Planning Commission Agenda and Packet 2021 11 11

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Currently, Section 8.3 of the subdivision agreement, included as an attachment, provides that the development requires 24 units to be occupied by persons 55 years of age and older through a deed restriction to be recorded on the properties and a covenant agreement with the city that runs with the land. Some of the reasoning to add the age restriction was to provide for a greater variety of housing types, which is supported by Comprehensive Plan policy, and to limit any potential impacts on school overcrowding. To date, the deed restrictions and covenant have not been finalized. City Council indicated that the original reasons for this provision remain applicable, therefore the applicant proposes to amend the Foundry subdivision agreement to reduce the requirement from 75% (24 units) to 20% (12 units) occupancy by persons 55 years of age and older. This is in addition to the obligation to comply with the city's recently adopted inclusionary housing ordinance which requires 12% (8 units) to meet the affordability requirements or provide the fee -in -lieu payment. In response to the changes to commercial development, staff updated the Fiscal Model reflected in the columns highlighted in yellow with the current proposal to compare with the results of the previous assumptions. The table below assumes construction of the entire 20,000 sf of commercial development with a three year build out of the entire site. As a result, the fiscal impact to the city improves. Staff did not update the low scenario model. Assuming that the additional 5,000 sf of commercial development is never constructed under that scenario, the results of that model would not change. The following table summarizes the results: Foundry GDP Amendment Page 3 of 5 PC — November 11, 2021 14