The ball's back in the developer's court after the Menlo Park Housing Commission unanimously agreed on a counterproposal last night (Sept. 1) to Beltramo's Investment Co. The city and developer are negotiating the number of below-market-rate (BMR) apartments to be included among the 16 townhomes planned for 1460 El Camino Real.
Although the original approved plan included three BMR units, the Beltramos asked that in light of declining real estate values, only one be set aside, with 10 to 20 percent of sales revenue on the remaining units going back to the city to compensate for not including two more.
Douglas Frederick, the city's housing manager, said the commission asked for a higher percentage of revenue if construction costs declined.
With the exception of that one change, the five commissioners agreed to accept a previous offer from Beltramo's of in-lieu fees on five market rate townhomes, $207,348 in commercial linkage fees, and a cut of the revenue if sales prices exceed $1 million.
If Beltramo's accepts the counterproposal, the Planning Commission and City Council would need to approve the final arrangement.