Agenda - Council - 03/25/2014 - Laserfiche WebLink

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The scoring matrix then provides points based on each individual project. Points can be awarded for additional affordability levels, construction of senior housing, and provision of specialized senior housing, inclusion of development amenities, amount of private financing, redevelopment, architectural standards, development standards and energy efficiency. Following the City Council's last review of this policy, Staff has received recommendation from the City's Economic Development Authority (EDA) as well as third -party review by Ehlers, Inc. The EDA made no formal motion, but consensus appeared to support moving to final adoption. Minutes of this EDA meeting are included for your review. Ehlers, Inc. suggested simplifying the document, which Staff has done to a certain degree. The Planning Commission felt it important and beneficial to proceed with a scoring system. If the City Council desires to further simplify the document and process, Staff would suggest removing the narrative requirement of the Minimum Thresholds, while keeping the now simplified and adjusted scoring matrix. Ehlers had stated that simplifying the document would reduce the burden on both City Staff as well as developer. Ehlers recommended that a strong third -party analysis would address many of the components contained in the policy. Finally, both the EDA and Ehlers noted questions about the subjectivity of the cap or maximum amount provided per unit. Ehlers had recommended that a strong financial analysis of the project will assist the City in determining a true gap or need for financial assistance. With that in mind, the draft has been amended to remove a cap. On multiple occasions, it has been requested that Staff review previous projects that received assistance, or projects in general, against the scoring matrix. Staff is finalizing this review, and will present its findings as part of the presentation of this case. Notification: Notification is not required. Observations/Alternatives: Alternative #1. Adopt the Affordable Housing Assistance Policy as presented. This document has gone through extensive review and appears to be in line with the goals of the community. Staff would recommend adopting this document and continually review it's applicability with each development that comes forward for future enhancement. Alternative #2. Adopt the policy with amendments. This alternative depends on discussion. Alternative #3. Do not adopt the policy. Although there is not a requirement for this policy, it was a strategic goal and direction of the City Council to adopt this policy. Staff does not recommend this alternative. Funding Source: Preparation of this policy is being handled as part of normal staff duties. In addition, Staff utilized portions of professional services budgets for the preparation and third -party review of this document. Recommendation: Staff recommends that the City Council adopt the Affordable Housing Assistance Policy. Staff will follow up at a future date regarding the market rate assistance policy. Action: Motion to adopt the Affordable Housing Assistance Policy. Affordable Housine Assistance Policy EDA Minutes dated February 13, 2014 Attachments Form Review Inbox Reviewed By Date Chris Anderson Chris Anderson 03/20/2014 09:47 AM Tim Gladhill (Originator) Tim Gladhill 03/20/2014 09:59 AM KurtUlrich KurtUlrich 03/20/2014 03:21 PM Form Started By: Tim Gladhill Started On: 03/20/2014 07:53 AM Final Approval Date: 03/20/2014