SR 06:076 - 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 # I 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 I 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. O'lifter may l:Ise tRe IUC's eA flreflerty otRer tRaR 21.3 acre site if the City Cel:lfteil Bflflre'/es tI1.eir l:Ise eR aRetRer flreflerty witl1.ift fi'/e years freRl tRe Elate ef this ,\melldmeflt~ 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 Citv Inclusionarv Zoning Ordinance, For example, if Owner develops a 125 unit multi-family project, the project would receive 19W IUC's [125 x .li~% = 12W] resulting in a total affordabilitv of 363 original units + 125 new units =488 total unitsll38 exiting affordable units = 28 total affordable units; ifO'NRer aevelofls a 125 unit eonaomiaiHm/towflflouse Elr 125 liRit siRgle family seRier ROHsing projeet. the flrejeiJt ',';oule reeei'/e 15 lUe's; and if Ov,ner develops a 125 lmit single family hOl:lsiRg projeet. the SR:06:076 Page 7