SR 06:052 - Laserfiche WebLink

>- If used for a senior housing single family unit: 1.5 IUC's for each affordable unit required. >- Ifused for single-family housing: 2 IUC's for each affordable unit required. There are two issues to be resolved. one concerning the trigger for the use of the credits off site and the other concerning the percentage of affordable units that must be provided on the 23-acre site should Ponderosa develop it. By way of background, recall that the PUSD has an option on the 23-acre site; that option will expire in May 2008. Assuming the PUSD exercises its option, PUSD then has an additional 37 months in which to close escrow. Accordingly, although it is possible that PUSD would choose not to exercise its option earlier than May 2008, it is more likely it will wait until then to make a decision. If in May 2008 PUSD does not exercise its option, staff and the developer agree that the Council's action in November 2004 would allow Ponderosa five years from that date to use the lUC's on the 23-acre site. Similarly, if PUSD exercises its option but then decides not to close escrow, staff and the developer agree that the Council's action in November 2004 would allow Ponderosa five years from the time close of escrow expired to use the IUC's on the 23-acre site. Accordingly, depending on what the PUSD does and when it does/does not do it, Ponderosa could have through June 2016 to use the IUC's on the 23-acre site. Where the staff and developer disagree is what triggers Ponderosa's use of the IUC's on a site other than the 23-acre site. Consistent with the recommendation that was set forth in the November 2, 2004 staff report, staff believes that Council's action means that Ponderosa has only five years from November 2004 to use the IUC's on a site other than the 23 acres. The five-year limit is consistent with the Council adopted IUC Guidelines (Attachment 3). Ponderosa maintains that it is not practical to require it to make a decision regarding the use of the IUC's on a site other than the PUSD site, until after it knows what the PUSD intends to do with its option which, as indicated above, could be as far in the future as 2011. Under Ponderosa's proposal, depending again on what the PUSD does or does not do, Ponderosa could have through June 2016 to use the IUC's on a site other than the 23-acre PUSD site. Because staff maintains this runs contrary to the five-year use term set forth in the Inclusionary Credit Guidelines, staff does not recommend that Council acceptance of Ponderosa's interpretation. As indicated by the italicized/bold dates in the table below, with the exception of the dates when the IUC's can be used on any site, there is agreement with usage timelines. SR:06:052 Page 4