West Midway Term Sheet
July 5, 2022
Overview
• Background
• West Midway Site Plan & RESHAP Move
• Phases 1 & 2
• Community Goals and Benefits
• Community Facilities District
• Key Milestones
• Next Steps
Background
• March 2020: Developer responded to Request for Qualifications • May 2020: City Council Selected Developer
• Parties agreed to increase market rate units to 429 in support of Housing Element
• October 2020:City and Developer entered into Exclusive Negotiation Agreement
• Parties agreed to relocate RESHAP Project to West side of the project, adjacent to Pan Am Way
West Midway Site Plan
RESHAP Move
• Creates market rate synergy with Bayport
• Enables RESHAP to connect to the City’s infrastructure improvement project along Pan Am way, which allows the
building pad to be completed in the first phase
• Moves the ground floor community serving retail closer to the Site A Town Center
• Minimizes the disruption to existing residents by allowing them to move once and sooner
Phase 1
RESHAP Pad
Operation Dignity
Alameda Point Collaborative
145 Market Rate
3 Moderate
Phases 2 and 3
RESHAP Pad
for Building
Futures
50 Market Rate
53 Market Rate
7 Workforce
121 Market Rate
12 Moderate
17 Market Rate
36 Moderate
36 Workforce
Community Goals and Benefits
• Approximately 789 units towards the Housing Element
• 309 affordable units at RESHAP plus 43 workforce housing units • Continued construction of critical infrastructure
• Financial contribution of $45,500 per acre for future completion of Main Street frontage infrastructure
• $2.5 million cash contribution to future Central Gardens Park • Negotiation with trades regarding a Project Labor Agreement • Retention of existing daycare facility
Key Milestones
December 2022
City Council Meeting Disposition and Development Agreement July 2023 Alameda Point Collaborative Pad
December 2023 Backbone Infrastructure Construction Begins August 2024 Operation Dignity Pad
April 2025 Market Rate Phase I Pad
June 2025 Building Futures Pad
Next Steps
• Negotiate the DDA
• Present to and obtain feedback from Commission on Persons with Disabilities
• Present the Development Plan to Planning Board for feedback • Return to City Council with the DDA
Public Comment
Appendix
West Midway Development Unit Mix
Product Type
Bedroom Count
Unit total1 2 3 4
Market Rate 0 0 151 226 377
Workforce 9 56 38 0 103
TOTAL 9 56 189 226 480
Units by Income Type
Units By Income Type
RESHAP 309 39.2%
Moderate 51 6.5%
Workforce 43 5.4%
Market Rate 386 48.9%
Total Units 789 100.0%
2022 Moderate Income Limits
# in
Household 1 2 3 4
Moderate
(120% AMI) $119,950 $137,100 $154,200 $171,350
Moderate-Income (120% AMI) Example
Assumption: Moderate Income for a household of four = $171,350 Maximum Monthly Housing Cost (30% of Gross Income) $ 4,284 Less Housing expenses (Taxes, insurance, HOA dues, etc.) - $1,675 Funds remaining for Principal & Interest $ 2,609
Affordable Sales Price
$ 622,044
“Silent”
Second
Mortgage
First
Mortgage
$1,112,500
Fair Market Value
$622,044
Contract Price
$559,840
Max Mortgage
Down
payment