12 - Laserfiche WebLink

Summary Based on the above analysis and comparing the estimated additional value of the square-footage, versus value of the amenities proposed, the Residual Land Value available to the City exceeds the value of the amenities proposed by an estimated $889,000. This suggests the Council could request an additional amenity contribution (towards the affordable housing fund or some other purpose), without unduly impacting the financial feasibility of the project. Note that the project, as revised, does include the replacement of the existing manager's unit on-site, which would help to offset a portion of the employee housing demand created by the project. Additionally, staffs recommendation with respect to the Affordable Housing Fee, addressed in Part B of this report, suggests payment of the affordable housing fees at a somewhat higher rate than requested by the applicant ($68,973 versus $26,506). The Council may wish to consider these factors (and/or any alternative selected with respect to the Affordable Housing Fee) in its assessment of any additional amenity contribution, since a significant increase in those amounts would reduce the residual land value calculation. CONCLUSION/RECOMMENDATION Therefore, staff recommends the City Council adopt the draft Resolution, Attachment 1, upholding the Commission's approval of the project as modified with the new plans, subject to conditions, including any including if determined appropriate, a modified request for community amenities/benefits. ENVIRONMENTAL ASSESSMENT A Consistency Checklist pursuant to the California Environmental Quality Act (CEQA) Guidelines Section 15183 was prepared for the proposed project. It is attached as Exhibit J to Attachment 4. The checklist concludes the proposed project would be consistent with the development density established by the existing zoning and General Plan policies for which the previous environmental impact report (EIR) was certified. Accordingly, it concludes that the project does not require additional environmental review. PUBLIC NOTICE AND COMMENTS Notices of this application and hearing were sent to surrounding property owners and tenants within a 1,000-foot radius of the site. Staff has provided the location and noticing map as Exhibit H to Attachment 4 for reference. At the time this report was published, staff received no public comments. Staff included the public correspondence received for the Commission meeting as Attachment 10. B. REQUEST FOR REDUCTION OF AFFORDABLE HOUSING FEE BACKGROUND The City of Pleasanton adopted its first low-income housing fee in the late 1970s. It was amended in 1989, 1998, 2003, 2012, and most recently in 2018. The purpose of the fee is to assist the City in meeting the affordable and moderate-income housing goals as Page 9 of 18