SR 06:076 - Laserfiche WebLink

time an affordable housing agreement is presented for approval or at a later date, as deemed appropriate by the Council. Staff has determined that the use of credits as requested by the develaper is permitted, subject taCity Cauncil appraval. Further, because the developer is nearing constructian 011 the apartments, the City will gain the benefit .of the additional affardable units long befare any decisian is made regarding future develapment of the site optianed ta the PUSD or anather site in the City. Nevertheless, in part because the City has not yet utilized credits, there have been issues regarding their applicatian and the process for appraving the credits. The main concerns have been related ta the transfer of credits from the applicant to anather develaper, establishing a time frame during which the credits must be used and determining if the credits have equal weight if used far a rental .or .ownership praject. In attempt ta address these issues, the develaper has modified its initial proposal. MODIFlCATION TO INITIAL PROPOSAL Since submittal .of its original praposal in May, and in view .of the discussion regarding this matter, Panderasa has modified its initial request restricting the use .of credits in the fallowing manner: . Credits will expire when either the PUSD acquires the 23-acre site .or a period .of eight years and six manths, which ever is saoner, unless there is an extensian to the Optian Agreement with the Pleasanton Unified School District in which case, the credits will be extended far a similar period. (This modification was made to address staff's concern that the term of the credits be limited. The 8.5 year is intended to track timelines included the Optian Agreement.) . Credits can be used .only by Panderasa, .or a subsidiary owned by a majarity .of Panderasa .or exclusively by its Chief Operating Officer, Kyle Margan and cannat be transferred. (Although the Inclusianary Zaning Ordinance allaws far the transfer .of credits, Panderasa has drapped this request.) . If the credits are used ta meet affordable requirements an an apartment develapment, they will be transferred on a "one to .one" basis. If used an an .ownership development, they will be transferred at the rate of 1.5 credits for each unit. (This modificatian has been made ta address the .option listed abave and language in the Inclusianary Zoning Ordinance indicating the Council may determine the rate .of exchange far the credits,) . The value of the land aptianed ta the schaal district wauld nat be affected as a result .of the availability .of credits. As mentioned later in this report, a modificatian is being made ta the Option Agreement between Ponderosa and the PUSD. (Because the City is SR:03:308 Page 4