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2 strategic plan, this priority-setting type work has been incorporated into duty #1. This allows the commissions to weigh in on the priorities for the budget year. Commissions have also been kept engaged through the quarterly and annual reports provided to the commissions. These have included performance measures, qualitative data and high level budget information. This has been incorporated into duty #3. Agenda Item #23: Planning Commission Approval of a Proposed Project at 3200 Hopyard Road Density Bonus Law 1. Q. What is the difference between “concessions” and “waivers” as defined in density bonus law? Does the 55-unit project alter the requested concessions and waivers compared to the 57-unit project? A. Concessions and waivers in State Density Bonus Law are similar in that both refiect reductions or exceptions from typical development standards in order to allow a density bonus project to achieve its allowable density. However, they differ in the following ways: (1) A “Concession” (also known as an “incentive”) is a reduction in site development standards or modiflcation of zoning or design requirements, the basis for granting of which is that it would result in “identiflable and actual” cost savings to the project. State law prescribes how many concessions must be granted based on the proportion of affordable units in the project – ranging from 1 to 4 concessions. (2) A “Waiver” is also a reduction in development standards – however, the basis for granting waivers is that the standard would “physically preclude” the project from being built at the permitted density and with any concession. An unlimited number of waivers may be requested. The number of concessions (one) allowed for the project is the same with either version of the project - the threshold to qualify per Density Bonus Law is 10% lower-income or 10 % moderate income units, which would be met with either option. There is no difference in the number of concessions and waivers requested between the two versions of the project – the text at the end of the second paragraph on Page 4 of 9 should have been more carefully worded to read: “The applicant has requested one incentive and 11 waivers for the 57-unit project, and one incentive and 11 waivers for the 55-unit project, which are summarized below in Table 1.” Affordable Housing Agreement and City Contribution 2. Q. For Option 2, if the Council chose to retain the units at 100% AMI, what would the City’s obligation be with respect to funding or purchase of the units? Would the AHA need to be revised? A. (1) The current draft AHA for Option 2 (55 units) includes the following key terms: a) The developer agrees to make the units available for sale at $375,000 per unit, which is equivalent to 100% AMI (using current cost factors).