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financial risk/advantages of making its IUC's available to another development and the terms of any transfer would occur between it and the developer seeking to utilize the IUC's. In addition to the terms related to the issuance and use of IUC's, the agreement also reflects the City's agreement to waive the City Public Facility Fee and a portion of the Traffic Impact Fee so that the total fee waiver equals $500,000. This amount of waiver is based on financial information provided by St. Anton Partners indicating the amount of financial support required to close the financing gap required to meet the 50% AMI goals established by both parties. The fee waiver would occur at the time of building permit and only if the project includes 35 units affordable at 50% AMI. As indicated previously, the loss of development fee revenue will be reimbursed from proceeds from the Lower Income Housing Fund and as such, there will be no reduction in fee revenue to the City. Growth Management The growth management agreement for the project is included with Attachment 3. The agreement states that all 168 units will receive growth management approval in 2013. Exceptions Requested by Applicant The project conforms to most of the Standards. As described on pages 12 and 13 in the attached Planning Commission staff report, the applicant requested four exceptions to the Standards: a reduction in the percentage of ground floor units with street entries; a reduction in the rear yard minimum for a corner of one building; a reduction in the side yard minimum for a small portion of the "U"-shaped building, and an exception to the requirement for stepping back of facades above 35 feet in height. Since the Planning Commission report was completed, the applicant has redesigned some of the ground floor units to meet the requirement for 75 percent of units to have street entries (additional ground floor entries shown in Attachment 9). Staff and the Planning Commission support the remaining requested exceptions based on the unusual configuration of the lot, the required density for the site, and the quality of design. Developer's Binding Commitment Regarding use of In-Lieu Park Fees St. Anton Partners has provided a letter dated May 15, 2013 making a binding commitment to pay in lieu park fees prior to building permit issuance to be used for improvements to Bernal Park. The letter is included as Attachment 8 and is referred to in Exhibit A Condition of Approval No. 5. HOUSING COMMISSION ACTION At its May 2, 2013, meeting, the Housing Commission approved the agreement described on pages 5 to 9 of this report. This was a variant of an option presented in the Housing Commission Agenda Report (Attachment 7, Exhibit D). Draft minutes of the Housing Commission meeting are included in Attachment 6. PLANNING COMMISSION ACTION The Planning Commission held a public hearing on May 8, 2013, to review the proposed project. Detailed information on this meeting is provided in Attachment 5, Page 9 of 14