REPORT TO COUNCIL
SUBJECT
Title
Action on Affordable Housing Agreements with TOD Brokaw, Inc., for a 725 Unit Apartment Project Located at 1205 Coleman Avenue
Report
COUNCIL PILLAR
Promote and Enhance Economic, Housing and Transportation Development
BACKGROUND
Hunter Properties, Inc. (the "Developer") is developing a 725 unit rental apartment project consisting of two buildings, a 318 unit building (hereinafter referred to as "Project 1") and a 407 unit building (hereinafter referred to as the "Project 2"), both located at 1205 Coleman Avenue in the City of Santa Clara, California (the "Projects").
The project was granted land use entitlements in July 2019 consisting of City Council approval of a General Plan Amendment to modify the General Plan land use designations for the site from Regional Commercial, High Density Residential and Very High Density Residential to Very High Density Residential, a Rezone from Light Industrial (ML) to Very High Density Mixed Use (VHDMU), and a Development Agreement to allow phased construction of a mixed use development consisting in total of 1,565 residential units, 152,000 square foot hotel, 45,000 square feet of supporting retail, park and open space, surface and structured parking facilities, private streets, and site improvements.
As a term of the Development Agreement, the Developer has agreed to provide 73 affordable units within the Projects that will be designated for low and median income residents and shall meet affordability requirements for low and median income residents for a period of 55 years (hereinafter referred to as "Affordable Housing Units" or "Units"). The proportion of Units shall be 36 median income and 37 low income. Median income shall be defined as one hundred percent (100%) of the Area Median Income (AMI) and low income shall be defined as eighty percent of the Area Median Income (80%) AMI.
As a condition of the land use entitlements, the Developer was required to enter into an Affordabl...
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