Planning Commission Agenda and Packet 2021 05 13

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Ordinance No. XXX, Series 2020 Page 7 of 15 2. Timing of payment. A developer or builder shall pay the fee in lieu for each market-rate unit as a prerequisite for receiving the building permit for that unit. The fee paid shall be the fee in effect at the time of the submittal of a complete building permit application for the development, whichever is later. C. Off-site location. A developer or builder may seek to provide affordable units within the City in a different location than the development of the market-rate units. 1. Quantity required. The developer or builder shall provide no less quantity of affordable housing than would have been required on- site. 2. Location restrictions. The affordable units may not be located in a low to moderate income area as designated by the U.S. Department of Housing and Urban Development, unless an exception is granted by the City Council pursuant to subsection H of this Section. 3. Existing housing. Existing homes may be acquired and deed restricted as affordable if they are in good repair in the determination of the City Manager based on an inspection paid for by the developer but commissioned by the City, carry a warranty of sufficient scope and duration to protect the resident from significant preexisting deficiencies, and are not already burdened by restrictions requiring them to be kept affordable or restrictions similar in effect. 4. Timing of off-site construction. No final plat or site plan shall be executed for the location of the market-rate units until a final plat sufficient to facilitate the development of the affordable units, and final PUD if necessary, have been recorded. Phasing and security shall be governed in the same manner as on-site locations as described in subsection A.2 of this Section. The affordable housing agreement shall run with the land and shall be recorded against the off-site location. 5. Approval of the use of this option does not guarantee approval of any land use application or building permit for the off-site location. The developer risks forfeiture of security if unable to build the off-site units as proposed.