AgdaPkt 2018-05-21 Joint SA PFA - Laserfiche WebLink

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20. Menlo Park Following a series of series of hearings and workshops, the City Council in late March was expected to add rental developments to its Below Market Rate Housing Program, as allowed under a state law that went into effect in January 2018. City leaders signaled that they would continue to push for construction of units on-site rather than payment of in - lieu fees, requiring developers to secure the city's permission for all alternative compliance methods. The in -lieu fee for market -rate developers will be adjusted to 1 and 3 percent of the sales price, depending on the number of units in the project. The in -lieu fee for rental units will be based on the cost to "develop, design, construct and maintain a standard one -bedroom unit in Menlo Park" and will include the proportionate costs of any common areas and land costs. If adopted, the new regulations would go into effect by the end of April 2018. The city already imposes an affordable housing impact fee on non-residential development based on a nexus study completed in 2000. [Type I I !Single-family detached ;Single-family attached I Condominium i (Rental multi -family I_ (Office (Retail, restaurant, services Hotel R&D Maximum Justified Current Fee* Percentage of Fee Maximum Justified Fee (estimated) $197,963 per unit or 10% inclusionary for projects of less than 20 $66 per sq. ft. units. 15% inclusionary for projects of 20 units or more. In -lieu fee is 3% of sales price of each unit. _ __- .__-__._ ... - _ --- above . $112,387 per unit or Same as above $66 per sq. ft. $81,203 per unit or Same as above $45 per sq. ft. $72,766 per unit or Suspended after 2009 Palmer decision $79 per sq. ft. 1111 $255 per sq. ft. $16.90 per sq. ft. $265 per sq. ft. $9.17 per sq. ft. 154 per sq. ft. $9.17per sq. ft. 255 per sq. ft. $16.90 per sq. ft. Adjusted annually based on five year moving average of the percentage change in the CPI. 3.5%—_d 6% 7% - —71201- 3/27/2078 13