Laserfiche WebLink
<br />ATTACHMENT 1 <br /> <br />The IUC's shall have a term of five years beginning when and if the option on the <br />21.3 acre site held by the PUSD either expires or is terminated. Owner may use <br />the IUC's on property other than 21.3-acre site if the City Council approves their <br />use on another property within five years from the date of this Amendment # 1. <br /> <br />b. Any IUC's shall be applied in accordance with the following ratios: <br /> <br />o If used on a multi-family development: 1 IUC for each affordable unit <br />required. <br />o If used for a condominium/townhome development: 1.5 IUC's for <br />each affordable unit required <br />o Senior housing single-family unit: 1.5 IUC's for each affordable unit <br />required. <br />o Single-family housing: 2 IUC's for each affordable units required <br /> <br />c. If Owner uses the IUC's on the 21.3-acre site, at least <br />24% of the total number of residential units on the 21.3 acres must receive <br />lUC's or be affordable units. For example, if Owner develops a 125 unit <br />multi-family project, the project would receive 30 IUC's [125 x 24% = <br />30]; if Owner develops a 125 unit condominium/townhouse or a 125 unit <br />single family senior housing project, the project would receive 45 IUC's; and <br />if Owner develops a 125 unit single family housing project, the project <br />would receive all 51 of the IUC's and the Owner would need to provide an <br />additional nine affordable housing units. <br /> <br />Section 2. In all other respects, the terms and provisions of the Agreement are to <br />continue in full force and effect. This Amendment #1 is executed the date and year as <br />shown above. <br /> <br />Richard D. Baker, President <br /> <br />Linda F. Morasch, Vice President <br /> <br />Page 2 of3 <br />