CC 09-06-2022 Closed session Written CommunicaitonsCC 09-06-2022
Written Communications
Item No. 1
21801 Stevens
Creek Blvd
From:Jean Bedord
To:City Council; City Clerk; Cupertino City Manager"s Office; City Attorney"s Office; Matt Morley
Subject:Closed session: Property: 21801 Stevens Creek Boulevard, Sept. 6, 2022 - Public Comment
Date:Tuesday, September 6, 2022 3:57:52 PM
CAUTION: This email originated from outside of the organization. Do not click links or open attachments unless you
recognize the sender and know the content is safe.
City clerk, please read this for public comment before the closed session.
-----------------------------------------------------------------------------------------------
Mayor Darcy Paul, and council members,
It has come to my attention that the city is considering buying this property as an affordable
housing site. While the council may be trying to prove good faith interest in affordable
housing in light of the Housing Element, this is not a good site to develop BMR housing.
Economically, it won't pencil out for an affordable housing developer. The site under
consideration is too small (0.43 acres) and too costly at $6.95M. The Veranda is the showcase
for senior BMR housing in Cupertino but the costs have escalated since then. By contrast,
The Veranda on Stevens Creek is 0.56 acre, and required 11 funding sources to develop
18 units of BMR housing for a total cost of $11.9 million. Land purchase was $3.6
million. The city of Cupertino provided $5.2 million in funding, in addition to county
funding from Measure A and other sources.
A purchase of this site as office space to accommodate crowding at city hall, and other work
sites may make sense. But it would be an albatross on the city as a housing site. The city
already owns properties that are languishing for lack of funding for proper development.
Please don't make the mistake of adding to these underutilized real estate assets.
Regards,
Jean Bedord
Cupertino Resident