SR 06:162 - Laserfiche WebLink

6E - pLEASANTONo City Council Staff Report July 18,2006 Housing Division Law Department SUBJECT AFFORDABLE HOUSING AGREEMENT WITH STONERIDGE ASSOCIATES CONCERNING THE STONERIDGE CONDOMINIUMS STAFF RECOMMENDATION: Authorize the City Manager to Sign the attached Affordable Housing Agreement. SUMMARY The Stoneridge Condominium project, located at 6250 Stoneridge Mall Road, is a 520 residential unit project approved by the City in the 1980's. Although approved as a condominium project, the units have been rented since that time. The owner recently informed the City that it now intends to sell the individual units. After reviewing the owner's request and previous approvals related to this development, it was determined that the project is not a "condominium conversion project" as defined by Municipal Code section 17.04.02 and that it is not subject to the requirements of chapter 17.04 governing condominium conversion projects. Further, the project has received all permits and approvals required by the City for the sale of condominium units. As part of the conversion, City staff and the owner's representative have negotiated the attached Affordable Housing Agreement by which 35 of the units will be sold as affordable units. Of the 35 units, three studio units will be sold to low income households, four one-bedroom units will be sold to low income households and 21 to moderate income households, and three two-bedroom units will be sold to low income households and five to moderate income households. Existing tenants will also have a right of first refusal to purchase their units and tenants who purchase their units "as is" will get a substantial discount on the selling price. SR:6:162 Page 1