HomeMy WebLinkAbout5/14/2008 - STAFF REPORTS - 1.D. it T .V r „ h
May 12, 2008
Mr. John Raymond
Director of Community & Economic Development
City of Palm Springs
3200 E. Tahquitz Canyon Way
Palm Springs, CA 92262
Via Overnight Mail
Re' Moderate-Income Housing at Indian Canyon @ San Rafael
Dear John,
Community Dynamics is pleased to have been selected by Agency
staff as the preferred developer, and we look forward to assisting the
Agency to meet the challenge of creating new moderate income
ownership housing in Palm Springs.
After entering into an Exclusive Agreement to Negotiate with the
Agency, our goal is to complete City entitlements/approvals before the
end of 2008. At that time, Community Dynamics will commence
construction and sales work, which we estimate will take 18-months
before the project is build out and sold out,
In response to the Agency's RFQ, our proposal calls for a new
residential community on the Agency-owned 3.63-acre parcel including
52 townhomes (2 and 3 bedrooms, 2.5 bathrooms) with 100% of the
units to be sold to moderate income first-time homebuyers.
Anticipated sales prices for the two floor plans are $237,500 and
$267,500, with effective prices (after homebuyer down payment
assistance) of approximately $160,000 - $190,000, Community
Dynamics intends to secure $2.7M in State affordable housing grants
for the City of Palm Springs for this community, approximately $2M of
which can be re-used for future City affordable housing programs-
This project will allow the Agency to generate new home ownership
opportunities for 52 households earning approximately $55,000 to
$74,400 per year. Households at these income levels are the working
Page 1 of 3 Qs�jt��o?OO�j
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families that are so critical to the vitality of the community and local
economy, including health care workers, teachers, police, fire, and
other civic employees, as well as service and hospitality workers.
Our proposed new community also includes a commitment to
sustainable design through a series of forward-thinking green
measures including, but not limited to.-
Outperforms California's Title-24 Energy Standards by 27.2%,
All units ENERGY STAR inspected and certified,
3.8kw photovoltaic (solar) system to power common areas,
Rooftops pre-wired for the optional addition of PV systems,
— Water conservation through xedscape landscaping and low-flow
interior fixtures, and
Construction phase and ongoing recycling programming.
Per your request, following and attached is information regarding the
Falcon Crest community that we recently completed in Palm Desert in
conjunction with the Palm Desert Redevelopment Agency_
— Buyer Income Summary (Exhibit A). Lists the household
income, household size and resulting percentage of Area
Median Income for each buyer family. As you'll see, the Falcon
Crest project sold to 74 moderate income buyers and 19 low
income buyers.
— Occupations / Employers Summary (Exhibit B). Lists the
occupations for the buyers at Falcon Crest. The community
included 10 buyers (including teachers) employed by local
school districts, 8 buyers who work for local, State, County or
Federal government, 25 buyers who work in health
care/nursing, and many others in vocations important to the
local economy, such as retail sales, hospitality and food service.
— Vicinity Map (Exhibit C). Shows the location of Falcon Crest,
should staff or members of the Agency Board wish to visit the
community to observe our work. Please note that Community
Dynamics would be pleased to host a tour of Falcon Crest and
you can contact me to arrange for such a visit.
Page 2 of 3
Sales Program Schedule. The Falcon Crest sales program
began in May 2006, approximately one year prior to occupancy,
with an extensive community outreach and education campaign
in order to build a wait list. Community Dynamics then qualified
applicants for the program and sold the homes in 3 phases
corresponding to construction timing. We closed escrow on all
homes in each phase immediately following Certificate of
Occupancy issuance, with Phase 1 closed in June/July 2007,
Phase 2 in Oct/Nov 2007, Phase 3 in Jan/Feb 2008, and the
model homes closed in Mar/Apr 2008.
Falcon Crest also demonstrates Community Dynamics'
commitment to sustainable design, as we built 100% of the
homes to ENERGY STAR standards, the community featured
xeriscape landscape design throughout to reduce water use,
and we installed architecturally integrated PV systems on all of
the homes with adequate solar orientation (76 of the 93 homes).
For distribution to the Agency Board, I have enclosed copies of
Community Dynamics' corporate brochure along with project update
inserts regarding Falcon Crest and the 2007 HUD Secretary's Gold
Award for Excellence in Affordable Housing, which we recently won for
Falcon Crest at the Best in American Living Awards in Orlando, FL.
We look forward to the opportunity to work with you, and all other City
and CRA staff on this exciting project.
Sincerely,
Stephen Roberts
Project Manger
Encl.
Cc: David H. Ready
Thomas J. Wilson
Loren Bloch
Page 3 of 3
Exhibit A
Buyer Income Summary "
Falcon Crest Homebuyers
Palm Desert, CA
No, Bu oes Household;Income Household'Size AMI for HH,'Slze %AMI Classification
1 41,500 6 66,700 62.4% Low
2 46,468 7 71,300 65.2% Low
3 41,744 5 62,100 67.2% Low
4 46,640 6 66,700 69.9% Low
5 45,240 5 62,100 72,9% Low
6 52,337 7 71,300 734% Low
7 45,682 5 62,100 73,6% Low
8 45,733 5 62,100 73 6% Low
9 46,392 5 62,100 74.7% Low
10 46,592 5 62,100 75.0% Low
11 40,000 3 51,800 77.2% Low
12 40,196 3 51,800 77.6% Low
13 45,012 4 57,500 78.3% Low
14 45,013 4 57,500 78.3% Low
15 48,623 5 62,100 78.3% Low
16 52,752 6 66,700 79.1% Low
17 56,493 7 71,300 79 2% Low
18 49,440 5 62,100 79.6°% Low
19 45,882 4 57,500 79 8% Low
20 42,192 3 51 Boo 81.5% Moderate
21 47,432 4 57,500 82.5% Moderate
22 47,445 4 57,500 82.5% Moderate
23 48,068 4 57,500 83 6% Moderate
24 52,363 5 62,100 84.3% Moderate
25 43,680 3 51,800 84.3% Moderate
26 48,659 4 57,500 84.6% Moderate
27 49,153 4 57,500 555% Moderate
28 49,437 4 57,500 86.0% Moderate
29 53,768 5 62,100 86.6% Moderate
30 44,980 3 51,800 86.8% Moderate
31 58,633 6 66,700 87.9% Moderate
32 45,760 3 51,800 88.3% Moderate
33 50,918 4 57,500 88 6% Moderate
34 51,162 4 57,500 89.0% Moderate
35 51,275 4 57,500 89,2% Moderate
36 51,529 4 57,500 896% Moderate
37 51,548 4 57,500 89,6% Moderate ,
38 52,155 4 57,500 90.7% Moderate
39 47,120 3 51,800 910% Moderate
40 52,715 4 57,500 91.70/. Moderate
41 53,121 4 57,500 92.4% Moderate
42 53,287 4 57,500 92.7% Moderate
43 54,236 4 57,500 94.3% Moderate
44 59,114 5 62,100 95.2% Moderate
45 59,238 5 62,100 95.4°/a Moderate
46 55,256 4 57,500 96,1%n Moderate
47 55,900 4 57,500 972% Moderate
Page 1 of 2
No. Buyer's Household lOp me Household Size',AMI for HH,Size' %AMI ' 'Classification
48 56,327 4 57,500 98.0°% Moderate
49 56,337 4 57,500 98.0% Moderate
50 57,100 4 57,500 99,3% Moderate
51 57,184 4 57,500 99.5% Moderate
52 57,200 4 57,500 99.5°% Moderate
53 61,898 5 62,100 99.7% Moderate
54 51658 3 51,800 90.8% Moderate
55 58,240 4 57,500 1013% Moderate
56 58,427 4 57 500 101.6°% Moderate
57 52,878 3 51,800 102.1% Moderate
58 59,239 4 57500 103.0°% Moderate
59 69,037 6 66,700 103 5% Moderate
60 59,785 4 57,500 104.0°% Moderate
61 59,798 4 57,500 104.0% Moderate
62 64,702 5 62,100 104.2% Moderate
63 60,412 4 57,500 1051% Moderate
64 60,481 4 57,500 105.2% Moderate
65 66168 5 62,100 106.6% Moderate
66 61,420 4 57,500 106.8% Moderate
67 61,482 4 57,500 106.9°% Moderate
68 66,409 5 62,100 106.9% Moderate
69 66,480 5 62,100 107.1% Moderate
70 66,603 5 62,100 107 3% Moderate
71 61,738 4 57,500 107.4% Moderate
72 61,828 4 57,500 107.5°% Moderate
73 62,200 4 57,500 108.2% Moderate
74 62,920 4 57,500 1094% Moderate
75 63,335 4 57,500 110.15/6 Moderate
76 57,660 3 51,600 111,3% Moderate
77 64,012 4 57,500 111.3% Moderate
78 69,317 5 62,100 111,6% Moderate
79 69,800 5 62,100 112.4% Moderate
80 64,646 4 57,500 1124% Moderate
81 65153 4 57,500 113.3% Moderate
82 58,882 3 51,800 113.7% Moderate
83 65,400 4 57,500 113.7% Moderate
84 65,520 4 57,500 113.9% Moderate
85 71,136 5 62100 114.6°% Moderate
86 65,935 4 57,500 114.7% Moderate
87 77,244 6 66,700 115.8% Moderate
88 67,378 4 57,500 117.2% Moderate
89 67,771 4 57 500 117 9% Moderate
90 61,333 3 51,800 118.4% Moderate
91 61,344 3 51,800 118.4% Moderate
92 68,282 4 57 500 118 8% Moderate
93 61,620 3 51,800 119.0% Moderate
Page 2 of 2
Exhibit BFRr
iJ, li a it i I
Occupations/Employers
,Falcon Crest Homebuyers
Palm Desert, CA
Type of Work/Employer Quantit
Retail Sales 27
Food Service Industry 21
Healthcare/Medical/Dental 17
Construction 15
Clerical/Administrative 13
Hospitality Industry 13
Service Industries g
Gaming Industry 9
Nursing 6
Landscaping 6
Banking/Finance 5
Automotive 5
Riverside County Employees 4
Desert Sands Unified School District 4
Industrial/Manufacturing 4
Maintenance 3
Teachers 3
Telecommunications 3
Transportation 3
Federal/State Gov Employee 2
Security/Surveillance 2
Housekeeping 2
Real Estate 2
Palm Desert City Employee 1
Coachella Valley Unified School District 1
College of the Desert 1
Professional (other) 1
Property Management 1
Rancho Mirage City Employee 1
Palm Springs Unified School District 1
Total Number of Working Adults 186
The above figures reflect actual buyer occupations based on a survey of application files
conducted during the sales program. There are 93 homes at Falcon Crest; however, on average
there are 2 working adults per household, therefore the total number of working adults on this list
is greater than the number of homes.
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