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Amend DA No. 2007-01 <br />October 21, 2013 <br />Page 3 <br />this approach is estimated at $1,325,000, which is an increase of $563,000 or 74% over the <br />$3,000 fee. While the applicant would build the affordable units instead of paying an in-lieu fee, <br />this approach would be the equivalent of a $5,200/unit fee. The committee determined this <br />proposal to be appropriate and fair. <br />The environmental analyses have also been updated to evaluate the proposed density bonus <br />units. These analyses determined that the ten additional units do not affect the conclusion. The <br />proposed project will not result in any new or significant impacts that were not previously analyzed <br />and adequately addressed in the Metro East Mixed Use Overlay Zone and First and Cabrillo <br />Towers EIR (Exhibits B and C). <br />The Ad Hoc Committee therefore recommends that the City Council approve the development <br />project with changes to incorporate the affordable housing units as outlined above. The provisions <br />necessary to implement the committee's recommendation have been incorporated into the draft <br />development agreement for the City Council's consideration. <br />Second reading of the ordinance for the development agreement, together with the revised <br />Tentative Tract Map and Site Plan Review, will be brought back for final approval at the November <br />4, 2013, City Council meeting. <br />FISCAL IMPACT <br />There is no fiscal impact associated with this action <br />Jay . Trevino <br />E, cutive Director <br />Planning and Building Agency <br />VF:rb <br />vflreportsWDA07-1 & VTTM13-41901 1st Street. 0102113 <br />Exhibit: A. Planning Commission Staff Report <br />B. Updated Environmental Analysis - Phil Martin & Associates <br />C. Updated Traffic Analysis - Pirzadeh & Associates <br />75A-3