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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />APRIL 5, 2016 <br />liliill' <br />INCLUSIONARY HOUSING AGREEMENT <br />WITH HERITAGE VILLAGE OC, LLC FOR THE <br />HERITAGE APARTMENTS <br />{STRATEGIC PLAN NO. 5, 313} <br />CITY MANAGER <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />F-IT24007MI-11) <br />0 As Recommended <br />® As Amended <br />© Ordinance on I" Reading <br />❑ Ordinance on 2nd Reading <br />® Implementing Resolution <br />Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />Authorize the City Manager and Clerk of the Council to execute an Inclusionary Housing <br />Agreement with Heritage Village OC, LLC for The Heritage Apartments, in an amount not to <br />exceed $9,695,725.60, subject to non - substantive changes approved by the City Manager and <br />City Attorney. <br />DISCUSSION <br />The Housing Opportunity Ordinance ( "Ordinance ") encourages the development of affordable <br />housing by requiring the inclusion of affordable units within developments that involve either an <br />increase in the density otherwise available under applicable zoning and development standards; <br />a change in land use designation from a zoning regulation that does not permit residential uses to <br />one that does permit residential uses; or the conversion of rental units to condominium <br />ownership. This ordinance applied to all projects entitled after November 2011. Developers can <br />pay an in -lieu fee based on the habitable square foot of the project to satisfy the Ordinance <br />requirements. <br />Heritage Village OC, LLC, developer of The Heritage Apartments project located at 2001 E. Dyer <br />Road (Exhibit 1), will comply with the Housing Opportunity Ordinance by paying an in -lieu fee of <br />$9.35 per habitable square foot in the total amount of $9,695,725.60. <br />The developer has been working with staff to complete the documents required by the Housing <br />Opportunity Ordinance. The Inclusionary Housing Agreement (Exhibit 2) satisfies the inclusionary <br />housing requirement of the project and is consistent with the standards set forth in the Ordinance. <br />STRATEGIC PLAN ALIGNMENT <br />Approval of this item supports the City's efforts to meet Goal #5 - Community Health, Livability, <br />Engagement & Sustainability, Objective #3 (Facilitate diverse housing opportunities and support <br />25A -1 <br />