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File #: 19-1217    Version: 1 Name:
Type: Consent Calendar Status: Agenda Ready
File created: 10/14/2019 In control: Council and Authorities Concurrent Meeting
On agenda: 12/3/2019 Final action: 12/3/2019
Title: Action on an Affordable Housing Agreement with LS-Santa Clara, LLC for Project located at 1433-1493 El Camino Real
Attachments: 1. AHA LS-Santa Clara - Signed
REPORT TO COUNCIL
SUBJECT
Title
Action on an Affordable Housing Agreement with LS-Santa Clara, LLC for Project located at 1433-1493 El Camino Real

Report
BACKGROUND
LS-Santa Clara LLC (the "Developer") is proposing to construct a 39-unit residential project with seven live/work units on three contiguous parcels totaling 1.70 acres. The project site is located on the north side of El Camino Real between Lincoln Street and Monroe Street and is within the El Camino Real Focus Area, a local and regional commercial and transportation corridor envisioned for a mix of high intensity commercial and residential development in the City's 2010-2030 General Plan.

On June 25, 2019, City Council approved a rezoning of the project site from Thoroughfare Commercial (CT) and General Office (OG) to Planned Development (PD) to allow a residential development consisting of 39 condominium units, including seven live/work units.

The project consists of for-sale condominium units with attached two-car garage distributed among five three-story buildings; a private street and eight visitor parking spaces with access from Civic Center Drive; and common landscaped open space and 3,048 square foot on-site private recreation area. The project also includes future private maintenance provisions with the establishment of a Homeowners Association and Covenants, Conditions and Restrictions.

As a condition of the land use entitlements, and per the City's inclusionary housing policy governing at the time of the entitlement, the Developer was required to enter into an Affordable Housing Agreement (AHA) with the City to designate 10 percent of the total units (i.e., 3.9 dwelling units) as Below Market Purchase (BMP) units to be sold to qualified first-time homebuyers at an affordable price based upon Area Median Income (AMI).

DISCUSSION
The proposed AHA with the Developer uses the City's standard form and will enable and guarantee the delivery of four (4) BMP units for sale within Santa C...

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