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HomeMy WebLinkAbout011 - Appendix I - Affordable Housing PlanAffordable Housing Plan Bozeman Yards – North Building 622 East Tamarack Street 11.4.2025 Project Description The larger Bozeman Yards project is located on the eastern half of Bozeman Yards, directly west of the historic train station, and proposes a two-phase multi-story mixed-use condominium development (North & North Buildings). The whole Bozeman Yards project as a whole is comprised of two formerly industrial lots and is bound by East Tamarack Street to the north, Front Street & North Ida Avenue to the east, and East Aspen Street (unbuilt) to the south. Separating these two lots is a 16’ publicly dedicated R.O.W. for an alley. This application is for the second phase of this project which is the north building. This phase is located on the 0.667-acre north parcel and is located at 622 East Tamarack Street. This North Building proposes to demolish the existing warehouse on the property and replace it with a multi-story, ~86,000 gross square foot residential development. This building will include 26 condominiums, amenities, and an underground parking garage with 26 parking spaces. This project will feature affordable housing, with 5% of the condominium units being for-rent at 60% AMI. The project will also provide open space and tenant amenities on site, both on ground level, in the building, and on balconies. This infill project targets a best use scenario for the site by delivering higher density, smart-growth development with street-level retail and affordable housing near the urban core of Bozeman. This project will provide much needed housing in a central location and will foster desirable, walkable urban living, transforming a currently underutilized section of the City’s urban core. The Applicant is partnering with will be partnering with a third-party entity in order to offer this unit first to the local workforce, individuals and families that qualify within the 60% AMI price range. They will manage the rental and income verification process. Currently we are in talks with two organizations to help manage this process, but no formal agreements have been made. All agreements will be worked out prior to final site plan approval. Response to Affordable Housing Plan Requirements (38.380.030) 1. A description of the requested incentives in section 38.380.040. The Applicant is requesting to take advantage of the Type A Incentives, specifically the two additional stories allowed under section 38.380.040.C.3.e for the B-2M zoning district. This increases the maximum height and allows for more flexibility in the floor to floor heights of the building. 2. The applicable AMI and maximum rental rates applicable to each affordable dwelling. The current maximum rental price for a two-bed unit at 60% of AMI is $1,471. This amount will be adjusted as the building gets closer to completion. 3. The total number of affordable dwellings, and market-rate dwellings in the development. There are 26 units total units. of the 26, 25 will be market rate and 1 will be affordable. The remaining .3 will be dedicated as Cash-in-Lieu (CIL). 4. A narrative describing how the applicant will ensure the rental of the affordable dwellings is only to income verified people for the duration of the affordability period. In addition, the narrative must describe the management system the applicant will use to meet the above requirement. The Applicant is partnering with will be partnering with a third-party entity in order to offer this unit first to the local workforce, individuals and families that qualify within the 60% AMI price range. They will manage the rental and income verification process. Currently we are in talks with two organizations to help manage this process, but no formal agreements have been made. All agreements will be worked out prior to final site plan approval. 5. A description of how each affordable dwelling will comply with the development standards of this division. All the units in the project are of similar finish level and the mix of units varies by floor. This project features more two-bedrooms than any other unit type so a two-bed unit will be deed restricted to the 60% AMI rental price. The remaining .3 of a unit will be paid in CIL as required by the ordinance. 6. A description of common amenities or facilities the applicant will provide and how the applicant will ensure the occupants of the affordable dwellings will have the same access to such amenities or facilities. All the shared amenities within and around the building will be open to all the residents of the project. 7. A description of how each incentive will apply to each building within the development, regardless of whether the building contains affordable dwellings or market-rate dwellings or both. This project is only one building and therefore the incentives will apply to the whole building. 8. The number of bedrooms in each dwelling in the development. There are 59 Bedrooms in the project. 57 of them will be market rate and the remaining 2 will be affordable. 9. Clearly identify on the preliminary site plan or preliminary plat the specific location of each affordable dwelling. The Affordable unit is highlighted in blue below. This unit is located on the ground level. It should be noted that the applicant would like to reserve the right to pay CIL for this unit if it is determined to be the best route. 10. Information sufficient to determine the timing of construction and distribution of affordable dwellings and market-rate dwellings throughout the development. This is a single phase of development and there will be no phasing of occupancy on this building. Once the building is complete and signed off on the AH unit will be rented same as the other units. 11. If the development is to be constructed in phases, provide a description of how the affordable dwellings will be distributed among the phases including whether the applicant proposes to have any subsequent phase of market-rate dwellings rely on affordable dwellings provided with earlier phases. This project will be built in a single phase and therefore this item is not applicable. 12. Any other information the review authority determines necessary to evaluate the compliance of the affordable housing plan with the requirements of this division. The applicant is not aware of any additional information required for this Affordable Housing Plan.