SR 06:052 - Laserfiche WebLink

CITY PONDEROSA Kev Indicators Start Finish Start Finish Citv Council Aooroval ofIUC's 11/2/2004 NA 11/2/2004 N/A Expected Dates PUSD May Exercise 5/6/2003 5/6/2008 5/6/2003 5/6/2008 its Option Maximum Allowable PUSD Purchase 5/6/2008 6/6/2011 5/6/2008 6/6/2011 Period Period When 1UC's Can Be Used on 11/2/2004 11/2/2009 11/2/2004 6/6/2016 any Site * Period When mc's May be Used on 5/6/2008 6/6/2016 5/6/2008 6/6/2016 the PUSD Optioned Site** COMPARISON OF KEY DATES REGARDING IUC USUAGE * Requires City Council approval; regardless of dates ** Is subject to change based on PUSD action related to the Option Agreement As indicated in the November 2 staff report, staff was aware of this issue and as such, the report indicated, ".. . staff recommends having the IUC's expire within five years after Council approval [November 2, 2004] after which time they could only be used on the PUSD site. This timeline provides the developer with the opportunity to use the credits on another site immediately but recognizes the five year term included in the IUC Guidelines." Staff concern on this matter was related to the fact that Section G of the recently adopted IUC Guidelines, (included with Attachment 3) indicate that the IUC's must be used within five years after being approved by the City Council unless further extended by the Council. Staff did not support using the lUC's offsite for a period beyond the five year timeframe in the Guidelines. Regarding the second item, the Busch property initially provided a total of363 units of which 87 (24%) apartment units in the Gardens at Ironwood were affordable. To acquire a tax credit allocation and tax-exempt bond financing from the State of California, the developer requested, and the City Council approved, an increase in the number of affordable units from 87 to 138 (38%). While the Inclusionary Zoning Ordinance requires that affordable units be dispersed throughout the entire development, staff recommended approval of placing all of the units in the senior apartment complex based on the community need for this type of housing. Because the project was initially 24%, staff recommended that this standard be extended to any development on the PUSD site. This is referenced in the November 2, 2004 report as follows "The initial Busch property PUD approval required that 24% of the total units be affordable and as a result, staff recommends this ratio, which exceeds the percentage of affordable units required in the IZO, be extended to future development on the Busch site. As a result if the developer proposes 200 units on the 23-acre site, a total of 48 are required to be affordable. As an alternative, the Council could require that any future development be consistent with 15% multi family and 20% ownership included in the IZO." As a result, Amendment #1 requires a 24% level of affordability on the 23-acre site. SR:06:052 Page 5