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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />FEBRUARY 21, 2017 <br />TITLE: <br />INCLUSIONARY HOUSING AGREEMENT <br />WITH HERITAGE VILLAGE OC, LLC TO RECEIVE <br />$9,695,725.60 IN THREE PHASES <br />{STRATEGIC PLAN NO. 5,3B) <br />CITY MANAGER <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />U1 ". 0 <br />❑ 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 Village Apartments, in an amount not <br />to 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 have <br />the option to pay an in -lieu fee based on the habitable square foot of the project to satisfy the <br />Ordinance requirements. <br />Heritage Village OC, LLC, developer of The Heritage Village Apartments project located at 2001 <br />E. Dyer Road (Exhibit 1), will comply with the Housing Opportunity Ordinance by paying an in -lieu <br />fee of $9.35 per habitable square foot in the total approximate 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 />25E-1 <br />