Vintage Plaza City Council and Redevelopment Agency August 21, 2007 Agenda Item 9.01

Vintage Plaza  Located in the Gleason Park Neighborhood, on the north side of the Park between California and American Streets  Project site is approximately 1.25 acres  Will consist of sixteen for-sale single family homes on individual lots of approximately 2,500 square feet  Homes will be for sale to low- and moderate income households.

Gleason Park Master Plan Vintage Plaza

Site Plan

Vintage Plaza

Vintage Plaza Site Preliminary site work has been completed, including grading and the installation of sewer, water, and drainage lines, sidewalks, streetlamps, and streets

Disposition, Development, and Loan Agreement  Agreement between City, Agency, and Visionary Home Builders of California  Under the terms of the Agreement: The Agency will sell the seven parcels it owns and the City will sell the one parcel it owns (Sonora and American Streets) to Visionary Home Builders The Agency will provide a construction loan of $1,894,243 Visionary Home Builders will construct 16 single-family homes, complete the street improvements, and install landscaping. The homes will be sold to low- and moderate-income households. The construction loan will roll into second mortgage loans to the homebuyers.

Disposition, Development, and Loan Agreement Homebuyer Loans  Homebuyers must be low or moderate income first time homebuyers  Loans will be the amount needed to fill the gap between the sales price and the homebuyer’s first mortgage Loans are deferred for 45 years or until sale of home Loans could range from $78,000 to $156,000 per home  Each homebuyer will enter into an agreement with the City/Agency: Note, Deed of Trust, Buyer’s Disclosure Statement and Resale Restriction Agreement

Disposition, Development, and Loan Agreement Resale Restrictions  Restrictions apply for 45 years  Requires that a home be marketed to low or moderate income homebuyers for at least 60 days. If the home does not sell, may be sold at market rate. If sold to low or moderate income homebuyer, City/Agency loan would be transferred to new homebuyer If sold at market rate, City/Agency loan, plus a share of the appreciation in home value, is repaid

Gleason Park Neighborhood Issues Gleason Park Master Plan was adopted by City Council in Progress is being made on all projects included in Plan: Mercy Housing has submitted a tax credit application, has an approved Use Permit, and is nearing completion of the project design

Gleason Park Neighborhood Issues Renovation of Gleason Park is complete

Gleason Park Neighborhood Issues Spanos Elementary School is beginning construction

Gleason Park Neighborhood Issues Code Enforcement has conducted inspections in an effort to bring housing in neighborhood up to code Security cameras will provide coverage of Gleason Park and the Mercy Housing and Vintage Plaza projects. Cameras will be monitored by the Police Department. Other Improvements in area surrounding the 6-block Master Plan Area:  Triplex completed by Visionary on Church Street  Design of façade improvements at Maharlika underway  Considering establishing a new Master Development Area to ensure the neighborhood’s success

Recommendations City Council  Adopt resolution: Approving the execution and implementation of a Disposition, Development and Loan Agreement between the City of Stockton, the Redevelopment Agency, and Visionary Home Builders of California for the Vintage Plaza Project Redevelopment Agency  Adopt resolutions: Approving the execution and implementation of a Disposition, Development and Loan Agreement between the City of Stockton, the Redevelopment Agency, and Visionary Home Builders of California for the Vintage Plaza Project Approving a $1,894,243 construction loan to Visionary Home Builders of California

Vintage Plaza City Council and Redevelopment Agency August 21, 2007 Agenda Item 9.01