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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />AUGUST 15, 2017 <br />TITLE: <br />INCLUSIONARY HOUSING AGREEMENT <br />WITH M & A GABAEE TO RECEIVE <br />$717,388.10 (STRATEGIC PLAN NO. 5, 3B) <br />INTERI IT MANAGE <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 1" 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 M & A Gabaee, a California Limited Partnership, in an amount not to exceed <br />$717,388.10, subject to non -substantive changes approved by the City Manager and City <br />Attorney. <br />COMMUNITY REDEVELOPMENT AND HOUSING COMMISSION RECOMMENDATION <br />At their Regular Meeting on May 24, 2017, the Community Redevelopment and Housing <br />Commission recommended that the City Council authorize the City Manager and Clerk of the <br />Council to execute an Inclusionary Housing Agreement with M & A Gabaee, a California Limited <br />Partnership, in an amount not to exceed $717,388.10 by a vote of 4:0 (De Leon and Garcia <br />absent). <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 />M & A Gabaee, developer of the project located at 421 North Harbor Boulevard (Exhibit 1), will <br />comply with the Housing Opportunity Ordinance by paying an in -lieu fee of $9.35 per habitable <br />square foot in the total approximate amount of $717,388.10. Currently, the developer expects to <br />pay this fee and pull their first building permit in April 2018. This project will be paying $9.35 per <br />2513-1 <br />