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HomeMy WebLinkAboutPlanning Commission 2015-11-10 #2 Attachment (2)MONAHAN PARKER 1l015th Avenue, Suite 300 San Rafael, CA 94901 2nd & B Street ENVIRONMENTAL IMPACT REPORT ALTERNATIVES FEASIBILITY STUDY March 10, 2015 Rev 1: May 14, 2015 Per City Response Comments April 22, 2015 2nd & B Street ENVIRONMENTAL IMPACT REPORT ALTERNATNES FEASIBILITY STUDY March 10, 2015 Per City Response Comments April 22, 2015 Rev 1: May 14, 2015 INDEX Pre-Tab 1 Cover Page Index Page revised 4-28-2015 Revised Response Letter 4-28-2015 Original Response Letter 3-10-2015 Tab 1 Alternative #1 "Onsite Preservation" Tab 2 Alternative #2 "Offsite Preservation" Tab 3 Alternative #3" Adaptive Reuse" Tab 4 Alternative #4 "No Project" Tab 5 Alternative #5 "Office Use" MONAHAN PARKER INC, March 10, 2015 Steve Stafford City of San Rafael Community Development Department 1400 Fifth Ave. -PO Box 151560 San Rafael CA 94915 -1560 1l0IS" Ave Suite 300 San Rafael CA 94.901 RE: 815 B Street EIR -Revised Project Alternatives Dear Steve, This letter is in response to the City's requested EIR alternatives for the 815 B Street project as outlined in the Newman Planning Associates letter dated October 30, 2014. There are four project alternatives requested by the City, noted as Alternatives 1-4, as well as an additional. 5th Alternative, noted as the applicant's Alternative for an office building use at the project site: Alternatives: 1. Preservation On-Site/Reduced Project; 2. Preservation Off-Site/Project Design as Proposed; 3. Adaptive Reuse; 4. No Project; 5. Office Building Alternative (applicant alternative). This letter includes Monahan Parker's evaluation of the five Project Alternatives. The City provided a list of Proj ect Alternatives in late October 2014. However, we were unable to analyze the Alternatives until January 9,2015 when we received the City's list of off site relocation properties associated with the Off-Site Alternative. From January 2015 to March 2015 we analyzed the five various Project Alternatives. Our analysis of the aforementioned Alternatives has produced the following conclusions: Alternative 1-On-Site Preservation: On site preservation ofthe two structures (1212 & 1214 2 nd St.) created a condition where the proposed building footprint was reduced by 19,881 square feet. This reduction to the building footprint resulted in a loss of 21 parking spaces and 14 units. This reduction to the building size and unit count resulted in a reduction in rental income and construction costs. This reduction to the rental income greatly outweighs the reduction to the development and construction costs associated with this project. We assumed as part of the conditions of approval, the City would 1 I::{Ll J r ..;c;.u~n r1.-t '-]"if p"'('~er;t fPhqpillt;:ltp tl1P. t.WO 1fktLlI JaIl dr d ut! u...:Ln2!.... TI.e~'£ i::: nt:;rs~v" vTo .... Jr l!':,;recsqrv 1""0 fPhrJ.hihtate ttlt tvl1v Ci~apLc..':E.J Jt.'l~..:t.L e.:: ,'r}jC'l1hc 1'1; rlg'1 r;f'st'-) QS<;(1C);;),Tel] witn It. '1 he u111t al. 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P.lthou~b tbe pronosed mixed-use resiaennal & retail project IS vvhac ueen ppli d ,or anJ i r'-h t t~e]r je t pr1ic n+-d al)rlicant has requestea that an ottice develovmenL =t n ti e' e 'nc'uc' c' 'n 'h WR e 'eo'T roe . 'l'h office use is in accordance with the ulannmg ane.. zoning e4 ui erue ":LO th s t 1 ad, Ir vi' e e on 11-' C ';e e.c't t th,e r:ihT d r11 a"p1icant '111e heIgnt, UenSiLj, anu zomng of ... he OulC u e t ~.1i s _e 0 ':0 IT t tJ e ~itv s1 n -l.a is an 1. 1'h,e rroiect ohjectives. We reauest the orr'ice use lor a jJroJCCL 01 campa aLe iz, a. c: j s' ~y s t'h,e'1r p sei. r oiee+-be included at as viahle nroject alternative ror the pUflJoses of Lhis E1R 'te n ti esre ie-v. Tn 0 cl si n -t:h's' avi 1)lep1ternativetoth.eProposed ~UIum.ary': The SIS H t'rOleCt is smaIl4:l. resiuenda1 unit ~roje t'v/h t s ~e g eL~ t p ov'd h u 'nL t the ~an Rafael areas on city blOCK tnat has rnany challengm5 s oc at d ,it' it VTe 1'e1'e th.a'" tr r o;ec+-as prorosed lIvill provide the CitVWlth opponumty to r d v :o:r-a JI o'h-dar a f '0' rn'or-n en'la c tre ve all s fe+y n[l quaJity of life the nei/:sl11ofuOod. V\ e f el..:h :r-o},-o d.Jr j t "riC P 0 'd a e 0 or-ic 'Je e.c't'"o ... ~e Si+y n(l (;ommumty, wnicn wIll enHance .A-110ur nel~lLJJo h 0(, in tr. L "nt V\ _1 e, ~u t it challen~ing neio;h horhood locatIOn and nign aevelopnlent.: eosts,ule econorTtlCS of ~h P OJ:.-s d r 0: c .... b rely Ie t f~e r'+-eria for financin~, A.nv furH1.er slgm!kant costs impacts to the IJfoJecL LaL i e 0 or ic II: inre f-le £'r 11 f' v 10'lIY'e +: s+a riroint. liVe asl{ tl-J.e Cily to make the POtemial drawbacks . .KoDin l\1111er 1 815 B Street Project Onsite Alternatives Cost Summary PROJECT INFORMATION PROPQSSD ONSITE OFFITEALTERNAnVEA OFFIT5ALTERNATJVE B OFflTEALTERNATIVE C OFFITEALTERNATIVE D ADAP11VE REUSE OF SITE TO REMAIN AS OFFICE BUILDING PROJECT ALTERNATIVE 1201200 st "!12Dst 162B 5th Ave 1135 MIssIon Ave HISTORIC FIiATURES CURRENTi.V OCCUPIED ALTERNATIVE :SITEAREA 4-ParcelS SF 23,614 18,214 23,614 23,614 23,614 23,614 23,614 23,614 23,614 MAXIMUM BUILDING HEIGHT 42'·0' 42'·0" 42'·0" 42'-0' 42'''{)" 42'·Q" 42'..{)· 42'·Q" PROPOSED BUILDING HEIGHT 42'·0" 42'·0" 42'·0" 42'..()" 42'·0" 42'..Q" 42'·0" 42'..Q" MAXIMUM DENSITY ALLOWED UNITS 41 41 41 41 41 41 41 41 DENSITY PROPOSED· UNITS 41 30 30 30 30 30 30 30 SQUARE FOOTAGE Retail SF 1,939 1,939 1,939 1,939 1,939 1,939 1,939 1,939 Garage SF 20,000 14,800 20,000 20,000 20,000 20,000 20,000 20,000 Residential Gross @7,566 SF Netl SF 47,775 34,775 47,775 47,775 47,775 47,775 47,775 47,775 TOTAL SF 69,714 51,514 69,714 69,714 69,714 69,714 69,714 69,714 PARKING REQUIRED Spaces 47 33 47 47 47 47 47 47 PARtqNG PROPOSED Spaces 48 29 48 48 48 48 48 48 ( COSTS I LAND $ 3,000,000 $ 3,000,000 $ 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 3,000,000 SOI'TCOSTS (A&E.tnsuran.:III,CI1yFIAS.taat.marteItlr.etc.) $ 2,250,000 $ 2,000,000 2,250,000 2,250,000 2,250,000 2,250,000 2,250,000 2,250,000 BUILDING COSTS OTY UNIT PRICE SUBTOTAL Garage 20,000 SF $ 88 $ 1,750,000 $ 1,332,000 $ 1,750,000 $ 1,750,000 $ 1,750,000 $ 1,750,000 $ 1,750,000 Garage 20,OOOSF @$88JSF $ 1,760,000 Retail 1,940 SF $ 150 $ 315,000 $ 350,000 $ 315,000 $ 315,000 $ 315,000 $ 315,000 $ 315,000 Lobby3,500 SF $ 525,000 Residential 47,775 SF $ lBO $ B,600,000 $ 6,259,500 $ 8,600,000 $ 8,600,000 $ 8,600,000 $ 8,600,000 $ 8,600,000 0ifIce31,OOOSF@$2OO1SF $ 6,200,000 Silework 23,614 SF $ 20 $ 475,000 $ 364,280 $ 475,000 $ 475,000 $ 475,000 $ 475,000 $ 475,000 TI Costs 31 ,000 SF@B751SF $ 2,325,000 Demolition 8,000 SF $ 28 $ 224,000 $ 137,200 $ 224,000 $ 224,000 $ 224,000 $ 224,000 $ 224,000 Contl!!!!en!?)! 10 % ! 1,011,000.0 $ 844,298.00 $ 1,011,000.00 $ 1,011,000.00 $ 1,011,000.00 $ 1,011,000.00 $ 1,011,000.00 TOTAL $ 12,375,000 $ 9,267,278 $ 12,375,000 $ 12,375,000 $ 12,375,000 $ 12,375,000 $ 12,375,000 ,.--------w,SI0,000 ANANCINGAMOUNT 75" of Project $13,218,750.00 $ 10,715,458.50 13,218,750.00 $ 13,218,750.00 $ 13,218,750.00 $ 13,218,750.00 13,218,750.00 $ 12,045,000.00 FINANCING COST 9% for 24 months $ 2,375,000 $ 1,928,763 2,379,375 $ 2,379,375 $ 2,379,375 $ 2,379,375 2,379,375 $ 2,168,100 RESfORATION COST (2) VICTORIANS 1,500,000 $ 987,679 $ 987,B79 1,207,351 1,385,991 RELOCATION lAND COST $ 750,000 $ 750,000 750,000 700,000 RElOCATION COST (2) VICTORJANS $ 76,000 $ 78,000 148,000 96,000 RELOCATION SOFT COSTS $ 167,750 $ 166,750 164,750 174,500 Operating Deficit for 1214 2nd Rental (l3yrs) $ 61,813 I TOTAL PROJECT COSTS $ 20,000,0.00 $ 17,716,061 $ 21,820,254. $ 21,821l,254 $ 22,107,726 $ 22,186,366 $ 20,004,375 3,081,813 _-=-=-~_ $~~ --~"l~t?28,1DO 4 AlL TER.NATlIVE #1 EXISTING RESIDENTl!AlJ... STRUCTURES REMAIN IN PLACE 1. PRESERVATION ON SITE ALTERNATIVE This Alternative evaluates keeping the two existing buildings on site, retrofitting each residence to habitable standards, and reducing the size of the new proposed project. In order to do so, the proposed building plans were adjusted as shown on the attached floor plans. The following adjustments would be necessary to allow for the existing buildings at 1212 & 1214 Second St to remain on site. The reduced building footprint decreases the proposed parking from 48 to 27 spaces; a loss of 21 spaces, which results in a 44% reduction in overall parking for the project. The reduced building footprint results in a decreased unit count from 41 to 27; a loss of 14 units, which is a 34% reduction to the overall unit count for the project, and removes approximately 15,000 SF of interior space. See Exhibit #1 A-H attached. This Alternative is not feasible from an economic perspective. The proposed project is structured as a rental property, and residences at 1212 & 1214 2nd Street would be sold at market rate (approx. $1,1350,000) after over approximately $l.2M of improvements will have been completed. This calculation assumes the added garage at 1214 would be removed. The two residences were acquired by Monahan Parker for approximately $968,000 back in 2002. Attached is a copy of the project summary proforma and a comparative proforma that shows the economic differences of Alternative 1 to the project as proposed. The proposed project is marginally economically viable as shown on the baseline financial analysis, See Exhibit #3. The Proposed Project has an estimated profit of $1,620,011, while the altered project scope as result of On-Site Preservation has an estimated loss of $4,271,828. The project sponsors will look to long-term appreciation to justify the minimal profitability of the proposed project. See attached Exhibit #2 for rent roll and estimated project value. The extremely poor condition of the two Victorian homes is shown in attached site photos under Exhibit #5, and is reflected in our cost estimate to rehabilitate the residences as shown in Exhibit #4. Conclusion: The loss of 34% of the proposed rentable units creates a condition where the project is not economically viable. The loss of units for the Proposed Project, in addition to the funds lost 5 from the transaction of the restored single~family homes} is too much for this project to bear and causes the project to fail to meet the Project Goals and Objectives. The following is a list of attached information that supports the our evaluation of the Preservation On Site Alternative: 1. Onsite Alternative ~ Project Floor Plans and Elevation study. [Exhibit #1]. 2. Proposed Project vs. Onsite Preservation Rent Roll [Exhibit #2]. 3. Project Summary Proforma as Proposed} with Alternative Impact Evaluation [Exhibit #3]. 4. Cost summary for rehabilitation of residences and projected sales amount at 1212 & 1214 2 nd Street [Exhibit #4]. 5. Images of residences at 1212 & 1214 2nd Street [Exhibit #5]. 6 J '! I I I I I I i I I I I I ~~JITfi+H::P~U' I I I I I j , I I , 7 0> ALTERNAT1VE 1-ONSllE PRESERVATION PRESERVATION OF BOTH BUILDINGS HI6'I'ORIc PRESSRVA1'ION ALTERNATIVE BUILDING FOOTPRINT I ~ ...:~/ l/l I .r:J! /r/~lfI j ) . I -'::' ,!~ I ~ "-I; I OI/, I f' ,.,j_1 'I 1/ '/ "'~" If I I r /' '\ I I "I" ___ :-~ i to ~-7 ' '_ -.; ,(, _ Jl lH I .. ----~-_-----.L~7 r ,or v??;'!~ Ii 1 ! I v " It"~ .~ >I:; __ __ 1 ,...:~, :":':1!:ol 1 / ' ~I, ~ " )1 I _ V I \ . ..... --'.~ ~ '~ -' l' ~ ..-... --, ~. V · c::· ... ," 1-'>~-_ .... < • I "y ... .~~ ~ .~ Ii " • ! ~ :tt;!, _ _ ~..... ' i • ~ to U ~ ! ' ..:.. ,:' -. ,,-, __ " I I ) ' I • -" r , ,. --,¥1ti V ·· -"Ii-, '!' ... II ~ r--, --=c , .. ' So!.' ~ :~ -~~ ~ j ~ '-: 1~ ~ ;...1 ..... ~ •• ./ I,'PO-: ) ~ r:J ' 't_ H ' -, ..2.1' I I-' : 1 -:"'\ --'" --::;'" ._;,.. I lib.. ~ / ___ ___ -_I-A_~ l!. JL~': :y~---1\...'r-__ _ ___ At • \ " SHRUNKBN PROPOSED RETAIN Br.RESTOR ETWO BUILDING FOOTPRINT 2XISTING BUILDINGS Exhibi.t #1 -8 SECOND & B STREET ALTERNATIVE 1-ONSITE PRESERVATION IMPACTS AT GARAGE LEVEL LOSS Of 21 PARKING SPACES & MECHANICAL ROOM. RELOCATION Of STAIRWAY/EGRESS p / / I +F~r=Tr=;~~--~--~~~777777.~T.0?1f NEW l ~~ -0 ./ MEOi " ,- ROOM .... ...... 11,'" ~!-0I 1-~~ /. ,., __ /1 . ,- I I ~ • I I -' --"-...I ----~- LOSS OF MEG! RO O M tr-d i, HISTORI AL PRESERVATION . ,~ ~:: ... ,-------! ... lOSS OF - -, - STAIRS S . ,~~ Jt _ ... . l--j--.:;;,.-4t~::;:;~~ -,'-I RELOCATION • • • • I 1lr=.~.D"a:.~U--,.._-. ~]~~~~~~==-~ QF'STAlR! 3 S 7 ,. It : • _-..., ~ EGRESS --. -, • -[! LJ'~I f9,'-J11t'=: • filL ' l t ~ .:.... _---II ~Fl ~ ~ ~ ~-- AREA RETAINED FOR PRESERVATION ~ 7>.. ~ ~ Exhibit #1 -C SECOND & B STREET ALTERNATIVE 1~ ONSITE PRESERVATION IMPACTS AT,2nd LEVEL LOSS OF (1) TWO-BEDROOM UNIT~ (4) ONE-BEDROOM UNITS, & COC>RIDORS & EXITS STAIRS HISTORICAL PRESERVATION BUILDING FOOTPRINT LOSS OF BUILDING EXIT LOSS OF CORRIDORS LOSS OF 5 UNITS ARt:A RETAINED FOR PRESERVATION ~. -, ~..., J.t£.II I.11!1t14 [lGJ Qlt ....... QN ~ ''''' ~ ,..., .... """" I :; ~ " ... l.t:ILI.!. ' .... ~ b.".,.' ..... z:liii"":o !e! : IIi13 >tILllI. : 'lID Exhibit #1 -0 . . SECOND & B STREET ALTERNATIVE 1-ONSITE PRESERVATION IMPACTS AT3rd LEVEL LOSS OF {l} TWO-BEDROOM UNIT, {4} .ONE~BEDROOM UNITS, COORIDORS, & EXITS STAIR HISTORICAL PRESERVATION BUILDING FOOTPRINT LOSS OF BUILDING EXIT LOSS OF CORRIDORS LOSS OF 5 UNITS AREA RETAINED FOR PRESERVATI O N *!1.1. 'iii) .--------- -- ~ ,= loIb1tlI I .IIIW. II .l!!£:..!J. r ~ml .14'j I '.= ------------, ~ I ~ l :iiC . :. ........ 1 e;;;t: s.m...l2 , :;~ ~' I --•.. ..--- l i'hn-I! :;' :i: ·""'1 :.",..r .. :;;U~ ~ ! :!c ~ air. Exhipit #1 -E " SECOND & B STREET ALTERNATIVE 1-ONSITE PRESERVATION IMPACfS AT 4th lEVEL LOSS OF (3}TWO-BEDROOM UNITS, (1) ONE-BEDROOM"COORIDORS, & EXIT STAIR OPTION TO TRANSOFRM(3) ONE BEDROOMS INTO (2) TWO-BEDROOMS HISTORICAL PRESERVATION BUILDING FOOTPRINT I \. I LOSS OF BUILDING EXIT -' ,""-- {~I . LOSS OF CORRIEJORS I 'II i -II . LOSS OF4 UNITS AREA RETAINED FOR PRESERVATION I 't:::. -';we .... ........,. \. I RZZ ti U i I ' 2='-:-? Vi~ • ~, ~ l!J nz ~4 'I ~·1 1tf· :~~ ...1 ' .. ' ; i ~.' . .. ':.-... ; .' ~ .J II '·1 II I '""" 1 Ir.qtt "StS ~o>Z: .I:Z U IJ·~ 0_ I ~== I:SCIC i i I ~=~~ I . i ,-go - ""-.,. ..... ~...-.-. POSSIBiliTY TO, TRANSFORM ONE- BEDROClM tlNITS'TO TWO-BED,ROOM UNITS ~ Exhibi t #1 -F ~ '" 4th Floor Loss of 4 Units i 3rd Floor -I ;:,""":<oJ> ,-Loss of 5 Units 1 2 nd Floor Loss of 5 Units 1st Floor Loss of21 f SECOND & B STREET ALTERNATIVE 1-ONSITE PRESERVATION Historic Preservation Alternative Portion of Project Removed Proposed Project Summary Without Alternative • Total nurnberofunits proposed -41 • Tota.1 number of parking proposed -48 Historic Preservation Alt" BOTH BUILDiNGS -Impact Summary • Total number of units removed -14 • Total number of remaining units -'2.7 • Reduction in units from proposed 34% • Total number of pa.rking spaces removel;!-21 • Total number of remaining parking spaces -27 • Reduction in parking spaces from proposed 43.75% Exbibit #1 -G SECOND & B STREET ALTERNAT1VE 1,. ONSITE PRESERVATION: BOTHBUILDINGS OVERVIEW (1212 & 1214 Secone( Street to be rehabilitated & sold) '<5' G)~<;TB ELEVATION. 2ND SilIEET Historic PreservatIon Impact Summary Project Summary -·As Proposed • 1212 & 1214 Second St . Houses Preserved & Rehabilitated • Total number of units proposed -41. • Total number of units removed from proposed project-14 • Total number of parking proposed -48 • Total numbe1" of remaining units-27 • Residential Units -54,055 SF Reductionln units from proposed 34% • Total Building -76,435. SF • Total number of parking spaces removed -21 • Total number of remaining parking spaces -27 • Reduction i n u nits ·from proposed 43.75% Exhibit#l-1-1 815 B Street PROPOSED PROJECTVS ONSITE PRESERVATION RESIDENTIAL RENT ROLL Exhibil-2 REtjrAl~TES ~G~'~ of SF per Onsite PreservaHon 9ne B~droom $ 3.15 'SF Monlh 1\'(0 Ssp-room .$" 2.90 ISF Monlh PROPOSED PROJECT Ffoar2 '., • 3 , S S 7 a 9 10 11 12 13 I. 15 16 floor:} 47 48 ·1. .9 .4 22 23 24 2S 26 27 2a 29 30 31 :lZ Froc;u'4 ~ :is 36 37 3a 39 40 41 ij,Nlr lilJ.h!B.6~: '01 ... QG-a ... 205 20a 207 20a 209 210 211 212 213 .• ~t4 215 ~16 UNIT NUM"~ J&> a.G2 303 3<>4 31lS 306 307 308 30. 3'10 311 312 313 314 315 :l1f!' UNIT NUMB.R 4l}t 402 403 494 405 40a 407 406 409 GROSS RENTS 3% VaCflncy. UJ{i:PYPE HIed >Hle<i 4-8ed ·1-ISee- ·1 Bed , Bed 1: Bed 1 Bed 1 Bed HIed 1 Bed i~ed S!udfd~ BMR StudIo R BMR ,1 Bed 2 ~ .• ~ I.!N1TTYre t-lle<I 2·Bod 4-8ed HlOO t-Bed 1 Bed 1 Bed 1 Bed 1 Bed 1 Bed 1 Bed 'Bod Stuaio -BMR' StudJo-ffiMR 1 aed 2 Bed Ul{lTTYpe 2·Bed 2-&<l +aod 2.Jlea 1 bed 2Bed 1 Bed 2 Bed 1 Be:a MJU$TIil! MONTHLY RsNT§ ADJUSTED ANNUAL R"NTS operating !£xpel1se.sAnnual 1101 CapRate PROJEGT.D VALUE sg.H 879 4M2 .~ 8~ 879 87S 87g 87.9 879 879 '79 11$2 5,0 520 '7S 11112 SQ FT . ,%"2 "~ WJ 8:;.0 879 879 879 879 879 870 116:" 620 520 879 1162 SQFT 1162 4l"" a~ +162 879 1162 879 l1a2 879 fe~12lIr1itsSf le'iel3 tKiil SF le'i's[4oo1t5,1' levels.:2.4 coo1.c1ofs. TOT~L P'ROP'QSE9 PROJEiOT PROJE-CTED agJlTS, • 2,;68,85 S 3,369.8Q S 2,7B8.85 S 2,768.SS S 2,76s.!J5 S 2,1eo.!5 S 2,76B.85 $ 2,7€HU5 S 2,768.85 S 2,766.85 S 2,7~8.85 S 3~3S9.80 S 1,090.91 $ ;,O~1.8'9 S 2,768.85 $ 3.36~.'O rRQJeCTR~ R!1NTS $ 2,t~il.S5 S 3,36~.80 $ 2,768,135 $ .2,768,B5 $ 2,7-68.85 S 2,7.6,8.i!.~ S 2;75.6:.85' S 2,76;iMS $ 2,76B.es $ 2:768.85 5 2,7S8".85 " 3,369:80 " 1,9 90.91 S 1,091.B9 S· 2,768.85 $ ~,36~.~O PROJliCT6D RiiNTS S 3,~6".BO S 3,369.80 $ 2,768.85 $ 3,369.80 S 2,7SB~85 S 3,369.80 $ 2,76S.85 $ 3,3'9.W " 2.768.85 S 113,423.50 $ 3.402.70 s ,. O.G? .. 79 S 1,320,249•51 S 283.799.00 S 1.036,450.51 4.75% $ 21,820,O10.7!l s S S S S S $ $ $ S S $ S S S $ 401. ..(678 4365 000 ONSITE -ALT. O.NSITE PRESERVAOOIl PROJE~T,eDRHlTS' -- -. . 2.16&.65 2,18 8.85 2,76W 2 .168".85 2.766.85 2 .7qU5 3,389.80 '.090.0 1 1,091.89 2.168.85 ).359.s0 P~OJi1CT'D RENT$ $ $ $ S S S Ii Ii S $ $ S $ $ : 2.168.65 ~.65 2,l6J,es 2,78&.65 ~: :J..*.8? '.weAl l.agUI 2:Iee.es 1.389.80 PROJ.CTi'P RE~TS $ S $ 6 $ $ S S S $ S f $ S $ $ !,7f1 .es S._.co 2,78U5 S.-SO 2._ 71 .~,6$ ~l"'OS .. ~~%t 83<1._~3 212,149.25 e;!1,213_18 .I Sll 11~1'.t7 2.t; 815 B Street ONSITE ALTERNATIVE MIXED-USE 27 UNIT APARTMENT PROJECT INFORMATION PROPOSED PROJECT SITE AREA 4-Parcels 23,614 MAXIMUM BUILDING HEIGHT 42'-0" PROPOSED BUILDING HEIGHT 42'-0" MAXIMUM DENSITY ALLOWED 41 DENSITY PROPOSED 41 SQUA RE FOOTAGE Retail 1,939 Garage 20,000 Residential Gross (37,566 SF Net) 47,775 TOTAL 69,714 PARKING REQUIRED 47 PARKING PROPOSED 48 COSTS PROJECT LAND $ 3,000,000 REHAB (1212 & 1214) LAND $ SOFT COSTS (ME. Insll&nce, City Fees, taxes, marksllng, etc.) $ 2,250,000 BUILDING COSTS QTY UNIT PRICE SUBTOTAL Rehab 1212 & 1214 ° $ $ Garage 20 ,000 SF $ 90 $ 1,800,000 Retail 1,940 SF $ 155 $ 300,000 Residential 47,775 SF $ 180 $ 8 ,600,000 Sitew ork 23,614 SF $ 20 $ 472 ,000 Demolition 8 ,000 SF $ 28 $ 224,000 Contineenc): 10 % $ 1,140,000.0 TOTAL $ 12,536,000 FINANCING AMOUNT 75% of Proje ct $ 13,33 9,500.0 0 FINANCING COST 9% for 24 months $ 2,401,110 TOTAL PROJECT COSTS $ 20,200,000 See Above, EST. PROJECT VALUE (4.75 CAP) $ 21,820,011 See Exh ibit #2 for Project val uatio n, . Exhibit 3 ONSITE ALTERNATIVE 18,214 SF 42'-0" 42'-0" 41 UNITS 27 UNITS 1,939 SF 14,800 SF 33,094 SF 49,833 SF 33 Spaces 27 Spaces $ 2,032,000 $ 968,000 $ 2,250,000 SUBTOTAL $ 1,228,449.20 $ 1 ,332,000 $ 300,000 $ 5,956,920 $ 256,280 $ 154,000 ~ 799,920;00 $ 10,OtT,S69 $ 11,458 ,176.9 0 $ 2,062,472 $ 17,350,000 $ 13,078,172 $ {4 ,271 ,B28 l LOSS EX HI BIT 4 815 B Street San Rafael ON SITE PRESERVATION ALTERNATIVE REHABILITATION BUDGET & PROJECTED SALES AMOUNT 1212 & 1214 2nd Street -Rehab Budget TOTAL 1212 1214 1212 & 1214 2nd St SOFT COSTS Project Management (9 Months) $ 54,000.00 $ 54,000.00 $ 108,000.00 City Planning Plan Check Costs $ 2,000.00 $ 2,000.00 $ 4,000.00 City Building Plan Check Costs $ 3,000.00 $ 3,000.00 $ 6,000.00 City Building Permit Costs $ 6,500.00 $ 6,500.00 $ 13,000.00 Civil Engineering $ 3,000.00 $ 3,000.00 $ 6,000.00 Structural Engineering for new site $ 4,125.00 $ 4,125.00 $ 8,250.00 MEP Plans $ 3,000.00 $ 3,000.00 $ 6,000.00 SUBTOTAL SOFT COSTS $ 75,625.00 $ 75,625.00 $ 151,250.00 CONSTRUCTION COSTS Lift Building for new foundation work $ 35,000.00 $ 35,000.00 $ 70,000.00 New Foundation $ 100,000.00 $ 100,000.00 $ 200,000.00 New Site Work $ 11,500.00 $ 6,500.00 $ 18,000.00 New.Plumbing $ 14,000.00 $ 14,000.00 $ 28,000.00 New Electrical $ 14,500.00 $ 14,500.00 $ 29,000.00 New Mechanical $ 11,000.00 $ 11,000.00 $ 22 ,000.00 New Fire Sprinkler $ 25,000.00 $ 25,000.00 $ 50,000.00 New Smoke Detectors $ 1,000.00 $ 1,000.00 $ 2,000.00 New Doors & Door Hardware $ 6,000.00 $ 6,000.00 $ 12,000.00 New Windows $ 15,000.00 $ 15,000.00 $ 30,000.00 Framing & Fire RepaIr $ 25,000 .00 $ $ 25,000.00 New Roof & Gutters or Repairs . $ 15,000.00 $ 4,500.00 $ 19,500.00 SIding & ExterIor Trim Repair $ 35,000.00 $ 7,000.00 $ 42,000.00 Demo and Interior Clean out $ 13,500.00 $ 5,000.00 $ 18,500.00 Drywall & Plaster Repairs $ 17,600.00 $ 4,400.00 $ 22,000.00 Paint Interior $ 9,000.00 $ 11,000.00 $ 20,000.00 Paint Exterior $ 14,000.00 $ 12,000.00 $ 26,000.00 Deck & Railing Repairs $ 17,000.00 $ $ 17,000.00 Plumbing Fixtures $ 6,500 .00 $ 6,500.00 $ 13,000.00 Eletrical Fixtures $ 7,500.00 $ 7,500.00 $ 15,000.00 TIle & Stone $ 11,200.00 $ 6,500.00 $ 17,700.00 Cabinets & vanities $ 12,600.00 $ 5,400.00 $ 18,000.00 Base, Case , & Crown $ 12,600.00 $ 5,400.00 $ 18,000.00 Stairs and handra ils $ 16,500.00 $ $ 16,5 00.00 Flooring & Carpet $ 9,500.00 $ 11,500.00 $ 21,000 .00 Appliances & Install $ 12,000.00 $ 12,000.00 $ 24,000.00 Debris $ 9,000.00 $ 6,000.00 $ 15,000.00 General Conditions $ 17,500.00 $ 17,500.00 $ 35,000.00 SUBTOTAL $ 494,000.00 $ 350,200.00 $ 844,200.00 GCOH&P 16% $ 67,536.00 $ 67,536.00 $ 135,072.00 Construction Contingency 10% $ 48,963.60 $ 48,963.60 $ 97,927.20 TOTAL CONSTRUCTION $ 610,499.60 $ 466,699.60 $ 1,071,199.20 TOTAL PROJECT COST $ 686,124.60 $ 542,324.60 $ 1,228,449.20 Hard Costs & Soft Costs Original Land Costs $ 968,000.00 1212 & 1214 2nd Street -Rehab & Land Cost Total $ 2,1\)6,449.20 Projected Gross Sales Amount (both properties) $400/SF Sales Price $ 1,135,200.00 notes that price per SF based on completed home square footage approx. 1419 SF per structure. EST. CLOSING COSTS appriasal $ (1,000.00) inspections (terminte & home inspection) $ (2,200.00) title insurance $ (11,352.00) tranfer tax $ (1,248.72) broker fees $ (56,760.00) SUBOTOTAL CLOSING COSTS $ (72,560.72) NET SALES AMOUNT $ 1,062,639.28 PROFIT/Ll1)SS $ (1,133,809.921 '0 STRUCTURES AT 1212 & 1214 2ND STREET EXHIBIT #5 20 ALTERNATIVE #2 OFF SITE PRESERVATION OF TWO STRUCTURES (As Proposed Project: Unchanged) 2. PRESERVATION OFF SITE ALTERNATIVE This alternative evaluates relocating the two existing structures to a number of possible locations within the Central San Rafael Area. Four sites were identified by the City Planning Staff and were evaluated. The proposed 41-unit project would remain unchanged in this alternative. The two houses currently located at 1212 & 1214 Second Street were studied as if they were relocated to the addresses below. The current owner names are also noted. 1. Site "Au 1201 Second Street -(Still Family LLC.) 2. Site "B" 712 D Street -(Sanjeev & Soloni Kharbanda Family Trust) 3. Site "c" 1628 Fifth Ave -(Brian T. Pearce) 4. Site "D" Between 1135 & 1145 Mission Ave -(Marin-Sonoma Investment Co. managed by West America Bank) In an effort to determine the feasibility of the Off Site Preservation Alternative, each owner was identified through County records and contacted by phone if possible, email if possible and via US Mail to determine if they would consider seIling their property. To date, none of the four property owners have expressed interest in seIling. See attached correspondence, which also includes images of the parcels [Exhibit #6]. Aside from the unavailability of parcels to relocate these residences, this Alternative is still contingent on the speculation that the City would approve re- zoning, relocation, planning & construction requests, and that there would not be an appeal from neighbors. These factors are un quantifiable from a timing perspective and have associated project delays in which the duration is currently unknown. As part of this analysis, a house-moving contractor was asked to evaluate each proposed relocation site and to provide a proposal for relocation. Based on his evaluation, site C includes overhead cable & phone lines that must be moved prior to relocation efforts. See attached House- 21 11/1: ')v:n ~ ~0'1t1"2r:tf)r'S iJrl)posa I ! r::xnlOlL tt 7 I. 111t: ('0S': tJ • e:lC ... b::iL.rU ~h..! Lo=n JS, i:-clu..:ii~g 1."J:n ~nd St-e:t wh:';r i<' iYl. lTery lJ()or ~1J.;:)pe and ururulablted due .:c, fil€-, i.lCJl.t!l.r~ .. .tl-s ~h.; .:s-:-u'n;}fo'L "'1,~t ~h -: fit:' 'vPI ~el1'1r~ j-11P rt:;lf)c:tt~(1 hrHnes 1:0 Oe b(uu~hL lip tv C.11.·E..1"" bJi:d:n; u":'e sUr :l-Ti~ '".:'Le _'E~D:-:a~irn 1.ra1yrls irshrerl. ,<:everal c0mponents: 1. CJS~t) -tnrtndJ:' ,"trbi1t'7e t:p~ ~X1St\llg structure In order LO bla"e It p~iG: .. o ~LL3I-0-tLl!.; tl a_ll tLe~-l-Clfr. L.. =JS~ U _ e~Ji.:-3.~~ ~b -: ~tr·Ytl'rp t'1 rht:> pe'v loration per bid. ,J. E...,ti.r • ...lL.!c. CS~ tJ -c1r!r: r1.(' r'2TAi' :'2l"c~ll)t i?nn. tr) rer:erve the !leVI! ::>tllh.:turc. 4. E.,tl.n...lt~c:. cs~ tJ _a_If t 1-e n~v' 1'1elt:')'"', t') 'Ir')l'er cf)fle ;:l$Sllrning the citv-IJldru1"111l:; Jc;pdl ... r .. e.lt dl-PX lcd x:;I-c (Ie = -:rlrgr r'Jr clJ!c;rt:eri TO b~T ne1ghbors. 5. Cust. tv :lll~ta:l J. ~.£.v fc..Ld.lCO=l tJ "cr!v: "1(' r 2~Al]? :ell)raTeti PUll(1111g. 6. LUSI.. tv e:.tI tILLurall): Lr\.-..c ell Ld..:Ll~ ~":n("'u-E' a~lC' fi+: P't') rhn: YI.e"V" tOlln d::ltl on. 7 COSL tu ·Upl:{l due Lfll:! ...:x.s ... ,r.6 ut. u..:Lr _ t.J X~T;rt -o1.n-trchrirg :'JhP1rlP~, e)f;rr:ncn:y fire .c:;upnressiun, h V Ill.. 8 Cnsrtn mmrove (he lilt.e1l0f dr,~1 ...):x..:uLr "::CSLH .. ti..:s :J[t.~e e~-i:":hg S ..... l'c ... '1'·e<' hc1url.il1f l"t><;t0r1.tlol1 nf rlama~eu ribtU[1\:ai ViL'::Gri..a. e:e~.Ln~s. 9 Sf'sr ct' ?rrl]yt:er:tllra.1 plans, perlnlts, Ll~Y fc:c.:>, .!t..:. 11). ':rs+-c f pti lit'T rOl1I11::rtiollf:l, WOltC, ld.llus .... atJi"115. 1-1 .. '":("st c(: M21"IT~tinc; ,::}PQ "clles for COITlpleteu slruCLUIE.. 1~. '":r Sf cl" hrrr:hg the lrn.pr(Wf'lYlents, taxes, and In~Ul'a11l.c. 1:J. :c st c1: ncr1.,~g;'1L t'1P aryrr0v4.1<::, re)Qranon, refurLisll111t:ill a11ll. sal~ vf ",:cAr"r>l~L:c. )1 J1-e~tr ~~ Il,e ":GsL; ~O :t.:c ..:C,~€ a __ c' r-:1: lhl!'::,';E' tre ~f'lT'ec rer th.t> ahOVP lJf:lt ana tu tIle Pf0iJ1Jt:d vfl .... "lt~ 1o"aciGn", un .. S:lLV\.l:n K:h];!t "'fr. T'1..:ijTTj(lull1.cl.'l'')t'11D:pts are ,,!lown to Idemilv Lhe 'unlqL1(; cvs ... s ds:)uddtc:G. Vvit:! .... a...;h S:~E.. rx~:.iUt #') ;:->rlr;C'::f the fi'12 '1rl2 I ?n::l.i:Ts1C) romnaring. hie PIOIt:Lt as IJrv]Jo.::.eJ agdid.S ... t:ll CJ~~ tJ __ qljr~ ~h -: ra-c1, ... dc,;(':e-a'1P rt:;b~}1i11tCltf' e:::tcl1 n.ome I CunlpdI dblC re::;iUelltla1 r~rl':l-'r,':lS vV...:f ~ l..J.:':Lk~E. j 'l~!nJ r".a .... a frln T ,oJt,<, a-t: Plh er t P?rJ<,\{a rap.l rown CenLel &. I ,incoln ·v'iua, a::i .::.hv"Vv nil. LxULit # :C). II-a~l '-:-a-e-, "'lr rehnr;o'1 '"ec;u It'" ill.? f1n::lllr:hlloss as tIle psrim,n:ed ouiIuillg. CUSt. to LOu1t1kL. t:lE .. C:LitJ _A-tern -f-rr ('1: ~2 ~/ 20/i("J ;s Sf'U'p'::}TPd t(l tnJ? '1ff)j P Ct eri. nUlloing vctltte vf $~l,8..;("CIC a"; ~a::dc...tf.j ~n tLe :1cs!i -nf.jrl D£'1t P')]l [~Y'1ilJiT :f±1 1,J L,2 on iu 0 ,TL C _TI _ex c e : t S te na ve r ic' S:~ r e r le' cL all ng' g relocatIOn process, ASIde 1r0111 re ocati 0 tv. h m S i ex re ___ el p r n ti n, e unavailability relocatIOn, and excessive unknowns assocIated vvlth his A~ r ti e, "'lak it e unap associated unquantifiable, projected value , uf in is or pa drit near co ts ss ci tee 'vith this the buil is _ ss h t c st.:c ns u io T s te na'v e It in fi an 'al'os be" g ra fe redto tHe proposed project, am ... creat fi an al mp C th t nL r e ro os i oj ct -na ci ly infeasible. 3 PROPOSED RELOCATION SITES EXHIBIT #6 Site A: 1201 Second Street Site B: 712 0 Street Site C: 1628 Fifth Ave '~--.'.-."' ... -.. 25 MONAHAN PARKER CORPORATION 11 0 I Fifth Ave , Ste, 300 San Rafael, CA 94901 EX HI BIT 6 Jal,llary 26, 2015 Still Family LLC. 1801 N, TroySt. Charlotte, NC 28206 RE: 1201 Second St., San Rafael CA Dear Manager 01' Princ:ip'll for Still Family LLC. I am writing you on behalf of Monahan Parker Corporation, a Real Estate Investment Company located in San Rafael Califoi·tiia. We currently own and operate server other investment properties in the City of San Rafael. We are interested in purch<\sii1g your property located at 1201 Second St., APN: 012 -075-06, Attached is an Assessor's map that indicates the precise property we are interested in potentially pUl;chasing .. This would be a direct purchase at fat' market value agreed up 'on betvveen liS. TfYOl! have a desire to selling yOUl' property please contact me at (415) 456-0600 ext. 29. Thank you for your time '1nd attention to this inquiry. . Sincerely, ~ ~-O bin Miller @> o~ S/ECOND .~ !\ r. , 'iG"f ~ k-<¥;.~!\ ."',f .. 1.. :~ ;'i ~-....... '~-... ,..;t" I~, O""'e~~ rl'~;l ·t!I·W I ",' " ~ ~l @ '1~.J l@ o @ ~~ ....... ~':<o:,.. 1~;;:' ~ @ @ ST. ~.s>~~ f/'.s,~ " ~" QUENTIN T ax. Rate Area a-OOO 12 -07 POR. RANCHO PUNTA DE P.lc.ll· ~ L_ "" L t ,,, 1l7a .~ ... ~~ . ' ;tl .,'" @ \ .' ~p" c-' , . . ,~.@ ®. <fl " 16" "'~' ,U 'i .. ' ~.~. . "" ® ~ @ ~." ... • "J' _ !l;t<W k j' "'I '-["-' @ ; , '. -''' ®-~ ~®\@l ~~ ~ @' '" $T. . j' I.,p· ''''1 .. ",~ ~ .... ~~, •• ~ <:1'111' " ~ il '11 I ! , __ .I ... __ .Jj ® @l ,~ ® ." ~ ':" , ... " .... --",..., J~ 1. @! (@ @ -~ ,'" 17 ~d' # •••• 1 --- " @@l@®@@ ~: \@ ,I _'·1...,' ~" ..... ~ .. ' '" .", (.-fl"s'33-V;' ST. 11 ~ "" ~ "" ~ ~ ~ <§2. @ @) i' '-' ~ .' ;~. ~ . <@ ), , .1 @)' ~: - o ~ ~,V'..IlI:; jJ9.1 1~\I'JVOIl:;:'~~~ " / ' I ~ _:< ®~ H .' ® ";:' ;p ® @ .® @~ .. ~ ( L @ _ ®. ® :t;" ,U" • en :i1vds R'lversion To ACreage R.M,81<.1 6 ,pg.79 Inge/l ol1i's Addition to Sao R<lfa ol R,f>II. Bld-pg20 'o","site of SO" R<lfaei R.M. Racld -Puil4 \ ... ~~J:~~" ... ~ II ,0 ~: '9;:::" .,.. J.' ".... lIS,. ~ , "'):.. f r ; 1---------TREANOR 'ST.' NOTf-A~~c~Q(1" BlelIk t-'lumbc:rs:Shown In e[iip~\ls. As~Q~~~r5 partel Num~Qr~ Shawn w .crrclc~. . I-WPP<IIIUtJpdolf,O CITV OF SAN RAFAEL. Asse~or's Map Bk.12 _pg .07 Count)! of Mor'n, Calif. -. --- ---.------..-..• MONAHAN PARKER CORPORATION HOI FilUl Ave. Sle. 300 San Rafitd. CA 9,L90 1 Janua,ry 26,2015 Simjeev & Saloni [(harbanda Family Trust 5 Wood Cirde . South San Francisco CA 94080 RE: Property 712 D. Street, San Rafael, CA Dear Trustee for Kharbanda Sanjeev & Saloni Trust, I am writing you on behalf of Monahan Parker Corporation, a Real Estate hivestment Company located ill Sa(l Rafael Californi<1. We currently own and operate server other investment properties in the City of San Rafael. We are .interested in purc/laSi)lg your property located at 712 0 Stl'eet., Sa n Rafael, CA APN : 012-073-28 . At tached is an Assessor's nlap that indicates the precise propertywe are interested in potentially purchasing. This would qe a direct purchase at far market vahle agreed upon between us. lfyou have a desire to seIling YOllr property please contact me at (415) 456-0600 ext. 29. Thank yo u fot' your time and attention to this inquiry. Robin Miller ~ , t \ , s. • I 1 • j ~ , 1 \ ~ ~ % , ~ ~ ~ , 1 1 ~ \ , ~ , ~ ~ , , ~ @) 12 -07 .sECOND ._. 1,. N \ q;~" !OQ k_P'ft ". "1 ";;.~. ,,'w , , .~ '1;j;1 paR. RANCHO PUNTA DE QUENTIN Tax. Rol<l AreG Q a -ODD ~ I I ,,,, '-' '-----------.:~.. _, " I L 0) ~. J:=", .,,£, -.-TI"~~ t~ ;::" "Nt j - =2 l" l ........ , ~(.". ... e' ,: ~ , r-~~ ,,@5--'----3 / ~I .W ~ @ ". ~ t "",.. :1 ~ 01· ., ............. .~ FRANCES' ~' @ ~~~ @ ® ST. ~ .. @ @ ~-., ~~ ~<j--,,?~ If.s.~ ~ ;J:,};';o<, " ~. 11 / . I~ ~: '.fI· ..... , ~ , @ \, @J ~~~~@~~~ ~ @ ®'_ ,7 ,..,. "'" @ @ ® '-!§ a 17 1\ @I , \ ~ ~. -! ..... 1...,-..... I J~' ,.,...R.S."~!);' ST. ... "'. @I \ p " ~ .~ , .. ~ ~ I@: , @) @ ~ @' ". ---I. 20 ® _. , @\ .' @ .@ , @ l @ I ~, @> ,.1" ... . ® ~ . @, , .~ , . -" ~--"" ..... -' ; ., ~ ~ .o~ o .\~ I.8J .., .... \ w.~ ..1, H .~ (i2) . --- , , ~ ST. I-' '" 1 5 " " '" • @ .. :;I1uao l:t IoII!U i./,~IMI\ /ltWN'ff "-="\AUTti ( \ "\P.- a.tllPp".a·upollolU \ ! ;@ .': ,_______TREANOR ST CITY Of. SAN RAFAEL. Assess ol s Mop i>k.12 -.1'9 .. 07 .Countyof Morin, Co.fif. \ ~ \\ Silva's Reversi~. 70 Acreage R.!'i1· i3k.IG.P9.~ Angellefli'S Addition to SaD flafesl R.M Bld -pg.20 Townsite of San Rafael RJIi1. Raclti -PuU 4 . NOTE_P..:~C~cr'$Il!ot.k NlJI1.1bc($ shown In Emp~~ A~S~~sor'$. par-clll Numbor$ Shown ill Cirde.::. ---------------- MONAHAN PARKER CORPORATION llOI Fifth Ave. Ste. 300 Brian T. Pearce 55 Glenside Way San Rafael, CA 94903 San RaJaei, CA 9,1901 RE: 1628 Fifth Ave.} Sml Rafael CA Dear Ml~ Briali 'r. Pearce, January 26, 2015 I am writing you on behalf of Monahan Parker Corporation, a Real Estate Investment Company located in San Rafael California. We currently own ~~d operate server other investment properties in the City of San Rafael. We are interested in purchasing your property located at 1628 Fifth Ave. San Rafael, CA,.APN: 011-1Cf3-06. Attached is an Assessor's map that indicates the precise property we are interested in potentially purchasing. This would be a direct purchase at far market value agreed upon between us. If you have a desire to selling your property please contact me at (415) 456-0600 ext. 2Cf. Thank you for your time and attention to this inquiry. Robin MilJer awaDt ... Mf.'!J I-I A NG€J;J. , IIfH~ w.:r. ~fM:e.n 11 IIiIt CrIl'1!1l" H .,. o w '" ""'", -;.. POR. RANCHO SAN PEDRO SANTA MARGARITA Y LAS' GALLINAS POR. T. 1 N. R. 6 w: MDB&M TaJ( Rate Area 8-000 S·023 /1-/9 '.: r;;;, ~ ~ I t; I L MISSION ~ R.IlI~ur o '" " !j] Jil @ ..sHf=FI+ -t;:f. J • ., • .:' ~----~.' @ \' , AVE • ~{>jW JJ.-· .. S :!II ..... • '" • ..,.if!: 1·!~l.l' .... , ~~ '" . .~ ~ ""Ii .~ 0, f I ~Ill::'" ~ @" ~'~~ p<>}~~ "c' I I '" 'A-_.' _.' .. ' I t;V' ®.~ m.' I C /---": -~ ,.." y" @)i:@: @ \® ~I~: ~' ii, ®!.W ~r @j) =,~ 'S"~ FIFTH r .. ' i c.' "'.' ,~~~~ I I AVE, ~ • ,< ~ .. " \ . II@) : @i r@{ (2, ~ :3 "" "'1.0",,9-.... '0 ® ~ ~ , <co , c.~ '.' lsi ,~ ::. @ 'J<!"~' . o.;';',?~ ,® e:! -~--, ~ ',1--" l~"< .. ": ~ l, ® " . , . . , . ~ @ ... ":i};:,. .... ", .." "'.E FOURTH '" If.i' .ii;-~'-1-. PM 18 .065 -li' . r ---'-"'~ ,nn>®: . ..--! .' ~ , •. ,:::,@f .,@J (~~; '" ® ([BY 5 .~ .. ,~_. PMI"~(i-a J.~'" , ~.-.- , @ @~' .~ @) .. ,,' ., 7~" .. , • ...". 7.,.' I> ,,,....--- U' " ~ 9 .~® ~ , '< ~ a ~ '. __ (0' @i " .: @' -""'" . I ' ... ~ ~~: . '® ' 7 • :.. r ~ @ .. ~~ i ,,' .. JoNl' .. .."l' ... ~. .,' . . . . • .~ , '" ~ @ @I ® @J @l . ,~. ~' .'~' . <0' -.. ~ ~ 6 @J ®. .@. @ ® ~? <1 ~. , ~ \ ~ • JJ".' .. ' .'0 -.' ST. @) \-= 1-: '" U) « '" 9 r --, ... -_.. --I til @ \;, ~ • Fo-rbes Add'n To Town of San Rafael) R.M. Bit. I Pg. J26 Tawf.lsite of San Ro~ae/l Rac/( I Pull 4 u.. NOTE. -AsSOSS(lr'.; BJockNI1t7Ibors S/wwn.ln ElJlpsos.. -Asso~sor'$ P;;.("Ce/ Nl1mbor~ Shown In C/(cillS. CITY OF SAN RAFAE.L Assessor's Mop,Bk. 11 -Pg.19 Coun.ty of Me.rin;, CaUl. i \ 'r MONAHAN PARKER CORPORATION 1101 Fifth Ave. Ste. 300 San Rafael, CA 9,t90 1 Janu<\ry 26,2015 West Arhei'ica Bank / Marin-Sonoma Tnvestnwnt Co 1108 Fiftli Aile. San Rafael, CA 94901 RE: Property Between 1135 & 1145 Mission Ave., San Rafael, CA Deal' Owner or Maliager fOl' Marin-Sonoma Investment Co., I am wl'iting you on behalf of Monahan Parker Corporation, a Real Estate Investment Company located in San Rafael California. We cul'rently OWll and operate server ather investment properties in the City of San Rafael. We are interested in purchasing youI' propertyloeated between 1135 & 1145 Mission Ave., San Raraet, CA APN: 011-213-03. Attached is an Assessol~s map that indicates the precise property we are interested in potentially purchasing Attached, is an Assessor's map that indicates the precise prope,rty we are interested in potentially purchasing. This WOltld be a direct purchase at far market value agreed upon between us. IfyOll have a desire to selling youI' property pJease contact me at [415) 456-0600 ext. 29. Thank you for YOlll' time and attention to tl1is inquiry. Robin Miller I I I I @l I '"' '" <:> \ @ I~§·- ~ ~~ 21 ,~ j"':': f~ v.l ~~ L "f_"~ .. , ...... FIFTH ",,,,,Itt; ",,-;-,;;0 1 , , , , 20 @ $ C1TY I' PARKING. ~~ .-2 L0T. ! 9@ , , , .,n_~' I ~ D®E(~ <§5' {§ "7","'r"",;, ~ ... ::J ! { -:;:1 4;' ~ ;.' I . \ £:"-!.l I :i:? l G~~l I " ' , ~> .... al .. -I ,.~ 2 ; " <]11>1/' _,i__ :;, '-;r I ;". ~~;. 04 ';~f' "".j ~,,' , ... ~ .~,' "'ff ,,' :>n'; FOURTH ------------1 I@ Jt\ Map of Boyd Court COfidomlnium$,R.M. Bk.2I~Pg.25 Townsjte. of Sf:w. l~afa@.J~ Rack 1 PuH 4 ·I@IIL-- MiSSiON -1>1""*"'" _ AVE. ~ ',,,-I .c>' I u ':. ". • '!-, !'!.It~'1C':X ...-~.;r~'-3"'''' J. k"'" /" : 1.' I "~ .• ' ...... '. tdj 1 ['! '" G ~ ,~ ,}~~l.~ @ .",,,' ~ .. ~ "';"", ® '" ® . e A~'" . ~'-(;' ~ "~'~1"" , S , " '@ ~ ~ j2t" ~ >oJr r ':! l' 1 j I?~ ~~ 'I .2 r I\S-=. ~fl • I:, ,Q' '!. !it'l @ i t." ®~~ :,,' f;J/ I 2,.13 'I !:: ' .. r..<:" '1:";;;:1 • I Q~{ l.,_ I ';_~ I --_ ... ~1 ® ... ~'-r~"·,, .• 7a" R.ate Area 6-023 'jj~ @ A/. )i.{<' ,l 89-28 ® ,~~ d' < , .~' "j.l ~ . I. ~ ~~~ ~/l £1" '" ~_ N V @ 1 , 23 .. ,,>-I ;I~ @~. /.,,~ 4'- .:,l\' " ~f .; ~r I ~I ~, r 'f1 ( ' Hr,' , ..... , .. It:J~:'" ,cr," 1 N ..... I 4"'~' , ~ ,4VE. ~" ,.,'" -'~:l" P.lIi, 2.0~;<!! ;O.S.Z~I7S I" , ~. ,I I' " ® .@3:; "I'~ t...: ~~ ID ::Ii " ,~ 24 P.M2.0~21 JULIA "IIJ""$·§T. I~ @ @J ~; 1/.<1'" \ 9~7 ." 1.;-" @) " ;:- !@ : '" I";,,. "i •• -,,-,,,, ~".,.' as I$_58 " ST. @ NOTE-A$sc:;~o~ Btock N{j'm'~r:; Shawn in gIlip~Qs_ Amlssor':; P'iI"f<ZQ1 Numpt:t~ SnQw-n il'l qrdos. ~? t-o: '" o <.;) @ .(C.';/1.a1;J. Mar HA I V (-F S ~' ~ ~m~ " ----~ - - ~ I- f- j"~i>P~Dg li/pdOlig CITY OF SAil! RJH"AEL Assessor's M9P B/{, 1/ -Pg. 21 County of MQfi.n[ CoUto i I I Structura! Relocation &. DemoliUell Experts $ince 1~75 N.D . MONTG OMERY CONTRA CTOR S, INC. 3611 51st Ave Sacramento, Ca 95823 Monahan Parker Attn: Robin Miller 11015" Ave 5"ite#300 San Raf,.·I, Ca 94901 415-4-97-4535 rmUIet!lllmtmWIllltlCIfk.mn February 10, 2015 .QUOTE: 1212 & 1214 2nd St San Rafael house moves N.D. Montgom€IY Contractors, fnc. i5 proud to provide the following budget estimate. EXHIBIT 7 The Sites "A" & "B" located at 1201 Second Street and 712 D Street could work. Price for moving both houses is; $78,000, . . The slanted lot at Mission and B st. (Site "D") is harder. There is one power cable where we enter into the parking lot, and the retaining walls and foundations for this lot would also cost Significantly be more. The price to move the two hOUSeS at Site "D" is: $86,000 and the wire at this site may cost $10,000. The lot on 5 th st. (site "C") Is not feasible, theoretically the cost to move the two houses is: $96,000. For this site there are 5 major telephone/power cables and an additional allowance for this telephone/power line work starts at: $150,.000 this is conslderin~ that PG&E, AT&T, & ComcaSt all can/will remove and reinstall their overhead lInes. The number of streets to close down and the amount of time tITe stree.ts will need to be dosed down for this site also further complicates the moving effort for this site. Our prices are based upon Conditiplls and Exclusions: • permit cQsts • Air Quality Survey & Permit • Removal of hazardous material affected by the house moving operation • Demolishing front addition and stairs • Disconnecting Utilities • Removing siding up to top of floor joists • Utility costs for removing wires • Tree trimming • Police Escorts & Traffic control flashers if required If you have any questions please contact Steve Montgomery at (916)825-9443 or by email at: stevf@montgomery-contr4'ctors.COfl IThank YOl!, Steve Montgomerv 916-825-9443 LicU351975 Class B e21 SB Certlfied# 1738531 Montgomery 3611 51 st Ave / Sacramento, CA 95823 / 916-448-8602 Faxi 9i6-395-2510 ,. 815 B Street San R~faCi!1 OFF SITE RELOCATION ALTERNATIVE Relocation Feasibility & Budget lilZ & 1214 2nd Street· R.lo~at.ion & ~ehab Budget SITE A Sires Address 120iSecond 11ZD,st No Response NQResponse Yes Ye, Ownel' Jnt~re5t in Selling ReIotatTon Feasibillly Site Condition 'flat to SIIgbt Siooe flat to SJjghtSfl1p~ Ii)i(fsflng 'use Zoning AJlo\vedUS8 Not AlTotved Use lot SIze SF LANO(OSTS SOH COSTS ProJett Management (9 Monlhs) City Zoning Chango/Varlance cfty Planning Plan Check Co~ts: CityBuifdlng PIa'" Chack Costs Cfty Building PermTtCos(s Civil E'ng!rieering forn!!l.v sile Structural,lin 'gineering for new site MI!:PPtans Utility Plans for Service Provlden suaTOTALSOHcpsr. CONSTRUCTION mST. ~retrrcat Drsconnect Cost. PlumbIng Dlsconntct Cost StructQral Bracing Cost' PG&E Power Una R&R Cost Close D()\vn Street Costs SRPD & DI'W House Moving Cost NewGradrng Ne\'1 EletrfcalSeTVlce Ins~alf NeVI Water' Servt.ce fnstalf Net''' Sewer Servl~e [nstall New fotindattof1 Retafnllfg walts: Wafer proofing NewSiteWork New p[umbjng New Electrical NewMechanlcat New Fire SprJnkler New Smoke i1efectors New Doors: & Door Hardware Ne ... ·J windows Parkfnglot Cross st. Mil{ Use MultlFamlfy& office S'fI i!820 StTEA $ 750,000.00 $ 108,000.00 $ ~,ooo.oo $ 8,000.00 $. 6,000.00 $. 13,qoo,00 $ 12,000.00 $ 8,2,0.00 $ ~,OQO.oo $ 3,500.00 $ 167,750.00 $ 3,590.00 $ 2,500.00 $ 8,000.00 $. $ 8,000,00 $ 78,000.00. $ 25,000.00 $ 15,000.00 $ 13,000,00 $ 16,000.00 $. 20,000.00 $. $ $ 18,000.00 $ 28,.000.00 $ 29,000,00 $ 22,000.00 $ 50,000,00 $ 2,000.00 $ 12,000.00 $ 30,000.00 ParkiQJ lot Residential I Office Resldentis[ w·Use Permlti Multi Fam/ Office N/A 9600 sirna $ 1S0,OOG.OO $ $ 108,(100.00 $ $ 2,000·00 $ $. S{OOD.ao $. $. 6,00Q.op $. $. 13l 000.00 $ $ 12,000.00 $ $. 8,250.00 $ $ 6,000.00 $ $. 3,500.00 $. $ 166r 750.00 $ $ 3,506.00 $ $ 2,500.00 $. $ 8,00 0•00 $ $. $ $ 8,000.00 $ $ 78$000.00 $ $. 25,000.00 $. $. 15,000.00 $. $ 13,ooo,od $. $ 16,000,00 $. $ 20,000.OQ $ $. $ $ $. $. 18,000.00 $ $ 2a,0<)0·00 $. $ 29,(JOO.no $ $. 22,000.00 $ $ 50,000,00 $ $ 2.000.00 $ $ 12,0(10,00 $ $ 30,000.00 $ SITEC IG2jI flflh No Response No FI~t Lot NONE Multi Farn--Hlgh Density All Resfdentlal Commericsl 96a9 SITEC 750,000.00 108,000.00 8,000.00 6,000.00 13,000.00 12,ooioo 8,250.00 6,000.00 3,500.00 IG4,750.0{) 3,500.00 2,500.00 8,000.00 l~O,OOO.OO 12,000.00 96,000.00 25,000.00 16,000.00 13,000,00 15,000.00 20,00Q.00 18,000.00 28,000.00 29,000.00 22,000,00 50,000.00 2,000,00 12,000.00 30,000.00 SITED .1135 & 1145 Mission No Intere·~t Yes D0Ylnhl!f sfGlpe Parking lot MissIon Res., OffiGe Multi FamHv & O~lce sFH 7349 SITED $ 700,000.130 $ iOs,ooo.oo $ 3,000.00 $ 8,000.00 $. 6,009·00 $ 13,000.00 $ 15,006.00 $. i2,OOO.00 $ 6,000.00 $ ;;1,500.00 $ 174,500.00 $ 3,500.00 $ 2,500.00 $ ~/OOO.OO $ 10,000.00 $ 12,OOO.~ $. 86/000.00 $. 55,000.00 $. 15,000.00 $. 13,000.00 $. 16,000.00 $. 290,000.00 $ 26,000.00 $ 25,000.00 $ 40,000.00 $. 28,000.00 $ 29,000.00 $ 22,000.00 $. 50,000.00 $ 2,000.00 $ 12,000·00 $ 30,000,00 Exhibil8 5 168,437.60 Average I I I I I FramIng &. FIre Repair $ 25,000.00 $ 25,000.00 $ 25{OOO,QO $ 29,000.00 I New Roof &GuUe.rs or Repairs $ 19,500.00 $ 19.500.00 $ 19,500.00 $ 19,500.00 Sldfng & Exterior Trim Reps!, $ 42,000.00 $ 42,000.00 $ 42,doQ,OQ $ 45,000.00 Demo and II1~erlqr Ch~:an out $ 18,500.00 $ 18,500.00 $ lS,sdO.oO $ 18,500 .00 I Dryw,,1f & Plaster Rep,ajrs $ ~Z,QOO.OO $ 22,0(10,00 $ 22,OOO.DO $ 22,000.00 Paint foterlol' $ 2O!~O.OO $ 20,000.00 $ 2!MOO.OQ $ 20,000.00 Paint Exterior $ 26,000.00 $ 26,000.00 $ 26,000,00 $ 23,000.00 Dec~ & Ralfi.ng Repairs $ 17,000 . .00 $ 11,000.00 $ 17,000.00 $ 17,000.00 Plumbing PlKture.s $ 13,000.00 $ 13,000.00 $ 13,0JO.OP $ 13,600,00 Eletrifal Fixtgre!l; $ 15,000.00 $ 15,000.00 $ 15,000.00 $ 1$,000.00 TII~&Stone $ 17,7OQ.bQ $ 17;700.00 $ 17,700.00 $ 17,700.00 Cabinels& vanities $ 1,8,000,00 $ 18,000.00 $ 18,000.0'1 $ 18,000.00 Base. Case, & Crown $ 18,000.00 $ 18,000.00 $ 18,000.00 $ i8,000.00 Stafrs and handrails $ 18,500·00 $ 15,500 .00 $ ii,SOO.OO $ 16,500.00 Flooring & Carpet $ 21,000.00 $ 21,000.00 $ i1,OOO.pO $ 2~0Q0.00 Appliances & Install $ 24,000.00 $ 24,000.00 $ 24,000.00 $ 24,000.00 Debris $ 15/000.00 $ 15,000.00 $ 15,000.00 $ 1S,000.00 Gene(al Concflt19ni $ 45,000.00 $ 45,000.00 $ 4S,oqil.00 $ 4;,000.00 SUBtOTAL $ 774,200.00 $ 774,200.00 $ 946,200.00 $ 1/086,200.00 $ 895,200.00 GCOH&P16% $ 1ii,B72.00 $ 128,872.00 $ 1,l,3n.00 $ 173/792.00 Average construction CpntingentV 10% $ 89,807.20 $ 89,807.20 $ 109,759.20 $ 125,999.20 TOTAL CONSTRUCTION $ 987,879,20 $ 987/S79.2.0 $ 1,2.07,35'1.20 $ 1,385,991.1.0 S 1,142,275.20 Avqrage TOTAL PRoilt:CT C;OST Land, 5o!t Costs & Construction Cos~s $ 1/005',629-.20 $ 1,9D4,629.20 $ 2,122,-101.20 $ 2,260,491,20 815 B Stre€;lt Project Off site Alternatives MIXED-USE WITH 41-UNIT APARTMENT PROJECT INFORMATION P~OP6&ED PROJECT SITEARIEA 4-Parcels 23,614 MAXIMUM BUILDING HEIGHT 421 .. <Y' PROPOStD BUILDING HIOIGHT 421_011 MAXIMUM DENSITY ALLOWED 41 DENSITY PROPOSED 41 SQUARE FOOTAGE Relall 1,939 . Garage 20,000 Residential Gross (37,566 SF Net) 47,775 TOTAL 69,714 PARKING REQUIRED 47 PARKING PROPOSIm 48 PROPOSED COSTS PROJECT PROJECT LAND $ 3,000,000 RELOCATION LAN,D SOFT COSTS (ME, fnstiance, City Fees, taxes, mar,:elil1£). etc.} $ 2,250,OOQ BUfLD/NG COSTS QTY UNIT PRICE SUBTOTAL Relocalio~ & Rehab Construction 2 0 a Garage 20,000 SF $ 88 $ 1,800,000 Relail 1,940 SF $ 150 $ 300,000 Residential 47,775 SF $ 180 $ 8,600,000 SileWork 23,614 SF $ 20 $ 472,000 Demolili6h 8,000 SF $ 28 $ 224,000 Gontingenc~ 10 % $ 1,140,000.0 ToTAL $ 12,536,000 ANANCINGAMOUNT 75% of Project $ 13,400,009·00 FINANCING COST go/, for 24 months $ 2,412,000 TOTAL PROJECT COSTS $ 20,200,000 EXHfBfT9 OFFSITE ALtERNATIVE 23,615 SF 421_0ll 42r_On 41 UNITS 41 UNITS 1,939 SF 20,000 SF 47,775 SF 69,714 SF 47 Spaces 48 Space. OFFsnili ALTERNATIVE S 3,OlIO.ooo $ 1511,000 $ 2,420,000 $ 1,142,!?75 $ 1,800,000 $ 300,000 $ 8,600,000 $ 472,pOO $ 224,000 $ 1,140,000.0 $ 13,678,215 $ 14,323,706.40 $ 2,678,267 $ 22 ~OIOOO 00 d & B Street Redevel.opment mparable Apartment Rentals 'P~rty Aqdress fts at Albert Park 155 Anderson Drive WNW Joftsatalber!park.com Units: 125 Built 2001 Vacant: 5 .%age: 4.0% Updated: February 2015 afael Town Center 4.tR Street, San Rafael ..i ncoln 'ViHa www·rafaeltownce"te~e9m UAitS: 113 BClil!: 2000 V3caAt2 %age: 1.8% Updated: Februal)' 2015 1825 Uncal. Ave, San Rafael VAils: 64 Bu,l!: 2012 Vacan~ 3 %age! 4.7% Updated: Februal)' 2015 SAN RAFAEL.AVERAGE 1 BEDROOM SAN RAFAE L AVERAGE 2 BEDROOM Phone Bed Bath ReAt Size PSF Notes 415.455 . .0114 1 1 $ 2,3.01 65.0 $ 3.54 uoil24.o5, 1 1 $ 2 ,226 650 $ .b42· urnt 31D4 1 1 $ 2,218' 650 $ 3:41 Unit3005 AVERAGE $ 2,248.33 650 $ 3.46 2 2 $ 2,624 846 $ 3:1D llfrit 21 .08 2 2 $ 2,674 987 $ ~.71 f:oJ,oneAvailable 2 2 $ 2 .524 846 $ 2..98 Un it 2202 AVERAGE $ 2,6.07.33 893 $ 2.93 Parking: 1 pfov1ded per ur.tit U@ties: $35/$45' Fee fur rnorn"ly water, sewer, garbage separate meter'far electric, phoFle, etc. 415982-9998 Studio 1 $ '1,927 487 $ 3.96 Unit5.08 1 1 $ 1,810 55.0 .$ 3.23 VAit 311 1 1 $ 2,06.0 6 7 1 $ 3 . .07 Unit 318 1 1 $ 2 .339 759 $ 3.08 UAi! 323 AVERAGE $ 2,059.67 663.33333 $ 3.13 2 2 $ .2,535 2 2 $ 2.73.0 AVERAGE $ 2,632.50 ParkiJilg:.1 P.rovided per u[qit Utilities: Sepefatety meter for eleohic, water 415453-6204 1 2 Bed 1 2 1 2 Bath 2 $ 1,825 $ 2,600 Rent $ 2,048 $ 2,613 867 $ 2.92 None Available- 954 $. 2.112 NOAe A~lable 9.01 $ 2.92 650 ' $ 2 .81 1,000 $ 2.60 Size PSF 654 :I> . 3.13 931 $ 2.81 EXH181T1.o RerUAt.RMES 815 B Sir!)et PROPOSED PROJECT RESIDENTIAL ~ENT ROLL Ona Bedroom $ Two Bedroom S 3.15 is? Monlh 2.90 ISF Month F[.o.or2 U/IiTNUMaER UNJTme 1 201 1 Bed 2 202 2 Bed 3 203 '19ed 4 204 1 Bed 5 205 1 Bed 6 206 f Bed 7 267 1 Sed 8 20S 1 Bed 9 209 leed 10 21Q i Bed 11 211 I Bed 12 ?12 2 Bed 13 213 Studio-BMR 14 214 Studlo-BMR 15 215 Ued 16 216 2 Bed Frpor3 UNlr~lMB£iR U~ITTYP" 17 I Bed 18 302 2 Bed 19 303 1 Bed 20 904 1 Bed 21 305 lIie<! 22 306 ; Bed 23 307 1 Bed 24 30s 1 Bed 25 309 1 Bed 26 310 1 Bed 27 311 1 Bed 28 312 2 BOd 29 313 Studio·SMR 30 314 Sfudio-SMR 31 315 1 Bed 32 316 2Seo Ffoor4 UNIT NUMBER VNlTTYP. 33 401 21300 34 402 2 Be<! 35 403 1 Bed 36 4.04 2Bed 37 405 1 bed 38 406 2 Bed 3. 407 1 Bed 40 408 2med 41 409 1 Bed GROSS RENTS ADJUSmD ANN UAL RENTS Operating ExpensesAnnual NOI CapRate PROJliOTeO VALUE OXHIBIT 11 eROPOSED PROJECT SQfr PROJEC rEo-RENTS S79 • 2,7M.aS f162 • 3,2¢~,GO 879 $ 2,7~~.85 819 S 2,7G8.85 879 S 2,768.85 879 5 2,768.85 879 S 2,788.85 S79 $ 2,768.85 879 S 2,768:85 879 $ 2,768.85 879 $ 2,769.85 1162 $ 3',369.80 520 $ 1,090.91 520 $ 1,091.89 879, S 2,769.85 1162 $ 3,369.80 S(lfT PROJ'CleD RENTS 87> • 2,766,B!1 1152 S 3,369.80 67' $ 2,766,B5 S7' • 2,758.85 879 • 2,76B.85 879 S 2,768.85 879 $ 2,768.85 s79 $ 2,768.85 879 • 2,tSS.85 879 S 2.768.85 679 S 2,768.85 1162 S 3,369.80 520 S 1,0eMI 520 $ 1,091.89 879 $ 2,769.85 1162 S 3,369.8~ S(lfT PROJI1CT6'D RENT$ 1162 $ 3,369.80 1162 S 3,369.80 879 S 2.768.85 1162 S 3,369.80 879 S 2,768.85 1162 S 3,369.80 879 S 2,786.85 1162 $ 3,369.80 879 S 2,708.85 S 113,423.50 $ 1,320,249.51 S 263,799.00 S f ,036,450.51 4.75% $ 21,920.010.78 3. ADAPTIVE REUSE AIL1l'JEIRNA TWIE #3 ADAPTiVE REUSE OF lfIISTORl!C FEATURES IN PROPOSED DEVELOPMENT In the October 30th 2014 letter from Newman and Associates, instructions were provided for the "Adaptive Reuse Alternative" that suggest preserving the "character defining historic features" of the two Victorian Era Structures and incorporating them into the project design. This preservation and reintegration of historic features is considered "Adaptive Reuse." The letter goes on to state that "The Adaptive Reuse Alternative involves design modifications to the proposed project that include further modulating the mass and scale of at least a portion of the project design and employing materials and architectural details more closely reflecting the Victorian style." Since 2005, Monahan Parker & its design teams have provided the City over five different design concepts, with multiple modifications per design concept. On August 5,2014 San Rafael Design Review Board (DRB) approved a reduced height and bulk design of the project [Schematics shown in Exhibit #12], which incorporated the architectural elements of the surrounding historic buildings located on B Street. These elements add significant cost to the project, both in design and construction, and have been deemed acceptable by San Rafael DRB. The most recent approved design has incorporated Architectural elements that we would argue are character defining historic features such as the wrap around covered walkway, crown detail elements at the top of the 2nd & B street elevations and the increased verticality of the windows which reflect the historic character of the neighborhood. After mUltiple design meetings with our award-winning architect in effort to analyze the incorporation of "character defining historicfeatures" into the approved design, we determined that this effort would result in a contrived and unaestheticaIIy appealing project. This project would no longer integrate into the historic context of the neighborhood. Conclusion: Incorporating architectural elements into the project after DRB previously approved the design, would create an altered design that would not benefit the aesthetics of the building nor act as homage to the Victorian structures at 1212 & 1214 Second Street. 41 EXH I BIT 12 o (-~ ; III Z LLJ B «LLJ iiI -i i c.::::r: o I-~ H V)~ : ,I z CO ~ I 0 II' ' ' N ;1i 1:12 ! .1 q on ,~ , " r ~ z: ,. 'II 0 ~ ~ o I-~ -II' 1il Z W"l ;; .' /11 0 « w~ w~ ~ c.::::~ OJ -r o t;; ~ ~~ , ) !.I ~ co ~ "'-~ ~ . ." l., ~ r~r f 1\ I I I , , r r , L ., .... ~./_- /I Ii It ~ " I , , r -, 4.N PR vECTALTERNATIV~ If the Project were not be neighborhood would remam a blIghted area nn of ide al& on ic s ulu his oje Alte ativ fo de op ntt ke lac tth rop ed jec 'te, th lew ain it i toda The esidence 1212 2nd Street would remain boarded up, uninhabitable and continue to parking lot nd igh ing ildi sw de inu be oca nf oite ga tra ent ide No no be 'tw db rou tto e co mu ,an ubj pr erti would rem n unimproved, site are shown in images within #13. Conclusion: Without development Proposed , there not any mp em to 2n B S et 1 tio 0 r den I ho "ng uld cr ed t he osed site tax basis and the will remain status quo.