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ATTACHMENT A <br />DDA/MOU Summary & Concept Plan <br />•The DDA and MOU include the terms approved by the Agency Board in July. <br />•WDA will purchase approximately 8 acres for $2.7 million. <br />•WDA will ground lease, for fair market value, parcel 6 and 8. (See map below.) for <br />commercial and restaurant space. <br />•The redevelopment would add upwards of 300 units of housing. <br />•WDA will pay roughly 50% of City-owned infrastructure costs. <br />•WDA will purchase the affordable housing site for fair market value and build no <br />fewer than 75 affordable housing units. The units must be rented to households at <br />or below 60% of the area median income. WDA plans to partner with an affordable <br />housing provider. <br />•WDA and the City will jointly develop design requirements that will apply to all <br />vertical development on the site in order to ensure high quality design consistent <br />with the concept plan. <br />•WDA will pay for, construct and operate open space under the viaduct. <br />•City will construct and operate 1-acre park plaza in conjunction with 3-acre park. <br />•City and WDA will work on a collaborative programing agreement for the 1-acre <br />plaza. <br />•The Agency has right to repurchase WDA parcels if WDA does not start construction <br />within a specified period. <br />February 19, 2019, Work Session - Item 2