AgdaPkt 2016-09-12 Closed and Joint SA PFA

Browse Search

REPORT To the Honorable Mayor and City Council From the City Manager September 12, 2016 SUBJECT Affordable Housing Agreement by and between the City of Redwood City and Sares- Regis Group of Northern California for 849 Veterans Boulevard RECOMMENDATION Approve by motion the Affordable Housing Agreement by and between Sares-Regis Group of Northern California for 849 Veterans Boulevard and authorize the City Manager to execute the agreement BACKGROUND Sares-Regis Group of Northern California, LLC, and (“Developer”) is the owner and developer of the residential project located at 849 Veterans Boulevard. On February 17, 2016, the Zoning Administrator for the City of Redwood City approved an Architectural Permit, Affordable Housing Plan and Density Bonus for the development of 849 Veterans Boulevard. This development is a 6 story, 90 rental apartment units, with 142 parking spaces. The development includes seven units affordable to very low income households. The project is subject to the approval, execution and recordation of an Affordability Agreement. ANALYSIS This Affordability Agreement includes the provision of 7 affordable units for very low income households, as defined in Health and Safety Code 50093, in exchange for an increase in density, in accordance with Section 65915 of the Density Bonus Law. These 7 units represent 10% of the permitted number of residential units allowed under the City’s zoning designation standard. 69 units is the base number of units allowed under the code, and an additional 21 units are allowed under the State Density Bonus Law (90 maximum). The developer is also paying a housing impact fee of $361,057.78. The affordable units consist of one junior one-bedroom unit, two one-bedroom units, three two-bedroom units, and one three-bedroom unit. As specified in the Affordable Housing Agreement, the affordable units will be made available only to persons and families of lower income (whose gross incomes are between 31% and 50% of HUD’s Area Medium Income for San Mateo County as defined in Health and Safety Code section 50053(b) (2) for a period of 55 years. 6.1.A. - Page 1