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THE CITY OF <br /> u Housing Commission).,� \ , ._L � � <br /> , n. <br /> Minutes m EXCERPT <br /> pLE ASANTON. [SUBJECT TO APPROVAL] <br /> 55 <br /> City Council Chambers, 200 Old Bernal Ave., Pleasanton, CA <br /> February 20, 2014 <br /> 7:00 p.m. <br /> PUBLIC HEARINGS AND OTHER MATTERS <br /> 9. Approval of an Affordable Housing Agreement with SHAC Las Positas Apartments LLC <br /> (Summerhill)for a 177-Unit Apartment Development at 5850 West Las Positas Boulevard <br /> (PUD-103) <br /> Mr. Bocian introduced the agenda item and provided a Po zc oint presentation reviewing the <br /> site location and street view. He advised that the SHA ,LL' 6.ositas Apartments LLC <br /> (Summerhill) submission is for a Planned United Deve o•me l�,-UD) application for the <br /> development of a 5.9-acre site at 5805 West Las Re as Boulez .. Since the development <br /> exceeds 15 living units, it is subject to the city g subject .dp-- usio II ary Zoni o14 rdinance (IZO) requiring <br /> an Affordable Housing Agreement(AHA). <br /> The Commission was provided informa: • regardi )the project description, 2) affordable <br /> unit mix, 3)general terms of the Afford- ing 'n,,.-ment, 4) an in-lieu fee option, 5) <br /> compliance with Inclusionary Zoning Oro`in �0u;,1 design guidelines/development <br /> standards, and 6)the staff reco �., -ndati <br /> lip----ppro ve the agreement. <br /> Chairperson Welsh discus `with �:7. Boci:at the differences between market rates and the <br /> below-market rent levels -mod o;dtlnr=� , redian Income (AMI). Mr. Bocian discussed <br /> proforma information and wh it r marke .ictates. He noted that rents are currently moving <br /> upward, and since .0. riv64,:_., t i'l an,a desirable location, rents may be higher than average <br /> market rents ,' a, <br /> Chairperson WelsL Iced abet the process should the developer decide not to build affordable <br /> units. Mr. Bocian in :a e• `airperson Welsh that the determination is made by the City and <br /> the development. He p . •ed information on the things the City will be looking for that help <br /> with the decision-making, and the importance of the in-lieu fee option. <br /> Mr. Erickson provided information from the most recent survey and apartment rents and <br /> vacancy rates, advising that the average market rent for a 2-bedroom unit in 2013 ranged from <br /> $1,900 to $2,700. He further indicated that rents have likely increased further since that time. <br /> Chairperson Welsh opened the meeting for public comment at 7:25 p.m. <br /> Kevin Ebrahimi-Summerhill Homes-advised that Summerhill is looking forward to completing <br /> this project and thanked Mr. Bocian for all of his assistance. <br /> Page- 1 - <br />