Title
a. Approve an Amendment to the Agreement Imposing Restrictions on Real Property for Inclusionary Housing to allow payment of an In Lieu fee to satisfy the inclusionary housing obligation for Canada de la Paz subdivision (PC 92-212/Tavernetti) in the Pine Canyon area near King City; and
b. Authorize the Director of Economic Development to execute the Amendment, and to execute and record lien releases on all parcels in the Canada de la Paz subdivision upon payment of the In Lieu fee.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Approve an Amendment to the Agreement Imposing Restrictions on Real Property for Inclusionary Housing to allow payment of an In Lieu fee to satisfy the inclusionary housing obligation for Canada de la Paz subdivision (PC 92-212/Tavernetti) in the Pine Canyon area near King City; and
b. Authorize the Director of Economic Development to execute the Amendment, and to execute and record lien releases on all parcels in the Canada de la Paz subdivision upon payment of the In Lieu fee.
SUMMARY:
On May 17, 1994, the Board of Supervisors accepted the Final Map for L.V. Tavernetti, Kay Tavernetti, Vince Tavernetti, and Amy Marie Tavernetti's ("Applicants") subdividing an 825-acre parcel into 20 parcels. The tentative map condition required: "Applicant shall comply with the requirements of the Inclusionary Housing Ordinance in effect at the time of filing of the final map." To comply with the condition, the Applicants entered into an Agreement Imposing Restrictions on Real Property for Inclusionary Housing (the "Agreement") that required that they provide 1.95 or more units or lots for low and moderate income households. The Applicants request that they be allowed to satisfy the Inclusionary Housing obligation by paying an In Lieu fee with accrued interest thereon instead of having to build one unit of inclusionary housing as required by the Agreement and paying a partial In Lieu fee. If approved ...
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