(a) Alternative methods of provision. Developments seeking a bonus under this article may:
(1) provide the required units on the same building site as the market rate units;
(2) provide the units as part of a phased development as provided in Section 51A-4.1105(e); or
(3) pay a fee in lieu of on-site or phased development.
(b) On-site provision and phased on-site provision. Units provided on-site must comply with all requirements in Division 51A-4.1100
unless specifically exempted in the applicable zoning district.
(c) Fee in lieu. The requirement for reserved dwelling units may be satisfied by making a payment to the city's Mixed Income Housing Development Bonus Fund established by Resolution No. 22-0744.
(1) If the floor area devoted to non-residential uses is more than 20 percent of the total floor area, the fee is calculated by multiplying the applicable per square foot amount in Section 20A-34 by the total floor area as floor area is defined in Section 51A-2.102(38); otherwise the fee is calculated by multiplying the applicable per square foot amount in Section 20A-34 by the residential floor area as floor area is defined in Section 51A-2.102(38).
(2) The amount of the fee applies to each building using the bonus separately and will vary by the number of stories in that building according to Section 20A-34.
(3) After payment is received, the director shall issue a letter confirming that the development has met the affordability requirements of Division 51A-4.1100 to receive a mixed income housing development bonus. This letter must be recorded and made a part of the deed records of the county or counties in which the Property is located. The recorded letter will serve as the restrictive covenant required in Section 51A-4.1105 and in this article.
(d) Financial incentives.
(1) Developments that use the on-site or phased on-site provisions in Section 51A-4.1105(e) may also qualify for financial incentives.
(2) Financial incentives are not available to developments that choose the fee in lieu option. (Ord. 32195)