AgdaPkt 2004-05-24 - Laserfiche WebLink

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- �.A-i� � developers to pay for school busing costs in Redwood City. ff the City wished to pursue this requirement then it would have to first prepare a"nexus' study, linking the generated student demand of this project and others in the area to the need to subsidize transportation costs. The City Council would then have �� adopt s�ch a policy. The Precise Plan also addresses the need for child care. It requires a space to be designated in the "community hub° area to accommodate a day care faciliiy if the need arises (pg. 25). Affordable Housing The Marina Shores Precise Plan creates the potential for up to 1,930 new housing units. The Precise Plan also includes requirements for a mix of town-homes, flats (ownership or rental), and tower condominium homes. Additionally, the Precise Plan (Pg. 77) incorporates an affordable housing element to accommodate a range of household income levels and rental and ownership opportunities, with a quality of development consistent with the market-rate housing on the site. The Plan specifies that a minimum of 15% of the total number of units constructed must be "affordable". This program includes two key components: 1. A minimum of 5% of the total units (97) must be affordable to "very-low income" households that do not exceed 50% of the San Mateo County median income. Very-low income households (for a family of 4) currently eam less than $56,550 per year), with maximum monthiy rent or mortgage payments of $1,555.� These low income units, with Redwood City's concurzence, may be located off-site in a City-approved or planned project, or through a payment to the City of an amount determined by the City as sufficient to subsidize the construction of such units. If an in-lieu fee is paid, then total payment for the units would be made as part of the initial phase of development prior to issuance of building permits. Any off-site units will be in addition to the 1,930 units on-site. 2. The remaining 10% of the total units (193) would be provided in the form of on- site ownership housing, to be spread throughout the site, and would be affordable to households that do not exceed 120% of the San Mateo County median income ("moderate-income" levei). Moderate-income households currently eam up to $109,800 per year, with maximum monthly rent or mortgage payments of $2,768. In this case, each phase of the project will contain 10% of the units, or the developer must get City approval for a deferral of some of these required units to a later phase. These units will also necessitate a long-term contractual commitment by the applicant or a third party to assure affordability in perpetuity and to be responsible for developing and funding the administrative mechanisms necessary to ensure this continued affordability. ' For very low income households monthly rent is calculated at ono-Mird of the monthty income. � 13 For moderate income households the moMFdy reM is adjusted for natbnal average so R does not equate exactly in one third of the monthly income. (Source: Redwood Cily Housing Coordinafor). 11