Explanation
1. BACKGROUND
Perry Street LLC (the “Original Developer”) plans to invest $160 million to construct approximately 311 multi-family rental residential units (the “Multi-Family Project”), 200 senior living units, 32 single family townhomes, 42 single family residential homes, a 128 room hotel, up to 46,500 square feet of retail-restaurant space, and a structured parking garage with at least 350 parking spaces and a public park with open space amenities (collectively, the “Mixed-Use Project”).
The City and the Original Developer entered into an Economic Development Agreement on August 28, 2018 (the “EDA”), pursuant to Ordinance No. 0443-2018, outlining the plans and mutual commitments of the parties relating to the Mixed-Use Project, including a commitment by the Original Developer to reserve portions of the Multi-Family Project to Inclusive Housing.
The Original Developer created Founders Park Apartments, LLC (the “Multi-Family Developer”) as a special purpose entity, which now owns the land comprising the Multi-Family Project, and is responsible for planning, financing, constructing, owning and operating the Multi-Family Project. In fulfillment of the Inclusive Housing commitment outlined in the EDA, the Multi-Family Developer has agreed to commit to reserving at least 10% of the units in the Multi-Family Project to be occupied by, and affordable to households at or below 80% AMI and reserving an additional 10% of the units in the Multi-Family Project to be occupied by, and affordable to households at or below 100% AMI, for a period of fifteen (15) years
This Ordinance authorizes the Director of Development to enter into a Housing Development Agreement (the “Agreement”) with the Multi-Family Developer to memorialize the Multi-Family Developer’s obligation to ensure that the Mixed-Use Project satisfies these affordable housing requirements for a fifteen-year term for each phase, commencing upon the issuance of the final certificate of occupancy, as o...
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