family 68 68 Belvedere Place San Rafael Family 26 26 Casa Vista San Rafael Family 40 40 Celadon at 9th & Broadway 4% San Diego Family 121 121 Celadon at 9th & Broadway 9% San Diego SRO 129 129 Centertown San Rafael Family 60 60 Chelsea Gardens Santa Rosa Family and Senior 120 120 Chestnut Creek South San Francisco Senior 40 40 Chestnut Linden Court Oakland Family 151 151 Coggins Square Walnut Creek Family 87 87 Coleridge Park San Francisco Senior 49 49 Copper Creek 4% San Marcos Family 156 156 Copper Creek 9% San Marcos Family 48 48 Coronado Springs Seattle Family 332 332 Cottonwood Creek Suisun City Family 94 94 Doretha Mitchell Marin City Family 30 30 Dove Canyon San Diego Family 120 120 Emery Villa Emeryville Senior 50 50 Fell Street Apartments San Francisco Family 82 82 Foothill Farms Sacramento Senior 138 138 Geraldine Johnson San Francisco Senior 54 54 Grand Oak South San Francisco Family 43 43 Grayson Creek Pleasant Hill Family 70 70 Heritage Park Livermore Family 167 Holly Courts, Bernal San Francisco Family 118 118 Hunt's Grove St. Helena Family 56 56 Ironhorse at Central Station Oakland Family 99 99 486 W EST D U BL I N BART PR O J ECT D ESC R IPT IO N 7 Irvington Terrace Fremont Family 100 100 Ivy at College Park Chino Family 135 135 Kentfield Stockton Family 90 90 La Pradera Calistoga Family 48 48 Laguna Canyon Irvine Family 120 120 Mabuhay Court San Jose Senior 96 96 Madera Vista Phase 1 & 2 Temecula Family 80 80 Magnolia Plaza South San Francisco Senior 125 125 Mandela Gateway Apartments Oakland Family 168 168 Marina Tower Annex Vallejo Senior 57 57 Marina Tower Apartments Vallejo Senior 155 155 Metro Center Foster City Senior 60 60 Montevista Apartments Milpitas Mixed Income Family 306 306 Mural Apartments Oakland Family 90 90 North Beach Place San Francisco Family and Senior 341 341 Northpoint Village Apartments I Santa Rosa Family 70 70 Northpoint Village Apartments II Santa Rosa Family 40 40 Oak Circle San Jose Senior 100 100 Ocean View Pacifica Senior 100 100 Ohlone Court San Jose Family 135 135 One Church Street San Francisco Family 93 93 Pacific Oaks Pacifica Senior 104 104 Paseo at COMM22 San Diego Family 130 130 Peninsula Park E. Palo Alto Mixed Income Family 129 129 Pickleweed Mill Valley Family 32 32 Pinole Grove Senior Housing Pinole Senior 70 70 Poinsettia Station Carlsbad Family 92 92 Pottery Court Lake Elsinore Family 113 113 Redwood Shores Vallejo Senior 120 120 Richmond City Center Apartments Richmond Family 64 64 Rotary Valley San Rafael Senior 80 80 Sage Canyon San Marcos Family 72 72 Sage Park Los Angeles Family 90 90 San Paulo Apartments Irvine Mixed Income Family 382 382 San Rafael Commons San Rafael Senior 83 83 487 W EST D U BL I N BART PR O J ECT D ESC R IPT IO N 8 Santa Alicia Irvine Family 84 84 Silverado Creek Napa Family 102 102 Sitka Portland Mixed Income Family 209 209 St. Joseph's Senior Apartments Oakland Senior 84 84 Steamboat Point Apartments San Francisco Family 108 108 Strobridge Court Castro Valley Family and Senior 96 96 Susanne B. Wilson Residence San Jose Family 63 63 Sycamore Place Danville Senior 74 74 Terra Cotta San Marcos Family 168 168 Terraza Palmera at St. Joseph's Oakland Family 62 62 The Abigail Portland Mixed Income Family 155 155 The Arbors Hercules Senior 60 60 The Carquinez Richmond Senior 36 36 The Coronet San Francisco Senior 150 150 The Fountains Mountain View Family 124 124 The Parkview Pleasanton Senior 105 105 The Peninsula Regent San Mateo Supportive 207 207 The Rivermark West Sacramento Family 70 70 Torrey Del Mar San Diego Family 112 112 Tressa Apartments Seattle Family 474 474 Trestle Glen Colma Family 119 119 Victoria at COMM22 San Diego Senior 70 70 Villa Loma Apartments Carlsbad Family 344 344 Visitacion Gardens Brisbane Senior 14 14 Windrow Irvine Family 96 96 Woodbury Walk Irvine Family 150 150 Woodland Park Portland Family and Senior 111 111 Woods Grove Pittsburg Family 80 80 TOTAL 11,143 8,351 2,625 488 Architecture + Planning580 Second St., Suite 200Oakland, CA 94607510.272.2910ktgy.comDUBLIN, CA # 2020-0854GOLDEN GATE BARTCONCEPTUAL DESIGNOCTOBER 8, 2020A0.0PROJECT DATA0163264489 LobbyLobbyGolden Gate DrA""""A-Lane AhAArchitecture + Planning580 Second St., Suite 200Oakland, CA 94607510.272.2910ktgy.comDUBLIN, CA # 2020-0854GOLDEN GATE BARTCONCEPTUAL DESIGNOCTOBER 8, 2020A0.1SITE PARCEL DIVISIONSNTSLobby30 2LP Stacks +2 Accessible Stalls(62 parking spots)Garage EntryEntA54'-10'-0"0-15'-0"Trash/BOHP3-2P3-2AmenityA-Parcel Phase 1-AArea: 37,005 sf(0.85 acres)LobbyGarage EntryTrash/BOHLane AHammer39 2LP Stacks +2 Accessible Stalls(80 parking spots)AmenityUtilityLane ArhParcel Phase 1-BArea: 37,604 sf(0.86 acres)LobbyGarage Level 1Entry46 2LP Stacks + 39 3LP Stacks +ks + 395 Accessible StallstallsTotal 214 Parking SpotsUPUtilityry DrLane Ahead Dr-0"10'-0"-0'-001Trash/BOHsh/BOP1-3P1-3P2-4P2-4enity/enitAmenenve Useve ActiveveUtilityP1-3P1-3P1-3PPP2-410'-00Lane Ah-A-Lane AhAParcel Phase 2Area: 82,548 sf(1.89 acres)490 LobbbbybbbbLobbyLobby30 2LP Stacks +2 Accessible Stalls(62 pa(62 parking spots)(62 paGarage Level 1Entry46 2LP Stacks + 39 3LP Stacks +ks + 395 Accessib5 Accessib5 Accessible Stallstalls5 Accessib5 AccessibpotsTotal 214 Parking SpotspotspotspotsUPGarage ntryEnnnGarage EntryUtilitytilitysh/BOTrash/BOsh/BOHsh/BOsh/BOGolden Gate DrDEntry DrDDDLane ALane ALane ALane AHHHaHaHammerhead DHammerhe dmmerhead DHammerhe dHammerhe dHammerhead Drmmerhead D39 2LP Stacks +ccessiblccessible Stalls2 Accessiblccessiblccessiblots)ots)(80 parking spots)ots)ots)544'-0"440"0----------------''''000000000000000001111111----------0"----------------''''''0'0'000000000001111----------15' 0"15' 0"15' 0"15' 0"15 015' 0"15' 0"15' 0"15-015 015 015 015 015 015 015 015 015 015 015 0""0-00'-00-00-00-000000000000000000111111111sh/BTrash/Bsh/BOHsh/BOsh/Bsh/BTrasTrash/BOHTrasTrasTrasP3-2P3-23P1-33P1-3P2-4P2P2P2-4memenityAmemememeAmemenitymemeAAAenity/enitAmenenAAcccve Useve ctivevecUtilityyyyUtilitUtilitUtilitUtilityUtilitP1-3P1-3333P1-3PPPP2-4PP"10' 010' 010' 010' 010' 010 010' 010 010 010 010' 010-010-010-010-010-010 010 010-010 010 010 010-010 010 0"0000000000000Architecture + Planning580 Second St., Suite 200Oakland, CA 94607510.272.2910ktgy.comDUBLIN, CA # 2020-0854GOLDEN GATE BARTCONCEPTUAL DESIGNOCTOBER 8, 2020A1.0SITE PLAN0163264491 90 Parking SpotsDNOpen toOeeBelowBlleOpen toOpen toOpen toOpen tonnnneeeeBelowBelowelowwP2-44P1-3P2-4P2P2-4P1-3PP1-3P1-3P2-4-P1-3UtilitlitylitlitP0-1P3-0P1-0P0-1P0-1P0-1P3-1P2-0P3-0P1-1P1-1P1 1P1-0P1-P2-0P2-0P2-0P2-121P3-0P3 0P3 0P3 0P3 0P3-1P2-1P0-101P3-0P3-0P3-1P3-0P3P2-0P1-1P1-1P0 1P0 1P0-1P0 1P0-1P0 1P0 1P0-1P0-1P1-00P2-0P2-0AffordableBuilding 1-ACourtyardCoAffordableBuilding 1-BCouCourtyardCouCouArchitecture + Planning580 Second St., Suite 200Oakland, CA 94607510.272.2910ktgy.comDUBLIN, CA # 2020-0854GOLDEN GATE BARTCONCEPTUAL DESIGNOCTOBER 8, 2020A1.1LEVEL 2 PLAN0163264AFFORDABLE PHASE 1-AAFFORDABLE PHASE 1-BMARKET RATE PHASE 2492 P3-0P1-0P0-1P0-1P0-1P3-1P2-0P3-0P1-1P1-1P1 1P1-0P1-P2-0P2-0P2-0P2-121P3-0P3 0P3 0P3 0P3 0P3-1P2-1P0-101P3-0P3-0P3-1P3-0P3P2-0P1-1P1-1P0 1P0 1P0-1P0 1P0-1P0 1P0 1P0-1P0-1P1-00P2-0P2-0P2-0P2 0P2 0P2 0P2-0202020P2-0P0-1P0-1-1P0-1P0-1P1-0P1-0P1-0P1-0P1 0P1 0P1-0P1 0P1-0P0-1P1-0P1-0P1 0P1 0P1-0P1-0P3-1P2-0P1-010P2-2P1-1P2-2P2 2P2 2P1-111P2-2P1-1P1-1Market RateMarkeCourtyard AdAP1 1P1 1P1-1P1 1P1 1P1 1P1-1P1-1P1-1P1-1P1-1P1-1P1 1P1 1P1 1P0-1P0-1Level 3evAmenityenMaMarket RateMaMaCourtyard Byard Byard Byard BAffordableBuilding 1-ACourtyardCoAffordableBuilding 1-BCouCourtyardCouCouArchitecture + Planning580 Second St., Suite 200Oakland, CA 94607510.272.2910ktgy.comDUBLIN, CA # 2020-0854GOLDEN GATE BARTCONCEPTUAL DESIGNOCTOBER 8, 2020A1.2TYPICAL BUILDING PLAN0163264AFFORDABLE PHASE 1-AAFFORDABLE PHASE 1-BMARKET RATE PHASE 2493 Eden Housing 4. Preliminary Development Concept Eden takes great pride in creating unique developments that are authentic to the communities in which we operate. This community will be no different. The proposal below outlines our initial thoughts and vision to create an affordable community that will compliment and support this transit- oriented neighborhood in Downtown Dublin. A. Property Overview x AAddress: 7922 Dublin Boulevard x APN: 941-1500-28-2 x Size:63,540 SF x Current land use: Commercial building x Located within the Downtown Dublin Specific Plan and West Downton BART Specific Plan sub- area x General Plan Land Use Designation & Zoning: Downtown Dublin Specific Plan, Transit-Oriented District x Amenities: o Grocery store: Safeway, 7499 Dublin Blvd, Dublin, CA 94568 [½ mile] o Park: Mape Memorial Park, 11711 Mape Way, Dublin, CA 94568 [½ mile] o Pharmacy: CVS, 7201 Regional St, Dublin, CA 94568 [¼ mile] o Medical facility: Kaiser Pleasanton, 7601 Stoneridge Dr, Pleasanton, CA 94588 [1 mile] o Schools: Valley High School, 6901 York Dr, Dublin, CA 94568 [1 mile] o Transit: West Dublin BART [[½ mile] 21 494 Eden Housing B. Proposed Project Overview – Building Type, Height and Parking For this site, we envision a five-story building with one level of parking and four stories of housing on top. Using a conceptual building plan that creates two U-shaped buildings with private courtyards that open to the east, our initial analysis indicates that we could fit approximately 121 units. This design allows for 126 parking spaces, for a ratio just over 1 space per unit and in-line with parking ratios allowed under the State Density Bonus Law. However, if additional parking is desired, we could look at add parking lifts or stackers, a solution that Eden is constructing now in a project in Fremont. The first level, or podium level would be concrete construction with the upper floors constructed in wood (Type V). Note that it would be possible to add another floor of wood construction if we use Type IIIA and that would result in 154 units – however, given parking constraints, we have decided to focus our proposal on the 121 unit scenario but are open to further exploring increased density with the City and our design team. The project will include high quality amenities that are standard at Eden properties -- community rooms, computer learning centers, and well-appointed common outdoor podium courtyards. Anticipated Unit Affordability Mix & Tenant Population Eden has designed the affordable component to meet a “Large Family” project type under TCAC’s regulations in order to ensure maximum flexibility and competitiveness for various State programs. This essentially means that the development has the required number of three- and two-bedroom units (at least 25% of each). The conceptual unit mix is as follows: UUnit Type NNumber %% of total Studio 29 24% 1 bedroom 29 24% 2 bedroom 30 25% 3 bedroom 33 27% TTotal 1121 1100% The funding sources that we secure will ultimately inform the specific affordability levels of the project, but Eden anticipates delivering a mix of affordability levels as shown below. 22 495 Eden Housing AAMI level NNumber 20% AMI 5 45% AMI 27 50% AMI 64 60% AMI 24 Manager 1 TTotal 1121 Eden has not yet identified any specific tenant population, such as veterans, homeless, developmentally disabled, or other kind of special needs population. We would be happy to discuss possible tenant targeting with the City. Our assumed funding programs have no specific occupancy restrictions, and Eden would be happy to explore a live/work preference for Dublin residents/workers if desired. Management & Resident Services Eden Housing Management Inc. (EHMI) would provide property management services for the site, and Eden Housing Resident Services Inc. would provide on-site resident services. A list of all properties managed by EHMI is included as AAttachment C. Site Plans The diagrams below are rough site fit tests showing the possible configuration of parking and units on each floor. However, if selected, we would work with a design team to craft a tailored design for the site. These are meant to show proof of concept rather than final designs. The proposed concept is consistent with the General Plan and Zoning. Level 1 – Ground Floor Parking 23 496 Eden Housing Level 2 – Amenities & Residential Level 3-5 – Residential 24 497 W EST D U BL I N BART PR O J ECT D ESC R IPT IO N 1 PROJECT DESCRIPTION Provide a written description of the proposed project, scale of development (number stories), type of construction, size, use of proposed tenants of commercial component (if applicable), occupancy restrictions, number and size of units, number of parking spaces, and type of amenities; We are proposing a two phased approach on 3.6 acres adjacent to the West Dublin BART station. The initial plan includes two phases with the following attributes: Phase A Affordable 172 units 142 parking spaces 5 levels (1 pkg) Phase B Affordable 136 units 113 parking spaces 5 levels (1 pkg) Total 308 units 255 parking spaces The attached conceptual site plan shows detail detailed data including the unit mix, unit sizes, and size of amenities for each building. Affordability in the first affordable building will have a minimum of 30% set-aside for a special needs population that could include formerly homeless individuals/families and/or veterans. We will include a service enriched environment for this population to help insure their success, and will provide resident services to the entire building in order to build community and foster personal, financial and educational growth. We are open to discussing the specifics of this population with the City of Dublin to better meet local needs and housing goals. Phase B will be 100% affordable, but the detailed affordability matrix has not yet been determined. We anticipate Phase B will also include a similar mix of affordability as Phase A. Amenities for the affordable phases will include common areas (both indoor and on the courtyard podium deck), counseling suites, recreational facilities, play areas, BBQ areas, and secure parking. Parking will be provided in the ground level garage. The site plan provides individual stoops, building lobbies, and amenities on Lane A, Entry Drive and Golden Gate Drive to help create a pedestrian streetscape and reinforce the emerging neighborhood. Private open space will be provided on the second level courtyard in each building. BRIDGE has committed to build out the BART parcel adjacent to the landing for the pedestrian overcrossing, with an urban plaza that will act as a gateway to downtown Dublin. We propose to build a LEED Silver buildings or the equivalent Green Point Rating. All buildings will include transit reader boards in the lobbies to promote transit ridership. We will also build 2,200 sf of commercial space that will face Golden Gate Drive and open to the BART plaza, serving community residents that utilize the West Dublin BART station. Provide basic site information such as property address, Assessor’s Parcel Number, square footage, existing uses, current General Plan land use designation and zoning, and indicate if the proposed project is consistent with the existing General Plan land use Attachment 3 498 W EST D U BL I N BART PR O J ECT D ESC R IPT IO N 2 designation and zoning, or if a General Plan Amendment and Rezoning are required; The property is located at 6501 Golden Gate Drive listed by Alameda County as parcel numbers 941-2842-4 and 941-2842-2. The site is approximately 3.6 acres and within the Downtown Dublin Zoning District and will be consistent with the Downtown Dublin Specific Plan and applicable state density bonus laws. 499 W EST D U BL I N BART PR O J ECT D ESC R IPT IO N 3 Describe the property location, neighborhood, transportations options, local services and amenities (full-service grocery store, neighborhood park, pharmacy, medical facility, schools, etc.) within close proximity to the site (include distance, e.g., ¼ mile, ½ mile); The property is located directly adjacent to the West Dublin BART station, and is one of the last remaining vacant parcels near BART. This location is the foundation to a sustainably developed mixed-income community. This location is very well positioned to provide rich transportation options, and robust local and neighborhood amenities. The chart below outlines the distances to the various community amenities that residents will have close access to; 500 W EST D U BL I N BART PR O J ECT D ESC R IPT IO N 4 a. Provide a graphic depiction of the proposed project consisting of a preliminary site plan and conceptual architecture. Overly detailed architectural renderings or glossy material are discouraged in response to this NOFA; Attached is a preliminary architectural site plan and data table describing the project phasing, unit mix, size of amenities, and proposed parking. b. Describe how the project will be managed. Also, provide a list of rental projects that are currently under the company’s management. Include each property’s location, number of units and number of affordable units. BRIDGE formed BRIDGE Property Management Company (BPMC) in 1987 as a financially independent but affiliated nonprofit tax-exempt management company to ensure that the award- winning quality of BRIDGE’s developments would be maintained over time. Revenues from the company, in excess of costs, are devoted to aid residents, and to provide supportive social services. BPMC currently manages and co-manages more than 9,000 residential units. BPMC also manages over 300,000 square feet of commercial space within our buildings. BRIDGE’s experience as a building owner for thirty years has provided insight into how to build efficient, sustainable buildings that can be maintained well into the future, while providing a high quality living environment for our residents. BRIDGE currently implements standards for overall site design, building envelope and systems, and unit and common area layouts and finishes, and Transporation Options Distance (walking) West Dublin Bart Station - BART Directly Adjacent West Dublin Bart Station - WHEELS Directly Adjacent Dublin Blvd & Golden Gate Dr - WHEELS 0.2m Local Services and Amentities Safeway 0.4mi Dublin Heritage Park 0.8mi Dublin Sports Grounds 1.1mi Dublin Civic Center 1.1mi Dublin Library 1.1mi Schools Neilsen Elementary 1.4mi Fairlands Elemnetary 3.7mi Valley High School 1.1mi Wells Middle School 1.4mi Healthcare CVS Pharmacy 0.6mi Kaiser- South 0.9mi 501 W EST D U BL I N BART PR O J ECT D ESC R IPT IO N 5 these are continually updated with feedback from our existing building performance and resident input. Our Approach for West Dublin Bart Our management mission for West Dublin Bart will be to place special emphasis on a comprehensive management plan including:  Compliance – We employ five full-time Compliance Department staff who review and approve resident files and provide valuable ongoing training in both areas. The Compliance staff also conducts regular spot audits of all communities to ensure ongoing compliance.  Maintenance – We have extensive experience in long-term management and budgeting and with our knowledge of maintenance and operational requirements include maintenance work order systems, preventive maintenance plans and cost effective use of vendors and maintenance staff.  Marketing and Waitlist management – Our approach to marketing and rent-up utilizes a range of targeted advertising and promotional activities selected to effectively reach potentially qualified applicants. In addition, we develop community based outreach programs in an effort to attract qualified potential tenants.  Accounting and financial reporting – We use MRI software for on and offsite accounting. We provide owners monthly accounting reports and operating budgets drafted sixty days prior to the end of the fiscal year. The accounting system for our portfolio meets all generally accepted accounting principles.  Resident Services – We have invested a great deal in gaining expertise in this kind of community building. In many locations, our staff works closely with local governmental and community-based agencies to coordinate or enhance provision of these services for residents. The company’s management style is flexible in order to meet the needs of the resident at the property including meeting with the residents to understand their needs and supporting resident organizations to help empower them to be an integral part of their community. Property Location Type Units Property Management Contract Asset Management Only 25 Sanchez, Mission San Francisco Senior 90 90 255 Woodside, Mission San Francisco Senior 110 110 462 Duboce, Mission San Francisco Senior 42 42 474 Natoma Apartments San Francisco Family 60 60 Acorn I and II Oakland Family 206 206 Acorn III Oakland Family 87 87 Almaden Lake Apartments San Jose Family 144 144 Alta Torre Palo Alto Senior 56 56 502 W EST D U BL I N BART PR O J ECT D ESC R IPT IO N 6 Alto Station Mill Valley Family 17 17 Armstrong Place Senior Housing San Francisco Senior 116 116 Arroyo Point Santa Rosa Family 70 70 AveVista Oakland Family 68 68 Belvedere Place San Rafael Family 26 26 Casa Vista San Rafael Family 40 40 Celadon at 9th & Broadway 4% San Diego Family 121 121 Celadon at 9th & Broadway 9% San Diego SRO 129 129 Centertown San Rafael Family 60 60 Chelsea Gardens Santa Rosa Family and Senior 120 120 Chestnut Creek South San Francisco Senior 40 40 Chestnut Linden Court Oakland Family 151 151 Coggins Square Walnut Creek Family 87 87 Coleridge Park San Francisco Senior 49 49 Copper Creek 4% San Marcos Family 156 156 Copper Creek 9% San Marcos Family 48 48 Coronado Springs Seattle Family 332 332 Cottonwood Creek Suisun City Family 94 94 Doretha Mitchell Marin City Family 30 30 Dove Canyon San Diego Family 120 120 Emery Villa Emeryville Senior 50 50 Fell Street Apartments San Francisco Family 82 82 Foothill Farms Sacramento Senior 138 138 Geraldine Johnson San Francisco Senior 54 54 Grand Oak South San Francisco Family 43 43 Grayson Creek Pleasant Hill Family 70 70 Heritage Park Livermore Family 167 Holly Courts, Bernal San Francisco Family 118 118 Hunt's Grove St. Helena Family 56 56 Ironhorse at Central Station Oakland Family 99 99 Irvington Terrace Fremont Family 100 100 Ivy at College Park Chino Family 135 135 Kentfield Stockton Family 90 90 La Pradera Calistoga Family 48 48 Laguna Canyon Irvine Family 120 120 Mabuhay Court San Jose Senior 96 96 Madera Vista Phase 1 & 2 Temecula Family 80 80 503 W EST D U BL I N BART PR O J ECT D ESC R IPT IO N 7 Magnolia Plaza South San Francisco Senior 125 125 Mandela Gateway Apartments Oakland Family 168 168 Marina Tower Annex Vallejo Senior 57 57 Marina Tower Apartments Vallejo Senior 155 155 Metro Center Foster City Senior 60 60 Montevista Apartments Milpitas Mixed Income Family 306 306 Mural Apartments Oakland Family 90 90 North Beach Place San Francisco Family and Senior 341 341 Northpoint Village Apartments I Santa Rosa Family 70 70 Northpoint Village Apartments II Santa Rosa Family 40 40 Oak Circle San Jose Senior 100 100 Ocean View Pacifica Senior 100 100 Ohlone Court San Jose Family 135 135 One Church Street San Francisco Family 93 93 Pacific Oaks Pacifica Senior 104 104 Paseo at COMM22 San Diego Family 130 130 Peninsula Park E. Palo Alto Mixed Income Family 129 129 Pickleweed Mill Valley Family 32 32 Pinole Grove Senior Housing Pinole Senior 70 70 Poinsettia Station Carlsbad Family 92 92 Pottery Court Lake Elsinore Family 113 113 Redwood Shores Vallejo Senior 120 120 Richmond City Center Apartments Richmond Family 64 64 Rotary Valley San Rafael Senior 80 80 Sage Canyon San Marcos Family 72 72 Sage Park Los Angeles Family 90 90 San Paulo Apartments Irvine Mixed Income Family 382 382 San Rafael Commons San Rafael Senior 83 83 Santa Alicia Irvine Family 84 84 Silverado Creek Napa Family 102 102 Sitka Portland Mixed Income Family 209 209 St. Joseph's Senior Apartments Oakland Senior 84 84 504 W EST D U BL I N BART PR O J ECT D ESC R IPT IO N 8 Steamboat Point Apartments San Francisco Family 108 108 Strobridge Court Castro Valley Family and Senior 96 96 Susanne B. Wilson Residence San Jose Family 63 63 Sycamore Place Danville Senior 74 74 Terra Cotta San Marcos Family 168 168 Terraza Palmera at St. Joseph's Oakland Family 62 62 The Abigail Portland Mixed Income Family 155 155 The Arbors Hercules Senior 60 60 The Carquinez Richmond Senior 36 36 The Coronet San Francisco Senior 150 150 The Fountains Mountain View Family 124 124 The Parkview Pleasanton Senior 105 105 The Peninsula Regent San Mateo Supportive 207 207 The Rivermark West Sacramento Family 70 70 Torrey Del Mar San Diego Family 112 112 Tressa Apartments Seattle Family 474 474 Trestle Glen Colma Family 119 119 Victoria at COMM22 San Diego Senior 70 70 Villa Loma Apartments Carlsbad Family 344 344 Visitacion Gardens Brisbane Senior 14 14 Windrow Irvine Family 96 96 Woodbury Walk Irvine Family 150 150 Woodland Park Portland Family and Senior 111 111 Woods Grove Pittsburg Family 80 80 TOTAL 11,143 8,351 2,625 505 W EST D U BL I N BART F I N AN C I N G PL AN 1 FINACING PLAN Provide a narrative description of the proposed method of financing the proposed project including all sources of debt and equity. In the case of a proposed tax credit project, identify the assumed tax credit pricing/cents on the dollar projected in the proposed project’s sources and uses. Given the competitive nature of many of the available county, state and federal funding programs, the narrative should describe the Applicant's approach to alternative financing scenarios as a contingency to the preferred plan. With the City and County commitment of funds under this NOFA, BRIDGE commits to build no less than a 136 unit project of which 30% of the units will serve special needs or formerly homeless households and the overall project will serve incomes no greater than an average of 60% AMI. 20% AMI 40% AMI 50% AMI 60% Totals Studio 32 32 1BR 9 3 10 10 32 2BR 6 15 15 36 3BR 6 15 15 36 Totals 41 15 40 40 136 Our current financing plan assumes 4% tax credits and tax-exempt bonds for the project. The Building will additionally pursue state HCD Multi Family Housing (MHP) and No Place Like Home (NPLH) program funds (fitting the profile for extremely-low and very-low income households). Funding for the first building will be augmented by AHP funds, GP Equity and deferred developer fee. Our underwriting approach uses currently achievable terms for both financing and for project costs, unless otherwise noted. We acknowledge that rates or investment yields may shift between now and commencement of construction, but for the best assessment of where the project stands financially, we have chosen to use today’s rates and terms for debt, equity, rents, and operating expenses, while construction costs are based on a future start with an escalation. The team’s financial analysis uses market terms and pricing for both financing and project costs; we have chosen to use today’s relatively unfavorable tax credit equity rates & pricing but debt rates slightly higher than today’s historically low construction and permanent debt rates. Assumptions regarding financing sources, development costs, and other key underwriting factors are listed below. Capital Market Assumptions; Tax Credits 4.00% Credit Rate as of March 2020 and Pricing of $0.90 Permanent Debt 35Y Amortization 1.20DSCR and 4.00% interest rate Construction Debt 3% Interest Rate 506 W EST D U BL I N BART F I N AN C I N G PL AN 2 BRIDGE is targeting the first project to be competitive for MHP and NPLH serving a very low income population group. If state funding programs change and MHP and NPLH are not an option, given the proximity to transit and infill location we are confident that we can make design changes to be competitive for other programs such as Affordable Housing Sustainable Communities (AHSC) and Infill Infrastructure Grant (IIG). BRIDGE has been successful in securing funding from these programs in the past. Total development cost budget, itemized for each component of the project, identifying predevelopment costs, estimates of land acquisition and site preparation costs (if applicable), direct construction costs (for each component) and all indirect and financing costs, including developer fee, construction escalation, design contingency, and construction contingency of no less than 10 percent; and A complete sources and uses of funds table for both construction and permanent financing for each component of the project. The table should clearly indicate the amount of requested affordable housing financial assistance and the proposed repayment terms of such assistance. A.DEVELOPMENT BUDGET SUMMARY Total Per Per Per Description Amount Resid. Unit Resid. NSF Resid GSF -------------------------------------------------------------------------------------------------------- Acquisition & Related $4,561,000 $33,785 $39.4 $28.0 Holding Costs $0 $0 $0.0 $0.0 subtotal $4,561,000 $33,785 $39.4 $28.0 Construction $62,785,650 $465,079 $542.0 $385.1 Offsites $0 $0 $0.0 $0.0 Furnishings and Equipment $180,000 $1,333 $1.6 $1.1 Hard Cost Contingency $6,278,565 $46,508 $54.2 $38.5 subtotal $69,244,215 $512,920 $597.7 $424.7 Architecture/Engineering $2,302,677 $17,057 $19.9 $14.1 Permits and Fees $8,362,386 $61,944 $72.2 $51.3 Construction Loan Interest/Fees $4,358,077 $32,282 $37.6 $26.7 Bond Cost of Issuance $169,106 $1,253 $1.5 $1.0 Permanent Loan Fees/Costs (Incl. In Bond COI)$0 $0 $0.0 $0.0 Legal $90,000 $667 $0.8 $0.6 Appraisal/Market Study $22,500 $167 $0.2 $0.1 Marketing/Lease-up $326,287 $2,417 $2.8 $2.0 Title/Audit/Cost Certification $100,000 $741 $0.9 $0.6 Insurance $1,200,554 $8,893 $10.4 $7.4 Property Taxes $72,767 $539 $0.6 $0.4 Soft Cost Contingency and Reserves $2,106,540 $15,604 $18.2 $12.9 subtotal $19,110,893 $141,562 $165.0 $117.2 Syndication Costs, Developer Fee & Contribution $13,050,334 $96,669 $112.7 $80.0 ------------------------------------------------------------------------ TOTAL DEVELOPMENT COSTS $105,966,442 $784,937 $914.7 $649.9 ========= ========= ========= ========= 507 W EST D U BL I N BART F I N AN C I N G PL AN 3 Sources of Funds Soft Loan Rate Amount Term Hard Payment Cash Flow Participation Permanent Mortgage No 4.00%$7,410,573 35 Yes City of Dublin / County Funds Yes 3%$10,000,000 55 No 50% Pari-Passu with Soft Loans HCD NPLH Yes 3%$15,000,000 55 0.42%50% Pari-Passu with Soft Loans FHLB AHP Grant 0%$1,200,000 No HCD MHP Yes 3%$16,709,649 55 0.42%50% Pari-Passu with Soft Loans Investor Equity - 4% Federal Credit $45,237,077 BRIDGE GP Contribution $9,760,692 Deferred Developer Fee $648,450 Uses of Funds Acquisition $4,561,000 $4,561,000 Construction $69,244,215 $69,244,215 Off-Site Improvements $0 $0 A/E, Permits $10,665,063 $10,665,063 Indirect Expenses $1,729,340 $1,739,340 Financing and Carry Costs $4,527,182 $4,527,182 Other (Prop. taxes + Soft Cost Contingency)$1,685,324 $2,179,308 Developer Fee + Syndication Costs $891,192 $13,050,334 -------------------------------------------- TOTAL USES $93,303,317 $105,966,442 508 W Dublin Project West Dublin 136 units Gross Building Area 164,546 Total Number of Units (Affordable)135 Residential Net Area 115,846 Number of Parking Spaces 113 A.DEVELOPMENT BUDGET SUMMARY C.FINANCING ASSUMPTIONS D.FIVE YEAR CASH FLOW Total Per Per Per Description Amount Resid. Unit Resid. NSF Resid GSF CONSTRUCTION LOAN Description 2023 2024 2025 2026 2027 --------------------------------------------------------------------------------------------------------Lender:TBD Acquisition & Related $4,561,000 $33,785 $39.4 $28.0 Loan Amount:$77,579,609 48,335,044$ Tenant Rental Income - Affordable 2.50%$1,098,211 $1,125,666 $1,153,808 $1,182,653 $1,212,220 Holding Costs $0 $0 $0.0 $0.0 Loan Term:27 mos Tenant Rental Income - PBV 2.50%$1,045,865 $1,072,011 $1,098,812 $1,126,282 $1,154,439 subtotal $4,561,000 $33,785 $39.4 $28.0 LIBOR (30-day)0.75%Tenant Rental Income - Market 3.00%$0 $0 $0 $0 $0 Construction $62,785,650 $465,079 $542.0 $385.1 Spread 1.45%Rental Income - Commercial 3.00%$0 $0 $0 $0 $0 Offsites $0 $0 $0.0 $0.0 Cushion 0.80%Misc. Income 2.50%$19,440 $19,926 $20,424 $20,935 $21,458 Furnishings and Equipment $180,000 $1,333 $1.6 $1.1 Note Rate:3.00%------------------------------------------------------------------------------------------ Hard Cost Contingency $6,278,565 $46,508 $54.2 $38.5 > 50% Basis plus land?76.6%Gross Scheduled Income $2,163,516 $2,217,604 $2,273,044 $2,329,870 $2,388,117 subtotal $69,244,215 $512,920 $597.7 $424.7 less Vacancy/Collection Loss - Residential 5.00%($108,176)($110,880)($113,652)($116,494)($119,406) Architecture/Engineering $2,302,677 $17,057 $19.9 $14.1 less Vacancy/Collection Loss - Comm 5.00%$0 $0 $0 $0 $0 Permits and Fees $8,362,386 $61,944 $72.2 $51.3 PERMANENT DEBT ------------------------------------------------------------------------------------------ Construction Loan Interest/Fees $4,358,077 $32,282 $37.6 $26.7 Lender:TBD Effective Gross Income $2,055,340 $2,106,724 $2,159,392 $2,213,377 $2,268,711 Bond Cost of Issuance $169,106 $1,253 $1.5 $1.0 Loan Amount:$7,410,573.44 less Operating Expenses Residential 3.50%($1,227,926)($1,270,903)($1,315,385)($1,361,423)($1,409,073) Permanent Loan Fees/Costs (Incl. In Bond COI)$0 $0 $0.0 $0.0 Loan Term:35 less Operating Expenses Commercial 3.50%$0 $0 $0 $0 $0 Legal $90,000 $667 $0.8 $0.6 10 Year Treasury 1.50%less Resident Services 3.50%($75,000)($77,625)($80,342)($83,154)($86,064) Appraisal/Market Study $22,500 $167 $0.2 $0.1 Spread 2.00%less Property Taxes 2.00%$0 $0 $0 $0 $0 Marketing/Lease-up $326,287 $2,417 $2.8 $2.0 Cushion 0.50%less Replacement Reserves 3.50%($47,250)($48,904)($50,615)($52,387)($54,220) Title/Audit/Cost Certification $100,000 $741 $0.9 $0.6 Note Rate:4.00%Ground Lease 2.00%($41,107)($42,134)($43,188)($44,268)($45,374) Insurance $1,200,554 $8,893 $10.4 $7.4 Payment (annual):$397,039 less City and County Monitoring Fees 0.00%($47,250)($47,250)($47,250)($47,250)($47,250) Property Taxes $72,767 $539 $0.6 $0.4 DCR:1.20 0 0.00%$0 $0 $0 $0 $0 Soft Cost Contingency and Reserves $2,106,540 $15,604 $18.2 $12.9 ------------------------------------------------------------------------------------------ subtotal $19,110,893 $141,562 $165.0 $117.2 INVESTOR EQUITY - FEDERAL CREDIT Net Operating Income $476,446 $479,546 $482,251 $484,534 $486,368 Syndication Costs, Developer Fee & Contribution $13,050,334 $96,669 $112.7 $80.0 Net Rate 0.90 Total Hard Debt Payments ($397,039)($397,039)($397,039)($397,039)($397,039) ------------------------------------------------------------------------Net Pay-in $45,237,077 Distributable Cash Flow $79,408 $82,507 $85,212 $87,495 $89,329 TOTAL DEVELOPMENT COSTS $105,966,442 $784,937 $914.7 $649.9 Initial Pay-in $4,523,708 less PM, AM Fees & Add'l Rep Reserve ($34,000)($34,000)($34,000)($34,000)($34,000) ========= ========= ========= =========Credit Rate 4.00%Net Cash Flow $45,408 $48,507 $51,212 $53,495 $55,329 check -$ Annual Federal Credits $5,026,845 Cash Flow Distribution ------------------------------------------------------------------------------------------ Deferred Developer Fee $648,450 $45,408 $48,507 $51,212 $53,495 $55,329 B.SOURCES AND USES Construction Permanent HCD MHP Incentive Management Fee to GP 50%$0 $0 $0 $0 $0 Sources of Funds Period Period Loan Amount:$16,709,649 N/A 0%$0 $0 $0 $0 $0 Permanent Mortgage $7,410,573 Loan Term:55 Pari-Passu to Other Soft Lenders 50%$0 $0 $0 $0 $0 Construction Loan $77,579,609 $0 Note Rate:3.00%To Investor 0%$0 $0 $0 $0 $0 City of Dublin / County Funds 74,074$ $10,000,000 $10,000,000 Req. Payment (annual):0.42%============================================================ HCD NPLH 111,111$ $0 $15,000,000 Payment (annual):$70,181 Debt Coverage Ratio 1.20 1.21 1.21 1.22 1.22 FHLB AHP 8,889$ $1,200,000 $1,200,000 HCD MHP 530%123,775$ $0 $16,709,649 Alameda County HA PBV PBVs 45 E.ANNUAL OPERATING EXPENSES Property Tax Investor Equity - 4% Federal Credit $4,523,708 $45,237,077 PBV %33.3%Operating Expense $8,963 per unit per year Yr. 1 Value $7,940,774 BRIDGE GP Contribution $0 $9,760,692 Resident Services $75,000 per year Yr. 1 Prop Tax $0 Deferred Developer Fee $648,450 BMR Exemption 100.00% -------------------------------------------- TOTAL SOURCES $93,303,317 $105,966,441 DEVELOPER FEE - TCAC 4% NC F.UNIT MIX AND RENTS Total Uses of Funds Total Project Cost 106,023,048$ 20%30%35%40%50%60%70%80%(%) Acquisition $4,561,000 $4,561,000 Eligible Basis Before Dev Fee 84,060,941$ ------------------------------------------------------------------------------------------------------------------------------------------------------------------ Construction $69,244,215 $69,244,215 Max Total Fee 15.0%12,609,141$ Studio Off-Site Improvements $0 $0 Required Deferred Fee 11.6%9,759,141$ #17 0 0 17 0 0 0 0 34 A/E, Permits $10,665,063 $10,665,063 Available CF for Deferred Fee 0.8%646,932$ Net Rent $402 $630 $744 $859 $1,087 $1,315 $1,544 $1,772 25% Indirect Expenses $1,729,340 $1,739,340 Deferred Fee 0.8%646,932$ ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Financing and Carry Costs $4,527,182 $4,527,182 Cash Fee 2.6%2,200,000$ 1b Other (Prop. taxes + Soft Cost Contingency)$1,685,324 $2,179,308 Max GP Contribution 11.6%9,762,209$ #15 0 0 15 0 0 0 0 30 Developer Fee + Syndication Costs $891,192 $13,050,334 Net Rent $426 $671 $793 $915 $1,160 $1,405 $1,649 $1,894 22% -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- TOTAL USES $93,303,317 $105,966,442 2b --------------------------------------------#18 0 0 17 0 0 0 0 35 NET SURPLUS(SHORTFALL)$0 -$1 Net Rent $501 $795 $942 $1,088 $1,382 $1,676 $1,969 $2,263 26% ============== ==============------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 3b Total Cost to Finance $93,303,317 $105,966,442 #18 0 0 18 0 0 0 0 36 Net Rent $568 $908 $1,077 $1,247 $1,586 $1,925 $2,264 $2,604 27% ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ #0 0 0 0 0 0 0 0 0 Net Rent $568 $908 $1,077 $1,247 $1,586 $1,925 $2,264 $2,604 0% ======================================================================================================================== Total 68 0 0 67 0 0 0 0 135 (%)50%0%0%50%0%0%0%0%100% % of Affordable 50%0%0%50%0%0%0%0%100% 509 DUBLIN, CA # 2020-0854 GOLDEN GATE BART Architecture + Planning The Leamington Building 1814 Franklin Street Suite 400 Oakland, CA 94612 510.272.2910 ktgy.com PRE-APP SUBMITTAL MARCH 22, 2021 A0.0COVER PAGE 510 DUBLIN, CA # 2020-0854 GOLDEN GATE BART Architecture + Planning The Leamington Building 1814 Franklin Street Suite 400 Oakland, CA 94612 510.272.2910 ktgy.com PRE-APP SUBMITTAL MARCH 22, 2021 A0.1PROJECT INFO VICINITY MAP SHEET INDEX CLIENT: BRIDGE Housing 600 California Street, Ste. 900 San Francisco, CA 94108 ARCHITECT: KTGY Architecture + Planning 1814 Franklin St, Suite 400 Oakland, CA 94612 CIVIL ENGINEER: MacKay & Somps Civil Engineers, Inc. 5142 Franklin Drive, Suite B Pleasanton, CA 94588 P: 925 225 0690 PROJECT TEAM DIRECTORY Site ARCHITECTURAL: A 0.0 Cover Page A 0.1 Project Info A 0.2 Context Diagram A 0.3 Project Data A 1.0 Site Plan - Level 1 A 1.1 Building Plans Level 2 - 3 A 1.2 Building Plans Level 4 - 5 A 2.0 Building Elevations A 2.1 Building Elevations A 2.2 Building Elevations A 3.0 Building Sections A 4.0 Massing Diagram A 4.1 Building Perspectives A 4.2 Building Perspectives A 4.3 Building Perspectives A 5.0 Image Board 511 DUBLIN, CA # 2020-0854 GOLDEN GATE BART Architecture + Planning The Leamington Building 1814 Franklin Street Suite 400 Oakland, CA 94612 510.272.2910 ktgy.com PRE-APP SUBMITTAL MARCH 22, 2021 A0.2CONTEXT DIAGRAM 512 DUBLIN, CA # 2020-0854 GOLDEN GATE BART Architecture + Planning The Leamington Building 1814 Franklin Street Suite 400 Oakland, CA 94612 510.272.2910 ktgy.com PRE-APP SUBMITTAL MARCH 22, 2021 A0.3PROJECT DATA 513 5 FT FRONT SETBACK5 FT SIDE SETBACK10 FT FREEWAY S E T B A C K 5 FT FRONT SETBACK 60 FT EASEMENT (50FT ON OURPROPERTY)OTIS GEN 2 3500UPDNUPDNOTIS GEN 2 3500OTIS GEN 2 3500 UPDNUPDNUPDN16'-0"26'-0"4'-0"6'-0" 26'-0"7'-0" 24'-0" 8'-0" 213'-0"156'-6"273'-6"291'-0"24'-0"24'-0" 17'-6" CCCC CCCC CCCC CCCC CCCC CCCC C CCC CCCC C C C CCCCCC CCCCC C CEVAEntry Dr Hammerhead Dr L.Lane ARetail ±2,200 sf Community Room ±1,500 SF Ut. Property Mgmt. ±2,000 SF Ut. Bike Ut.T T Ut. Ut. Property Mgmt. TTTTTT Residential Parking Bike. Ut. T Tr. Tr. L. Residential Parking L. C C C CCC C C C CCC C C C CCC C C C CCC CCC C C CCCCC Community Room Ut. P1-1 P1-1 P1-1 P1-1 150'-0" 150'-0" T BART Plaza PHASE A Golden Gate DrWest Dublin BART Parking Connolly Station Apartment Homes T PHASE B DUBLIN, CA # 2020-0854 GOLDEN GATE BART Architecture + Planning The Leamington Building 1814 Franklin Street Suite 400 Oakland, CA 94612 510.272.2910 ktgy.com PRE-APP SUBMITTAL MARCH 22, 2021 0 16 32 64 A1.0SITE PLAN - LEVEL 1 514 5 FT FRONT SETBACK5 FT SIDE SETBACK10 FT FREEWAY S E T B A C K 5 FT FRONT SETBACK 60 FT EASEMENT (50FT ON OURPROPERTY)OTIS GEN 2 3500UPDNUPDNOTIS GEN 2 3500OTIS GEN 2 3500 UPDNUPDNUPDN30"x48"30"x48"30"x48"30"x48"81'-9" 214'-2"260'-0"280'-2"289'-2"156'-6"157'-10"48'-9"90'-3"50'-3"90'-3" Courtyard Courtyard A Courtyard B Hammerhead Dr Entry Dr EVALane ALaundryLaundryAmenity (Double Story) Amenity (Double Story) Amenity (Double Story) P3-1 P3-1 Alt P3-3 AltP3-3 P1-0P0-1P2-0 P2-1 P0-1 P2-0 P0-1 P0-1 P0-1 P0-1 P0-1 P2-0 P1-0 P1-0 P3-1 P2-0 P0-1 P2-0 P3-3 ALTP3-3 P2-1 P2-1 P1-0 P1-0 P3-2 P3-2P1-0P2-1 P1-0 P3-1 P0-1 P3-0 P3-0 P3-0 P3-0 P1-0 P3-1 P2-0 P2-0 P0-1 P3-1 P2-1 P0-1 P0-1 P0-1 P0-1 P2-1 P2-1 P0-1 P0-1 P0-1 P0-1 P2-1 P0-1 P1-0 P3-0 P2-0 P0-1 P3-0 P2-0 P0-1 P2-0 P3-0 P3-0 P2-0 P3-1 P2-0 P2-0 P0-1 P0-1 DUBLIN, CA # 2020-0854 GOLDEN GATE BART Architecture + Planning The Leamington Building 1814 Franklin Street Suite 400 Oakland, CA 94612 510.272.2910 ktgy.com PRE-APP SUBMITTAL MARCH 22, 2021 A1.1BUILDING PLANS LEVEL 2 - 3 0 16 32 64 515 5 FT FRONT SETBACK5 FT SIDE SETBACK10 FT FREEWAY S E T B A C K 5 FT FRONT SETBACK 60 FT EASEMENT (50FT ON OURPROPERTY)OTIS GEN 2 3500UPDNUPDNOTIS GEN 2 3500OTIS GEN 2 3500 UPDNUPDNUPDN30"x48"30"x48"30"x48"30"x48"81'-9" 214'-2"260'-0"280'-2"289'-2"156'-6"157'-10"48'-9"90'-3"50'-3"90'-3" Courtyard Courtyard A Courtyard B Hammerhead Dr Entry Dr EVALane ALaundryLaundryP3-1 P3-1 Alt P3-3 AltP3-3P2-1 P0-1 P2-0 P0-1 P0-1 P0-1 P0-1 P0-1 P2-0 P1-0 P1-0 P3-1 P2-0 P0-1 P2-0 P3-3 ALTP3-3 P2-1 P2-1 P1-0 P1-0 P1-0P2-1 P1-0 P3-1 P0-1 P3-0 P3-0 P3-0 P3-0 P1-0 P3-1 P2-0 P2-0 P0-1 P3-1 P2-1 P0-1 P0-1 P0-1 P0-1 P2-1 P2-1 P0-1 P0-1 P0-1 P0-1 P2-1 P1-0 P1-0 P3-0 P2-0 P0-1 P3-0 P2-0 P0-1 P2-0 P3-0 P3-0 P2-0 P3-1 P2-0 P2-0 P0-1 P0-1 P1-0 P1-0 P3-2 P3-2 P1-0 P1-0 P1-0P0-1P2-0 DUBLIN, CA # 2020-0854 GOLDEN GATE BART Architecture + Planning The Leamington Building 1814 Franklin Street Suite 400 Oakland, CA 94612 510.272.2910 ktgy.com PRE-APP SUBMITTAL MARCH 22, 2021 A1.2BUILDING PLANS LEVEL 4 - 5 0 16 32 64 516 OTIS G E N 2 3 5 0 0 UPDNUPDNOTIS GEN 2 3500OTIS GEN 2 3500 UPDNUPDNUPDN30"x48"30"x48"30"x48"30"x48"ST. PATRICK WAY PHASE A - BUILDINGPHASE B - BUILDING WEST DUBLIN BART PARKING DUBLIN, CA # 2020-0854 GOLDEN GATE BART Architecture + Planning The Leamington Building 1814 Franklin Street Suite 400 Oakland, CA 94612 510.272.2910 ktgy.com PRE-APP SUBMITTAL MARCH 22, 2021 A2.0BUILDING ELEVATIONS Key Map n.t.s 1. Streetscape Elevation from Hammerhead Dr. n.t.s Hammerhead Dr. Entry Dr.Lane AGolden Gate Dr.1 517 Level 1 Level 2 Level 3 Level 4 Level 5 T. O. Ply T. O. Parapet ± 57'-0"± 61'-0"16'-0"10'-3"10'-3"10'-3"10'-3"4'-0"11241415971025623213 Level 1 Level 2 Level 3 Level 4 Level 5 T. O. Ply T. O. Parapet ± 57'-0"± 61'-0"16'-0"10'-3"10'-3"10'-3"10'-3"4'-0"4 15 9 16 12 10 14 6 5 2 2 7 3 2 11 OTIS G E N 2 3 5 0 0 UPDNUPDNOTIS GEN 2 3500OTIS GEN 2 3500 UPDNUPDNUPDN30"x48"30"x48"30"x48"30"x48"DUBLIN, CA # 2020-0854 GOLDEN GATE BART Architecture + Planning The Leamington Building 1814 Franklin Street Suite 400 Oakland, CA 94612 510.272.2910 ktgy.com PRE-APP SUBMITTAL MARCH 22, 2021 A2.1BUILDING ELEVATIONS 321680 Key Map n.t.s 2 1. Phase A Elevation from Hammerhead Dr. 2. Phase B Elevation from Hammerhead Dr. Hammerhead Dr. Entry Dr.Lane AGolden Gate Dr.1 Material Legend: 1.Cementitious Vertical Siding or equal 2.Cementitious Panel or equal 3.Vertical Metal Panel or equal 4.Profiled Metal Panel or equal 5.Brick Veneer or equal 6.Stucco 1 - 20/30 Finish or equal 7.Stucco 2 - Sand Finish or equal 8.Storefront or equal 9.Vinyl Window or equal 10.Metal Railing or equal 11.Metal Awning or equal 12.Decorative Shading Screen or equal 13.Storefront / Spandrel Glazing or equal 14.Landscape Planter or equal 15.Garage Screen or equal 16.Cementitious Horizontal Siding or equal 518 OTIS G E N 2 3 5 0 0 UPDNUPDNOTIS GEN 2 3500OTIS GEN 2 3500 UPDNUPDNUPDN30"x48"30"x48"30"x48"30"x48"Level 1 Level 2 Level 3 Level 4 Level 5 T. O. Ply T. O. Parapet ± 57'-0"± 61'-0"16'-0"10'-3"10'-3"10'-3"10'-3"4'-0"2 8 3 9 4 110214 12 5 6 8 7 2 11 DUBLIN, CA # 2020-0854 GOLDEN GATE BART Architecture + Planning The Leamington Building 1814 Franklin Street Suite 400 Oakland, CA 94612 510.272.2910 ktgy.com PRE-APP SUBMITTAL MARCH 22, 2021 A2.2BUILDING ELEVATIONS 321680 Key Map n.t.s 1. Phase A Elevation from Golden Gate Dr. Hammerhead Dr. Entry Dr.Lane AGolden Gate Dr.1 Material Legend: 1.Cementitious Vertical Siding or equal 2.Cementitious Panel or equal 3.Vertical Metal Panel or equal 4.Profiled Metal Panel or equal 5.Brick Veneer or equal 6.Stucco 1 - 20/30 Finish or equal 7.Stucco 2 - Sand Finish or equal 8.Storefront or equal 9.Vinyl Window or equal 10.Metal Railing or equal 11.Metal Awning or equal 12.Decorative Shading Screen or equal 13.Storefront / Spandrel Glazing or equal 14.Landscape Planter or equal 15.Garage Screen or equal 16.Cementitious Horizontal Siding or equal 519 Level 1 Roof Level 5 Level 4 Level 3 Level 1 Roof Level 5 Level 4 Level 3 Courtyard UnitUnit Unit Unit Unit Unit Unit Unit Golden Gate Dr.Lane A Unit Garage Amenity Unit Unit Unit Unit Unit Unit 10'-3"±57'-0"10'-3"10'-3"10'-3"16'-0"±61'-0"10'-3"±57'-0"10'-3"10'-3"16'-0"PL PL Unit Unit Unit Unit Unit Unit Unit UnitUnit Level 2Level 2 10'-3"Garage Phase B - Building Phase A - Building Roof Level 5 Level 4 Level 3 Level 1 10'-3"±57'-0"10'-3"10'-3"10'-3"16'-0"Level 5 Level 4 Level 3 Level 110'-3"±57'-0"10'-3"10'-3"10'-3"16'-0"Courtyard Garage UnitUnit Unit Unit Unit Unit Unit Unit Roof Unit Unit Unit Unit Courtyard PL PL Entry Dr.Hammerhead Dr.±61'-0"Unit Unit Unit Unit Unit Unit Unit Unit Unit Unit Unit Unit Level 2Level 2 Amenity Phase B - Building OTIS GEN 2 3500UPDNUPDNOTIS GEN 2 3500OTIS GEN 2 3500 UPDNUPDNUPDN30"x48"30"x48" 30"x48 " 30"x48" DUBLIN, CA # 2020-0854 GOLDEN GATE BART Architecture + Planning The Leamington Building 1814 Franklin Street Suite 400 Oakland, CA 94612 510.272.2910 ktgy.com PRE-APP SUBMITTAL MARCH 22, 2021 A3.0BUILDING SECTIONS 321680 Entry Dr. Hammerhead Dr.Golden Gate Dr.Lane AKey Map n.t.s B 1. Section A 2. Section B A 520 DUBLIN, CA # 2020-0854 GOLDEN GATE BART Architecture + Planning The Leamington Building 1814 Franklin Street Suite 400 Oakland, CA 94612 510.272.2910 ktgy.com PRE-APP SUBMITTAL MARCH 22, 2021 A4.0MASSING DIAGRAM Aerial View looking North from BART 521 DUBLIN, CA # 2020-0854 GOLDEN GATE BART Architecture + Planning The Leamington Building 1814 Franklin Street Suite 400 Oakland, CA 94612 510.272.2910 ktgy.com PRE-APP SUBMITTAL MARCH 22, 2021 A4.1BUILDING PERSPECTIVES View from BART platform on I-580 522 DUBLIN, CA # 2020-0854 GOLDEN GATE BART Architecture + Planning The Leamington Building 1814 Franklin Street Suite 400 Oakland, CA 94612 510.272.2910 ktgy.com PRE-APP SUBMITTAL MARCH 22, 2021 A4.2BUILDING PERSPECTIVES View from BART Plaza 523 DUBLIN, CA # 2020-0854 GOLDEN GATE BART Architecture + Planning The Leamington Building 1814 Franklin Street Suite 400 Oakland, CA 94612 510.272.2910 ktgy.com PRE-APP SUBMITTAL MARCH 22, 2021 A4.3BUILDING PERSPECTIVES View from Golden Gate Dr. 524 2040 BANCROFT WAY, SUITE 302  BERKELEY, CALIFORNIA 94704  PHONE: 415 398 3050  FAX: 415 397 5065 Revised memorandum; jf WWW.KEYSERMARSTON.COM 11982.012 ADVISORS IN: REAL ESTATE AFFORDABLE HOUSING ECONOMIC DEVELOPMENT BERKELEY A. JERRY KEYSER TIMOTHY C. KELLY DEBBIE M. KERN DAVID DOEZEMA KEVIN FEENEY LOS ANGELES KATHLEEN H. HEAD JAMES A. RABE GREGORY D. SOO-HOO KEVIN E. ENGSTROM JULIE L. ROMEY TIM BRETZ SAN DIEGO PAUL C. MARRA MEMORANDUM To: Kristie Wheeler, Assistant Community Development Director City of Dublin From: Debbie Kern and Harriet Ragozin Date: March 25, 2021 Subject: Review of Bridge Housing Financial Development Pro Forma for Affordable Housing Project at 6501 Golden Gate Drive In accordance with your request, Keyser Marston Associates, Inc. (KMA) has undertaken a preliminary review of the development economics of the proposed affordable apartment complex to be built at 6501 Golden Gate Drive in Dublin, adjacent to the West Dublin/Pleasanton BART station. The BRIDGE Housing Corporation (BRIDGE) proposal includes two phases with a total of 308 units, although it is only requesting City/County assistance for Phase I of the project, which consists of 136 of the units. The purpose of KMA’s analysis is to assess the overall reasonableness of BRIDGE’s pro forma, including its request for $10 million of local funding from the City of Dublin. Based on the provided information, it is our understanding that the BRIDGE project will include 136 residential units in four levels of Type V construction over one level of parking in a concrete podium. There will be 135 affordable units with an average of 1.5 bedrooms per unit and 844 square feet per unit, and one manager’s unit. To assess the reasonableness of the BRIDGE proposal, KMA compared it to two other similar recent tax credit projects: 965 Weeks Street in East Palo Alto and Lazuli Landing in Union City. Both projects are developed by MidPen Housing Corporation. The comparison is shown in Table 1 at the end of this memorandum. Assessment of Development Costs The development cost estimates provided by BRIDGE are consistent with the comparison projects. Total direct costs are estimated at $69 million or $603 per square Attachment 5 525 To: Kristie Wheeler March 31, 2021 Subject: Review of Bridge Housing Financial Development Pro Forma for Affordable Housing Project at 6501 Golden Gate Drive Page 2 Revised memorandum; jf 11982.012 foot of rentable area. This cost estimate includes the provision of prevailing wages and represents 65% of total development costs. On a per unit and per square foot basis, total directs costs for the BRIDGE project are less than the comparison projects. Project West Dublin 965 Weeks Street Lazuli Landing Total Direct Costs $69,244,215 $87,635,396 $56,686,523 Per Unit $509,149 $644,378 $699,834 Per Net SF $603 $692 $800 Indirect costs are estimated to total approximately $15 million, with an additional $13 million in developer fee for BRIDGE and syndication costs. While the total developer fee is $13 million (less syndication fees), BRIDGE is contributing $9.8 million in equity, for a net developer fee of $3.3 million. Of this, BRIDGE is deferring $648,450. The developer fee amount net of an equity contribution to the project is in line with the comparison projects, on a per unit basis. Per Unit Amounts Project West Dublin 965 Weeks Street Lazuli Landing Developer Fee $95,959 $111,842 $117,908 GP Equity $71,770 $82,070 $97,792 Net Developer Fee $24,189 $29,772 $20,116 Land acquisition costs are estimated at $4.56 million or approximately $34,000 per unit. This includes an assignment fee to Barings and an upfront minimum ground lease payment to BART. In addition, the project will make a ground lease payment to BART in an amount equal to 2% of effective gross income. Total development costs are estimated at $106 million, or $779,000 per unit. Project West Dublin 965 Weeks Street Lazuli Landing Total Development Costs $105,966,442 $120,348,750 $79,135,466 Per Unit $779,165 $884,917 $976,981 Per Net SF $923 $951 $1,117 Overall, the BRIDGE proposal’s development costs are less expensive than the comparable projects. Project Financing As proposed, the project’s $106 million development cost will be financed with a combination of funding sources, including $45.2 million of tax credit equity, $7.4 million 526 To: Kristie Wheeler March 31, 2021 Subject: Review of Bridge Housing Financial Development Pro Forma for Affordable Housing Project at 6501 Golden Gate Drive Page 3 Revised memorandum; jf 11982.012 in tax exempt bonds, $16.7 million from HCD MHP, $15 million from HCD NPLH, $1.2 million from AHP, a $9.76 million contribution from BRIDGE, and a deferred fee of $650,000. BRIDGE is requesting $10 million from the City of Dublin/Alameda County to fully fund the project. This represents 9% of total development costs, or $73,529 per unit. As presented in the following chart, the funding request for the subject BRIDGE project is significantly less than the amount of local funding that is being provided for the East Palo Alto and Union City affordable projects. Project West Dublin 965 Weeks Street Lazuli Landing Total Development Costs $105,966,442 $120,348,750 $79,135,466 Requested Local Jurisdiction Funding $10,000,000 $21,750,637 $20,075,236 Local Funding, per unit $73,529 $159,931 $247,842 Percent Financed with City/County Funds 9% 18% 24% Affordability of Units BRIDGE is proposing deep affordability levels, with a mix of 20% AMI and 40% AMI units. The pro forma includes project-based vouchers for 45 of the units. This is a deeper affordability mix than the comparison projects, which both included units in the 50% - 80% AMI range. Summary of Findings and Conclusions In summary, the development costs and financing plan for the proposed BRIDGE project are consistent with the experiences of other affordable projects that are subject to prevailing wages and of a similar density, which KMA has recently evaluated and appear reasonable. The amount of local subsidy that is being requested per unit of development is less than what is being provided for the other comparable projects. 527 Table 1 Comparison of Recent Tax Credit Projects BRIDGE Housing Proposal Review City of Dublin Working Draft I. Project InformationLocationDeveloperTax Credit TypePrevailing WagesYear II. Project DescriptionNumber of Units 136 units 136 units 81 unitsSite Size 3.59 acres (gr)2.52 acres 1.65 acresConstruction Type Type VNumber of Stories 4 over 1 level of garage 4 storiesParking Configuration Structured Structured PodiumParking Spaces 113 0.83 /unit 0.00 /unit 112 1.38 /unit Bedroom Mix total % of units total % of units total % of unitsStudio3425%8 6%0%1 BR 30 22%19 14%21 26%2 BR 35 26%74 55%37 46%3 BR 36 27%27 20%23 28%4 BR 7 5%0%Total 135 (excl mgr unit)135 (excl mgr unit)81 (incl mgr unit)Avg. Nmbr of Bedrooms 1.5 BRs 2.0 BRs 2.0 BRsAverage Unit Size 844 sf 931 sf 874 sf III. Project Costs total per unit per nsf % of total total per unit per nsf % of total total per unit per nsf % of totalLand Acquisition $4,561,000 $33,537 $40 4%$22,501 $165 $0 0%$576,350 $7,115 $8 1%Direct Costs $69,244,215 $509,149 $603 65%$87,635,396 $644,378 $692 73%$56,686,523 $699,834 $800 72%Indirect Costs $14,583,711 $107,233 $127 14%$10,222,003 $75,162 $81 8%$8,645,306 $106,732 $122 11%Financing Costs $4,527,182 $33,288 $39 4%$7,258,313 $53,370 $57 6%$3,676,779 $45,392 $52 5%Developer Fee $13,050,334 $95,958 $114 12%$15,210,537 $111,842 $120 13%$9,550,508 $117,908 $135 12%Total Costs $105,966,442 $779,165 $923 100%$120,348,750 $884,917 $951 100%$79,135,466 $976,981 $1,117 100% *Developer Fee includes syndication costs. Max fee: $12.6 m.(Excludes commercial costs.) IV Affordability Mix total % of units total % of units total % of units20% AMI 68 50%16 20%30% AMI 45 33%0%40% AMI 67 49%17 13%18 22%50% AMI 31 23%18 22%60% AMI 42 31%22 27%80% AMI 6 7%Manager's Unit 1 1%1 1%1 1%Total 136 100%136 100%81 100% V. Project Financing total per unit total per unit total per unitTax Credit Equity $45,237,077 $332,626 43%$44,357,676 $326,159 37%$29,671,668 $366,317 35%Permanent Loan $7,410,573 $54,490 7%$21,029,900 $154,632 17%$3,574,600 $44,131 4%Deferred Developer Fee $648,450 $4,768 1%$2,049,015 $15,066 2%$136,252 $1,682 0%City/County Funds $10,000,000 $73,529 9%$21,750,637 $159,931 18%$20,075,236 $247,842 24%HCD NPLH $15,000,000 $110,294 14%FHLB AHP $1,200,000 $8,824 1%$800,000 $9,877 1%HCD MHP $16,709,649 $122,865 16%HCD - IIG $5,034,924 $62,160 6%AHSC $20,000,000 $147,059 17%$16,406,261 $202,546 20%GP Contribution $9,760,692 $71,770 9%$11,161,522 $82,070 9%$7,921,143 $97,792 9%Total Sources of Funds $105,966,441 $779,165 100%$120,348,750 $884,917 100%$83,620,084 $1,032,347 100%(Includes commercial costs.)Project Based Vouchers 45 units 33%15 units 11%none Operating Expenses $8,963 /unit $7,305 /unit $7,003 /unit 2020 Lazuli Landing Union CityMid-Pen Housing4%Yes Project West Dublin 965 Weeks Street DublinBRIDGE Housing4% 2021Yes East Palo AltoMid-Pen Housing4%Yes2020 Keyser Marston Associates, Inc.\\sf-fs2\SFEmployee\dkern\My Documents\dublin\BRIDGE Housing at BART 03 21\Copy of Comparison to TC projects; 3/31/2021 528 Item 7.1: BRIDGE Housing Affordable Rental Housing Project Unit Reservation and Funding Allocation City Council April 20, 2021 Background •July 2020 –City issued Notice of Funding Availability (NOFA) •November 17, 2020 –City Council received report on proposals received in response to NOFA –BRIDGE Housing –Eden Housing •City Council directed Staff to –Work with BRIDGE on refinements to their proposal –Consider opportunities to fund both proposals BRIDGE Proposal •Vacant 3.6-acre site located adjacent to West Dublin/Pleasanton BART station BRIDGE Proposal •Two -phase project with 308 affordable units –136 units (subject of NOFA) –172 units –Ground floor retail, amenity space and parking View from BART Platform View from BART Plaza View from Golden Gate Drive Affordability Levels •136 units would be affordable to households earning average of 43% AMI •172 units would be 100% affordable but may include moderate income units •30% of units in first phase would be set aside for special needs populations –Formerly homeless –Veterans % of Area Median Income (AMI) No. of Units 20%41 40%15 50%40 60%39 Market Rate (Manager’s Unit) 1 Total 136 Funding Request •BRIDGE has requested $10 million for 136 units or $73,529 per unit –$7.1 million from City Affordable Housing Fund –$2.9 million from Alameda County Measure A-1 Bond Fund •Keyser Marston reviewed funding proposal –Development costs and financing plan consistent with other similar affordable housing projects –Subsidy requested per unit is less than other comparable projects Downtown Development Pool Total Units in the Pool 2,500 Total Reserved Units (1,396) Remaining Units 1,104 Community Benefit Agreement Deal Terms •Affordability Level •Fully furnished units •2,200 sq. ft. ground floor café •Plaza enhancements •Affordable housing unit credits Recommendation •Adopt a Resolution Appropriating $7.1 million from the City’s Affordable Housing Fund and Authorizing the Commitment of $2.9 million in Alameda County Measure A-1 Funds from Dublin’s Base City Allocation •Authorize the reservation of 308 units from the Downtown Development Pool •Provide feedback on the following: –Proposed development –Deal terms for the Community Benefit Agreement