75B - PH AMEDNING CH 41 HOO - Laserfiche WebLink

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some or all of the required units. The amount of the fee allowed by this section shall be five dollars per square foot ($5.00/ft.) of the sum total of the number of habitable square feet within the entire Project, as measured from the exterior walls of the residential units. This calculation does not include exterior hallways, common areas, landscape, open space or exterior stairways. (ii) More than 20 units. In the case of an Entitled Residential Project comprised of more than twenty (20) residential lots or residential units, the Developer may elect to satisfy the Inclusionary Unit requirements for the Project, in whole or in part, by payment of a fee in lieu of constructing some or all of the required units. The amount of the fee allowed by this section shall be ten dollars per square foot ($10.00/ft.) of the sum total of the number of habitable square feet within the entire Project, as measured from the exterior walls of the residential units. This calculation does not include exterior hallways, common areas, landscape, open space or exterior stairways. The in lieu fee amount allowed herein by this subsection shall revert to fifteen dollars per square foot ($15.00) on April 1, 2021 for any construction which adds net residential units, which has City -approved entitlements, that has not been issued a building permit by April 1, 2021. (iii) A Residential Project that has been entitled and approved with conditions to pay a specific in lieu fee or has a city council approved Development Agreement to pay a specific in -lieu fee shall comply with the conditions or the Development Agreement as approved and shall not be modified by this Ordinance. (3) Timing of payment. The developer shall pay the in -lieu fees allowed by this section prior to issuance of the building permit for any construction which adds net residential units. The developer may provide input regarding what project the in lieu fees should be applied towards, but such input shall not be dispositive. The in lieu fees collected by the city are city funds over which the city has complete and absolute discretion. (4) Inclusionary housing fund. Fees collected in compliance with this section shall be deposited in the inclusionary housing fund. Sec. 41-1904.1. - Inclusionary housing development incentives for production of units. (a) In order to make the production of new inclusionary units on -site or off -site or off - site rehabilitated units, certain incentives, standards and concessions shall be allowed and prescribed as set forth herein below. Such concessions shall not be available to those developers that choose to pay an in lieu fee rather than build the units. The developer may opt to take advantage of up to two (2) concessions among the following possible concessions: 75B-16