Agenda - Council Work Session - 06/11/2013

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quantifiable increase to the taxable market value of the community (amount to be determined). 2. The City will consider use of third -party funding such as grants or third -party fund balances 3. The project must demonstrate that it will achieve at least one (1) goal of the City's Housing Plan (Chapter 7 of the Comprehensive Plan). Successful achievement of the Housing Goal must be illustrated by the successful completion of at least one (1) implementation strategy of the identified Housing Goal. 4. The project must demonstrate its credit -worthiness. The Developer must submit a project pro -forma and a summarized Sources and Uses table. Framework The sub -committee agreed to a framework of the policy as follows (similar to the framework presented to the City Council in Work Session): 1. Housing Product Priorities 2. Minimum Thresholds 3. Scoring Matrix Housing Product Priorities An initial request of the sub -committee was to establish housing product priorities. For this Topic Report this evening, the intent is to provide a broad overview. A final report will provide a full, detailed analysis on how the sub -committee arrived at these recommendations. It is important to note that this priority list is an evolving document that would need to be reviewed an updated on a regular basis and was based on current demographic data (see attachment to this case). With every housing development that is completed, the assumptions that went into formulating this list change, and the list needs to be amended. When the City accomplishes a single housing goal, the priority likely shifts, at least in part, to a different priority. It should further be noted that the list includes priorities of housing types that City assistance should be focused. This is not a list that would indicate how to guide our future land use map or a reflection as to the number of units per housing type forecasted. The focus was on those housing types that met the City's housing goals, but presented the highest need for assistance to acheive a particular goal. For example, the sub -committee did not rank general, market -rate single-family high on the priority list, as standard market conditions appear to be sufficient to make this style successful. The sub -committee focused on those developments, which could include single-family, that brought other aspects such is high degree of architecture, a high amount of amenities, etc. The Priority List is as follows: 1. Senior Independent 2. Affordable/Workforce 3. Redevelopment 4. Energy Efficient 5. Rehabilitation of Existing 6. Amenity Rental 7. 3+ Unit Rental 8. Accessory Dwelling Unit 9. Executive Single -Family 10. Senior Skilled Nursing 11. Assisted Living/Memory Care 12. Condominium 13. Single -Family Detached 14. Single -Family Attached 15. Apartment (general [note: apartments with other amenities would score higher -see above]) Minimum Thresholds As previously discussed in City Council Work Session, the sub -committee agreed to utilize the existing Housing