pages: CityCouncil/2010-06-15.pdf, 4
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CityCouncil | 2010-06-15 | 4 | affordable units towards entitlement, a density bonus option would be granted every time; the City could have chosen not to permit counting inclusionary units to get a density bonus or go with the Planning Board recommendation to count all units, which included rolling back the inclusionary requirement from 25% to 15% in order to avoid an automatic density bonus for every project. The Deputy City Manager - Development Services stated Grand Marina would be subject to the 15% requirement if an application were submitted today. Vice Mayor deHaan inquired whether any other developments are requesting an exclusion. The Deputy City Manager - Development Services responded an Alameda Landing project has a 25% requirement, but the project has a lot of public assistance. Councilmember Matarrese inquired whether the City has money to build affordable units in a development that would make up for going from 25% to 15%, to which the Interim City Manager responded in the affirmative. Councilmember Matarrese inquired whether said scenario has been reviewed. The Interim City Manager responded in the affirmative; stated upcoming projects would address affordable housing issues; reducing the number of affordable housing units to six seems like a reasonable recommendation knowing that the City has several projects which would require subsidies. Councilmember Tam inquired whether construction would be delayed by the 25% requirement because financing would not be feasible. The Interim City Manager responded the project would be able to go forward without a subsidy if four units were removed; stated the project has some failsafe mechanisms; contributions would need to be made to the housing in-lieu fund if deadlines are not met; the decision was not made in a vacuum. Councilmember Tam requested confirmation on whether public subsidy would be needed to build four additional units. Lincoln Leaman, Warmington Residential, stated financing does not cover affordable housing; cash flow is pretty limited; the project would be the only one that would not receive funding and would provide significant public infrastructure improvements. Councilmember Tam stated the issue is broader than just the four homes out of forty units; others might want to seek similar arrangements. Mr. Leaman stated building at 25% would make Warmington Homes eligible for a density bonus by building at 25%; Warmington Homes would not gain the benefit of a Regular Meeting Alameda City Council June 15, 2010 | CityCouncil/2010-06-15.pdf |