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Chapter ~ Ftr~d~ns Re~ardlr~~ Pre~e~t A~~err~at~ve~ <br /> ~f~~Ff~ <br /> The t~enc~? hereb~~ finds that specific econan~ic, legal, social, technological, or other considerations <br /> ~~.ake the adop~on of this aitexnati~Te infeasible, peci~`ically, alternative 5 ~v~uld reduce t~~e number of <br /> resider~tia~ units ~ 1 gild ~vould increase costs to the ~enc~F bar appr'o~~imatel~? G,C2 ~~illion, according <br /> to the f nancial anal~Tsis prepared b~' I~e~ser I1~Iarston .~~.ssaci~tes ~I1~~-~~ for the it~r of Santa ~~~~a ~as <br /> updated on I1~Ia~~ ago} and incl€~d.ed in ~ppendi~ tl~e EIR. ~ddido~~all~~, thus aitern.a~.ve ~voulcl <br /> cost tl~e ~~e~~c~r appra~ir~atel~r ~C,S~a t~~o~•e per unit than. t~~e proposed Dev'eloper' I~roject, dr~e <br /> pri~r~aril~~ to the substa~~ti~l rehabilitati.or~ and reioc~tion costs that ~vould be involved in ties alt~n.ative. <br /> See ~ppe~~di~ updated},~ T'~~~s ~ep~esents a 39°/o ir~c~'ease i~~ per ~~~~it casts. T~~ is a in~~'ican~t~? ~e~ <br /> efficient ~ncl effecd~~e ~va~r to spend the funds avl~able faa~' r'edeveiopment of t~~e ~~enc~~~atvn.ed pa~.'cels <br /> than. the p~'oposed De~teloper I'~~oject. The situficant additional cost to tl~e ~genc~? of this alternative <br /> ~~e~~de~+s it ecana~Y~icali~7 ~r~~`es.si~~e. <br /> Further, under.' .~~lternative 5, the proposed park ~den~fled 1t1 file Developer 7~rolect ~vould ~o longer be <br /> tnci~~ded as a protect co~~~po~~ei~t. The park vas oc~e element of several in the overall visi~Il for <br /> de~relop~~~et~t of the t~enc~~-o~vf~ed properties. T'he selection of ~~lte~'native 5 effectively' eliY~~inate the <br /> abilit}' to cot~str~~ct a park o~~ tl~e Mock on ~vl~icl~ it is currentl~~ e~v~sla~~ecl ~~ren that tl~e three sttuctl~res <br /> currend~t located oi~ tl~e ~enc~r-o~vf~ed properties ~~~tl~if~ that block ~~rould retain under ~~ltex'native 5. <br /> Finall}', ~lternattve 5 ~vould not meet the objective of the Developer Proposal to redevelop all of tl~e <br /> ~genc~r-o~v~~ed properties. No~~ ~~Taulcl it meet tl~e objective of p~'oviding an eco~~ox~ically viable <br /> r'edeveiopmer~t scenario for t~genc~r-o~v~~ed properties, as explained aho~Te~ <br /> In light of these consideratio~~s, tl~e t~genc~~ rejects this alternative as i~ifeasible~ <br /> Ai~rr~aive Rhbii~at~ Ill~in~~r r~e~ in ~ia~~ <br /> ~~~ri~~i~n <br /> This alterr~ati~re ~vould be identical to the proposed Ie~'elaper Project, ~~~th the exception. teat the <br /> builgalo~~r cou~•t located at ~~,14~h.i~ter street would be retained ar~d ieliabilitated. once ~.•el7a~bilitate~, <br /> the wits at ~ I1~Iinter Street would be offei'cd for' rent to ~rer~F-lo~v aizd e~~ren~el~F-lo~v income <br /> ho~~se~~olds. ~~lter~~ati~Te ~ would provtcle S$ re~~tal u~~.ts, of ~~?hich S5 would be a4~aiiable to lo~v, ver~r~1D~~ <br /> acid e~treinel~~Rlo~v i~~co~rie households, a~cl ~vo~~lei pro~'ide 3 o~vner~~ip units, of ~vl~ich sip units would <br /> be available for sale to households meeting the ~ra~~e ~otln~r cater€a for n~Ioclerate Income. In total, <br /> tl~s ~lterna~~re would provide appro~~t~~atel~' 3C fe~~rer ~o~~; ver~~~la4v and e~tret~nel~~4lo~v inco~~~e ufii.ts <br /> than tlxe piopased De~~elopei' Project. ~ee EIS. t~ppendi.~ J ~updated~ ~Alternati~~es Testit~g: Financial <br /> ~nal~~sis~, rI'able 1, .~~ltert~ati~7es t~nal~ris.~ <br /> <br /> T'l~e t~e~YC~T l~ereb~t finds that specific econo~~ic, legal, social, technological, oi' other consideratio~~s <br /> <br /> make the ac~op~on of this alternative infeasible <br /> Speci#~~call~', as described above, cansiructiox~ of affordable housing antis is critical to reetln the lt~r' <br /> <br /> R~I~t~ for ZaaG-O14. The location of the ~ ~ ~~Ii~~ter Street prope~.'t~' ~.t the southeast corc~er of <br /> Transit ~on1n~ Cade ~p 84}EIR Findings of i=act/~~at~ment o~ Overriding Cons~dera~i~ns <br /> { <br /> f <br /> <br />