pages: CityCouncil/2010-06-15.pdf, 5
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CityCouncil | 2010-06-15 | 5 | density bonus; Warmington Homes was able to receive financing because of the ordinance change. Councilmember Matarrese inquired what would be the delta between 25% and 15% as far as the project needing subsidy. The Deputy City Manager - Development Services responded a very low income unit could have a $250,000 subsidy. Councilmember Matarrese inquired whether or not staff knew the amount with entitlement of ten affordable units. The Deputy City Manager - Development Services responded staff did not require Warmington Homes to provide an economic analysis. Councilmember Tam stated the 2004 resolution requiring the 25% inclusionary housing requirement was the basis for which calculations were performed; in 2009, the requirement dropped to 15% because of the density bonus ordinance. The Deputy City Manager - Development Services stated the Warmington Homes project would be the only project that would be subject to the 25% requirement; staff is more concerned with starting the project, creating jobs, and getting assessed value for the City. Councilmember Gilmore stated the matter is a tough balancing act in terms of job creation versus affordable housing; the can keeps getting kicked down the road; that she is concerned that the last piece of property developed in Alameda would have to have all of the unbuilt affordable housing. The Deputy City Manager - Development Services stated the concern is valid; another concern is that units might not be built if the requirement is not changed. Vice Mayor deHaan inquired what is the incentive for building the houses. The Deputy City Manager - Development Services responded Warmington Homes would be required to pay a $31,000 affordable housing in-lieu fee for each uncompleted phase; stated the money would go into the affordable housing fund; the incentive is in the Agreement in order to ensure that the project would be built and the City would see results and performance. Vice Mayor deHaan inquired whether the incentive would be difficult to meet, to which the Deputy City Manager - Development Services responded the incentive is reasonable. Mayor Johnson inquired whether Warmington Homes has financing now, to which the Deputy City Manager - Development Services responded Warmington Homes has Regular Meeting Alameda City Council June 15, 2010 | CityCouncil/2010-06-15.pdf |