Ordinance 1376ORDI2ANCE rto. 1376 •
AN ORDINANCE OF THE CrTY OF CilPERTa10 AMEfiD1NG E}QiIB1T C
OF ORDINANCE N0. 1165 TU NADIFY O~dDITION 16 OF AN
APPliDVID PLANNED DEVEIDPtgNr ZQNING ACTION Zn PERMLT THE
PA7d~2TT OF AN IN-LIFI,J FEE IN PLACE OF PRL7VIDING SIIDW
MARIQr'T RATE HOUSING LQ~lITS.
~ CITY 0OtR1CII, OF THE CITY OF C[JPF~*IId0 DOSS ORDAIN AS FOI7t7W3:
Sd~FAS, Cn April 5, 1982, the City Council enacted Ordirsanoe No. 1165
11655 and isx].u~ded in thet~~ deBCribed in F~diibit oAn of Said 0rd171arfoe
E~ibit C of said Ordinanoet~as~ artier a series of oatditions listed in
Td~AS, the City Council now desires to offer to developers the
option to pay a fee in-lieu of pravidic:q Below 1~Iarket Rate housing ~mitss
and,
{d~'AS, Condition 16 of E:dtibit C of Otdinar-oe 1165 must be amended
to include the in-lieu fee payment aptian.
NOF1, 'IftE, BE IT AS FULIL1f~S:
Section 1. that Condition 16 oatstained in E~ibit C of Ordinance No.
1165 is hereby amended to provide as follows;
16)
Ttse applicant shall participate in the City's Below Market Rate
(~) f~~J ~~• The applicant shall gave the option to
fulfill the Blot participatim obligation in either of the
following ways:
a) Provide the required number of actual housing units
b) FYy to the City of Q+,,,~ner-t1r~n all in-lieu tee as follows:
Far that portico of the development commonly identified as the
Qspertiao Waterfall (Town Center Properties) Condsniinitnn:
The Sum of $178,000
Samar Citiz~Rgtir~ent development o~y identified as the
Project (De Anza Properties)
Tt~e Sum o! $125, 000
P1or' that portico of the development occmnnly ider-tilied as the
Apartnmm':t Fro'jeet:
The Sum of $108,750
If the applicant elects to pay the Bt~t in-lieu fee, the Planning
Direc.~tar shall retain the option to specify a graduated payment
schedule not to esacaed two (2) years duration. Said graduated
payalent schedule, and all other terms affer*im the in-lieu
payment, shall be embodied in a r+eoarded ags:+eement which shall be
subject to prior approval by the City Attorney.
• ORDINANCE No. 1376
Section 2. Zhis Ordinance shall take effect and be in fozce thirty
(30) days after its passage.
INIRODCICED at a regalar meeting of the City Council o! the City of
arpeztino this 4th day o! August ,1986 aryl F2~UUCPF:D at a regular
meetirq of the City Camcil of the City of Cupertino this 18th day
oP Auraust , 1986 by the following vote:
~e I~iS OF TF~ CITY ODUNCII,
p~yF$; Gatto, Johnson, Plungy, Sparks, Rogers
~; None
p~~; None
~p~; None