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4. Find that the exceptions to the Housing Site Development Standards and Design Guidelines as stated in the July 10, 2013, Planning Commission staff report (pages 15-17 in Attachment 9) are acceptable; 5. Adopt a resolution approving the Affordable Housing Agreement for the project (Attachment 2); 6. Introduce the draft ordinance approving the Development Agreement for the project (Attachment 3); 7. Introduce the draft ordinance approving Case PUD-87, PUD development plan, subject to the Conditions of Approval, Exhibit "A" (Attachment 1); and 8. Adopt a resolution approving the Growth Management Agreement for the project (Attachment 4). 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 and retail uses. 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 E & S Ring Management, on behalf of Frank Auf der Maur and Konrad Rickenbach (property owners), has submitted for a Planned Unit Development (PUD) application for the development of the approximately 16-acre subject site. The site is 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, (please see Ordinance 2032 attached to this report as Attachment 9, Exhibit F). The site is subject to the Housing Site Development Standards and Design Guidelines (hereafter referred to as Design Guidelines), adopted by City Council on September 4, 2012. The site is identified as Site #6 in the Design Guidelines, and has a minimum and maximum density of 30 units per acre, which results in 345 units on the approximately 11.5-acre residentially zoned portion of the site. This project was reviewed by the Planning Commission at a workshop held on December 12, 2012, and at a regular meeting held on July 10, 2013. The Affordable Housing Agreement was reviewed by the Housing Commission at its meeting held on June 20, 2013. For a detailed description of the discussion at these meetings, please see the attached Planning Commission and Housing Commission staff reports and minutes. The project is now before the Council for final decision. Page 2 of 11