AgdaPkt 2007-12-17 - Laserfiche WebLink

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7C Included as Exhibits to the Develapment Agreement are an Affordable Housing Plan Page 11 and an Infrastructure and Financing Plan, which are described in greater detail be(ow. The Development Agreement also addresses the provisions of child care. Affordable Housinq Plan The Peninsuia Park Precise Pian caiis for the pravision af affardabie riousing by the deve{oper in association with the residentia( build-aut. The proposed terms for praviding the affordable housing are documented in the Deve{opment Agreement. The Development Agreement, more specifical{y, the Affordable Housing Plan, calls for 5 percent of the 796 units, or up to 40 units, to be homes provided for purchase on-site and affordable to moderate and abave-moderate income households. The Affordable Housing Pian also establishes #.he goal of realizing an additional 10%, ar up to 80 off- site units, with the cieveloper's financial contribution of up to $8 Mi11iQn in subsidy funding. The off-site units, if offered for purchase will be affordable to househalds of "Moderate-Income" or "Above Moderate-income," or if affered far rent at Affordable Rents to eligible households of "Very Low-Income" and "Low —Incame." The developer may part;cipate in the crp�tion af thsse u!?its or relinquish the funds to the City, who in turn will leverage and manage the funds for the development of affordable units at other sites in the City. Absent of a City-wide palicy for affordable housing (i.e. Redwood City does not have an inclusionary zoning provision or ather specific policies}, the requirements in this Affordable Housing Plan were roughly based on Redevelopment practices. The site is not located within a Redevelopment Area, and thus modifications were incorporated into the Affordable Housing P1an to optimize the ability to leverage financial contributions associated with this program. The developes is ftally wi(ling fio abide by these provisions, however, without a City-wide policy, there is significan# concern about future competing residentia! projects if the City does not consistently apply substantiafly similar minimum requirements. Thus, item 8, Adjustmenf if Compefing Projecfs are Subject fo Lesser Requiremenfs, of the Affordable Housing Plan has been drafted to provide assurances to this develaper that the requirements for the provision of affordabEe hausing and/or in lieu fees associated with such housing will not be more burdensame for this project than any o�her i� the future. This section allows for reductians to the affordable housing provisions described within the Affordable Hausing Plan in the even� that the City daes not make the same requirements of other competing development. Council should be aware #hat the Peninsula Park Affordable Hausing Plan is setting a baseline for affordable housing policy City-wide in that it is assumed that Council wi11 want to maintain the Peninsufa Park affordable housing program provisions throughout the project build-out. Staff considers the provisions in this plan to be reasanable and in keeping with other Peninsula communities that are part of the housing market that Redwood City is in. Additionally, staff believes this minimum requirement — caupled with the kinds of flexibiiity implementation methods discussed in the Plan -� will be needed to meet the housing production goals of Redwood City. Shauld the Council concur and approve the Developmenf Agreement with this provision, staff wil! return with a City-wide palicy statement to memorialize this policy decision. 11