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22206 920 Shasta <br />Affordable Housing Plan and Density Bonus Request <br />November 5, 2024 <br />Affordable Housing Impact Fee Alternative: <br />The Affordable Housing Ordinance had a second reading on July 24, 2023. The Ordinance <br />is now in effect. The Office Project will pursue "Option 1. Land Donation" alternative <br />pursuant to the Affordable Housing Ordinance. <br />A Land Donation is the preferred alternative to paying the Affordable Housing Impact Fee <br />(Fee). The Applicant acknowledges that all land donations require approval by the City <br />Council. The land donation will occur prior to, or concurrent with, issuance of the first <br />building permit for the market rate project. Below is the proposed fee calculation: <br />Estimated Project Housing Impact Fee by Proposed Use <br />Development Type Existing SF <br />Proposed SF Project Net <br />New SF <br />Fee PSF Total Fee <br />Net New Office SF 0 <br />308,543 308,543 <br />$23.62 $7,287,774 <br />Net New Retail SF 8,334 <br />0 8,334) <br />$5.91 $0 <br />Total $7,287,774 <br />The Applicant further acknowledges that "[ijf the property is donated to a to a Qualifying <br />Designee, the grant deed and an affordable housing covenant must provide an option to <br />dedicate the property to the City in 5 years if the affordable housing development does not <br />commence." The affordable housing developer would assign to the City on an as is where <br />is basis without representation or wairanty and subject to any security interests granted to <br />and required by affordable housing developer's lenders, grant to the City a security interest <br />in and rights to contracts with architects, landscape architects, planners, geologists, <br />surveys, engineers, etc., as well as plans, specifications, drawings, data and studies in <br />compliance with City Zoning Code Section 29.8H(12). The affordable housing developer <br />would use commercially reasonable efforts to ensure that third parties to the contracts <br />referenced above for Project work consent to the assignment of these contracts. <br />Qualifying Designee <br />An affordable housing developer is deemed a Qualifying Designee if it is a non-profit <br />organization, mission -aligned for-profit housing corporation, joint venture, limited liability <br />company, partnership, or other entity that: <br />• Demonstrates technical capacity and experience in developing, owning, and operating <br />affordable housing projects or partner with an entity that has the required experience; <br />and <br />• Demonstrates experience relevant to owning and developing three (3) qualifying deed - <br />restricted affordable rental housing projects. If the developer has experience developing <br />less than 3 qualifying affordable rental housing projects, the market rate developer will <br />be required to partner with a developer that meets the experience requirement. <br />ATTY/AGR/2025.084/920 SHASTA AFFORDABLE HOUSING LAND DONATION AGREEMENT <br />REV: 10-16-25 VR <br />Exhibit B-1 - 3 <br />