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File #: ID-2018-534    Version: 1 Name: Sherwin Williams Form Affordable Housing Agreement
Type: CC Resolution Status: Passed
File created: 9/20/2018 In control: City Council
On agenda: 10/16/2018 Final action: 10/16/2018
Title: Resolution Of The City Council Of The City Of Emeryville Approving The Form Of The Affordable Housing Agreement Between SWACE LLC And The City Of Emeryville; And Authorizing The City Manager To Execute Multiple Agreements Based On The Form Agreement For The Incorporation Of 85 Below Market Rate Units In The Sherwin Williams Project, Including 35 Units For Moderate Income Households, 30 Units For Low Income Households, And 20 Units For Very Low Income Households, To Be Dispersed Throughout Lots 2-5 Created By Vesting Tentative Map 8357 Approved By The Emeryville Planning Commission By CPC Resolution No. SUBDIV16-002 On May 25, 2017 (Charles S. Bryant / Chadrick Smalley / Catherine Firpo)
Attachments: 1. Staff Report, 2. Draft Resolution, 3. Exhibit A - Form of Sherwin Williams Affordable Housing Agreement.pdf, 4. ADOPTED Resolution No. 18-146

Title

Resolution Of The City Council Of The City Of Emeryville Approving The Form Of The Affordable Housing Agreement Between SWACE LLC And The City Of Emeryville; And Authorizing The City Manager To Execute Multiple Agreements Based On The Form Agreement For The Incorporation Of 85 Below Market Rate Units In The Sherwin Williams Project, Including 35 Units For Moderate Income Households, 30 Units For Low Income Households, And 20 Units For Very Low Income Households, To Be Dispersed Throughout Lots 2-5 Created By Vesting Tentative Map 8357 Approved By The Emeryville Planning Commission By CPC Resolution No. SUBDIV16-002 On May 25, 2017 (Charles S. Bryant / Chadrick Smalley / Catherine Firpo)

Recommended Action

Staff recommends that the City Council adopt the attached resolution approving the form Affordable Housing Agreement with SWACE LLC, and authorizing the City Manager to execute multiple agreements based on the form Agreement  for the incorporation of 85 Below Market Rate (BMR) units in the Sherwin Williams Project, including 35 units for Moderate Income households, 30 units for Low Income households, and 20 units for Very Low Income households, pursuant to the Affordable Housing Program (“Program”) at Article 4 of Chapter 5 of Title 9 of the Emeryville Municipal Code.