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traffic impacts, etc. As an outcome of this discussion and environmental review, the project now <br />being advanced is a 51 unit project. <br />As part of the proposed development agreement, the developer is requesting the City Council <br />authorize the "transfer" of the 47 units that will not be built on the Oak Grove site (98 units that <br />are identified in the Housing Element for this site minus the proposed 51 units) to a different yet <br />to be de determined site. Assuming Council finds this transfer acceptable, it is proposed that, 20 <br />of these 47 units would be affordable. In the event the owner cannot develop the 47 units within <br />ten years from approval of the development agreement, the owner would pay the Lower Income <br />Housing Fee (LIHF} then in effect. The developer is requesting that this concept form the basis <br />of its affordable housing agreement with the City. A summary of the key components is as <br />follows: <br />City Council approves a development agreement allowing the developer to transfer 47 ofthe <br />98 units identified in the General Plan for the Oak Grove site to another, yet to be <br />determined, site. <br />20 of the 47 units wauld be affordable as follows: <br />0 5 units at very low income <br />0 10 units at low income <br />0 5 units at moderate income <br />All units would be affordable in perpetuity and consistent with the Inclusionary Zoning <br />Ordinance related to unit distribution and quality. (Note, no decision has been made at this <br />time regarding the units being ownership or rental) <br />In the event building permits for the units have not been obtained within ten years from the <br />date of the development agreement, the developer will pay the LIHF for 51 units at the fee <br />amount then in effect and the opportunity to transfer the units will be expire. <br />Inclusionary Zoning Ordinance <br />As the Commission is aware, the City has an Inclusionary Zoning Ordinance (IZO), which <br />establishes specific requirements for new residential projects related to the provision of <br />affordable housing units within new housing developments. A copy of the ordinance is attached <br />for your reference. As part of the development review process, developers are required to <br />submit a proposal stating how they intend to meet the requirements of the IZO. The method for <br />meeting the IZO requirements is then memorialized in an Affordable Housing Agreement <br />between the developer and the City. <br />Page-2- <br />