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CITY COUNCIL AGENDA ITEM NO. 2

Meeting Date: April 11, 2006

Subject/Title: Approve a Resolution Approving and Authorizing the City Manager to Sign, an Affordable Housing Agreement between the City of Brentwood and PBP (Pinn Bros.) Limited Partnership for the Single Family Portion of Subdivision 8729 – Marseilles and Such Other Documents as May be Needed to Complete the Transaction.

Prepared by: Kwame P. Reed, Senior Housing Analyst

Submitted by: Howard Sword, Community Development Director

RECOMMENDATION
Approve a Resolution Approving Authorizing the City Manager to Sign an Affordable Housing Agreement between the City of Brentwood and PBP (Pinn Bros.) Limited Partnership for the Single Family Portion of Subdivision 8729 – Marseilles and Such Other Documents as May be Needed to Complete the Transaction..

PREVIOUS ACTION
Ordinance 790 was adopted by the City Council on January 11, 2005 amending the City of Brentwood Affordable Housing Program. At its meeting of August 18, 2005, the Housing Subcommittee recommended approval of the Affordable Housing Agreement with PBP Limited Partnership for Subdivision 8729.

BACKGROUND
Subdivision 8729 was approved (Rezone, Tentative Map and Design Review) by the Planning Commission on January 4, 2005. The Housing Division staff has negotiated an agreement with the Developer that represents a balanced approach to meeting their obligation. The negotiated agreement was based on the “phase-in” portion of Ordinance 790 allowing developers that received Vesting Tentative Map approval prior to the adoption of Ordinance 790.

Subdivision 8729 includes single family units as well as apartments. The total number of units included in the project is 563. A small portion of this project (62 single-family units) is within the Redevelopment Area and therefore is not subject to Ordinance 790. Of the remaining 501 units that are subject to Ordinance 790, 108 are apartments, thus leaving 393 single family units. The 108 apartments will have a separate agreement, but some of the single family obligation has been proposed to be satisfied within the apartments.

The Housing Subcommittee is recommending the included agreement to City Council for approval.

Obligation
• 393 single-family units x 10% = 39.3 units x 50% = 19.65 say 20 units
• 20 units x 30% = 6 VL units
• 20 units x 40% = 8 L units
• 20 units x 30% = 6 M units

• 108 apartment units x 10% = 10.8 units x 50% = 5.4 say 5 units
• 5 units x 50% = 2.5 say 3 VL units
• 5 units x 50% = 2.5 say 2 L units

Proposed units mix within Affordable Housing Agreements:
• The single-family overall obligation of 20 units is now being satisfied as follows:
Very Low
o 3 additional VL units will be added to the apartments (6 VL units total)
o 1 VL unit will be constructed and sold to a family
o 2 VL units will be satisfied in in-lieu fees ($238,995 x 2 = $477,990)

Low
o 2 additional L units will be added to the apartments (4 L units total)
o 2 L units will be dedicated to the City (counting as 4 units)
o 2 L units will be constructed and sold to qualified families

Moderate
o 2 M units will be constructed and sold to qualified families
o 4 M units will be satisfied by a contribution to the First Time Homebuyers Program ($69,156 x 4 = $276,624)

Please note: The above fees and contribution is an estimate. The actual fee and contribution in effect at the time of building permit will be calculated.

FISCAL IMPACT
As prescribed by Ordinance 790, all in-lieu fees collected are deposited into the Housing Fund. As noted above, an estimated total of $754,614 will be collected as a result of the agreement at the time of building permit. Twenty percent of the $477,990 will be used to pay for the administrative expenses of the Housing Division. The remaining eighty percent will be used for projects. The funds contributed to the First Time Homebuyers program are deposited into the Housing Fund and used solely to provide financial assistance to first time homebuyers.

Attachments
Resolution
Affordable Housing Agreement

RESOLUTION NO.

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BRENTWOOD APPROVING AND AUTHORIZING THE CITY MANAGER TO SIGN, AN AFFORDABLE HOUSING AGREEMENT BETWEEN THE CITY OF BRENTWOOD AND PBP LIMITED PARTNERSHIP FOR THE SINGLE FAMILY PORTION OF SUBDIVISION 8729 MARSEILLES AND SUCH OTHER DOCUMENTS AS MAY BE NEEDED TO COMPLETE THE TRANSACTION

WHEREAS, on January 11, 2005, the City Council adopted Ordinance 790, an Ordinance of the City Council of the City of Brentwood approving an amendment to the Municipal Code adding Chapter 17.725 that establishes an Affordable Housing Program; and

WHEREAS, PBP Limited Partnership, had a Condition of Approval to their project to comply with the City of Brentwood Affordable Housing Program; and

WHEREAS, the Developer has agreed to construct the following units on-site:
1 VL unit will be constructed and sold to a family

Low
2 L units will be dedicated to the City (counting as 4 units)
2 L units will be constructed and sold to qualified families

Moderate
2 M units will be constructed and sold to qualified families

WHEREAS, the Developer has agreed to pay in lieu fees and make a contribution to the First Time homebuyers progam in effect at the time of building permit based on the following formula:
Two (2) Unit x Very-Low Unit In-Lieu Fee
Four (4) Units x First Time Homebuyers Contribution for Moderate Units

NOW, THEREFORE BE IT RESOLVED that the City Council of the City of Brentwood does hereby approve and authorize the City Manager to sign, an Affordable Housing Agreement with PBP Limited Partnership for the single family portion of Subdivision 8729 and such other documents as may be needed to complete the transaction.

PASSED, APPROVED AND ADOPTED by the City Council of the City of Brentwood at a regular meeting held on the 11th day of April 2006 by the following vote
 

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