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<br />.' <br /> <br />STAFF RECOMMENDATION <br /> <br />As indicated, staff recommends the Council approve the attached Amendment #1 to the <br />Affordable Housing Agreement providing for the inclusion of affordable housing credits <br />consistent with the amended Section 11 as noted above. While staff also supports the origillal <br />Section 11 as presented to the Council on May 6 and as approved by the Planning and Housing <br />Commissions, the amended section more adequately addresses concerns raised during the <br />review process. <br /> <br />Because the application of affordable housing credits has not been approved previously, staff <br />cannot point to previous options available regarding the use of credits. However, in this case, <br />the Council could consider options that restrict the use of credits to only the Busch property, <br />that provide a partial cr~it to any off-site development, that restricts the use of credits to only <br />Ponderosa Homes and not a subsidiary or that limits the use of credits to certain types of future <br />development such as those that have homes less than 1,500 or other features consistent with <br />Council direction. The Council also has discretion to deny affordable housing credits for this <br />project. <br /> <br />FISCAL IMPACT <br /> <br />There is no financial impact to the City as a result of this action. <br /> <br />Respectfully Submitted, <br /> <br />c;/,~"N.J /? <br /> <br /> <br />~ \\\y~ <br />ebo costa McKeehan <br />City Manager <br /> <br />Steven R. Bocian <br />Deputy City Manager <br /> <br />Attachments: I, Amendment to the Approved Affordable Housing Agreement <br />2. Affordable Housing Agreement with Ponderosa approved on May 6, 2003. <br />3. October 15,2003 letter from PUSD regarding Option Agreement <br />4. City Inclusionary Zoning Ordinance <br />5. Minutes from Planning and Housing Commissions <br /> <br />SR:03:308 <br />Page 7 <br />