Item 28 - Housing Ad Hoc Committee Progress Report Regarding The Housing Opportunity Ordinance

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3.Rehabilitated units within a designated target area. Upon application, the developer may satisfy the inclusionary unit requirements for the project, in whole or in part by substantially rehabilitating existing housing units elsewhere within the borders of the city at a rate of one habitable square foot per each required habitable square foot of affordable inclusionary units. (c) In-lieu fee. (1) More than twenty (20) units. A 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 fivefifteen dollars per square foot ($515.00/ft. 2 ).) 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. (2) Entitled residential projects. Timing of payment. The applicant(s) of an entitled residential total fee amount for the entirety of a project (see Exhibit A) may either construct the inclusionary units or pay an in lieu fee as follows: (i) Twenty (20) or fewer units. In the case of an entitled residential project containing between five (5)is calculated, determined, and 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 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 twenty (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 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. The in lieu fee amount allowed herein by this subsection shall revert to fifteen dollars per square foot ($15.00) on October 1, 2021 for any construction which adds net residential units, which has city-approved entitlements, that has not been issued aset at the time of issuance of the first building permit by October 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 for the project. The developer shall pay all in- lieu fees allowed by this section for the entire project prior to issuance of the building permitfirst occupancy approval 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. (43) Inclusionary housing fund. Fees collected in compliance with this section shall be deposited in the inclusionary housing fund. ( Ord. No. NS-2881, § 2, 9-1-15 ; Ord. No. NS-2994 , § 3, 9-1-20) Sec. 41-1904.1. - Inclusionary housing development incentives for production of units. Exhibit 3 - Redline Draft