RES 93130 - Laserfiche WebLink

CITY COUNCIL OF THE CITY OF PLEASANTON ALAMEDA COUNTY, CALIFORNIA RESOLUTION NO. 93-130 RESOLUTION APPROVING THE WAIVER OF THE LOWER- INCOME HOUSING FEES FOR THE 16 DESIGNATED UNITS IN THE KAUFMAN AND BROAD'S CALIFORNIA REFLECTIONS DEVELOPMENT (PUD-91-17) WHEREAS, in April 1992, the City Council approved the PUDrezoning and development plan for Kaufman and Broad's 108-unit single-family dwelling residential development on Stanley Boulevard (PUD-91-17); and WHEREAS, the approval included ~.a- special financing program proposed by Kaufman and B~oad to make 16 units affordable to moderate-income households by offering below market interest rates on the mortgages; and WHEREAS, while the developer-proposed financing program included the waiving of all city fees, the program did not include any resale restrictions on the 16 units which would ensure that any subsequent purchasers would receive the same moderate-income financing incentive; and WHEREAS, the provision to waive all City fees was not consistent with then-City policy for this type of affordability program; and WHEREAS, the Director of Planning and Community Development presented Staff Report 93:423 with a modified financing program which would waive only the lower-income housing fee. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON RESOLVES AS FOLLOWS: Section 1: The City Council approves the waiver of the lower- income housing fees for the 16 designated units of the Kaufman and Broad's California Reflections development (PUD-91-17) subject to the revised financing program in Exhibit B, attached hereto and incorporated herein by this reference, with the additional provision that there will be a document, approved as to form by the City Attorney and recorded prior to the first sale of the 16 designated units, which will allow the City to capture the lower-income housing fee in effect at the time of the first resale of each of the designated 16 units.