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4. Find that the exceptions to the Housing Site Development Standards and Design Guidelines as stated in the April 24, 2013, Planning Commission staff report (pages 12 and 13 in Attachment 7) are appropriate; 5. Approve the Affordable Housing and Inclusionary Unit Credit Agreements for the project (Attachment 2); 6. Introduce the draft ordinance approving Case PUD-81-30-87D, PUD development plan, subject to the Conditions of Approval, Exhibit "A" (Attachment 1); and 7. Adopt a resolution approving the Growth Management Agreement for the project (Attachment 3). 8. Approve the waiver of the Public Facility Fee and a portion of the Traffic Impact Fee for a total fee waiver of $500,000 and authorize that the waived fees be reimbursed through a transfer from the Lower Income Fund (271900). FINANCIAL STATEMENT The project would be expected to generate revenues to cover its costs of service. Increases in property and sales taxes would be used to provide services, such as police, fire, etc., for the increased demand generated by the apartments. The applicant would have to pay development impact fees (e.g., in-lieu park dedication fee, public facilities fee, traffic fees, water/sewer connection fees, etc.) that are used to pay for the cost of new City facilities and infrastructure necessitated by development. BACKGROUND The approximately 5.6-acre property was one of the nine sites rezoned in January 2012 for high-density multifamily development in order to meet the City's share of the regional housing need. On September 4, 2012, the City Council adopted the Housing Site Development Standards and Design Guidelines (hereafter referred to as "Standards") to guide development on the nine sites. The 5.6-acre site is identified as Site #7 in the Standards. Site #7 is required to provide a density of 30 dwelling units per acre (168 units). The site currently contains a single building of approximately 3,640 square feet that was built in 1983 as an auto service center in conjunction with an 110,000 square-foot, two-story office building for Hewlett- Packard. The lot was subdivided in 2004, which resulted in the auto center, a small lawn area, and a portion of the existing parking lot being located on a separate (approximately 5.6 acre) parcel. This project was reviewed by the Planning Commission at a workshop held on November 14, 2012, and at a regular meeting held on May 8, 2013. The Affordable Housing Agreement was reviewed by the Housing Commission at a meeting held on May 2, 2013. For a detailed description of the discussion at these meetings, please see the attached Planning Commission and Housing Commission staff reports and draft minutes. The project is now before the Council for final decision. Page 2 of 14