ORD 2082 - Laserfiche WebLink

EXHIBIT A Proposed Code Amendment Adding a New Chapter 17.38 (Density Bonus) to Title 17 of the Pleasanton Municipal Code B. For purposes of this section, a "density bonus" means an increase in units of 25 percent over the number of apartments to be provided within the existing structure or structures proposed for conversion. C. For purposes of this section, "other incentives of equivalent financial value" may include the reduction or waiver of requirements which the city would apply as conditions of conversion. D. No condominium conversion shall be eligible for a density bonus if the apartments proposed for conversion constitute a housing development for which a density bonus or other incentives were previously provided pursuant to this chapter or California Government Code Section 65915, as amended. 17.38.110 Affordability and Development Standards A. All target units shall be constructed concurrently with, or prior to, the construction of the project's non-restricted units. B. Target units offered for sale to very low, low, or moderate income households in common interest developments shall be sold at an affordable ownership cost, and subject to an equity sharing agreement as provided in California Government Code section 65915(c). C. Target units shall remain affordable through recordation of a density bonus housing agreement as required by Section 17.38.130. D. Target units shall be dispersed throughout the project unless otherwise approved by the city. E. Target units shall be built on site, unless off-site construction is approved at the city's discretion pursuant to the criteria in subsection 17.38.050(C)(2)(c). The density bonus housing agreement shall stipulate the terms of the off- site target units. If the construction does not take place at the same time as project development, the agreement shall require the units to be produced within a specified time frame, but in no event longer than five years. A cash deposit or bond may be required by the city, refundable upon construction, as assurance that the units will be built. F. Target units may be of smaller size than the non-restricted units in the project. In addition, target units may have fewer interior amenities than the non-restricted units in the project. However, the city may require that the target units meet certain minimum standards. These standards shall be set forth in the density bonus housing agreement for the project. Page 12 of 18