SR 06:052 - Laserfiche WebLink

For Council benefit, staff has highlighted the difference between the two options. Option #1 (Reflects Staff interpretation of the November 2, 2004 Council action.) Approve Amendment #1 of the Affordable Housing Agreement with the following language in Sections 1 (a) and (c): The IUC's shall have a term of five years beginning (a) when and if the option on the 21.3-acre site held by the PUSD either expires or is terminated earlier, or (b) when and if PUSD exercises its option but does not thereafter close escrow. Alternatively, owner may use the IUC's on property other than the 21.3-acre site if the City Council approves their use on another property within five years from the date of this Amendment. If Owner uses the IUC's on the 21.3-acre site, at least 24% of the total number of residential units on the 21.3 acres must receive IUC's or be affordable units. For example, if Owner develops a 125 unit multi-family project, the project would receive 30 IUC's [125 x 24% = 30]; if Owner develops a 125 unit condominium/townhouse or a 125 unit single family senior housing project, the project would receive 45 IUC's; and if Owner develops a 125 unit single family housing project, the project would receive all 51 of the IUC's and the Owner would need to provide an additional nine affordable housing units. Option #2 (Reflects the request made by Ponderosa) Approve Amendment #1 of the Affordable Housing Agreement with the language detailed below in Sections 1 (a) and (c). The highlighted areas reflect changes that would be made to Amendment as detailed in Option 1 above. The IUC's shall have a term of five years beginning (a) when and if the option on the 21.3-acre site held by the PUSD either expires or is terminated or (b) when and if PUSD exercises its option but does not thereafter close escrow. OWHer may use the IUC's en preperty etRer tHaH 21.3 aere ;;ite if the City Ceuneil appfeves t-heir use eH aHotRer property within fi'ie years frElm tRe date ofthis ,A.meHdment~ If Owner uses the IUC's on the 21.3-acre site, at least 24% of the total number of residential units on the entire Busch propertv (363 units plus anv additional units on the 21.3 acre site) must receive IUC's or be affordable units. Notwithstanding this requirement the units developed on the site must be consistent with the City Inclusionary Zoning Ordinance. For example, if Owner develops a 125 unit multi-family project, the project would receive 193-\} IUC's [125 x 1224% = 193-\}] resulting in a total atTordability of 363 original units + 125 new units =488 total units/138 exiting affordable units = 28 total affordable units; if O':iHer de.,'eleJ'ls a 125 unit eondominimn/townHouse or 125 unit single family aenier heusing project, the J'lrejeet ',voHld reeeive 45 IUC's; ana if OWHer ae','eleps a 125 unit single family Ileusing project, tile project would receh'e all 51 oftbe IUC's aHd the Owner would need to provide an additional nine affordable Rousing units SR:06:052 Page 7