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Density Bonus Agreement for 2222 East First Street May 15, 2018 Page 3 The California Density Bonus Law applies to projects proposing five or more residential units and grants density bonuses to those projects meeting certain requirements for affordability levels and types of housing (family, veterans, etc.). Pursuant to State law and the City's Housing Opportunity Ordinance, rental units in such developments that are designated "affordable" must remain so for at least 55 years. For affordable senior housing projects, a developer may seek a density bonus up to 20 percent from base density. In addition, the City's Housing Opportunity Ordinance (HOO), last updated in 2015, augments the California Density Bonus Law by allowing a developer to seek an additional 35 percent density bonus calculated from base density (SAMC Sect. 41-1904.1). A summary of the proposed project's density calculation is provided below: Proiect Density Calculation Density or Bonus Allowed for Project Provided 285 units (3.17 acres x 90 units/acre base density used Base Density as a standard for 285 units developments in areas designated DC by the General Plan Land Use element) 20 -Percent Density Bonus for Senior Projects Provided by 285 x 20% = 57 units + 57 units California Density Bonus Law 35 -Percent Density Bonus Provided by the City's 285 x 35% = 100 units + 76 units Housing Opportunity Ordinance Total Units 442 units maximum 418 units proposed Based on the above calculations, the proposed project complies with both the California Density Bonus Law and the City's Housing Opportunity Ordinance. As such, a Density Bonus Agreement has been prepared (Exhibit 1). Under California Density Bonus Law, a developer may seek incentives or waivers (sometimes called concessions) to increase the viability of the proposed project. The Planning Commission Staff Report from September 11, 2017 provides detailed information regarding the requested incentives/concessions (Exhibit 2). Project Description The project includes demolition of an existing motel and restaurant and construction of an affordable rental senior housing community. The project will contain one structure consisting of a ground -level parking area and five levels of residential above. A total of 418 affordable rental senior units will be provided on the project site, as well as one (1) on-site manager's unit. Units will include studios (91), one -bedroom (262), and two-bedroom (65) units ranging in size from 402 to 899 square feet. All units will contain full kitchens, full bathrooms, storage, and open/common (living) areas. 60A-3