SR 06:078 - Laserfiche WebLink

. The sales prices of the homes are subject to change pending adjustments to the Area Median Income . The sales price is consistent with the formula that the City has used in past projects (for example, the low-income homes on the Bernal property sold for $199,000 approximately four years ago) Mr. Bocian stated that Section C is consistent with the Inclusionary Zoning Ordinance regarding the similar exterior and interior finishes on the project. The developer and staff have had discussions recently about the interior amenities. The language in the IZO is not specific in the sense that interior materials have to be exactly the same as the materials that are used for the market rate units, but they have to be of a minimum standard. Staff s sense is that with this particular Section C that the developer and staff will work towards developing minimum standards and may make a minor modification to this section before it is forwarded to the City Council. The idea is, and he feels the developer is in agreement with this, that we want to avoid having interior amenities that are sub-standard or not consistent with the development in general. However, there is recognition that perhaps higher quality materials will be used in the market units, Mr. Bocian further explained that the project will be exempt from the lower-income housing fee because it is providing the 15% units. The City will be responsible to sell the units and the developer will reimburse the City for the processing costs, The units will be sold under the City's Pleasanton's Homeowners Assistance Program with resale restrictions. While the City does not plan to provide second mortgages (as was the case with the Bernal homes), staff will utilize the City's Down Payment Assistance Program. Mr. Bocian stated that section 2 was included to address the Commission's concern to have some guidelines or restrictions for the "affordable by design" units. Paragraph A incorporates a modified preference system in an attempt to have these households sold to Pleasanton residents, Paragraph B has provisions to attempt to have the units be owner occupied for at least one year. Paragraph C restricts the resale of these units. Paragraph F includes provisions for hardship related to resale of the units. Mr. Bocian noted that the provisions acknowledge that these units are not subject to resale restrictions or other conditions that the City would impose on the project. However, we are trying to ensure that they are sold to households that intend to live there. Staff recognizes that there are situations that may cause someone to sell the property, and that is what is being addressed in paragraph F. Mr. Bocian feels this is consistent with agreements that the Commission and City Council have adopted previously, while taking into consideration the unique quality of this particular development. Mr. Bocian then discussed the density issue, Staff has talked with Planning and the developer about the project density. There has also been a community meeting on the project. As a result, the parties are reluctant at this point to make modifications to the project. Staff is aware that the Commission continues to have an interest in increasing Page - 4 -