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Developer offers 37 affordable "community units" and $10,000 relocation assistance as rezoning appeal heads to council
Summary
On an appeal of a Planning Commission denial for a CORE student housing project, developers offered a bill of assurance committing 37 community units at 50'80% regional AMI for 10 years, $10,000 relocation assistance per tenant signatory, a 90-day minimum notice and right-of-first-refusal for displaced tenants; staff will present a full package at next week's hearing.
Council received an updated bill of assurance and related agreements this week from project counsel and staff as an appeal of a Planning Commission denial comes before the council.
Jesse (project counsel) told the council that the applicant revised the bill of assurance after community feedback and has included a developer commitment to lease 37 "community units" at rents calculated at 50% to 80% of the regional area median income. The commitment would run for a 10-year period beginning with the certificate of occupancy and the city would conduct annual monitoring to confirm compliance, Jesse said. The proposed affordability levels were calculated using HUD's FY2025 regional AMI index, producing…
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