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City Housing Policies <br />• City Council commitment to provide dignified housing for people of all <br />income ranges. <br />• State mandate to provide affordable housing. <br />• Demonstrated need for family housing. <br />Project Quality <br />• Project will replace a severely deteriorated industrial site and bring new <br />investment to the area. <br />• The project includes over 15,000 square feet of open space — 24% of <br />total site area. <br />• Of that over 8,000 square feet is publicly - accessible — 55% of total <br />open space. <br />• Developer has a strong track record of delivering very high quality <br />projects. <br />Existing Conditions <br />Existing Land Uses <br />Depot at Santiago — Open Space <br />Basis for Appeal <br />• The Depot project is inappropriate for the location. <br />• The project is a multi - family rental project rather than a lower density <br />for -sale project. <br />• The project will negatively affect property values. <br />• The income of the residents will not be sufficient to support the <br />development of high - quality commercial amenities. <br />Economic Development <br />• Tenants at the project may make as much as $59,000 per year for a <br />family of four. <br />• Housing costs are capped at no more than 30% of income allowing for <br />more disposable income. <br />• The project will bring more people to the area, which is needed to <br />support future commercial development. <br />• The future streetcar project will further enhance the economic <br />development of the area. <br />Commercial Space <br />• The project includes 9,317 square feet of retail space — supports 8 to <br />tenants. <br />• The developer is actively seeking tenants for the retail space and will <br />install the necessary improvements to support potential restaurant <br />uses. <br />• The developer is offering reduced /subsidized rents to attract <br />commercial tenants. <br />CITY COUNCIL MINUTES 26 JUNE 17, 2014 <br />1 OB -26 <br />