Reso 2929CITY OF CUPERTINO 27-Z-81
10300 Torre Avenue
Cupertino, California 95014
R=W1I0N NO- 2929
OF Y•r PLANNIM COMUSSION OF ME CM OF •r • ra r •
FdXXMWMG AMMML• " AMOSM • MCM ACTION
ON I:
MMUAS, the attached application has been submitted to the City of
.Vertino for modification of condition imposed upon a previously
approved Planned Development rezoning, as described on Page 2 of this
Resolution; and
WHWA.S, the Planning ommi ion has helrl a duly-natiosd Public hearing in
regard to the subject request for modification of zoning Conditions: and k
NOW, THEMEMM, BE IT RESOLVED:
That the Planning Commission finis that the proposed modification of
zoning ocndit nns:
- Promotes the attai*+ent of the Conamity's affordable houni4
objectives as stated in the General Plan Housing Elemesnt.
That after careful consideration, of IDdpg, facts, exhibits, testimony and
other evidence submitted in this matter, the applicatio t for Turing
Condition modification is hereby reOcamended for approval, subject tid the
condition which are emmerated in this Resolution begin2iM on Fbge 2
thereof; and
That the s,bco,rlusicns upon which the findings and +conditions specified
in this Resolution are based and contained in the Public Hearing rsoorI
concerning Application 27 Z-81 as set froth in the ?brutes of the Planning
Coami ssi ran Ming of July 14, 1986, and are inooporated by reference as
t#= gh fully set forth herein.
RFSOIU cu NO. 2929 (27-Z-81) 07/14/86
Page - 2
II) APPLICATION FPl'ICdi
ti
Application No(s) 27-Z-81
Applicant: Tovm Center ProUerties/De Ama Prrxiertles
Property Owner: es
IDcarion: East of Torre Avenue between
Creek Boulevard and Rodrigues Avenue
III) CONDITIONS 70 BE AUMDaSTE O BY THE PLANNDr. DEPAi7II IINP
1) BEIDW MARKED RATE ii00SIM PROGRAM
The applicant shall participate in the city's Below MarImt Rate
(BMR) Housing Program, required under Candition 16 of Zoning
Action 27-Z-81. However, said Onuditian 16 is hereby amended to
allow the applicant the option to fulfill the BMR participation
obligation in either of the following ways:
A
a) Provide the required number of actual housing unite
b) Pay to the City of Cupertino an in -lieu fee based on arse-balf
the fee total resulting from application of the following
formula for the rental portion of the subject development:
i
Total Fee - [(No. Units @ FMR) x (Market Rent - IM) x 12 mo.
x 10 yr] + [(No. units @ 303/SG% of Median Rent)
P x (Market LIr - 3G%/8G% of Mediar.Rent) x 12 mo.
x 10 yr]
4he Ownership unit portion of the subject development shall be
subject to an in -lieu fee based an the following famaa:
Fee Per Unit - Sales Price - [(Sq. Ft. x $70/sq. ft.) +
$30,000 Land Cost]
(Toe t- of the folsula are described in the Staff Report dated
Jury 14, 2986)
If the applicant elects to pay the EM in -lieu fee, the Planning
Director shall retain the option to specify a graduated payment
dull not to a=sed two (2) years duration. Said graduated
payment schedule, and all other t!-- affecting the in -lieu
payment, shall be embodied in a recorded agreement which stall be
subject to prior apXwal by the City Attorney.
It
RFSounmw No. 2929 (27-L-81) 07/14/86
Page -3-
2)
All otber cm3ditions of 7anitg Action 27-Z-81, as oa twined in the
City caalcil Aeticn Satter dated ftbxnary 23, L982 ,hall remain in
full f=ce and offect.
PASSED AND ADW= this 24th day of Mly, 2986, at a XOWI r neetiM of
the P2mming Commission of the City Of 04pe:tino. State of e%iifa—fa, by
the lollwing roll can wta:
AYES: Cam: Adams, Cloudy, MacKenzie, and Chairman Szabo
NAYS: : hone
AEIsup: cam: None
ABSENT: : Sorensen
Is/ Nicholas Szabo
xIcbOLmm Ste. tbmi�
PUnaing Ommimmim