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Site Plan:The Village at Valley Trails PUD-113 <br /> n, <br /> ,''''. \ /.e.. .. <br /> (.<,, .,,,% ,,,, ..,, . > ' <br /> ....., .� . ,„....... ...,.. . . .„...,,, .,, ' I ' - J <br /> ' F ' / _ -.! hF-1'- <br /> Staff met with the Applicant and discussed various alternatives and outlined in the Inclusionary <br /> Zoning Ordinance ("IZO") as a means of obtaining affordable units, focusing on offsite <br /> acquisition, however current rental market conditions and property values present significant <br /> barriers for market rate acquisition. In recognition of the significant need for resources to <br /> advance the City's affordable housing goals in the future, the Applicant has proposed to pay <br /> the current Lower Income Housing Fee and to make an affordable housing contribution to the <br /> City that when combined with the LIHF would be equal to the maximum lower income housing <br /> fee, adjusted by unit size, which was recommended in the Economic and Planning Systems <br /> Nexus Based Affordable Housing Fee Analysis report prepared for the City in 2013. Precedent <br /> for this approach was established through the Lund Ranch Affordable Housing Agreement and <br /> staff recommends that this is a reasonable and justifiable approach in the interim while the City <br /> continues to evaluate the Lower Income Housing fee levels (as part of a broader development <br /> fee analysis). The 2013 report, which was discussed with the Commission, recommended that <br /> single-family homes pay fees on a sliding scale based on a home's square footage. That fee <br /> scale is reflected in the Affordable Housing Agreement. <br /> Staff Recommendation <br /> Consistent with this previous approach, Staff is recommending the attached Affordable <br /> Housing Agreement that includes the following main provisions: <br /> • The developer will pay, at the time of the issuance of building permit, a Lower Income <br /> Housing Fee of $11,515 for each housing unit included in the project. (The $11,515 is the <br /> City's current, established LIHF for single family homes in excess of 1,200 sq. ft.). <br /> . The developer will pay, at the time of the issuance of building permit, an affordable housing <br /> contribution for each housing unit included in the project which is variable based on the unit <br /> size for each plan type as follows. The total of amount payable per unit shall not exceed the <br /> totals stated in the Agreement. <br /> Page-3 - <br />