Laserfiche WebLink
� p� - 2 2 <br /> developers to pay for school busing costs in Redwood City. If the City wished to pursue <br /> this requirement then it would have to first prepare a"nexus" study, linking the <br /> generated student demand of this project and others in the area to the need to <br /> subsidize transportation ccsts. The City Council would then have to adopt such a <br /> policy. <br /> The Precise Plan also addresses the need for child care. It requires a space to be <br /> designated in the "community hub" area to accommodate a day care facility if the need <br /> arises (pg. 25). <br /> Affordable Housing <br /> The Marina Shores Precise Plan creates the potential for up to 1,930 new housing units. <br /> The Precise Plan also includes requirements for a mix of town-homes, flats (ownership <br /> or rental), and tower condominium homes. Additionally, the Precise Plan (Pg. 77) <br /> incorporates an affordable housing element to accommodate a range of household <br /> income levels and rental and ownership opportunities, with a quality of development <br /> consistent with the market-rate housing on the site. <br /> The Plan specifies that a minimum of 15% of the total number of units constructed must <br /> be "affordable". This program includes two key components: <br /> 1. A minimum of 5% of the total units (97) must be affordable to "very-low income" <br /> households that do not exceed 50% of the San Mateo County median income. <br /> Very-low income households (for a family of 4) currently earn less than $56,550 <br /> per year), with maximum monthly rent or mortgage payments of $1,555. These <br /> low income units, with Redwood City's concurrence, may be located off-site in a <br /> City-approved or planned project, or through a payment to the City of an amount <br /> determined by the City as sufficient to subsidize the construction of such units. If <br /> an in-lieu fee is paid, then total payment for the units would be made as part of <br /> the initial phase of development prior to issuance of building permits. Any off-site <br /> units will be in addition to the 1,930 units on-site. <br /> 2. The remaining 10% of the total units (193) would be provided in the form of on- <br /> site ownership housing, to be spread throughout the site, and would be <br /> affordable to households that do not exceed 120% of the San Mateo County <br /> median income ("moderate-income" level). Moderate-income households <br /> currently earn up to $109,800 per year, with maximum monthly rent or mortgage <br /> payments of $2,768. In this case, each phase of the project will contain 10% of <br /> the units, or the developer must get City approval for a deferral of some of these <br /> required units to a later phase. These units will also necessitate a long-term <br /> contractual commitment by the applicant or a third party to assure affordability in <br /> perpetuity and to be responsible for developing and funding the administrative <br /> mechanisms necessary to ensure this continued affordability. <br /> 12 For very low income households monthly rent is calculated at one-third of the monthly income. <br /> 13 For moderate income households the monthly rent is adjusted for national average so it does not equate exactly to <br /> one third of the monthly income. (Source: Redwood City Housing Coordinator). <br /> 11 <br />