AgdaPkt 2009-05-18 - Laserfiche WebLink

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6.1G ownership at the time of project completion. This stopgap measure is a Page 3 requirement of the lender. The project will likely not be funded without this provision. . Develooer bailout - the City has not provided any funding subsidies for this project at all and is not assisting with any "bailout". . Environmental review - The environmental review has already occurred for this project. The California Environmental Quality Act (CEQA) does not regulate social or economic project impacts. Thus the question of whether a project is rental or ownership is not within CEQA purview or scope. Change in ownership type and approval of an affordability covenant are not "projects" under CEQA (CECA Guidelines, 15378). . Time limits on rental ootion - As noted by the City Attorney, because the developer's rights are vested and the relevant appeal periods have lapsed, the placement of time limit restrictions would be an unreasonable restraint on the developer's property rights. . Site security - Previously, neighbors had brought to the attention of the developer and the City that there had been a breach of security on the site. The developer has since been responsive and has provided regular security presence and otherwise ensured security of the unfinished construction site. AL TERNA nVE Do not approve the. Declaration of Rental Affordability Covenants for 885 Woodside Road Housing Project. The likely outcome would be that the project construction will be stalled until the housing market recovers. Do not approve the Declaration of Ownership Affordability Covenants. The six units in question will ultimately be sold at market rate. Without a regulatory agreement, the project would not support the City's affordable housing requirements. nor guarantee that the units remain affordable for 45 years. The Precise Plan cannot be amended at this time because the developer's rights have vested. FISCAL IMPACT The City is not responsible for funding the development of affordable housing within the project. The City, may, however, decide to provide some form of homeownership assistance to qualified eligible buyers when the units are available for sale. Various homebuyer assistance options may be provided to Council as part of the numerous programs proposed in the City's updated Housing Element. I]~~ Patricia J. Webb " Housing and Redevelopment Manager Chang. P.E. ommunity Development Director ~ Peter Ingram ~ City Manager