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UrbanCore Development, LLC and East Bay Asian Local Development Corporation

ATTACHMENT # 1: RESPONSES TO CITY EMAIL REQUEST ON OCTOBER 7, 2015


- Total Number of Units:

360

- Total Number of Market Rate Units: 252 (70%) unrestricted


- a mix of studios, one bedroom, two bedroom, penthouses and loft units
- Total Number of Affordable & Workforce Units: 108 (30%); including the following unit
mix and affordability:
Affordable Units: 90 Units (75%)
- Studios:
29 Units
- One Bedroom: 33 Units
- Two Bedroom: 24 Units
- Three Bedroom: 4 Units
- Affordability:
o 20 Units @ 30% of AMI (22%)
o 10 Units @ 50% of AMI (11%)
o 60 Units @ 60% of AMI (67%)
Workforce Units: 18 (5%) (Units to be Pre-Leased to EBALDC)
- Affordability:
o 18 Units @ 100% - 150% of AMI
- Developer Qualifications and Experience: See attached information on UrbanCore
Development, LLC and the East Bay Asian Local Development Corporations (EBALDC)
- Estimate Project Costs:

$177,840,000

- Listing of Sources of Funds:


-

Project Equity:
Private Bank Construction/Permanent Loan:
Tax Exempt Bond:
Low Income Tax Credit Equity:
City Funding from Sales Proceeds:
State Cap & Trade Funding (AHSC):
FHLB Funding:

$ 50,000,000
$ 93,000,000
$ 5,360,000
$ 15,800,000
$ 7,100,000
$ 5,500,000
$ 1,080,000

- Indication of City Subsidy: No Funding from Existing City Resources


-

The UC/EBALDC team has prepared an alternative financing approach to the


project that would require City funding if the City and Developer choose this option
after a further underwriting of the project during the ENA period. Please see the
Alternative Financing Matrix in Attachment #3, which shows the change in the
Land Price transaction, and the approximate amount of additional funding the City
would need to provide for this alternative.

- Community Benefits Provided:


-

Donation of $700,000, targeted to support a variety of community programs in


District 2 & 3, including:
1.
2.
3.
4.
5.

Cypress Mandela / Laney / Dewey High School Training Centers


Tenants Rights and Education Program
Eastlake Merchants Association for graffiti removal
Construction of a skateboard park
Rebuilding Together Oakland for Safe at Home and Home Rehabilitation
Projects
6. Childrens Fairyland programs
7. Urban Releaf and Sierra Club Tree Team
8. Small Business Improvement District
-

Commitment to design, build and maintain the existing city open space adjacent to
the proposed development, at a cost of approximately $500,000

Over $7.4 million in one-time development related fees and property taxes during
construction, and over $2 million in annual property taxes

A variety of on-site amenities and activities distributed across the proposed


development for resident enjoyment and interaction and neighborhood socializing,
including a retail Caf and a 3,000 square foot Commons area that will be open to
the public and available for community programming

A commitment to meet and potentially exceeding the City of Oaklands contracting


and hiring program goal of 25% for new hires, and LBE/SBE for professional
services and construction sub-contracting, based on the teams demonstrated
performance on past projects

A commitment to waive the right to sell the condominium conversion credits to


owners of existing apartment units, thereby helping to preserve the existing rental
housing stock in the City of Oakland

A commitment to negotiate a Project Labor Agreement (PLA) for the Affordable


Housing Component of the project, and to utilize a Union General Contractor for
the Market Rate and Affordable Components of the project. We have already
begun conversations with the Alameda Labor Council in this regard.

- Proposed Land Price:

$11,800,000

We arrived at this total amount for the Land Purchase Price based on a
combination of the recent appraised value for the land of $5,100,000, plus
$6,000,000 in affordable housing fees (or $22,222) and $700,000 in Community
Benefit Programming (or $2,593 unit) from the market rate financing in the project;
also if the land value were to be adjusted in a new appraisal, this would reduce the
proposed housing fee as our total Land Purchase Price would remain $11,800,000

City to provide $7,100,000 from the total Land Purchase Price to the Affordable
Building Limited Partnership to help finance the affordable housing; and $700,000
from the total Land Purchase Price to fund the Community Benefit Programs

City nets $4.0 million from the Land Sale (can be used partially by the City to
increase affordability within the project if desired by the City)

This Land Price is contingent upon the Developer paying the building permit fees
estimated by the City staff during the April 1, 2015 entitlement approval process,
and the project being exempt from future Nexus Study fees for Transportation,
Infrastructure and Affordable Housing

11-20-15