SR 06:052 - Laserfiche WebLink

In response to an inquiry by Commissioner Sullivan, Mr. Bocian confirmed that there were no instances of double-dipping with respect to the 51 additional fee waivers and additional credits. A discussion of fee waivers ensued. Commissioner Kameny noted that the public facility fee for each apartment was $2,020; the traffic impact fee was $2,307 per unit; and the water connection fee was $1,200. He inquired whether those were the same fee dollar amounts that a single-family house in the future Lund site would pay. Mr. Bocian replied that the single-family house fees were higher. THE PUBLIC HEARING WAS OPENED. Mark Sweeney, 6150 Stoneridge Mall Road, applicant, noted that the future Lund project would not receive fee waivers, and that it would not have affordable units. He noted that it would not be double-dipping, and would get the credit for the fact that affordable housing was built in the past. In addition, it would not get a fee waiver. He urged the Commission to adopt staff recommendation #1 on page 3 of the staff report: "Retain the current language as included in the May 6 staff report allowing on-site credits and off-site credits if approved by the City Council." He noted that their only property in Pleasanton was the Busch property, and added that if they do add another property in the City, they would want to utilize the credits. With respect to the Busch property, they would be allowed to build senior for-sale housing on the 23 acre school site if the school district did not exercise its option. He noted that the district had five months minus one month to decide whether or not they would build schools on that site. Mr. Sweeney advised that their goals of increasing the affordability in the project included meeting the commitment they made to include as many affordable units as possible. In addition, they wished to be sure that they had a project that, when reviewed by the State of California, would score enough points to receive bond financing. He noted that the competition in that field was fierce, and that their project made the cut that day with 92.7 points. He noted that projects with 90 points did not receive financing, and added that the number of affordable projects had increased dramatically. Mr. Sweeney noted that the difference in rents between market-rate units and the affordable units was $168,480 in Year 1; the capitalized value of that income was $2,500,000. He believed that it was entirely appropriate that sometime in the future, based on the consent of the City Council, they be able to recoup some of that investment. He noted that the Busch project was 38% affordable, based on 138 units of affordable housing. He added that at 50-60% levels, there were no projects in Pleasanton built by private developers that approach that level of affordability. He noted that they would like to take their state allocation, and to begin construction in September or October, 2003. He noted that they lowered the rents on the 51 units in anticipation that they could rely on the inclusionary zoning ordinance that was in place, and to use the credits on their own property, or elsewhere in Pleasanton in the future. PLANNING COMMISSION MINUTES July 9, 2003 EXCERPTS