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<br />a new fee of $0.40 per sq. ft. was established for commercial/ortice/industrial (CO!) <br />development. In addition, the new fees incorporated an annual inflation factor based on the CPI. <br /> <br />The residential fees were reexamined in 1999 in conjunction with an updated nexus study, <br />resulting in an increase of approximately 30%. In May 2003, the nexus study was updated and <br />both the residential and COI fees were increased substantially. The objective was to bring the <br />fees closer to the actual estimated cost to create new affordable housing units and to achieve <br />consistency with the City's Inclusionary Zoning Ordinance (IZO) that had been adopted in <br />November 2000. <br /> <br />The history of the fee from its initial adoption in 1978 to the present is summarized in Table A: <br /> <br />TABLE A: <br />HISTORY OF THE LOWER INCOME HOUSING FEE <br />(1978 TO PRESENT) <br /> <br /> SF Resid MF Resid eOI <br /> (per unit) (oer unitl (oer sa.ft.l <br />1978 $400 $400 NA <br />10/16/1990 * $1,800 $600 $0.40 <br />1994 $1,903 $634 $0.42 <br />1995 $1,954 $651 $0.43 <br />1996 $1,989 $663 $0.44 <br />1997 $2,044 $681 $0.45 <br />1998 $2,122 $707 $0.47 <br />1/3/1999 * $2,756 $919 $0.48 <br />2000 $2,888 $963 $0.50 <br />2001 $3,023 $1,008 $0.52 <br />2002 $3,160 $1,054 $0.54 <br />2003 $3,203 $1,068 $0.55 <br /> >1,500sf <=1,500sf <br />5/20/2003 * $8,650 $2,144 $2,144 $2.28 <br />2004 $8,739 $2,166 $2,166 $2.31 <br />2005 $8,917 $2,210 $2,210 $2.36 <br />2006 $9,166 $2,272 $2,272 $2.44 <br /> <br />(*J Major fee adjustments <br /> <br />SR:06:116 <br />Page 2 <br />