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Chapter 5 Statement of Overriding Considerations development of new affordable housing by allowing for densities which provide the economies of scale necessary to allow for below-market construction. The Transit Zoning Code also provides for a wide variety of housing types which includes everything from single-family detached houses to high-rise mixed-use development. By allowing for a mixture of uses both horizontally on single properties, and vertically within single buildings, the Transit Zoning Code provides opportunities for a diverse mix of housing in furtherance of the City's Housing Element. The Developer Project and the Mercy House component of the Project accomplish this by providing 125 new rental units and 24 new for-sale units. Of these units, approximately 127 will be deed restricted to ensure their long-term affordability. This new housing is comprised of a variety of product types including courtyard housing, townhomes and row houses in furtherance of the provisions of the Housing Element and the Transit Zoning Code. 1. The Transit Zoning Code provides for a planning and zoning framework to allow for the redevelopment of the Agency-owned properties, thereby eliminating blight and providing for new property tax generation. The Agency-properties are, for the most part, vacant land in the ownership of a public agency and, as such, do not currently generate any property tax revenue. The Project will allow for the redevelopment of these properties and their return to economic use. The adoption of the Transit Zoning Code also allows for the future development of other vacant and underutilized properties currently in private or public ownership in other parts of the project area. One such example is the current County of Orange Operations Yard. The Operations Yard comprises approximately 9.5 acres of underutilized land as the County of Orange continues to consolidate their fleet and maintenance operations in other facilities. Adoption of the Transit Zoning Code provides for the zoning framework and environmental analysis necessary to allow these properties to transition into more economically productive uses and to potentially generate new property and sales tax revenues. Many areas within the Transit Zoning Code suffer from a lack of modern infrastructure and are in need of new street and sidewalk improvements. The additional tax revenues generated by new development within the Transit Zoning Code area will allow for reinvestment in public infrastructure and new investment that will stimulate the economy of this area. m. The Project furthers the Project Objectives set forth above, incorporated in full by this reference. 5-12 Revised Station District Project and FOL Settlement Agreement Findings of Fact/Statement of Overriding Considerations