pages: CityCouncil/2008-08-05.pdf, 16
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CityCouncil | 2008-08-05 | 16 | The Development Services Director responded the amount would depend on the number of units; stated an appraisal was done in the last six months lump sum lease payments, which total approximately $1 million, would be paid by Warmington; there would be a [funding] gap depending on the number of units. Councilmember/Commissioner deHaan inquired whether the houses that would be constructed would be market rate if the [affordable] houses are moved out of the development, to which the Development Services Director responded in the affirmative. Councilmember/Commissioner deHaan inquired whether the money that the developer would make [off of additional market rate houses) would be a wash with the money that would go into the Island High site. The Development Services Director responded it would depend upon the number of units; stated the more units that are put on the Island High site, the less cost per unit. Councilmember/Commissioner deHaan inquired what percentage set aside would have to be for sale and what percentage would have to be rental units, to which the Development Services Director responded specific percentages of for sale units and rental units are not required. louncilmember/Commissioner Matarrese inquired whether the decision tonight is not how many units or how much units would cost, rather the Council/Commission is simply deciding whether all 10 units would be at the project site, whether the developer could consider other sites for five units and whether nine units would be required if five units are off site. The Development Services Director responded in the affirmative; stated if the units are constructed at the Island High site, there is an outside limit of 36 units. Councilmember/Commissioner Matarrese inquired where the number [36 units] came from. The Development Services Director responded the number uses the Guyton exception to get as many units as possible. stated a Measure A compliant project would be between 16 and 18 units. louncilmember/Commissioner Matarrese stated Warmington needs to have an Affordable Housing Agreement for the Grand Marina project Special Joint Meeting Alameda City Council and Community Improvement Commission 3 August 5, 2008 | CityCouncil/2008-08-05.pdf |