Reso25 16370 - Laserfiche WebLink

Browse Search

ATTY/RESO.0114/CC RESO APPROVING MODIFICATION TO ELCO YARD PROJECT – EXHIBIT A REV: 11-19-25 VR Page 2 of 5 fifty percent (50%) of the total market rate residential units may obtain any final inspections or certificates of occupancy (including a temporary certificate of occupancy) prior to all of the affordable units on Parcels A and D receiving a certificate of occupancy (including a temporary certificate of occupancy) so long as the following conditions are met: 1) concurrent with the issuance of the certificate of occupancy (including a temporary certificate of occupancy) for the market-rate residential units, building permits have been issued for the affordable housing units on both Parcels A and D; and 2) payment of a deposit in the amount of the affordable housing impact fee calculated based on the amount of the fee due on the date the entitlements for the market-rate residential units were approved and pro-rated based on the number of affordable units in Parcels A and D to have received certificate of occupancy (including a temporary certificate of occupancy). Upon written request by the developer, the City, shall release a portion or all of the deposit upon the completion of construction milestones for the affordable units identified in the Affordable Housing Guidelines. Until the applicant completes the construction of the affordable units on Parcels A and D, the applicant shall not receive a certificate of occupancy (including temporary certificate of occupancy) for any market rate unit on Parcels A or D. Prior to issuance of a certificate of occupancy (including a temporary certificate of occupancy) of the first commercial building, the applicant shall have completed the podium level on at least one of the residential buildings, or provide a deposit with the City for the pro-rata share of the affordable housing impact fee for the commercial building receiving occupancy. Prior to issuance of a certificate of occupancy (including a temporary certificate of occupancy) of the second commercial building, the applicant shall have completed construction (obtained a temporary certificate of occupancy) on at least one of the residential buildings, or provide a deposit with the City for the pro-rata share of the affordable housing impact fee for the commercial building receiving occupancy. Prior to issuance of a certificate of occupancy of the final commercial building, the applicant shall have completed construction (obtained a temporary certificate of occupancy) on the affordable housing units on Parcel F and paid the partial affordable housing impact fee for the commercial development. The partial affordable housing impact fee for the commercial development shall be $23.62 per sq. ft. based on the net new square footage of office created by the Project (503,746 sq. ft.), and prorated for the 16 affordable units provided on Parcel F, for an amount of $5,822,001. The Project does not result in net new square footage of retail or hotel space, therefore an affordable housing impact fee is not charged for those use types. [COA][PLANNING] 7. Community Benefits c. Housing totaling at least 50% of the development and comprised of 540