RES 2024023 - Laserfiche WebLink

RESOLUTION NO. 2024-023 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PLEASANTON APPROVING THE AFFORDABLE HOUSING AGREEMENT BETWEEN THE CITY OF PLEASANTON AND CATALYST DEVELOPMENT PARTNERS, LLC, FOR THE 55 - UNIT PROJECT AT 3200 HOPYARD ROAD WHICH INCLUDES EIGHT ONE - BEDROOM AFFORDABLE UNITS WHEREAS, Catalyst Development Partners, LLC, ("Catalyst") has made an application to the City for an Affordable Housing Agreement related to its 55 -unit townhome style condominium project consisting of 8 three-story buildings and 2 two-story duet -style buildings on a 2.99 -acre site currently occupied by the Harvest Valley Christian Church and associated daycare center, located at 3200 Hopyard Road, and approved by Design Review (P23-0177) and Vesting Tentative Map 8672 (the "55 -Unit Project"); and WHEREAS, at its meeting of March 21, 2024, the Housing Commission reviewed and recommended approval of a prior proposal for an Affordable Housing Agreement for the 55 -Unit Project that provided for: (a) eight (8) on-site one -bedroom apartment units to be sold to households or housing providers of moderate -income; and (b) pay the amount of $77,228 in affordable housing fees, but also for the City to consider use of all available means to create deeper affordability to meet the requirements of the Inclusionary Zoning Ordinance; and WHEREAS, at its meetings of February 28 and March 13, 2024, the Planning Commission considered the project, and while not within its jurisdiction, recommended that the City use Affordable Housing Funds to make the eight units in the 55 -unit project more affordable; and WHEREAS, Catalyst's proposal for eight on-site units is a concept for meeting the requirements of the Inclusionary Zoning Ordinance allowed by Pleasanton Municipal Code §17.44.080.D. Alternative Methods of Compliance; and WHEREAS, based on the policy interest of the City and the recommendations of the Planning Commission and Housing Commission, there have been discussions with Catalyst to make the units affordable to median -income (100% AMI) households and housing providers through a process of Catalyst accepting a price per unit of $375,000, which is generally median income, and the City using affordable housing funds to ensure a qualified household or housing provider can purchase the affordable unit at an affordable housing cost for a median -income household and that Catalyst receives $375,000 per affordable unit; and WHEREAS, a public hearing was held by the City Council on April 16, 2024, at which time the public was given the opportunity to comment on the Affordable Housing Agreement for the 55 -Unit Project; and WHEREAS, Pleasanton Municipal Code §17.40.090 allows the use of the Affordable Housing Fund to support affordability; and WHEREAS, the City Council considered all the information regarding the terms of the Affordable Housing Agreement. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON DOES RESOLVE, DECLARE, DETERMINE AND ORDER THE FOLLOWING: