Explanation
1. BACKGROUND
Marble Cliff Canyon, LLC (the “Original Developer”) plans to construct a multi-phased mixed-use commercial office, residential and retail development known as “Quarry Trails”. In the first phase of Quarry Trails, the Original Developer plans to invest $200 million to construct approximately 40,000 square feet of Class A office space, 600 apartment units (the “Multi-Family Project”), up to 440 single-family homes and condominiums, and up to 50,000 square feet of retail (collectively, the “Mixed-Use Project”).
The City and the Original Developer entered into an Economic Development Agreement on September 19, 2019 (the “EDA”), pursuant to Ordinance No. 3075-2017, outlining the plans and mutual commitments of the parties relating to Quarry Trails, including a commitment by the Original Developer to reserve portions of the project to Inclusive Housing as follows:
a) For the Mixed-Use Project, at least 10% of the units shall be occupied by, and affordable to households at or below 100% AMI, for a period of fifteen (15) years (the “Phase I Inclusive Housing”); and
b) For all future phases, at least 10% of the units shall be occupied by, and affordable to households at or below 80% AMI, and an additional 10% of the units shall be occupied by, and affordable to households at or below 100% AMI for a period of fifteen (15) years (the “Future Phases Inclusive Housing”).
The Original Developer created QT Apartments I, 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 Phase I Inclusive Housing commitment outlined in the EDA, the Multi-Family Developer has agreed to enter into an agreement with the City to memorialize said commitment.
This Ordinance authorizes the Director of Development to enter into a Housing Development Agreement (the “Agreemen...
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