Fiscal Note
The Council established the IZ Special Revenue Fund by adoption of a resolution in March of 2004, to be funded through developer payments in lieu of the provision of on-site inclusionary units. To date, no such payments have been received, the fund has no cash balance and no expenditures have been budgeted.
This resolution establishes "budget targets" for the future distribution of funds and adds CDBG staff costs to the list of identified uses. Any actual distribution of funds will require future Council budgetary authorization.
Title
Establishing guidelines for the use of funds received for the Inclusionary Zoning Special Revenue Fund.
Body
WHEREAS on January 31, 2004, the Common Council adopted an ordinance that created an inclusionary zoning program which established expectations that in exchange for certain considerations and incentives during the land use zoning process, developers would create no less than 15% of their dwelling units to be sold or rented at certain prices affordable to moderate and lower income persons,
WHEREAS two of the incentives provided a cash subsidy to a developer in exchange for the provision of certain inclusionary units meeting lower price criteria or site criteria, if funds were available,
WHEREAS one of the provisions in the ordinance designated a City option to purchase a for-sale inclusionary unit as the primary mechanism to assure ongoing affordability of the unit beyond the first buyer,
WHEREAS in its wisdom, the Council created a waiver process to permit alternative provisions of comparable public benefits for those developments and circumstances where the project would be unable to provide the inclusionary units on-site,
WHEREAS the developments meeting the waiver criteria of financial feasibility could meet their obligations by offering units off-site, by City reduction of the percentage of units, or by paying a specified amount into an IZ Reserve Fund,
WHEREAS the Council created an IZ Spec...
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