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Table 1: Proposed Housing Fees Unit Plan Plan Size(S.F.) Proposed Current Affordable Housing Total Amount Per Type Number of Affordable Contribution per Unit Unit (Total of Units Housing Fee based on design elan Affordable Housing per Unit Fee plus Affordable Housing Contribution) Plan 1 2,451 7 $11,515 $10,757 $22,272 Plan 2X 2,637 9 $11,515 $11,907 $23,422 Plan 1X 3,000 5 $11,515 $15,672 $27,187 Plan 2 3,122 6 $11,515 $15,672 $27,187 Plan 3 3,387 9 $11,515 $15,672 $27,187 • The payment of the LIHF and the affordable housing contribution will be in lieu of providing price restricted affordable housing on or off of the property or any other affordable housing program and would fully meet the developer's affordable housing obligation for this project. Assuming the developer obtains approval and moves forward with construction of the unit mix as proposed, the total LIHF paid would be $414,540 and the affordable housing contribution would be $495,902 for a total payment of$910,442. It is important to note that while the LIHF is required by City ordinance to be placed in the City's Lower Income Housing Fund and used in accordance with the terms of that fund, this requirement is not applicable to the affordable housing contribution. City Council may appropriate these funds to a use that it deems best meets the City's needs, however Staff will recommend that the City Council appropriate this affordable housing contribution to the Lower Income Housing Fund. As stated earlier, staff is recommending the Housing Commission approve The Village at Valley Trails Affordable Housing Agreement. In accordance with the IZO, the Commission may accept, reject or modify the recommended agreement. Following the Commission's action, staff will forward its recommendation to the City Council concurrent with and as part of its review of the proposed Planned Unit Development. Page-4-