Reso PC18-03 0017 PC Reso Adopting the Planned Community Permit & Density Bonus-353 Main St.

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to onsite market -rate units, making the units available for occupancy at the same time as market -rate units, and ensuring the continued affordability of the units. The affordable units would provide compatible exterior and interior finishes, and amenities as market rate units. This includes the same access to common open space, parking, storage, fitness center, and other onsite facilities. The number of bedrooms and distribution of units within the development would also be comparable to the market -rate units. The affordable units would be available to qualifying very low income households and remain affordable units for a duration of 55 years. b. The affordable units will mitigate the impact of the project on the need for affordable housing. The proposed affordable units mitigate the projects impact on the need for affordable housing by providing a percentage of affordable units at the low income and very -low income level onsite, as described in the staff report. In addition, the applicant is providing 3 units at the moderate income level (2.5%). This mix of housing affordability will serve a range of users, who will have the same access to goods and services. Section 5. Density Bonus Height Concession: The Planning Commission finds that: that: a. The concession or incentive results in identifiable and actual cost reductions, consistent with subdivision (k) of Section 65915, to provide for affordable housing costs, as defined in Section 50052.5 of the Health and Safety Code, or for rents for the targeted units to be set as specified in subdivision (c) of Section 65915. b. The concession or incentive would not have a specific, adverse impact, as defined in paragraph (2) of subdivision (d) of Section 65589.5, upon public health and safety or the physical environment or on any real property that is listed in the California Register of Historical Resources and for which there is no feasible method to satisfactorily mitigate or avoid the specific, adverse impact without rendering the development unaffordable to low- income and moderate -income households. C. The concession or incentive is consistent with state and federal law. Section 6. Affordable Housing Density Bonus: The Planning Commission finds a. The proposed project would include at least 5 percent of the project for very low income households, as described in the staff report, and therefore one density bonus concession is required, in order to provide for affordable dwelling units as specified in Government Code Section 65915 and Section 32.19 of the Redwood City Zoning Code. Section 7. The Planned Community Permit, Affordable Housing Plan, density ATTY/RESO.0017/PC RESO ADOPTING THE PLANNED COMMUNITY PERMIT & DENSITY BONUS -353 MAIN ST. REV: 03-01-18 PR Page 4 of 25