SR 06:052 - Laserfiche WebLink

time an affordable housing agreement is presented for approval or at a later date, as deemed appropriate by the Council. Staff has determined that the use of credits as requested by the developer is permitted, subject to City Council approval. Further, because the developer is nearing construction on the apartments, the City will gain the benefit .of the additional aff.ordable units l.ong bef.ore any decisi.on is made regarding future devel.opment of the site optioned t.o the PUSD .or an.other site in the City. Nevertheless, in part because the City has n.ot yet utilized credits, there have been issues regarding their applicati.on and the process for approving the credits. The main concerns have been related t.o the transfer .of credits fr.om the applicant to an.other developer, establishing a time frame during which the credits must be used and determining if the credits have equal weight if used f.or a rental .or .ownership project. In attempt t.o address these issues, the devel.oper has modified its initial pr.oposal. MODIFICATION TO INITIAL PROPOSAL Since submittal .of its .original pr.oposal in May, and in view .of the discussian regarding this matter, Panderasa has modified its initial request restricting the use .of credits in the fallawing manner: . Credits will expire when either the PUSD acquires the 23-acre site .or a period .of eight years and six m.onths, which ever is s.ooner, unless there is an extensi.on ta the Optian Agreement with the Pleasanton Unified School District in which case, the credits will be extended far a similar period. (This modification was made to address staff's concern that the term .of the credits be limited. The 8.5 year is intended to track timelines included the Opti.on Agreement.) . Credits can be used .only by P.onderasa, or a subsidiary .owned by a majarity .of Panderasa .or exclusively by its Chief Operating Officer, Kyle Margan and cannat be transferred. (Althaugh the Inclusianary Zaning Ordinance allaws far the transfer of credits, Panderasa has dr.opped this request.) . If the credits are used ta meet affordable requirements .on an apartment develapment, they will be transferred on a "one to .one" basis. If used .on an .ownership development, they will be transferred at the rate of 1.5 credits far each unit. (This modificatian has been made ta address the aptian listed above and language in the . Inclusianary Zoning Ordinance indicating the Council may determine the rate .of exchange f.or the credits.) . The value of the land optianed to the school district would nat be affected as a result of the availability .of credits. As rnentianed later in this repart, a modificati.on is being made to the Optian Agreement between Panderosa and the PUSD. (Because the City is SR:03:308 Page 4