SR 06:076 - Laserfiche WebLink

,"' 09/30.(2004 10: 36 FAX 925 i34 9141 , , PONDEROSA HOMES 141 002 Attachment 2 PONDEROS~ HOMES September 30, 2004 Mr, Steven R, Bocian DepLlty City ManagE;r CITY OF PLEASANTON P,O. Box 520 Picas anton, CA 94566-0802 RE: Affordable BO,using Credits, Ponderosa Ironwood (Busch) Dear Mr, Bocian: This letter will serv c as a request by Ponderosa Homes II, Inc" to receive lnclusionary Unit Crcdits CIUC's") in cxchange for providing excCSS affordable housing units at its Ironwood project, The Ironwood proj ect was requircd to provide a total of 64 affordable lmits (172 multifamily X 15% = 25,8)+(19J single-family X 20% ~ 38.2) = 64 units, The project actually has provided 138 affordable senior apartmcnt units representing 80% of thc apartment units and 38% of the overall project. Furthermore, these units are affordable 10 seniors in the 50% and 60% of median income range, Given this, the project meets Section 2 of the GULdelines for WC's by providing 74 affordable units in excess (138 less 64) of that required by the Ordinance, As originally appro';ed, the project was to provide 86 affordable units versus the actual 138 apartment lU1it~; being built today. We later increased this to 87 units in our initiai application for CDI,AC bond allocations, Based on this, we are adjusting our request for IlJC's to the differe:1ce betwecn our original approval and what we provided, 138-87 = 5J units, We understand that thc Guidelines for WC's distinguishes between affordable unit types, potentially placing" higher value on single-fanuly versus multifamily units, Accordingly, wc propose that tIC City of Pleasanton award ruC's to pondcrosa Homes on the following basis: Multifamily rentallmits: I credit [or each affordable unit required . CondoIToWIll10USe units: 1.5 credits for cach affordable unit required Senior housing units: 1.5 credits for each affordable unit required 66:' 1 Owens Drive. Pleasonton. Colifornia 94588-3398 Tel, (925) 460-13900 . Facsimile: (925) 734,9141