SR 06:078 - Laserfiche WebLink

the density on this site. If the Commission wants to pursue this, staff would recommend that the Commission make a recommendation to the Planning Commission that they consider this as part of their review process, Mr. Bocian noted that there had been some previous development concepts showing significantly more units on the site, However, none of those concepts were showed to the neighborhood or analyzed by Planning staff. Chairperson Stark stated that his main concern is to have a mechanism to ensure continued affordability. He would like specific language regarding enforcement of restrictions, specifically language that describes in detail the documents that will be recorded. Additionally, the phrase "commercially reasonable efforts" in section 2A needs explanation, Within that paragraph it makes mention of the obligations regarding the marketing of the "affordable by design" units will not extend beyond 30 days from commencement of sales. Mr. Stark would like an explanation if that means the developer is seeking a closed escrow within 30 days. Steven Bocian explained the context of the Affordable Housing Agreement. The way the process works is that an Affordable Housing Agreement is adopted as part of the approval of the process which sets forth the basic affordability requirements (meaning number of units, sales price, rent levels, etc.) of a particular development. Mr, Bocian stated that section I F indicates that the units will be marketed and sold consistent with the Pleasanton's Homeowners Assistance Program and that includes homebuyer requirements, use of the City's preference system, a lottery and deed restrictions recorded against the property, Mr, Bocian indicated that the City has a resale restriction document which lays out specifically who is eligible to purchase the home. It spells out specifically that the homes are resale restricted for perpetuity, how a home is sold, etc. Commissioner Stark would like those documents attached to the agreements, He also opened for discussion the sales price change, He noted that lA states, "the sales price will be finalized at the time the developer ends construction on the project." Mr. Stark asked if the price could change, Mr. Bocian indicated that it could change by the percentage adjustment in the Area Median Income. Commissioner Hodgett has concern that the interest rate might go up by the time these units are available for market. Steven Bocian commented that staff used a conservative rate of 8% in the formula which should accommodate any fluctuations. Commissioner Jones asked if this project's tenns were similar to Nolan Farm, Steven Bocian indicated that it is very similar except it is more conservative with the indicators that are being used. Commissioner Whisnand confirmed the project affordability would apply in perpetuity. Vice Chairperson Harris stated a concern with the project density. Page - 5 -