Reso23-13PC Reso 0041 Amending Zoning Ordinance - Affordable Housing

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ATTY/RESO.0041/PC RESO AMENDING ZONING ORDINANCE – AFFORDABLE HOUSING REV: 05-30-23 SK Page 21 of 25 3. The City will have the option to exercise the guaranty, deposit, letter of credit, or any other forms of assurance for timely delivery in the event that the affordable units are not completed within five (5) years from the date of the first building permit issued, with any allowable extensions, or other alternative. E. Other Alternatives. The City may consider an alternative mitigation program proposed by the developer and the Community Development Director, such as the provision of off-site affordable units, donation of land for the construction of affordable units consistent with Section 29.8(H) and the requirements set forth in the Affordable Housing Guidelines, purchase of existing units for conversion to affordable units or alternatives to the Standards for Affordable Housing. F. Agreement with the City for Financing. If the City enters into a financing agreement with the applicant, the parties may agree to alter the requirements of Section 29.6 (Standards for Affordable Housing). G. Significant Number of Affordable Units. If an applicant exceeds the maximum percentage of affordable units set forth in the State Density Bonus law for low or very low income rental or moderate income ownership units, the City will consider an applicant's request to alter the requirements of Section 29.6 (Standards for Affordable Housing) in conjunction with its review of the planning application for the project and may reject or accept the request in its sole discretion. H. Land Donation. To increase the inventory of land suitable and available for residential development projects to meet the City’s regional housing need the City Council may consider land donations if all of the following conditions are satisfied or waived by the City Council, at the sole and absolute discretion of the City Council. 1. The City has an opportunity to review a preliminary title report for the property to be donated and has approved the condition of title, at its sole and absolute discretion. Under no circumstances may the property to be donated be, at the time of donation, encumbered by any lien securing the repayment of debt or any other security instrument. 2. The developer transfers fee ownership of the property to the City, or a City approved qualifying designee as defined in the Affordable Housing Guidelines, and the transfer of the property to be donated must occur prior to or concurrent with the issuance of building permits for the residential development project or the nonresidential development project. If the property is donated to a City designee, the grant deed shall contain an irrevocable offer to dedicate the property to the City and an affordable housing restrictive covenant shall be recorded against the property in primary lien position, requiring the donee to provide the City a right of reverter, right of first refusal, an option to acquire the donated property, or any combination thereof approved by the City at its sole and absolute discretion.