SR 06:076 - Laserfiche WebLink

Resolution No. 04-'073 Page Two F. j. G, H. B. The number of affordable units provided in a development must exceed the minimum number of units required by the Inclusionary Zoning Ordinance' (IZO) after the granting of any mc's. Developments with affordable units significantly exceeding the minimum amount required in the IZO are more likely to be granted mc's. As an example, if a development is required to include 50 affordable units to be consistent with the IZO, it, or any combination of developments involved with the mc' s, must have at least 5 I affordable units. c. The amount of financial assistance provided by the City, including fee waivers, loans, grants, participation with tax-exempt bond fmancing, or land dedications to support the affordable units may be considered when evaluating requests for mc's. Developments that minimize financial assistance from the City are more likely to be granted ruc's. D. The amount of funding by the Project Owner including private bank financing, loans, land dedications etc., may be considered when evaluating requests for mc's. Developments providing significant project funding are more likely to be granted mc's. E. It is more likely mc's will be granted when applied to a development with similar unit types. As an example, if the affordable units are for multi- family rental housing, greater weight will be given if the ruc's will be used to offset affordability requirements for similar multi-family rental housing. If a request is made to apply mC's from an affordable rental multi-family unit to a single family or ownership unit, the Council may establish a ratio, such as two rental units to one single family unit or two rental units to one non-rental unit. The Council's determination of ratios will be based on its review of the development and these Guidelines. Requests for mc's should be made during the development application review process. The Council will generally not consider requests for IDC's after approval of the development's PUD and project financing. mc's will expire five years from the date of approval or from the date that it is possible to use the credits unless further extended by the City Council. If the Project Owner requests IDC's be transferred to another project owner, the request must be made within 180 days of approval of the IUC's, If approved, the conveyance must be made within 90 days of the approval date. The Council will consider any monetary considerations received from transferring the IUC's as part of its review.