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<br />STAFF RECOMMENDATION <br /> <br />Deciding this issue is primarily a matter of policy. If the Council agrees that given the peculiar <br />circumstances present here warrant a diversion from the IUC Guidelines, which is the Council's <br />prerogative, and accepts a 24% affordability requirement on the entire Busch property, then <br />Option #2 should be approved. Approval of this option will not necessarily impact future <br />projects, significantly impact affordability throughout the City, or result in an economic impact. <br />However, staff recommends approval of Option #1 because, in staff's opinion, it reflects City <br />Council's action on November 2, 2004 and because it is most consistent with the IUC <br />Guidelines adopted by the City Council. In either case, staff will forward the Amendment to the <br />developer for execution. <br /> <br />FISCAL IMPACT <br /> <br />There is no financial impact to the City as a result of this action. <br /> <br />Respectfully Submitted, <br /> <br />S{ay~ j? <br /> <br />~ <br /> <br />Steven R. Bocian <br />Assistant City Manager <br /> <br />Nelson Fialho <br />City Manager <br /> <br />Attachments: 1. Recommended Amendment # 1 to the Approved Affordable Housing <br />Agreement <br />2. Letter from Mark Sweeney dated September 23, 2005 <br />3. City Staff Report dated November 2, 2004 (includes City Resolution No. <br />04-073 Establishing Inclusionary Unit Credit Guidelines, the City <br />Inc1usionary Zoning Ordinance and the Affordable Housing Agreement for <br />development of the Busch property) <br />4. City Council meeting minutes excerpt from November 2, 2004 <br /> <br />SR:06:052 <br />Page 8 <br />