2014-06-17 Regular - Laserfiche WebLink

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