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. CITY OF RIVERSIDE REDEVELOPMENT AGENCY MEMORANDUM Honorable Mayor and Agency Board Date: Item No.: September 19,2000 3 Subject: Request for Bid and Expenditure of No More Than $146,000 to Development of a Twenty-Six Space Parking Lot at the Corner of Hole Avenue and California Avenue - Village of La Sierra (La Sierra Manor) Background Since 1992, the City of Riverside Redevelopment Agency (Agency) has worked to rehabilitate a series of 33 fourplexes now known as the Village of La Sierra (formally La Sierra Manor). The Agency has provided a series of fully forgivable loans to individual owners, and has used these loans to successfully seed a homeowners association and implement an area-wide set of Covenants, Conditions, and Restrictions (CC&R's) for the area. Further, the City of Riverside and the Agency has assisted the Riverside Housing Development Corporation to acquire 36 apartment units in the Village of La Sierra. As part of the California Avenue Extension Project, the Agency acquired from the City and adjacent owners the property between Collett Avenue, Hole Avenue, and the now realigned California Avenue (26,478 square feet) for the purposes of a parking area that would alleviate crowded parking conditions in the Village of La Sierra. It is the intent of the Agency to develop a twenty-six space parking lot that will be fully improved, lighted, and landscaped, with a walkway into the Village of La Sierra. Current Issue Staff now requests permission from the Agency Board to bid construction of the parking lot in conjunction with the City of Riverside Department of Public Works. Staffalso requests the ability expend $146,000 in funds previously budgeted for this project under the Central Industrial/Sycamore Canyon Low to Moderate Income Bond Fund. Analysis Staff will return to the Agency Board with an Implementation Agreement such as a lease and maintenance agreement in a public meeting (with appropriate public notice) that will fully discuss project costs and property disposition, as well as a bid award. It is recommended that the Agency would pay for improvements on the parking lot and lease the parcel to the La Sierra Manor Apartment Owners Association in exchange for a minimum rent and an agreement for the Association to care and maintain the property. Pursuant to Section 33334.2(C)(e)(2), and agency may utilize 20% Set-Aside monies for affordable housing to, "[I]mprove real property or building sites with onsite or off site improvements, but only if... (B) the agency finds that the improvements are necessary to eliminate a specific condition that jeopardizes the health and safety of existing 10w- or moderate- income residents". Staff makes the further analysis that development of the project will benefit the general health and well being of the area by continuing the Agency's efforts, as detailed above, to stabilize and increase the supply of affordable housing in the Village of La Sierra. In addition, this project will eliminate draining problems that have plagued the site, as well as provide much-needed guest and tenant parking for the residents of the Village of La Sierra. Fiscal Impact The Agency has no current investment in the property other than annual maintenance, and fencing (expenses are currently about $4000). Bidding will be made for a fully improved parking lot with infrastructure improvements at prevailing wages. Public Works staff time is estimated at $30,000 for the duration of the project (bid award, inspection, and construction management). The Agency has previously approved $150,000 from the Central 3-1