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ATTY/RESO.0114/CC RESO APPROVING MODIFICATION TO ELCO YARD PROJECT REV: 11-19-25 VR Page 4 of 5 and the replacement of the 22 affordable units at 1306 Main Street, by providing 119 affordable units at the extremely low, very low, low, and moderate income levels onsite and offsite, as described in the staff report. The remaining impacts of the office and retail uses is mitigated through payment of an affordable housing impact fee. The affordable units would be available to qualifying households and remain affordable units for a duration of 55 years. Additionally, as part of the original project approvals the City Council approved a relocation plan for the residential households and for the non-residential tenants to be relocated as part of the Project, which relocation plan demonstrated that adequate provisions have been made to provide for timely relocation of the residents and that there comparable replacement dwellings will be available in sufficient number, size and cost for eligible households. a. Alternative percentages and levels of affordability may be considered as part of the Affordable Housing Plan and Agreement where such alternative percentages and levels of affordability will provide as many or more affordable units at the same or lower income levels or will otherwise provide greater public benefit than the standard requirement. The City's Affordable Housing Ordinance requires that the project provide 96 affordable units, excluding the 22 replacement units, and a partial affordable housing impact fee. The Amended Project is providing a partial affordable housing impact fee and 97 affordable units, excluding the 22 replacement units. The Amended Project is providing these units at alternative levels of affordability than the Ordinance, including eight (8) extremely low income units. The Amended Project provides enough housing and impact fee payment to mitigate the impacts of the market-rate residential, retail and office portions of the project. The affordable housing includes extremely low, very low, low, and moderate income units which provides a greater range of housing options, especially for extremely low income households, and a greater public benefit. In addition, the project provides affordable units onsite and off-site, and mixed with market rate units as well as an all affordable housing building. b. If a developer proposes off-site affordable units or any other alternative in the affordable housing plan required under Section 29.6 (Standards for Affordable Housing), the review authority may approve such a proposal if it finds the proposal meets all of the following conditions: i. Financing or a viable financing plan, which may include public funding sources, is in place for the proposed affordable housing units; and The proposal has a viable financing plan for Parcel F, which included funding from the developer and tax credits. No funding was requested from the City to satisfy these requirements. The applicant has partnered with HIP Housing to manage the units at Parcel F.