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RDA declines early‑entry request for Kessler Park project; reaffirms 75% fundraising standard and reviews active pipeline
Summary
A nonprofit asked the RDA to accept a Kessler Park project with 50% fundraising and extended phasing. The board signaled it prefers to retain its standard requirement that applicants have 75% of funds committed before RDA review. Staff also reported other active projects at Riverside, Custer Park and theliner/transit center site.
A nonprofit seeking to advance a project at Kessler Park asked the Redevelopment Authority to relax the RDA’s usual requirement that fundraising be 75% committed before staff brings a project forward. The group requested the board consider accepting the proposal with 50% fundraising and a multi‑phase development schedule.
Board response: members expressed concern about the group’s lack of development experience and the risk of tying up limited RDA resources on a project with uncertain fundraising. Several commissioners said they would prefer to maintain the RDA’s longstanding standard — 75% funding committed before a project is accepted for RDA review — and indicated that appeared to be common consent at the meeting.
Staff and board also discussed precedent: the RDA has previously extended phasing windows at larger multi‑building projects (staff cited an example in the Cannery District that was extended during COVID‑era delays), but commissioners said that such flexibility should be reserved for experienced developers with track records and where funding is largely secured.
Other project updates: staff reported continued activity on the Riverside site (a maker‑space tenant working with a local builder), inquiries on the Custer Park location and a potential return of a previously paused Silver Creek project if interest rates decline to the mid‑5% range. Staff also reported progress on theliner/transit‑center site, including an in‑progress purchase agreement that will require an amendment to extend a prior closing date.
Ending: The board asked staff to notify the Kessler Park applicant that the RDA will generally hold to its 75% fundraising requirement and to continue outreach to potential partners for other RDA sites.
