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Zoning Ordinance Amendment No. 2011 -01 September 26, 2011 Page 5 Residential Project that propose the creation of five or more residential units through a subdivision, new construction, or conversion from apartment to condominium ownership; it will be subject to the proposed ordinance requirements. The following is a summary of the ordinance: • Fifteen percent of the total number of units must be affordable, whether the project is for sale or rental • Alternatives to meet ordinance • Construct income restricted units on -site • Construct income restricted or substantially rehabilitate units off -site • Under unique circumstances, pay a fee in lieu of construction or rehabilitation • Standards • Disperse units throughout project • Similar number of bedrooms as market -rate units • Comparable design, materials, quality and appearance • Same access to site amenities • Restriction • For sale — 45 years • Rental — 55 years • Submittal of Housing Inclusionary Plan and Housing Agreement The complete draft ordinance is attached as Exhibit 1. Plannina Commission Review On March 14, 2011 the Planning Commission held a Study Session to discuss and provide input on the draft ordinance. Members of the citizen advisory committee were also present at the Study Session to provide their input and comments. On March 28, 2011, the Planning Commission conducted a public hearing to consider the adoption of the Housing Opportunity Ordinance (ZOA 2011 -01). During the hearing 10 members of the public provided oral or written testimony regarding the adoption of the proposed ordinance. Their comments ranged from support for the ordinance, to concerns that adequate notice of the public hearing had not been provided and that the ordinance would result in a change to the current zoning of their property. Following the public hearing, the Planning Commission continued the item in order to allow staff time to allow further clarification on the portion of the ordinance related to the calculation of an in -lieu fee, as well as additional public notice. 75B -7