HomeMy WebLinkAbout17522 Gran Cielo Affordable Housing Memo
MEMORANDUM ------------------------------------------------------------------------------------------------------------ TO: Chris Saunders
FROM: Matthew Madsen, AFFORDABLE HOUSING PROGRAM MANAGER
RE: Gran Cielo Subdivision
DATE: 5/21/2018 -----------------------------------------------------------------------------------------------------------
Project Location: The subject parcel is located northwest of the intersection of S. 27th Avenue and Graf Street and legally described as Tracts 3&4 of Certificate of Survey 2725, located in Section 23, Township 2 South Range 5 East.
Project Description: A Preliminary Plat application for a proposed 48.754-acre major subdivision to create 124 residential lots, 3 open space lots, 2 parks and the associated right-of-way. The total number of lots in the development that trigger the Affordable Housing Ordinance are 111 single household detached or attached townhome lots. The developer of the Gran Cielo subdivision is requesting cash-in-lieu as an alternative means of compliance to satisfy the requirements of the Affordable Housing Ordinance.
1. The current Cash-in-Lieu Rates are: a. $97,889 per 3/+ bedroom dwelling unit b. $55,453 per 1-2 bedroom dwelling unit
2. The Gran Cielo subdivision is being built out in 3-phases. Payment is being requested at the time of construction for each individual phase The cash-in-lieu requirements are as follows: a. Phase 1: $396,762 i. 1/2 bedrooms – 8 total units = .8 units at $44,362 ii. 3/+ bedrooms – 36 total units = 3.6 units at $352,400 b. Phase 2: $225,145 i. 1/2 bedrooms – 0 units ii. 3/+ bedrooms – 23 total units = 2.3 units c. Phase 3: $450,289 i. 1/2 bedrooms – 0 units ii. 3/+ bedrooms – 46 total units = 4.6 units
3. The total cash-in-lieu for the entire Gran Cielo subdivision is $1,072,196
Recommendation: Based off of the submitted request for alternative means of compliance in the form of cash-in-lieu, the Affordable Housing Program Manager recommends approval of the Affordable Housing Plan.