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Table 4 – Options with State Density Bonus <br />Percent <br />Affordability <br />Bonus <br />Density <br />Number of <br />Concessions <br />5% Very Low 20% 1 <br />12% Very Low 35% 2 <br />5% Low None 0 <br />15% Low 27.5% 1 <br />10% Moderate <br />(Ownership) <br />5% 1 <br />15% Moderate <br />(Ownership) <br />10% 1 <br />20% Moderate <br />(Ownership) <br />15% 2 <br /> <br />Concessions granted through state density bonus could include additional height <br />beyond what the zoning district allows, reduced setbacks or other site development <br />deviations. In addition, density bonus projects also automatically qualify for a reduced <br />parking rate, apart from the allowed concessions. <br /> <br />Per state law, cities must adopt density bonus submittal requirements and specify <br />preferred concessions and incentives. The amendments to Section 32.19 (Attachment <br />1) provides application requirements, and creates a two-tier system for concessions. <br />Preferred concessions do not require separate financial analysis, while all other <br />concessions do require the analysis. In all cases developers will be required to submit a <br />narrative explaining why they are requesting the concession, and the review authority <br />must approve the concession unless certain specific findings could be made. <br /> <br />The Planning Commission recommends a broad list of preferred concessions, including: <br />building height, parking and rear yard setback, but not including the deferred payment of <br />development impact fees, as further explained below. Deviations not listed would <br />require financial analysis identifying how the incentive reduces costs and allows for the <br />production of affordable housing. <br /> <br />STAFF RECOMMENDATION: Update the State Density Bonus section to reflect <br />the bonuses and concessions that may be granted to projects providing on-site <br />affordable units. <br />7.A. - Page 10