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ZOA No. 2013 -03, SPR No. 2013 -05 & <br />Inclusionary Housing Plan and Agreement <br />November 4, 2013 <br />Page 2 <br />units on -site within The 301 residential development project. With the assistance of Keyser <br />Marston, a consultant in affordable housing financial analysis, a calculation was performed to <br />determine the fee amount. The fee calculation is based on the affordability gap of $10,900.00 per <br />unit which equates to a total in -lieu fee of $1,977,000 and by code requires payment prior to <br />issuance of a building permit for any portion of the project. Further, Keyser Marston has evaluated <br />the request and determined that including affordable units in high density and /or luxury projects <br />could be more expensive than paying the-in-lieu fee. The in -lieu fee is measured solely off the <br />affordability gap between the market rent and the defined affordable rent. It does not take into <br />account the cost of constructing the unit. The affordability gap is a good measurement of the impact <br />of the inclusionary requirements. In this case, the cost to provide the inclusionary units on -site <br />exceeds the amount of the calculated in -lieu fee. This finding is necessary to substantiate the <br />payment of the fee in -lieu of providing the units on -site. These actions allows for the construction of <br />a new multi - family residential project on a two -acre vacant parcel located at City Place. <br />FISCAL IMPACT <br />Funds received will be deposited into the Inclusionary Housing Fund account (no. 41718002- <br />57896). <br />4 <br />ay M. Trevino <br />Executive Director <br />Planning and Building Agency <br />SK:rb <br />Wreports \The 301 AA. cc <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br />Francisco Gutierrez ,SfL <br />Executive Director <br />Finance & Management Services Agency <br />Exhibit: A. Planning Commission Staff Report <br />B. Inclusionary Housing Agreement <br />75D -2 <br />