01-27-2003 Council Packet - Laserfiche WebLink

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#02-2789/02-2840 January 24,2003 Page 2 The motion also included approval of the development fee structure as set out in the staff memos of December 4,2002 and December 6,2002. Council additionally noted that the City would provide applicant a letter defining the City’s support of the project, at the applicant’s request. Council also agreed to the applicant’s request to have staff review the requirement for adherence to all aspects of the Wallace Case landscape plan review letter dated 1 1/6/02. Staff, Case and the applicants met on January 14 and have reached agreement on which of the specific recommendations will be incorporated as requirements (E.\hibit C). Request for Adoption Relates to Purchase Option Expiration Applicants have requested that Council grant General Development Plan and Preliminary Plat approval at your January 27 meeting by adopting the Resolution attached as Exhibit D, subject to conditions necessary to give the City assurance that the City’s interests in the project arc protected. Per the letter from Terry Dahlstrom, the bank has suggested that City approval is key to completion of the financing for purchase of the land. The purchase must be closed by the February 7 option expiration date. Affordable Housing Contribution The Stonebay Development property is one of a small number of areas the City has guided for higher density residential development to enable a broader range of housing options. Late in the development review process, the issue of providing a number of units at an affordable cost level was introduced. The developer proposed to subsidize a small number of units to substantially reduce the price of th units. This subsidy was going to cost the developer between S200.000 and $300,000. The Council ’s response to this proposal was that it would only be a token effort to make a small number of units more affordable It was suggested that the funding that was to be used to subsidize the cost of the units, instead be paid to the City to be placed into in affordable housing fund to be used to a.ssist future affordable housing projects. At that time, the developer indicated he would be agreeable to that as long as the City had a program in place, and was not singling out this development for the affordable housing payment. The Council was unclear about the role of the City in the housing issue, and determined that a housing workshop be held to enable the Council to gain a better understanding of the issue, prior to making any decisions .about a housing program. In a recent meeting with the developer, he indicated he had gotten the impression from the Council that the issue of any funding for affordable housing in relation to the Stonebay development had been taken oITthc table. There is no funding related to a contribution toward affordable housing built into ihc financing for the project.