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<br />7.B <br />Page 222 <br /> <br />and was recently improved in the City, has no affordability requirements and is not <br />providing any affordable housing, In comparison, they intended to stick with their <br />commitment towards affordable housing. He added that if the City or the Council <br />deemed an Amendment was necessary to their Development Agreement, they have <br />seen an opportunity with lower construction costs in the touch economic times, that they <br />could provide more affordable housing on site than they were required to have, if they <br />were to receive some relief on the contribution on the off-site, They continued in talks <br />with the City about this issue, It remains up to the City. They remain committed to the <br />affordable housing and will live with what is in the Development Agreement currently, if <br />the City so desires. If the City decides they would like even more on-site affordable <br />housing, they are prepared to have that option available in a revised Development <br />Agreement. <br /> <br />Commissioner Bondonno spoke to the potential consideration of on-site versus off-site <br />contributions to affordable housing. He understood Mr, Powers' comments. However, <br />he questioned whether a shift in on-site versus off-site considerations would' also shift <br />the amount of affordable housing. He spoke to the effects this would also have on the <br />various levels with regard to moderate or above moderate affordability. He asked if the <br />agreement goes directly to the Council, is it a Council-only decision on the benefits to <br />the City at the various affordability levels. <br /> <br />Mr, Lyon stated Mr. Bondonno's understanding of this was correct. The item would <br />return to Council for decision. <br /> <br />Mr. Powers stated the Precise Plan was very specific. He gave an overview of these <br />specifics with regard to these affordability ranges along with the on- and off-site <br />contributions, for-rent homes and other considerations. He noted the plan was to do all <br />for-sale housing, Whether on-site or off-site, their contribution is specifically defined in <br />the current Development Agreement as moderate and above moderate affordability, He <br />added their contribution, per market rate home, they would contribute $10,000 per home <br />to an off-site location or to a City housing fund, That being said, he noted it was difficult <br />to subsidize anything with only $10,000 when trying to make it affordable, even at the <br />above moderate or moderate level. He gave an example of one of their previous <br />projects where they wrestled with these same issues and outcomes. <br /> <br />Commissioner Bondonno noted that it was within the jurisdiction of the City Council to <br />return with a finalization of the updated affordable housing numbers. <br /> <br />Jill Ekas, Economic Development Director, clarified the math on a slide previously <br />presented by Mr. Lyons. She noted the slide he presented was from the Peninsula Park <br />at 796 units. She wished the Commission to understand that the numbers presented on <br />the slide were not the numbers associated with the current project. She stated the on- <br />site yield would be 12 units, with six of them moderate and six above moderate <br />affordability. The off-site contribution would then be $10,000 per unit or $2,31 if the <br />Development Agreement is held as is. <br /> <br />Mr. Lyon noted she was correct. The slide he had used was from the December 17, <br />2007 presentation. <br /> <br />Commissioner Holt asked about the options for the PC Permit. She noted there were <br />two options. They could approve the PC Permit for Phase 1, or they could approve it for <br /> <br />. <br />\....~ <br /> <br />Page 5 of 9 <br />