Mayor Combs and Council Members:
This is IMPORTANT:
I recommend that you meet with the city and county officials involved in putting together this 47 unit low cost housing development in Neighboring Redwood City
(The Monarch in North Fair Oaks)
Your Downtown Menlo Park housing project is 7 times larger than the "Monarch", and, based on the Monarchs price-tag, could cost $500+ million to build your 345 units.
I believe Redwood City can give you the needed information that will help you in your difficult decision making process.
It appears that substantial taxpayer money needed to be included for the "Monarch"
($446,800 per unit) plus "vouchers for half the units".
The 345 units you are proposing on our parking plazas will probably need $140+million in taxpayer money, plus "170 vouchers".
The Monarch is costing $1.5 million per unit, for low cost housing ( in Redwood City ). It could cost more in Menlo Park.
Im sharing this with you because I have not heard any discussion from you about the " cost " and where the money comes from.
"Due Diligence" is required. Keep the voters fully informed, before proceeding.
Important: The cost of replacing parking is an ESSENTIAL Element in determining if your project is feasible.
Your decision to remove the REQUIREMENT to replace existing parking MUST be reversed for failure to inform the public in advance of a major breach of promise.
The voter MUST be informed and involved in analyzing the "Financial" cost and "Damage to Downtown Vitality" cost of parking lot housing.
Michael C. DeMoss, resident
Commercial Real Estate Attorney
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