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Page 2 of 10 <br />Since receiving entitlement approvals, the 39-unit affordable building on Parcel F was completed in 2023 and is <br />occupied. The commercial buildings on B, C and E are nearing completion and will all have received their <br />temporary certificates of occupancy by year-end. The remaining residential components on Parcels A and D have <br />stalled due to challenges unique to the multifamily residential development sector, driven by changing market <br />conditions, variability in interest rates, construction cost increases, tariff uncertainties and limited availability of <br />capital. <br /> <br />Collectively, Parcel A and D would deliver 501 total rental units across two residential buildings, 81 of which would <br />be affordable, as proposed herein. Parcel A includes approximately 5,300 sf of ground floor retail space. <br /> <br />The table below summarizes the proposed affordable rental units. The total affordable rental units shown for <br />Parcels A and D assume that the commercial’s affordable requirement is satisfied with an impact fee of $5,822,001 <br />and the 16 units provided in Parcel F. <br /> <br />Table 1: Affordable Housing Unit Summary <br /> <br /> <br />Parcel A and D Development <br /> <br />The Original Request proposed a 35% density bonus for Parcel A (252 units) and a 20% density bonus for Parcel D <br />(248 units), totaling 501 units across both parcels. The revised request proposes a swap of these density bonuses <br />to request a 20% bonus for Parcel A and 35% bonus for Parcel D. By reorganizing the commercial parcel areas to <br />determine the base density, as summarized in Table 2, Parcel A will be allowed to achieve 252 units and 249 units <br />on Parcel D, as originally proposed for each parcel, and therefore maintaining the same overall unit count of 501. <br />This change strategically shifts the burden of providing more affordable units from A to D, alleviating the financial <br />Project Components Extremely <br />Low Very Low Low Moderate Total <br />Residential Development Affordable <br />Units on Parcel A 1 0 11 0 25 36 <br />Residential Development Affordable <br />Units on Parcel D 2 0 21 0 24 45 <br />Subtotal On-Site Affordable Units <br />on Parcels A and D 0 32 0 49 81 <br />Replacement Units on Parcel F2 7 15 0 0 22 <br />Commercial Development Units on <br />Parcel F 8 0 8 0 16 <br />Subtotal Units on Parcel F 15 15 8 0 38 <br />Total Affordable Units 15 47 8 49 119 <br />1 Parcel A is providing 11 units for Very Low Income households, which equates to 5% of the base density (210 base <br />units). The provision of 5% Very Low income households entitles the Project to a 20% bonus. <br />2 Parcel B is providing 21 units for Very Low Income households, which equates to 11% of the base density (186 base <br />units). The provision of 11% Very Low income households entitles the Project to a 35% bonus. <br />8.B. - Page 26 of 120 <br />189