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(2) Entitled Residential Projects. The applicant(s) of an Entitled Residential <br />Project (see Exhibit A) may either construct the inclusionary units or pay an in <br />lieu fee as follows: <br />(i) Twenty (20) or fewer units. In the case of an Entitled Residential Project <br />containing between five (5) and twenty (20) residential lots or residential <br />units, the Developer may elect to satisfy the Inclusionary Unit requirements <br />for the Project, in whole or in part, by payment of a fee in lieu of constructing <br />some or all of the required units. The amount of the fee allowed by this <br />section shall be five dollars per square foot ($5.00/ft.) of the sum total of the <br />number of habitable square feet within the entire Project, as measured from <br />the exterior walls of the residential units. This calculation does not include <br />exterior hallways, common areas, landscape, open space or exterior <br />stairways. <br />(il) More than 20 units. In the case of an Entitled Residential Project <br />comprised of more than twenty (20) residential lots or residential units, the <br />Developer may elect to satisfy the Inclusionary Unit requirements for the <br />Project, in whole or in part, by payment of a fee in lieu of constructing some <br />or all of the required units. The amount of the fee allowed by this section <br />shall be five dollars per square foot ($5.00/ft.) of the sum total of the number <br />of habitable square feet within the entire Project, as measured from the <br />exterior walls of the residential units. This calculation does not include <br />exterior hallways, common areas, landscape, open space or exterior <br />stairways. The in lieu fee amount allowed herein by this subsection shall <br />revert to fifteen dollars per square foot ($15.00) on October 1, 2021 for any <br />construction which adds net residential units, which has City -approved <br />entitlements, that has not been issued a building permit by October 1, 2021. <br />(iii) A Residential Project that has been entitled and approved with conditions <br />to pay a specific in lieu fee or has a city council approved Development <br />Agreement to pay a specific in -lieu fee shall comply with the conditions or <br />the Development Agreement as approved and shall not be modified by this <br />Ordinance. <br />(3) Timing of payment. The developer shall pay the in -lieu fees allowed by this <br />section prior to issuance of the building permit for any construction which adds <br />net residential units. The developer may provide input regarding what project <br />the in lieu fees should be applied towards, but such input shall not be <br />dispositive. The in lieu fees collected by the city are city funds over which the <br />city has complete and absolute discretion. <br />(4) Inclusionary housing fund. Fees collected in compliance with this section shall <br />be deposited in the inclusionary housing fund. <br />Sec. 41-1904.1. - Inclusionary housing development incentives for production of units. <br />Ordinance No. NS-2994 <br />Page 9 of 17 <br />