6 - Laserfiche WebLink

Table 1: Density Bonus Calculation Additional Bonus for Minimum Each 1% Increase in % Target Units % Target Bonus Target Units Over the Required for Target Group Units Granted 5% Minimum Maximum 35% Bonus Very Low Income 5% 20% 2.5% 11% Low Income 10% 20% 1.5% 20% Moderate Income 10% 5% 1% 40% As part of the subject application, the applicant is proposing to provide 20 percent of the proposed units to be restricted to low-income households, which would allow for the maximum 35 percent density bonus. At this preliminary stage, it is not yet known if any incentives or concessions will be requested as part of the application. Design Review P18-0340 (Commercial Expansion and Redevelopment Project) In April 2019, the Planning Commission approved Design Review application P18-0340 to demolish the existing Sears Department store (approximately 176,151 square feet) and parking structure, and construct a 255,420-square-foot development including new retail, grocery, cinema, and specialty lifestyle health club uses (net increase of 79,269 square feet). The application was found to be consistent with the Development Agreement that allowed up to 380,000 square feet of additional commercial floor area at the mall. The project was also consistent with the General Plan designation of Retail/Highway/Service Commercial, Business and Professional Offices and the zoning designation of C-R(M) — (Regional Commercial — Mall). The approved site plan is shown on Figure 4. PUD-136 Workshop, Stoneridge Shopping Center Planning Commission 6 of 14 y relaxation or waivers in development standards) for housing developments that provide a specified percentage of affordable units.' Affordable units are those offered for sale or rent at rates determined "affordable" to households in various income categories (low, very- low, and moderate income), typically well below the cost of market-rate units. The PMC and State law establish a sliding scale for density bonuses up to a maximum of 35 percent, and one or more incentives or concessions, depending on the number of affordable units and the levels of affordability. The amount of density bonus is calculated according to the following summary table: ' As part of the 2012 Housing Element Update, the City was required to update the Municipal Code to include a Density Bonus Ordinance to be consistent with State Density Bonus Law. PUD-136 Workshop, Stoneridge Shopping Center Planning Commission 5 of 14 owned properties, including Macy's Men's Store, Macy's Women's Store, JCPenney, Nordstrom, and Sears (recently closed and purchased by Simon Properties). The Stoneridge Mall is governed by a development agreement, amended since its original approval, which grants to the mall ownership vested rights to certain entitlements. In 1992, the City and The Taubman Company — original owners of the Stoneridge Mall — entered into a Development Agreement which granted rights to the mall to expand by 178,000 square feet. In January 1998, the City approved the first Amendment to the Development Agreement to further increase the Stoneridge Shopping Center by an additional 202,000 square feet, allowing for a total of 380,000 square feet of additional floor area. On April 21, 2018, the City Council approved an amendment to the Development Agreement to extend the term of the agreement until December 2022. PUD-136 Workshop, Stoneridge Shopping Center Planning Commission 2 of 14