SR 06:052 - Laserfiche WebLink

6D II I pLEASANTONc SUBJECT City Council Staff Report February 7, 2006 Assistant City Manager REQUEST OF PONDEROSA HOMES TO REVIEW THE TERMS FOR ITS USE OF THE INCLUSIONARY UNIT CREDITS (IUC's) AND THE AFFORDABLE HOUSING REQUIREMENTS IN CONNECTION WITH THE 172-UNIT SENIOR APARTMENT DEVELOPMENT APPROVED PREVIOUSLY ON THE BUSCH PROPERTY. STAFF RECOMMENDATION: SUMMARY SR:06:052 Page 1 Approve Amendment # 1 to the Affordable Housing Agreement (Attachment 1) for the Ponderosa Senior Apartments (now called the Gardens at Ironwood) located on the Busch property, reflecting previous City Council action relating to Inclusionary Unit Credits and to the percentage of affordable housing units on the Busch site. This report concerns a request from Ponderosa Homes to review the terms of approval for IUC's approved by the Council on November 2, 2004. The use of IUC's is included in Section 17.44.080 of the City's Inclusionary Zoning Ordinance which reads "In the event a project exceeds the total number of Inclusionary Units required in this Chapter. the Project Owner may request Inclusionary Unit Credits which may be used to meet the affordable housing requirements of another project. Inclusionary Unit Credits are issued to and become the possession of the Project Owner and may not be transferred to another Project Owner without approval by the City Council. The number of Inclusionary Unit Credits awarded for any project is subject to approval by the City Council." While the Council approved IUC's as a result of affordability provided at the Gardens of Ironwood, Ponderosa maintains that the final document prepared by staff is inconsistent with Council's November 2,2004 approval. Staff met with the developer on a number of occasions in an attempt to resolve this issue but no agreement has been reached. Accordingly, the matter is being forwarded to the City Council for final disposition.