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There are, of course, a variety of outcomes that fall within this range. Given current <br />retail trends, the timing and nature of re-tenanting of currently vacant "boxes" is highly <br />uncertain. Meanwhile, successful redevelopment stands to not only increase City <br />property taxes, but also support the mall's retail establishments. It is also important to <br />underscore that fiscal results are only one lens for evaluating land use decisions. Other <br />important considerations include effective urban design and "place-making", addressing <br />local housing needs, mitigating traffic impacts, and preventing prolonged vacancies and <br />blight. <br />Housing Density <br />Under State law, and the City's Municipal Code, the City must provide for increases in <br />residential density (known as "density bonuses") and provide incentives or concessions <br />(generally relaxation or waivers in development standards) for housing developments <br />that provide a specified percentage of affordable units.4 Affordable units are those <br />offered for sale or rent at rates determined "affordable" to households in various income <br />categories (low, very-low, and moderate income), typically well below the cost of <br />market-rate units. <br />State law establishes a sliding scale for density bonuses up to a maximum of 50 <br />percent, and one or more incentives or concessions, depending on the number of <br />affordable units and the levels of affordability. As mentioned in this report, the Draft (6th <br />Cycle) Housing Element contemplates between 900 and 1,440 units at Stoneridge Mall, <br />with a density range of between 50 to 80 du/ac. For consideration by Planning <br />Commission and City Council is whether the maximum number of units (i.e., 1,440 <br />units) includes the Density Bonus or if that maximum may be exceeded with a Density <br />Bonus. Since there potentially some limitations5 to future development capacity at the <br />mall (based on various factors, such as traffic), the City Council could consider an <br />adjustment of the capacity of commercial square footage to accommodate additional <br />residential units. Alternatively, retaining the upper end of the density range and <br />acknowledging that density bonuses may be achieved, may help the viability of <br />residential development at the mall, support providing more of the types of amenities <br />and infrastructure envisioned in the Framework, and increase the yield of affordable <br />units in proportion with the increased number of market rate units. <br />If the Planning Commission and City Council provide direction that the maximum <br />number of units at the mall be 1,440 units inclusive of a density bonus, either density <br />range or the acreage of land for housing in the Draft Housing Element would be <br />adjusted. <br />4 As part of the 2012 (4th Cycle) Housing Element Update, the City was required to update the Municipal <br />Code to include a Density Bonus Ordinance to be consistent with State Density Bonus Law. Since then, <br />additional changes have been made to the State Density Bonus Law and therefore Program 2.7 of the <br />Draft (6th Cycle) Housing Element requires an update to the City's Density Bonus Ordinance. <br />5 The "capacity" of the mall with respect to housing depends to some degree on assumptions about other <br />future uses -for example, if retail capacity is decreased in future land use scenarios, there could be <br />"room" for additional residential units to be accommodated. <br />Page 15 of 17