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P23-0480 & Tract 8680, 3300 Busch Road Planning Commission 26 of 29 ▪ The Affordable Units shall be rented to qualified applicants in accordance with the City’s Preference System. ▪ The affordability restrictions shall be in perpetuity. Per the PMC, an Affordable Housing Agreement is required to document the proposed approach to meeting the IZO and related requirements of the ODS. In the case of this project, some aspects of the affordable housing approach deviate from the strict requirements of the IZO, particularly with respect to the phasing/timing of the provision of the units as the IZO requires that “all inclusionary units in a project shall be constructed ‘concurrently within or prior to construction of the market rate units’”. The applicant is proposing an alternative means of compliance for the IZO. The alternative phasing and timing are necessary to address the specific way these units will be constructed and built, which may include a third-party affordable housing developer and use of tax-credit funding to support the financing and construction of the units. The City is agreeable to the applicant constructing the single -family units ahead of the construction of the affordable units, subject to the following: ▪ Applicant shall deposit a “Fee Security” equaling the applicable Affordable Housing Fee per single-family unit multiplied by the number of affordable units that have not yet been constructed multiplied by five. Sample calculations are provided in the AHA. ▪ The Fee Security shall be forfeited if applicant fails to obtain the building permits for the required number of affordable units within 12 months of City’s issuance of building permit(s) for the Market Rate Units. The Fee Security shall be refunded when the building permits for the affordable units have been obtained. The AHA also stipulates how the applicant shall meet its obligations under SDBL. The City and applicant have agreed to the following: ▪ Applicant shall complete all the necessary remediation, grading, site work, and utility connections for the Affordable Housing Site where the multi-family units shall be constructed prior to transferring the Affordable Housing Site to the Affordable Housing Developer. Upon transfer of the Affordable Housing Site, the City shall issue the building permits for the first 75 single-family units. ▪ The City shall not issue the building permits for the 76th and/or any remaining single-family units unless the applicant has obtained the building permits for the affordable units, in accordance with one of the following increments: o Building permits for a minimum of 21 affordable units for very low-income households (between 30% and 50% AM); or o Building permits for a minimum of 42 affordable units for low-income households (between 51% and 80% AMI). The approval and/or recordation of the AHA shall take place prior to the final map approval . Per PMC Section 17.44.090, the AHA will be reviewed by the Planning Commission who will make a recommendation for approval to the City Council. Staff notes, a complete preliminary application was submitted in May 2023, therefore the Project is subject to the original 2000 version of the IZO. The completion of the AHA is included as a condition of approval. No Net Loss Findings