REPORT TO COUNCIL
SUBJECT
Title
Action on an Agreement Containing Covenants and Restrictions with Benton and El Camino, LP, for Project located at 575 Benton Street
Report
COUNCIL PILLAR
Promote and Enhance Economic, Housing and Transportation Development
BACKGROUND
Prometheus Real Estate Group, Inc. (the "Developer") is proposing to construct 355 apartment rental units , 22,000 square feet of retail space including a 1,601 square foot leasing office, 600 parking spaces and approximately 6,000 square feet of amenity and leasing space on the property located at 575 Benton Street in the City of Santa Clara, California (hereinafter referred to as the "Project"). The project includes 8 live-work units. The project amenities consist a 346 square foot pet spa area, 1,528 square feet of bike amenity space, an amenity roof deck with 4,341 square feet of a club room and a fitness center, three private courtyards and a public courtyard facing The Alameda.
In July 2018, the City Council approved land use entitlements for the project including a General Plan Amendment (GPA) to change the property's General Plan land use designation from Santa Clara Station High Density Residential to Santa Clara Station Very High Density Residential, a Rezone from Light Industrial (ML), Single-Family (R1-6L), Duplex (R2-7L) and Thoroughfare Commercial (CT) to Planned Development (PD), and a Development Agreement.
Pursuant to Section 4.6 and Exhibit E of the Development Agreement, the Developer voluntarily agreed to provide a total of ten percent (10%) of the total number of residential units within the Project, which equals thirty-six (36) units, as affordable rental housing units (the "Affordable Housing Units"). Thirty percent (30%) or eleven (11) of the Affordable Housing Units shall be low income units restricted to occupancy by households with income that does not exceed eighty percent (80%) of the Area Median Income for Santa Clara County ("AMI") and seventy percent (70%) or ...
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