Item 26 - Public Hearing Regarding Bristol Project

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SECTION VI ADDITIONAL COMMUNITY t(I BENEFITS TO THE CITY www.FinanceDTA.com Community Benefits of low-income housing include: 1. All projects seeking entitlements from the City must comply with the City's Affordable Housing Opportunity and Creation Ordinance ("AHOCO"). If sufficient affordable housing is not constructed within the Project site itself, the Developer would be required to pay the City's current In -Lieu Affordable Housing Fee ("In -Lieu Fee") requirement of up to $15 per square foot (lower levels are allowed if 90% of the labor utilized for the Project is union labor). Based on the construction of 3,750 dwelling units as currently anticipated for the Project, and assuming an average sized unit of 900 SF, the Developer could fund as much as $33,750,000 in In -Lieu Fees by Project build -out to subsidize off -site affordable housing within the City. Notwithstanding the above, a Development Agreement is to be negotiated between the City and Developer that may modify the amount of In -Lieu Fees to be paid by the Developer. 2. The City's compliance with the California Department of Housing and Community Development objectives established as part of the RHNA program. 3. The opportunity for low-income workers to live close to the workplace, afforded by providing housing close to well -paying jobs, translates to lower congestion and commute times by eliminating the necessity for long-distance drives from home to work. 4. Quality -of -life benefits include reduced stress in commuting and more leisure time H Community Outreach The Specific Plan has been created with community input and is supported by market, fiscal/economic, and technical studies prepared by experienced consultants, including civil engineers, traffic engineers, urban designers, architects, planners, and landscape architects. Consultation with City staff and the review of the City's updated General Plan has guided the content and character of the Specific Plan. During the up to 10-year development time frame, the Developer will develop a community outreach program to ensure that all interested parties will be provided with current information about the Project's development. This will include the establishment of a community website, distribution of electronic newsletters, and use of other digital platforms to share information on the Project. The Developer will share information and updates about the Project throughout the construction of the buildings and implementation of the Specific Plan. It is intended that the Developer will address community leaders for employment opportunities, construction of various parks and open space. Related Bristol at 3600 South Bristol Street Community Benefits Analysis Report Exhibit 10 and be responsible to residents and youth engagement programs, and the September 27, 2023 / 18