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3. Find that the rezoning of the CM Capital 2 site is consistent with the General Plan and introduce the attached draft ordinance (Attachment 2) for rezoning of the CM Capital 2 Site. FINANCIAL STATEMENT The City Council's action will have no financial impact. Any future development will pay all required building permit and development fees, and will pay property taxes. BACKGROUND State Planning and Zoning law requires each city and county government to regularly update its General Plan Housing Element to meet its RHNA. The Housing Element is part of the City's General Plan and is a comprehensive statement by the community of its housing needs and proposed actions to facilitate the provision of housing to meet those needs at all income levels. The policies contained in the Housing Element are an expression of the Statewide housing goal of "attaining decent housing and a suitable living environment for every California family," as well as a reflection of the unique concerns of the community. Periodic updates of the Housing Element, including certification by the HCD, are required to ensure that City policies continue to reflect changing community needs, challenges, and opportunities in compliance with State law. As part of the current Housing Element update, HCD continues to require each city to demonstrate capacity to meet its revised RHNA affordable housing obligations. Based on State law, the Housing Element is required to identify sites to accommodate the City's assigned housing obligation for the review period. The City is only required to demonstrate that it maintains the capacity to accommodate the assigned housing obligations, and is not required to construct the projects. In order to demonstrate sufficient housing capacity, the updated Housing Element includes an updated site inventory of parcels within the City that could be developed with housing to meet the assigned RHNA goals for 2014-2022. Based on the current residential site inventory, the City does not have to rezone any properties to meet the City's housing needs during the current Housing Element Update. PROJECT DESCRIPTION The Housing Element is a policy document that consists of goals, policies and programs to guide the City and private and non-profit developers in providing housing for existing and future residents, and to address the housing needs of all economic segments of the community. The complete Housing Element document contains Goals, Policies and Programs, the Background Report, Review and Assessment of the 2007 Housing Element (Appendix A) and the Housing Sites Inventory (Appendix B). The proposed zone change for the CM Capital 2 site to change the density from a minimum of 30 units per acre to a maximum of 12.5 units per acre is being considered concurrently with adoption of the updated Housing Element. This zone change is also reflected in the Housing Element Site Inventory. Page 2of8